RE: State of the Market - #11 Will Bitcoin Recover?
Hey Ted,
Thanks for sharing your state-of-the-market, big fan of this series :)
I don't intended to spread FUD but here are a few of my concerns in regards to the points you mentioned re: BTC.
There seems to be a small but increasing interest to use competing alt-coins as a base trading pair. SBI (Japanese exchange) recently announced it will be using XRP as a base trading pair as early as 2Q of 2018. There was also another exchange which was working towards using BCH as a base pair for alt trading. On top of which there is always a possibility of a flipping (for fundamental reasons; increasing time & costs associated with BTC transactions).
ICO Markets; similar trend here, Stellar (XLM) is beginning to be used as a mechanism for funding ICOs. Huge Speed & Cost advantage for all parties involved over both ETH & BTC.
As for 3. Long-Term investments, 4. International Money Transfers, and 5. Store of value outside of 3rd party control; arguably any top coin aiming to function as a currency offer these functions better than BTC. (BCH,XLM,XRP,DASH...)
I would like to see the overall market increase (including BTC) and I strongly agree there is better long-term value to be found in the alt market.
I would just say that the alt-coin base pair movement is so minor at this point, it's not worth making a big deal about it. It exists and I think it is healthy.
Personally, I would much prefer we switch to an alt-coin base pair... but sadly the market is kind of dumb in this area. BCH is not an adequate currency any more than ETH or BTC is. They all hold too low of transaction volume.
EOS is likely to be the best hope of a Dan technology gunning for the top 5 position where it could be used in the ICO market, and as a base trading pair.
As for ICO's there has always been acceptance of altcoins for ICO's for over a year now. But often on the larger ICO's they will accept BTC or ETH still, otherwise they are limiting the capital they can raise.
Good points, but I think the market is a little immature to actually digest a shift away from BTC in any major way. That said, if it did happen, I would just cover the main coins as if they were BTC, since they will become the market drivers. So my video was intended to be about the whole market, rather than just BTC, just that with BTC being king, it's unlikely any major market move is going to happen without BTC going higher. If a coin replaces BTC as the trading pair for crypto, then we can look at the market differently.
Thanks for watching.