I was talking to Chandra a good friend of mines, and she was a bit curious about Cryptocurrencies so I told her a few things about it, how they can be used to buy things (depending on what purpose you going to use them for specifically.)
She said to me.
"Can you buy anything with them?"
"Well, the only thing I use them for was to purchase steem power for my steemit site. Although I've heard about people who were using them to pay their rent."
She looked confused..
"You use it to buy what?.. Steam? How can that possibly help you make money?"
I laughed (she's LITERALLY thinking about the FOR REAL element of smoke itself.)
"No, see not steam, or that type of steam power, but steem (as I spelled it out to her) that I use to gain more influence on my site, at the same time I'll have more authority in my favor as I continue to obtain and apply it toward whatever purpose I choose. I can use it to vote on other content that's interesting, insightful, or entertaining."
She was still a bit lost on how the concept actually worked, and said that it sounds a bit strange to her to see how something intangible can be used to pay for a product, let alone using it to pay one's rent.
The fact is that steem also stands alone in its numbered slot on the blockchain ledger, and is surrounded by the other posted cryptocurrencies. The only difference between steem and other cryptos will vary in terms of their value, their purpose and function, and how much in demand is in need for them in the market itself.
After telling my buddy more details about the function and purpose of these crypto coins, she started realizing that various coins can used to either support other cryptocurrencies, or can be used to purchase other currencies with (namely bitcoin which is basically the standard coin for such transaction activities used to acquire another cryptos, -via- vice versa for using coins to purchase it as well examples are litecoin, dogecoin, ethereum, and others that may apply), but her REAL interest was still centered around the trending market when turning profits similar to that of the stock market genre known as Wall Street.
This is where I ran across the story about Ralph Elliot, who at the time back in the 1930's started reading charts to help him predict where the stock market would rise and fall (this was due to the economic "up-swings and down-swings" that stand in conjunction to the overall trend of the market.)
So in order to give Chandra a bit of insight about the Elliot Wave Theory, I had to tell her a little bit about its creator Elliot, and his wave theory he so faithfully applied to understanding market trends.
You see Elliot was an accountant who hated his job, although he learned the aspects of the profession quite well, it didn't fit into his life the way he had envisioned (and this is where most people feel like they’re just trapped into a job forever working the daily grind until they have very little time left after retiring, and then, well you know what EVENTUALLY comes next..)
Like many who ponder on what they want to REALLY do before they get to an age where they really could care less thus become “set in their ways” (this is an exception KEEP IN MIND, you definitely have others who continue to learn and progress despite their age which makes them “true pioneers”.)
Basic Elliot Wave "shift patterns", he used to chart and predict the way the market would fluctuate. He theory wasn't 100% sound in terms of one turning huge profits on an continual basis. However it could potentially make an investor wealthy.
This was the group of people Elliot fell into, he was an innovator, and he was just getting started..
After retiring from the profession due to an intestinal disease, he threw himself into the stock market scene, working to find a way to predict how the market works when generating revenue through stock increase or "up-trends", as well as the "down-trends" on the decrease. Truth be told, there's really not too much of a downside on the decrease end, because Elliot's wave theory can be applied on the "flip-side", for an investor to still make his / her money ONLY if they understand the ways the Elliot Wave Theory principle operates.
I browsed a couple videos on the net, and came across one in particular that I say can gives you a VERY DETAILED analyst of the Elliot Wave concept, and just how far in depth one REALLY NEEDS TO BE to have a 'deceit' meaning of what Elliot was trying to share with those who wanted to learn his theory to it's core.
This should be fun for those who have a STRONG HUNGER to want to understand this theory, I know I do.
So sit back and really take in the Elliot Wave concept at its best showcased in the video below.