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RE: Exchange Transfer Report: 5/21/2017 to 5/27/2017
I still think the crash was pretty much due... if not overdue. I really thought BTC would find quite a bit of resistance breaking through $2000... and when it just blasted through that level like a rocket, I found myself thinking "Uh-oh...." and feeling tempted to put on a flak jacket.
Still very positive about Steem... Steemit and all the attendant apps being developed continue to create an economic reason for the currency to exist, and that's a HUGE plus, from where I am sitting. How many other alt coins actually have economies?
A lot of people don't like the concept of appcoins, but to me they make sense if the economic system also makes sense. If done right, it can be two reasons to give the ecosystem value. I like how Steemit doesn't cost anything to use, and that's a huge difference between it and many other appcoins.
Yes, I've noticed some don't care for appcoins... but as a "late comer" to cryptos, "utility" is one of my sticking points or at least points of skepticism with this whole ball of wax. And yes, I appreciate this is a whole new asset class... but simply being an "exciting" technology doesn't mean much unless there are functional implementations people can wrap their heads around.
If these are currencies, then what are they FOR? What can I functionally BUY with them? Can I walk into Costco and pay for a set of patio furniture with Steem or Bitcoin? If the answer is "nothing" then they have no more "use" to me than the late great Zimbabwean dollar.
On the other hand, if cryptos are purely "investment vehicles," then what am I investing in? Well, when I have a choice between CoinX and CoinY, then one of them having apps... becomes the tiebreaker. Yes, blockchain technology is awesome... and so is cold fusion... but unless you can actually power the grid with it, it's not going to effectively make the world a better place.
Now I'm not intending for this to be a rant-- I'm just playing Devil's advocate. IF cryptos/altcoins truly want mainstream acceptance, then they also have to speak a "language" that makes sense to more than a few thousand hard core blockchainiacs.
Good post