State of the Market - #8 Bitcoin Gold Recovery
In this video, I outline the state of the cryptocurrency market on Sept. 30, 2017. Bitcoin Gold is coming and this is a fundamentally positive event for bitcoin going forward into October.
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He's back! Thanks for the updates!
I agree that the recent news out of Japan is very positive for the markets. Also, the IMF is looking like they're seeing the writing on the wall when it comes to crypto: http://www.trustnodes.com/2017/09/29/bitcoin-might-give-existing-currencies-run-money-says-lagard-might-added-imfs-sdr
It's interesting. The conspiracy theorist I used to be, I was expecting more push-back... but then really, these bloated government bureaucracies are too slow to try to push back by the looks of it. Allowing themselves to be steamrolled seems to be their choice so far.
It's a great choice too, and if the rich of the world get on board with crypto, there's no need for any push back in government. Certainly will suck for government budgets when they can no longer spend frivously, but they'll just have to figure that one out when they reach that bridge. I imagine their solution will be more taxes.
I don't think the pushback is over, yet. It's just that some governments and NGOs are embracing it more than others. When their budgets start to get squeezed because fiat purchasing power is eroding faster than they're used to we then might see the animal backed into a corner lash out.
By the time they feel the sqeeze (in the US), 500+ bil total market cap, most likely.
Will be real interesting to see some governments that may totally embrace the tech. African governments could revolutionize their countries if they simply became pro-blockchain and did a national blockchain currency.
Separate topic, I'm very excited for the SMTs coming out. I feel as though Steemit offers a far easier platform for ICOs and a far more fair and equitable take on it. It's also an out of the box system in many ways in that it can integrate into current website functionality. It's IMO an amazing step up from Ethereum's platform. Hoping you do an analysis on it soon so we can have a discussion.
Reading the whitepaper. I love how Ned is thinking, a lot of crypto projects, they get going, and keep their head buried and insulated from what other innovations are occurring in the ecospace. Ned is yanking tech right out of the BANCOR whitepaper and putting it into SMT's. Nice move, it's the best way to innovate really, combine the better techs out there and integrate them with the advantages you already possess.
Totally agree. You can't just ignore what's going on around you. We're in a hyper competitive landscape.
I've bought into STEEM over the past few days. The way I see it, is if STEEM can take even 1/10th of Ethereum's market share as STEEM will be the primary token of choice for these ICOs, then we're seeing STEEM at $10 with ease. If it overtakes Ethereum, STEEM is looking at about $100. Check my math.
I could see $10 from this. Ease of ICO launch in some ways can be a negative, though. Would be a lot of SMT junk coins, where as to launch an ETH ICO, takes some work and investment. Seems weird but ease of use may not be able to beat ETH long run. With ETH, we can have systems built in ETH to enforce what happens. With SMT's it will be a lot of personal promises which doesn't mean much on the internet. Standard ICO model is we fund a project based on a promise, but at the end, you get a live network or an ETH token which no longer requires the core dev team to keep promises. With SMT's it will be a lot of things where it is just a forever and ever promise, which in the end could never be kept unless they built a solid corporation behind it with many employees... like the idea in the whitepaper of IOU tokens for things like BTC or ETH, so we could exchange BTC IOU's on steemit which would be fun, but should that company ever fail, you lose out. If it's a solid company, not a big deal, but for individuals or small businesses these promises seem quite flimsy to me as the basis of being a major ICO market.
What interests me more is how STEEMIT could use this as a stepping stone to bridge itself into other venues. Like DTUBE could now launch an SMT ICO, and use the SMT token for advertisers to get on DTUBE.
I am thinking that side-chains linking into an SMT reconciliation on the Steemit blockchain could also be powerful. Not sure how to build it, but could be really neat if were possible.
Nice to see you back
Bullish indeed. Bitcoin is at the tip of the iceberg in terms of market cap. Once an ETF or something similar hits the stock exchange... we're going to the moon.
So what's the actual idea behind Bitcoin gold?
In all honesty, I think Bitcoin is eventually gonna fall or be used as some kind of storage (bank). It just doesn't have the technology in order to sustain a lot of money transactions, besides that the fees are getting insane... I am just patiently gonna wait till Bitshares starts getting some attention.
It's a great point @droucil . In analyzing crypto, we have to separate technical usefulness which you are looking at, vs. market awareness and hype.
Bitcoin Gold is practically useless. Except, it is useful to propel the price of bitcoin higher in the near-term. I do not consider it a good investment. I do consider it a near-term hype driver to the price of Bitcoin in October.
As long as it serves near-term usefulness, it does not need a long-term use.
The reason the market works this way, is that 95% of market participants in crypto, I consider them to be highly uninformed investors. A lot of it is just trading, and trading can become a self-fulfilling prophecy in many cases.
So due to market immaturity, and trading hype, Bitcoin Gold is a fundamentally positive event, even though it is practically useless.
I couldn't agree more with those words. The crypto world seems to be mostly about exchange markets, making a quick buck predicting the next coin (almost looks like wallstreet, lol). But eventually when people realize the capabilities of the Blockchain that will change. That's why I patiently wait and invest my funds for the long-term projects.
Thanks, as always great content. About your predictions, you are predicting EOS and NAV great gains. What makes you think so with EOS? In last months is not doing really great. About the NAV, I agree has potential but dont you think that Verge may take the leading position in anon-coins?
You have to research why EOS is good. EOS being good is totally due to technical specifications, and if you don't understand those, you wont know why EOS is good. Some coins are good based on hype, EOS is not good because of this, but certainly it may receive hype in 2018 when the project is finished. EOS technologically speaking, is the best coin ever invented. It will be able to do 1 mil transactions per second on-chain, combined with all the innovations bitshares and steem has, plus new innovations only EOS has. So when anyone in 2018 into 2019 wants to launch a DAPP project, they'll prefer EOS because EOS will give them the through-put to duplicate something like STEEM. You could never build a STEEM like application on Ethereum, but on EOS, such DAPPs are possible.
From what I can tell of Verge it's just a privacy coin. I do not like NAV because it is a privacy coin. I like NAV because it is aiming to be the first anonymous smart contract system... it's totally different than a standard privacy coin once that is accomplished.
If I wanted to invest in privacy coins, I might just own Monero or Dash as a standard privacy coin. Thanks for the questions!
Thanks for your answers. Verge so far as I know also support smart contracts, anonymity via tor (best anon till now), mobile privacy support will work on mobile phones and has a total cap (ie monero does not)... Might be worth investing something.
Thanks for letting me know, I didn't see on their site anything about it, but I will look into it more.
So is it now final what !!! btc gold on the way so this will have a major impact on the prices again ?
Great video. Well summarised and well timed. Hope to see more.
i agree with u japan is very positive for thhe market
Why is Bitcoin having so many hardfork this year?
Hard forks is very normal for most coins. Most of the time, the hard fork will not make an alt-coin. With prominent coins, it's far more likely to make an alt-coin movement.
Bitcoin Gold probably will serve as something to help boost the price of BTC. The way I view things like Bitcoin Gold or Bitcoin Cash is that they're somewhat similar to when a company spins off a subsidiary in that I also get shares in the newly spun off company. However, in this case, it just seems better as tangible assets haven't really been removed from the parent company. It's almost effectively free money.
Yeah, it's odd. It's free capital or free money. Works because it's fiat money, creates capital out of nothing. Can't wait to see a bitcoin gold futures market launch!