RE: The State Will Always Punish Productivity (A couple lesser-discussed reasons for the recent crypto bleed)
The entire financial market is in a huge tumult if you ask me. There is more uncertainty now globally than at any point in my life.
China has sent soldiers to syria and Israel is in open but undeclared war with syria, how do you think that is going to develop?
China is no longer interested in U.S. currency. Sweden is preparing for war. The republican tax plan all but ensures huge civil unrest in the united states as foreign interests laugh, the government will not be able to fund the medical and social security programs that make the entire economy only barely function for 75% of the population. Plus the shutdown.
The stock market is in an obvious bubble, when that crashes there will be a real mess.
These are big changes afoot. Why is there less demand in crypto? I think it's because no one expects a bitcoin to ever be worth more than 20,000.
Why? Because bitcoin is not unique and it is ultimately a primative form of crypto. btc will never be useable at the cash register due to transaction costs and latency, others could be though.
I personally like the idea of bitshares and enjoy that i can trade easily between that and steem, but aren't there numerous such attempts at an exchange based currency?
And here is a question no one else is asking, what is keeping intelligence services like the CIA/Mossad/FSB/China from making their own fake currencies, like north korean storefronts that have a lot of candy in the window, but behind the scenes are simply fake numbers pushed around just like fiat?
For all I know, steem and bts could be run out of the Pentagon. Just like with Tor nodes, the number of witnesses that are actually police or private military or whatever, could increase to the point that government can simply sabotage them completely.
What will happen the first day steemit.com is unavailable completely?
And why are the inventors selling 70 million coins? geez are they really going to get 200 million petrodollars for them?
I totally agree with your point that it is not practical to use bitcoin for everyday needs and that there are too many crypto currencys out there. But we are just at the beginning of crypto currency development. In some years, there may be a lot less shitcoins around and the global acceptance may rise even more, if we give it some time. On the other hand, governments may ruin everything by putting too many nonsense regulations on crypto currencys or even outlaw them, like china or South Korea.