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RE: Bitcoin appears to be Flagging
It looks like Ethereum has broken the resistance line today formed by the local peaks at November 5 and Jan 4. Seems like an extremely bullish signal.
I'm willing to bet that mid December was the end of the bear market. Get ready for three more years of uphill action folks.
Yea I was with you on that call as well. Usually when everyone wants the market to do something, it never ends up happening, and it seemed like everyone was calling for a plunge below $3k.
ETH-BTC has been so low that I have been converting almost all of my BTC to ETH in anticipation of it eventually going back up to 0.09 BTC.
Yea ether likely represents somewhat of a leveraged bet on bitcoin turning around. If bitcoin turns, ether likely goes up even more.
Whenever Ripple flips Ethereum it always seems like a good time to buy.
What did you make of the JPM coin and its impact on xrp?
A stable coin can't compete with XRP. Especially a private one. As much as I hate XRP and know the banks can undercut that project, a stable coin is not the way to go.
These corporate stable coins will eventually remove their peg from the dollar just like USD removed its peg to gold. That's when they can compete with Ripple. However, Ripple is way ahead of the game. In order to remove the peg from USD crypto has to be mainsteam AND likely USD is no longer the world reserve currency as it begins to destabilize. This is the only scenario I can imagine where removing the peg could be justified while retaining the user base.
https://steemit.com/informationwar/@edicted/could-stable-coins-crash-the-economy
Wouldn't a stable coin work better for moving money around?
A stable coin, in effect, is still controlled by the Federal Reserve. A stable coin is just an extension of USD. There is nothing stopping a cryptocurrency from issuing similar monetary policy compared to fiat and issuing their own "stable coin" that isn't pegged to anything but its own monetary policy. Nothing about USD is intrinsically better than cryptocurrency.
When it really comes down to it, XRP and JPM are controlled centrally, fully negating their long-term value. Why would anyone use these services when they can just use a decentralized stable coin like Dai? Dai can't be regulated. Accounts can't be haircut or shut down or denied access.
When shit hits the fan all these centralized projects will reveal their worthlessness. Why get a loan from the bank when you can give a loan to yourself at 0.5% interest? But now I'm just being uber bullish on Maker again.
Back to the main question. No, a stable coin isn't better at being transferred, it's just better at being stable, assuming USD will remain stable, which I don't assume at all.
It has a decent track record of being stable, especially compared to crypto. If I am moving millions or billions of dollars, I don't want to take on the risk of any volatility in whatever I am using to transfer said funds, ya know?
I foresee most banks doing what JPM did, then eventually one system will be used predominately within the banking sector. Though using one with a coin that is volatile probably isn't appealing to most?