Our Grandchildren Will Thank SEC For Not Approving The Winklevoss Bitcoin ETF. Here's Why :)
What you see in the chart above is the beginning of a new era. In mundane terms, is the percentage of the crypto market occupied by altcoins. Or any crypto coin that is not Bitcoin. It's more than 20% now. Yes, it's going up. Yes, it's steep. Yes, it's going to keep going that way for a while.
What happened after SEC rejected Winklevoss brothers' request for a Bitcoin backed ETF will probably remain in history as the beginning of the alt coins era. There was probably a lot of cold money waiting to get into that fund. But when the fund suddenly ceased to exist (even before it was born) that money had to go somewhere. And, apparently, it found its way to the altcoins.
I bet some people learned that there are some pretty interesting coins out there. And I'm not talking only about Ethereum, Dash or Monero. I'm also talking about Decred, Factom, ShadowCoin or Siacoin. All these currencies were literally taken by storm, jumping more than 20% over a 24 hour window. The storm is still going on as I write this, but at some point it will eventually calm down.
What will be left after this hurricane is a new landscape. One in which the Bitcoin dominance will be a thing of the past. And one in which Steem could thrive (if only developers would be @abit more thoughtful and transparent and not so emotional and opaque - pun intended).
We're really living the golden age of the cryptocurrencies.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
Perfectly said title. Empowering post.