RE: Bitcoin hits an all-time high of over $6000. What a milestone!
It's exciting, but the altcoin market is somewhat floundering since it spiked early this year... I'd love to see some of these gains spread out amongst other coins, especially since many of the altcoins are much more practical for daily use than BTC. It'll be fascinating to see what happens going into December and into early 2018... will altcoins have another major rally (against BTC value)?
Because though they are staying somewhat robust to the fiat value, they have been continually losing MASSIVE value to BTC for months. For instance, I started buying STEEM near 100,000 satoshis. It's almost 5 times less its value to BTC now!! This is a bit concerning, as I would have been better off just holding BTC this whole time. Same for all the other altcoins (except, notably, Bitconnect Coin, but that's another whole can of worms as I'm not convinced it isn't an elaborate ponzi.)
Either way, I will continue to be bullish on STEEM and keep powering up as I'm able.
Fully agree. I see Bitcoin only as a store of value, but I'm still not sure if it will ever be used to pay for a cup of coffee. Possibly with the lightning network in the future.
Steem, for example, is much faster (3 seconds confirmation time instead of 10 minutes) and has no fees.
I will also continue to be bullish on STEEM. $1.00 seems a solid support level. It only keeps getting cheaper relative to BTC. I expect higher prices once SMTs are live early next year.
I also won't buy a cup of coffee with gold. I'm bullish on bitcoin, but not on steem. As long as the whales push by voting the people who are always cashing out, the pressure on steem will hold on. I wonder whether whales are so foolish to undermine their on investment.
But: As soon as 10000 people as you and me will hold more than 10000 SP tight in their hands, the exchange rate for steem will be much higher. So I hope that many whales will cash out soon.
Then steem will become a cheap pick. I promise to collect all my rewards paid in SP for the whole next year and I promise to hold 10000 SP as minimum (currently I am at 8500, but I will reach 10000 in the beginning of the next year).
Once BTC fork speculation goes away, end of this year and early next year, we may see another altcoin uprising. However, STEEM needs to be distributed to large number of people to release some pressure on selling. People used to hold hundreds of BTC or 1000s of LTC, as price rose, those coins changed lots of hands. Now very few people hold large number of those coins and can't consistently sell. A problem with STEEM is too much transparency, people should not know how I buy coffee and my buying habits. However, this can easily solved with a third party apps.
Great comment, and an interesting point. I agree that good development moving forward should mitigate some of the problems in the flow of value.