I completely agree that it's now bitcoin's time. Altcoins are now in bubble territory, and I believe that when the crash comes, instead of completely cashing out profits, some people will just keep everything in Bitcoin. It's easier, more practical, and avoids taxes when cashing out.
However, we have thought about this in advance. We need to give time to the mass market to realize this. Altcoins will keep pumping for at least two weeks or one month. Then bitcoin will go crazy. And alts will crash.
Also, you said @cryptovestor that every single coin is overvalued right now. I agree as well because there are no real usecases yet, for any coin... except steem!
Steem already monetizes websites, like steemit, but also Dtube, utopian.io etc... Many people already make a living on steemit. Steem has no competition, there is no other product in the world that does the same thing as steem. You can't really compare it to anything else, and that's why I believe that its valuation can be correct, even undervalued in my opinion. Especially if we take into account Smart Media Tokens which are coming out soon.
Why would people cash out with BTC when the fees are so high and transactions are so slow. Makes way more sense to cash out with LTC or ETH, that's what I do...
LTC and ETH are still altcoins and will probably feel the crash as well.
Not sure about that, many exchanges have also ETH pairs and many people actually buy ETH first instead of Bitcoin because of fees or transaction times
Something that I think is often overlooked is that a lot of new people have no clue what the transaction fees are.
That's what a lot of people do, at least those that don't keep their funds on exchanges (which everyone should be doing).
The fee's and slowness of BTC are just too much to make it a good resource to use and this isn't changing anytime soon.
I agree - people will want to keep money in the crypto market, so Bitcoin will remain the number one option for them to go to. As silly as it sounds, Bitcoin is genuinely the "flight to safety" asset in this field. This euphoria for alts could definitely go on longer, but I don't pretend to know when such things can end so I just take action when I have high confidence an event will happen (altcoins moving to Bitcoin).
I don't like being a shill, but Steem is definitely one of the better ones. It's still got a long way to go though as it is far too abused. Most people would be willing to do what they currently do for Steem for much less money, meaning it is paying out way too much. More importantly, however, is that the reward pool tends to pay far too much relative to the value the content brings to the blockchain (as defined by new users, investors, and views).
Given this, Steem unfortunately is currently a platform that gives more than it takes. This ecosystem will continue to work while we are in a bubble, but when the bubble pops, a lot of content creators will suddenly get slammed by declining Steem value (Steem will go down regardless of whether or not it makes sense just like all other cryptocurrencies). This will be a crucial event in Steem's future.
I hope that the continued development on Steem is able to successfully curb major issues to the platform like abusive self voting, vote buying, disproportionate rewards relative to the value of the post (while subjective, there are some obvious cases that simply should not happen) and many other forms that I won't list here.
Lots of people will lose their ass on altcoins when the correction comes.
https://steemit.com/crypto/@hvlyarmedtrader/the-most-important-video-for-ripple-xrp-investors#comments
If the main goal will be just cashing out through bitcoin when the bubble pop will seem imminent, then the bitcoin crash won't wait for much longer. I know that's not what you said, but if they are not evangelical abot their altcoin and they just wait for the right opportunity to cash out, they will have the same relationship towards bitcoin - it's just that the time to cash out from bitcoin will come a bit later.
I agree 100% with what you say about Steem. Very few people in this environment focus on actually creating value.
yes...