You are viewing a single comment's thread from:
RE: 2nd Jan 2018 Bitcoin Price Reversal 📉 Aborted? When Moon? Steem Up 88% But Why? (The Cryptoverse)
Steem is the number 1 blockchain by real world usage.... Reference to this. I predicted steem to be $15-20 comes 2018. My reason was because of this real world usage. There is no Bitcoin real blogging page, the only important attached to it is the First cryptocurrency if I guess right. I wouldn't know anyway. Thanks for sharing this. At least some spook my mind today.
I wouldn't say that bitcoin has no real use, it can be traded for goods, services or other currencies (online of course, but the fact remains that you can get a physical good for some bitcoins for example). This is exactly the same as fiat currency, the dollars, real and yen that we use are only back by our trust in the institutions which enable this system (the trust that our money will be redeemed against a good/service).
The real spook is with fiat currency - all money which is created is only credit (where credit and debt are own respective economic objects, eg. they are traded and hedged upon). That means all currency in circulation is waiting to be paid back to central banks. With interest. Meaning the borrowing has to start over again. Cryptos are nothing like that! A btc can only exist in one place and cannot have a negative value. We can only use the cryptos we have and that are in circulation.
But I think you're right in saying that SBD is different because it is not mined and put into circulation in the same way as BTC or fiat currency. A productive base would definitely support value creation. @deanlogic draws a similar parallel to the rising price of pot coins, worth looking at:
https://steemit.com/cryptocurrency/@deanlogic/pot-coins-to-the-moon
Thank you, I think I understood everything.
The more one looks into money the more complicated it gets. :s Bottom line is either you're one of the money owners or you're just an indebted user lol