Either the market isn't properly pricing the steem project or the ratings agencies are rating it way too high.
I don't think it's either of these actually. I think it's that the market is improperly pricing almost all of the other top 30 coins.
There is no reason that many of those should be worth even close to the amount they are currently trading for. I suspect the high prices are mostly due to market manipulation.
Yes, that is what is meant by that statement. If steem is valued accurately then many of the others ahead of it are not. Most likely due to promotion, manipulation, etc.
Agree. If you go down the list, so much of the market share is things trying to be a better Ethereum or forks of Bitcoin (or things that work the same as Bitcoin like Litecoin). There's no point to most of it.
I could easily be missing one or two because I don't know what they are, but within the top 30 it seems like really only Bitcoin/Ethereum/Monero/Steem have a point to them, like you could weed the top 30 down to the top 4.
Neat that China gave a shoutout to Steem. But loll that Bitcoin would be that low, below the likes of Lisk and Komodo and Stratis and Cardano, lol that's cute.
Edit: Kind of want to add that I'm not trying to single out Lisk/Komodo/etc as being any more bad than the other ones on the list. Just kind of randomly picking those examples, all of them are ridiculous to put ahead of BTC.
Agreed, no one uses cryptos as currencies. All that volume comes from trading. Unless tax code in US is changed it wouldn't even make sense to use them as currencies. Who wants to track and pay taxes everytime you make a purchase
that's a very good point... cart before the horse with excitement