Daily Post #26 in a 50 part series leading up to April 1, 2017
Our most boring title yet. No picture. Not even bold text. Must mean some really lame ideas about to unfold.
Bitcoin may be about to take off again and the ETF might be a big part of that. Personally, we have observed Bitcoin no longer being so associated with the dark web, and being something many people would invest in if it were easy. The ETF, however, will not be the premium product many will learn to prefer, due to not allowing people to hold their own private keys. Also, Bitcoin is at record highs so it does not satisfy the need to invest in something with much greater potential gains.
That brings us back to the current situation where getting Bitcoin and storing it securely has a major learning curve and many hoops to jump through. Let alone buying, storing and trading higher potential altcoins. We believe that creative use of Steemit can help fulfill these needs for tens of thousands of cryptoinvestor newbies in the next six months and cause the price of Steem to head back towards those glory days of yore. All without having to pitch the "blog/curate and get paid" narrative.
So how would this work? Surely another FOOL related meme has to play a part. How about an online community called Greater FOOLs? Not just on Steemit, but Facebook, Twitter, etc. Where the people are. One purpose of this community is to help cryptoinvestor newbies navigate purchasing, storing and trading cryptocurrencies. And we have the great helpful people to do an amazing job. But we will also be recruiting into a prototype Mutual Aid Society and Steemit will play a huge, synergistic part.
Let's walk through a US-centric example of how this could work. Joe hears that the Greater Fools online community is where to go to find out the best way to get in on real Bitcoins and other cryptocurrencies, not the ETF kind. Without posting or joining anything, he reads a few sticky threads and learns what steps he needs to take to get started. Sign up with Coinbase, buy a Trezor and join Steemit are the first three actions. Coinbase is just for the simplicity of purchasing for the many who don't care about the identity checks. But it is not for storing if you want to have your own keys, or purchase privacy cryptos without Coinbase knowing. The Trezor is the simplest way to have security against the ever more feared malware out there. Steemit provides a place to store dollar denominated profits from selling your Bitcoin after it has doubled, with the security of the savings feature and the account recovery process. Steem savings, allows you to invest into a high potential crypto, securely, that has seen highs 40x higher than the current price.
Now imagine that there is a small commitment associated with a more prestigious level of membership in the Greater FOOLs and other incentives such as sharedrops and chances to win jackpots. This committment would be to keep x amount of Steem in your Steemit savings for x time period. If it doubles in price, you may sell half and put it into SBD savings to cover this investment. Then, let it ride as part of a group experiment. If 50,000 people agreed to keep $200 each in Steem for a year, that would be $10,000,000. What would that do to the price? Defectors who break their pledges would know that they will be shamed in a blockchain "permanent" record. They will also miss out on getting in on the next phase, which will feature some of the ethical mlm techniques mentioned in previous articles in this series.
Okay, we've kind of explained the plan, though we forgot to put in the role of #bitshares for the advanced members to use for trading, and for the referral system. We also didn't mention the power such a group would have if they decided to use it in the traditional Steemit game. Sorry about the extra super boring formatting.
If you would like to contact @brindleswan you can send email to [email protected]. Include your Bitshares account in a comment for free SHMITS and a chance to win some GIGGLS. Don't have a Bitshares account? Go to: https://bitshares.openledger.info/?r=shmitoshi