The Bitcoin Suck is on.
Starting late yesterday, bitcoin started breaking resistance levels to the upside...
Normally, this would be a good thing for the entire crypto market...
Except this time it was not.
We are seeing the phenomenon affectionately known as the "Bitcoin Suck".
What is the Bitcoin Suck?
That is where bitcoin pulls value from all the altcoins as it goes higher. Not much new money enters the space.
The result is a surging bitcoin price and a tanking altcoin market.
Which is exactly what we are seeing today.
Steem is not being spared from the carnage, currently down roughly 8% from yesterday, sitting around $.39.
How long will this last?
That is a great question.
We saw this happen a few times in 2016 and 2017 where bitcoin pulled value from the rest of the crypto market and it often got much worse than we are seeing currently.
Something like 20%-30% drops in a single day type of things.
If bitcoin keeps going up, I would not be surprised to see the altcoin carnage get even worse.
Not a good day to be holding altcoins, that's for sure!
Stay informed my friends.
-Doc
not all altcoins are down im up 25 percent on BLOCK and in double digits on LND and FOAM whe i lasgt checked but yes some of them i have are down but the ones that are up ive more than made up for the ones that are down and yesterday RHOC went up over 30 percent so i cant complain
have a good night bud and keep with the articles man
What about today?
today im getting killed lmao but LND is up 15 percent but all the other ones are down but some of those doubled and tripled in the last little while so its got to level out and consolidate eventually before it goes back up i guess
sorry i didnt see your reply due to all the spam and flags from the establishment that runs things here lol
have a great evening man and in the crypto space on steem bud your one of the better ones with concrete info compared to most that i read
cheers
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Suck Man Suck!
Just leave steem alone!
Can we rename the Bitcoin Suck to the Bitcoin Crush?
Bitcoin been crushing alt coins for years and many more are starting to have a crush on Bitcoin.
That's not bad actually. I would accept either.
What coins did you lose big on lately?
Steem, XRP, BNB, and EOS all taking it on the chin the last two days while bitcoin is up double digits.
"Normally" during times when bitcoin was up 10%, many of the popular alts would be up multiples of that. Not flat, let alone down...
BNB looks like it has been up the last three months. I have been reading Binance Coin a lot lately, what's the deal with this coin? Is it the latest craze?
It is one of the few coins actually backed by something. The coin is tied to the profits of the Binance exchange, likely the most profitable exchange in all of crypto. Plus they are finally moving the coin off the Ethereum chain and onto it's own.
By now, with that business-model and market volume should BNB coin stay "stable" or increase in the future.
Even if the bitcoin network would collapse, certain strong altcoins would not, because of their own value.
One reason for the Bitcoin suck behavior is, that altcoin user have no alternative to bitcoin for parking their money. This is one of the "real-world" purposes of bitcoin!
Once in the future, when the market offers relevant competition, this will maybe change?!
From now I doesn't think so, because most people don't know about history and value of the cryptocurrencies, but they like the benefits and sooner or later, they want to participate.
**But who to trust, on a new financial environment? These products that have the longest market experience and stability...
**
BTCSucks😂
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Right now it sucks all the value from everyone else!
I think it's good. Need to kill the half of altshit
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Probably more than half, but right now even the legitimate projects (like steem) are feeling the pain.
Pain means that project is still alive))
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Somehow that isn't very comforting.
At least we don't have to put all of our crypto into hookers and blow like McAffee if Steem is sucking all on it's own.
Or eat our manhood on TV...
Yeah...no one needs to see that.
Though I am kinda wondering if those are also the kinds of things the Steemit,Inc guys spent all their money on... Makes no sense why they are cash strapped now after selling close to $80 million worth of crypto the last 3 years...
I have no idea. Do they even publish how much they pay anyone? Or anything? They seem like a pretty secretive organization...unless I'm missing some page that tells people about how they are run.
Nope, nothing is made public. Even if they paid their developers massive saleries, we are talking $40-$50 million after taxes over the past 3 years... That is a lot to chew through for staff... that money went elsewhere.
I wouldn't be surprised if Ned paid himself some insane amount. But how shitty their redesign of Steemit.com ended up suggested to me that they don't even really have web designers or developers on staff. They're likely doing a lot of things through freelance workers. They don't really get a lot done over time though...
Lets say that Ned pays himself an average of a million per year. I wouldn't be surprised if he did, or even more. Lets also say they have a few blockchain programmers...say 5 or so. I have literally no idea how many they have, but I doubt it's a whole bunch. Lets say they earn an average of $200k per year. That's a bit high for normal programmers, but also not unheard of, and we're talking blockchain devs, which get a bit more. So, that's another million per year. Lets say they have another group of general devs and javascript devs that together earn another $2 million per year. So now we're up to $4 million. Lets add some random employees that earn like $100k per year average, like say 20 of them. So that's another $2 mil. Now we're up to $6 mil. We have a pretty nice pool of people that could probably get a lot done. Lets say they got some nice offices in an entirely overpriced area that are plenty big enough and add another $2 mil, which is probably way too much, but you also gotta consider electricity, so that's wrapped up in there. $8 mill per year. Then computers and laptops for everyone. We didn't really have a firm number of employees, but like 50 wouldn't be too much of a stretch from what we've been going with. Lets say they got fancy ass computers and laptops that average an expense of $5k per person. That's another $250k. Lets say they've replaced a lot of those by now because they're spoiled and double it to $500k. So now we're up to $24.5 million. They also have servers of course, so lets be insane, and add another $5 million per year for servers and running them and high speed links and shit like that. Then another $5 million on top of that because Amazon cloud services. We're still only at $34.5 million dollars. I guess the rest has to be parties and hookers and blow. Either that, or they're wasting a fuckton of money because they just don't know how to run a company, which I think is likely.
TBH Steemit is a primary reason why I have lost a lot of faith in Steem. Sure, we're more than Steemit, but we're relying pretty heavily on them currently, so we're kinda tied to them right now. If they went bankrupt, it might even be better for Steem, as we'd be forced to take over development and running all the sites.
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Onwards and upwards.
Steemit,Inc moves slower than that.
Over time, people will realize the altcoins are underpriced and instead of putting money to a high dollar valued bitcoin, they will search for alternatives in the altcoins. Also, consider that altcoins pulled bitcoin off the bottom as are outperforming this year still!
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Good point. Though I feel like if bitcoin really starts moving, the altcoins will get crushed. Most of these projects have nothing backing them and no reason to be worth hundreds of millions, including steem. When will Inc actually do something to create real value here?
The most important is that altcoins are more interesting in the long term perspective. HODL!
Why is that?
The Bitcoin battle cry is so dyslexic. DLOH, LOHD, ODHL, HDOL, and HODL.
Thanks.