Current State of The Crypto Market
Ever since the Bitcoin made a path for the other crypto currencies, the crypto world has seen many new faces over the period of 8-9 years. We have seen many new tokens make their mark. Some trying to compete with Bitcoin and some have their own usages.
Bitcoin is still the king of the market and every other crypto currency has the BTC pairing. It is what paper money is to the real market. Sadly the transaction speed of BTC is still not as fast as some of the other tokens in the market.
Ethereum is the closest competitor to Bitcoin. As Bitcoin is used for the trading pair, so is Ethereum. But as we know that ETH can be used to write smart contracts and this makes it unique from BTC. But there are many other cryptos that are now having the smart contract features.
Current Number of tokens into the market:
According to the data of CoinMarketCap, there are currently 1106 tokens into the market and it's huge!! And the overall market capitalization of the Cryptos is: $158,975,690,714. $158.9 Billion is in no way a small amount. Out of all, there tokens 868 tokens act as currencies. Even the Paper currencies are not that many currencies.
The top 10 Currencies at the time of writing the article are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, NEM, Dash, IOTA, Monero and Ethereum Classic.
Problem with the increasing number of ICO's and tokens:
As more and more token started coming into the market, the things started crowding out. And some were never seen in the crowd or some made their mark in the market. Ethereum became the base for all the ICO's taking place.
But the Problem does not lie in that, but the problem is what value do they provide to the eco-system.
Today anyone can start their own ICO and make money. You could say this token does this or that but at the end, they all end up in an exchange where traders make money out of the trade period. Well, most of them end up as "Pump and Dump".
And while China announced the Ban on the ICO's and considered it to be illegal. It made a significant change in the market and we saw almost all the tokens going red. Most of them were the Chinese tokens. Today the market seems to be in green. But the tokens that were valued earlier like NEO has dropped drastically.
What could China be doing in the future?
This gets interesting as we know that Bitcoin is accepted by the Chinese markets. What we could expect is that the Chinese government could soon make rules and regulations relating to ICO's and they may have to register with the government to conduct an ICO. We may see certain aspects being controlled by the govt.
The crypto market is still a baby and has a long way to go to mature.
We wouldn't want to see the Government control the cryptocurrency as the main reason behind the value of the token roaring is the fact that it is decentralized.
Effect of the Cryptos on the countries Economy:
As we know that the tokens do not really provide the value in the economy, it also could hinder the economy. For the countries economy to boom, you need to keep the money circulating. The money creates many more possibilities in the economy. But when the money goes into the crypto market it creates a gap in the economy. But it is good for the crypto economy.
Here's what the CEO of Euro Exim Bank Limited said.
A Cyclist is a disaster for the economy:
- He does not but a car and does not take a car loan.
- Does not buy vehicle insurance
- Does not buy fuel.
- Does not make use of the Car repair or car spas.
- Does not need the paid parking.
- Does not become obese
- Yes, and well dammit! Healthy people are not needed for the economy. They do not buy drugs, nor do they go to the private doctors. They do not increase the countries GDP.
On a contrary, every McDonald's outlet creates 30 Jobs:
10 Dentists, 10 Cardiologists, 10 weight loss experts.
The Bright Light:
The usage of the token is just not restricted to the digital economy. In fact, today Bitcoin is used by many companies and recently, Lamborghini has started accepting the CryptoCurrencies. And freshly, someone bought a house with Bitcoin. This is just the beginning and many bright steps lie ahead of the crypto world. What we need is value creation in the economy and not restricting the usage in the crypto exchanges.
Steem is the Best Example.
Not that we don't know what steem platform is, Or we wouldn't have been here. This platform is actually creating a value to our economy. We may use our earnings to buy other cryptos, but there are many of us here to make a living and you wouldn't deny that right. It has helped many bloggers, musicians, entertainers make extra income that they wouldn't have made even with working hard on YouTube or other platforms. Facebook and other social media are a joke in front of steemit. They don't even pay you anything for what you do. With the earnings of steem, you may have spent it in some supermarket of somewhere to buy something right. This platform does create a value to the crypto space and the economy.
Steem is definitely the largest and most successful working project to date 😉
Sure is. And so is BtC
Of course BTC 😉
Yo ,
Thanks for the great content
You are always welcome. Don't forget to join us in our discord server too.
Transaction speed is increasing isnt it? how is segwit doing?
re:China bans
More and more I tend to think , that all those "bans" are nothing more than just a tool to a global market manipulation. What holds them away to remove those bans after some time (2-3 month, a year or two) after they made a HUGE HUGE buys on the drop-down dips ?
Almost a perfect business (war?) plan:
sell off most of your coins at peak slowly (sell because you know a DIP is comin'. It sure will come, because YOU will create it), then anounce as dreadfull BAN's as you can - share the FUD- get as huge DIP's as you can - make a massive buys on these DIPs.
And remmember, do it all on a global scale. Not local. GLOBAL. Because you can, yoy are so huge.
You are CHINA !
Why this is not a perfect weapon against the rest of the world? Against the western world (USA & EU) first of all ?
Answer me.
Yes! It is a market manipulation...
China is the largest market of cryptocurrencies. And if other nations were to ban the cryptos, I'd not have a large impact as China has.
Good points about the Cyclist, of which
I am one, ruining the GDP. I'm quite proud of that!
The Crypto space is just the most interesting thing happening right now, I can see governments quaking in their boots!
As Bill McKibbon said, the most economically productive citizen is a cancer patient who totals their car on the way to meet with their divorce lawyer... ;)
Lmao.. lol
Ha! Right!
Sure is.
The CEO made bad statement since you still need to buy/paid for daily usage and maybe some hobbies.
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bitcoin is <3
😘
@abh12345 : hhhh. I agree with you. but the Ethereum going up
beat the Bitcoin.
We shall see! I think Bitcoin will become the new gold. Pointless in a supermarket but the new store of value.
hhhh. yes. I am waiting This happens
It is a store of value brother! But don't think bitcoin can be overtaken.
We need to wait and see what ethereum will do next. You cant say anything for now.
How come Netherland didnt crash in economy?
Crypto economy or the countries economy?
Countries economy since most of them are cyclist :)
For a country like India, where people prefer saving over investing, does create a effect on the economy.
Hmm how is India related to cyclist? If you ever been to Netherlands, their main transport is bicycle. How is that not collapsing their economy lolz. You can ignore me if you just want to give some plain answer :)
That phrase was by an Indian. And he referred it to India. India also has a lot of cyclist. If you're comparing Indian population to Netherlands than comparing people with cycle in India still is a large number.
Now Netherlands economy is not effected because, people there prefer investing more than saving. While in India there's Trillions of USD locked up in banks.
In a basic economy, for a countries economy to grow, you need the money to be circulated. It needs to go around to complete an economic cycle.
Correct me if am wrong.
Thanks to Steemit, bloggers like me can make money and pay for our expenses! Thanks for this article, it's brilliantly written.
Btw, I created a banner here if you would like to use it. It will appear bigger in a post.
It's a great banner.😘
Thanks!
I liken the analogy of the cyclist, fits well. China has tried banning bitcoin in the past, so I see the banning of icos as a temporary thing, just trying to slow things down, but make no mistake, there will be no stopping the crypto machine from becoming a ubiquitous part of the worlds market as long as it doesn't self destruct
Soo true.. 😂
pocketsend:100@jasonshick, the machine is indeed running and won't be stopped anymore. Better adapt to it and make good use of it then waste valuable time by trying to ban it.
Successful Send of 100
Sending Account: wekkel
Receiving Account: jasonshick
New sending account balance: 1994697
New receiving account balance: 1000198
Fee: 1
Steem trxid: 00405e1e784eb89d83efcc0a25c370df996f1781
Thanks for using POCKET! I am small bot and right now I am running this code.
The Blockchain is a great technology and for the time being we can expect that emergent nature of the community will overcome all the bans, governments and restrictions and to continuously change technology on its way.
Having said this it's very difficult to bet on the right crypto, which one will be the one that will solve the specific issue of the moment?
My suggestion would be to:
I wrote a small series on diversification benefits and the income that can be created through it.
CryptoPortfolio - Extract a "diversification dividend" - Part 1: Geometric and Arithmetic Returns
CryptoPortfolio - Extract a "diversification dividend" - Part 2: Portfolio Risk and Diversification
CryptoPortfolio - Extract a "diversification dividend" - Part 3: How to make 8% more per year
I would be grateful to anyone who wants to take a look and let me know what he/she thinks! Thanks
I would invest on tokens that create value in the crypto space.
Wow, blows my mind that there are over 1100 tokens currently. Unfortunately the vast majority of them are currently worthless.
there are way more :) just 1100 of the 100k are listed
Yup. Many are on low volume.
pocketsend:100@supremeyc, here's another token for you. Pocket tokens, useful for tipping each other at Steemit as an alternative for SBD.
Thanks @wekkel but you unfortunately mis-spelled my screen name. I hope that other person enjoys those pocket tokens =)
pocketsend:100@supremenyc, now with the correct name :)
Successful Send of 100
Sending Account: wekkel
Receiving Account: supremeyc
New sending account balance: 1994597
New receiving account balance: 99
Fee: 1
Steem trxid: c447a0c2fd63288c7924f560f963daa174d87672
Thanks for using POCKET! I am small bot and right now I am running this code.
Wow nice
I like your post
@safrijals : I would like to should you read and advise or criticism about this
Thank you. 😊
I have read
same i will always follow you