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RE: Bitcoin is the Anchor and Focus, Every Other Coin That's Better Doesn't Really Matter
Yeah, getting into crypto, you want to try to get a good deal, and buy something cheaper that has potential to go up. Bitcoin is just so expensive :/
I see what you did there, lol.
I will admit I am a noob to crypto. Economics and price manipulation not so much. I can remember when the bull bubble was taking place, everywhere I went online the shills/overexcited people who were now rich were everywhere. Enough that finally, despite my skepticism, I began looking into Bitcoin.
My findings were that not one thing had changed about the blockchain that justified its jumping from 2k to almost 20k. Nothing. So that left one possibility. Price manipulation by some very wealthy folks. My guess is that if one were able to uncover the truth, the money being pumped in was probably bankers and their associates.
I believe the bear market we are witnessing now was caused primarily from their withdrawal of money back out of Bitcoin/alts, and many people that bought into the hype and false bull run are currently trapped with coins/tokens that are not, and never were worth the money they paid. These people will now clamor for regulations and oversight, while those who pulled off this massive pump and dump laugh.
Ironically, it was Steemit that convinced me to enter the crypto world, as I accidentally stumbled across videos of it in my Bitcoin research. It at least had a practical application that a common person like myself could see. I began briefly position trading. It started off day trading, but I got stuck in coins sometimes for a week, only to get out and watch the coins/tokens go much higher. I missed out on some profits due to my impatience.
Amidst all of this, I read many whitepapers while position trading and one of them really caught me up, so am a Hodler now. But the rub to all of this, is how does one evaluate the real value of any of these? It really is like any other auction (which I am an expert on). They are only worth what someone right here, right now will give you. So I see the possibility of the entire crypto market collapsing. Which will not hurt me like many, as I only spent a small amount (and will continue doing) that I can live with never seeing again.
Even Vitalik Buterin stated not to long ago that everything could go to 0. These are not securities like anyone has ever seen, and at this point it is all speculation and second by second agreements that can be influenced at any time by people with large wallets. Especially for those who create money out of thin air, like bankers.
I keep reading that Bitcoin is a store of value, the premier store of value. Where I still struggle with this idea is that unlike a physical item, it has no practical use for the common person. Most places that one would purchase/barter at it is not welcome. Banks are well known for closing your account if you transfer any degree of money made from crypto to your account. And the more valuable it may become in the future will likely make it even more impractical as a method of common small transactions, especially given the time/cost factor involved.
Sorry for writing a book on this. Sometimes I do this for several reasons. It invites insights others like yourself may have on my current perspectives and also allows me to put all of my beliefs down in one place. When I do that sometimes if there is a hole in my reasoning it is more readily visible than letting them rumble around dissociated in my head.
Yeah it's all a game hehe, speculation for sure. Rich are in it and they mess around as they see fit. It could all go to zero, Steem included... a risk we opt in or out of ... hehe.