Crypto
I'd like to start this post off by letting the readers know that this will be me basically placing my thoughts into it as they go, a free-write if you will. Many have asked me lately of my thoughts of Steem, where I see it going and what I see it doing in the near future. Many want me to compare it with other currencies and many are wondering if we might be nearing an end. I will try not to do any editing unless I find some typos after reading it through before posting, welp here we go.
Steem is quite different to many other currencies. First let's start with a brief history of the other big crypto names out there.
Bitcoin started a long time ago with people finding out about it, most not even being able to purchase it anywhere except for trading it with some people on forums through Paypal or other payment options that made it easy to trade with strangers. We've all heard of the 10k BTC Pizza as somebody wanted to spend his mined Bitcoins and a stranger offered to order him Pizza for them. There are a lot of similar stories like that and that's normal, no one can foresee the future. What seems like a good deal at the time is enough for some people, they move on. As Bitcoin became more popular others started to figure out ways to mine it faster, with graphic cards after processors and with time they figured out even better and more efficient ways to mine it through ASIC's.
Some people saw what others were seeing, some couldn't read code but trusted others that Bitcoin indeed does what it says it should do. Some saw it as a way to get rich quick from hype, some saw it as a way to anonymously buy illegal stuff from the internet, but some saw the true gamechanging potential. They may not be many but those that stuck to that belief have been handsomely rewarded now, some probably more than they can have ever imagined. Like all things though, for some people it may have changed lives for the better or worse. There's always someone losing money in trades if someone else is making profit, with Bitcoin it didn't have to be this way but there are always people who don't have the patience to see it through and want or need the profit turned into fiat. Regret is a common word in cryptocurrencies, and each time Bitcoin goes up to new heights regret goes in waves back to everyone who left it for good. These are the same people who FOMO in when they start hearing news of recent pumps and everyone talking about it again in a more fair and good light. Its a cycle and no one knows how often it will repeat itself or the consequences of the money as we've known it.
Without getting too deep into that, I want to talk about other so called "altcoins" that started popping up. I was never a fan of Litecoin, I mined Dogecoin early cause there wasn't much else going on at the time and its always fun to get in early on some coins. Dogecoin did this in a fun way by having a massive supply and blocks being full of millions of coins, it made waves of being the fun coin, communities sprouted, gamers started using their hardware to mine it for fun, etc. Doge was never meant to be more than just that fun coin you can experiment with, maybe buy something with it, etc yet here we are and its in the top 20. The crypto markets have not been known for being rational and I don't think that will change any time soon although I was hoping that the next bull run would change things. We are still not in the "green" if the next bull run has started, but a lot of people are sure that it is going to happen some time in the future, more people believe that than maybe ever before.
Ethereum came a long from the brainchild Viltalik Buterin and it changed the game quite a lot, a lot of mining power started moving towards it after the ICO and a lot of money was entering its market. Back then there was still a lot of confusion about the legitimacy of crypto, Bitcoin had just had its Mt. Gox fiasco, main stream media wasn't giving it an easy time and most people didn't bother reading up on what exactly blockchain was. This all changed during the last rally we encountered, even though the majority were probably still entering the space through hype and left with some profits or losses the attention brought a lot of fresh blood into the scene.
Blockchain is something people have yet to experience, decentralizing value and information has not been done in the same way before. It's normal that it will take a long time, even though it might not take as long as some other inventions took to become every day things in the past it still requires time. You could say that time is one of the biggest enemies to investors and traders, many can't deal with it in these markets. The markets swing like pendulums every so often and many find the need to have to remove their value from their currencies at the lowest possible times. This goes for most cryptocurrencies and especially for Steem.
I want to compare Steem to the others, the differences, effects and psychology that go with it but I should've kept the introduction of the others shorter as is 7 am now and I haven't had any breakfast yet so let's leave that for part two. I myself don't like reading posts that are all too long either so I'll try keeping you guys attention with shorter posts in more parts instead, what do you think of that?
Anyway, at which point in crypto's lifetime did you enter the space? When did you become serious about it?
Thanks for reading everyone, see you in the next part. :)
Welp here we go :)
I'm glad you're gonna tell us your thoughts about all of this...
Unfortunatelly, I don't know much about other cryptocurrencies except for STEEM, so I'm glad thst I'll be able to follow this series and learn more.
I entered crypto world when I joined Steemit, this late January. It was my first touch with crypto. First 10 days I was spammer haha but then, some good people told me what Steemit is and I just fell in love.
I arrived from FB where I have my page and group with 20k people and I wanted to bring people from Steemit to FB. As soon as I realized what is Steemit, I stopped doing that and I even "forgot" about ma page and group.
I realized that Steemit is the platform and the community that I've been looking for since 2009 when world crisis happened back then. I hate this RL system, banks, people being jerks, egos and everything that brainwashed people are doing today so I always wanted to find my place where I can speak my mind and my heart.
I'm still not relaxed 100% that I can talk about anything but Steemit gave me an opportunity to help others and that is my life call. That's why I believe in Steemit, because you can build up valuable communities and help people around without any regulations or papers to sign or I don't know what.
Anyway, I'm glad that STEEM brought me to crypto world and hopefully one day I will learn more about other crpyto, even though that will probably wait because I spend around 15hour a day on STEEM blockchain :)) aaaand I'm serious about it 110%.
Peace yo.. Waiting for the part 2... ;)
you should go log into Facebook tomorrow for the STEEM blast!
During the peak of the last crypto bull run, I remember checking out the video of a guy that had mined a few million doge coins and sold them for around $600, thats the deal of the century for a "fun" coin if you ask me!
I got a bit late into crypto really, late 2016 early 2017 a few months before everything starting ramping up and going wild! Some people believe another bull run will happen by years end but at this point, I rather have it happen after March next year, since SMTs will be out by then and Steem will be a more attractive platform than Ethereum at that point to come and start your own project/ICO since we already have a big community and by then with hf20 we should be even bigger! The tech and community advantages Steem offers Ethereum are amazing!
Shorter posts are cool too, they are easier to digest and are better to have more focused conversations on the topics you want to discuss!
Just goes to show you there is still a whole population that is to come to crypto if someone as yourself came in late 2016. The analogy I like is we are at the bottom of the pyramid on all this. It will be 100 years before the top is reached. Just shows you the potential.
Well the pizza story is so funny but sad in the same time. We need really to be patient when it comes to money and the market. We cant predict the future, but at least hope and wait. In the past weeks I invested in some coins and they went down until this day, but I am still having hope for them to come up. Well the invested amount is very small, but I can imagine how stressful it can be for someone who invests thousands of dollars in a coin with no real future. But I will say again that we just need to be patient until the market becomes green.
Now as you joined Steem Monsters you will see the same things in the market. I also believe in Steem and in its good future and can only hope to see it hit the 10$ one day. I guess thats the dream of every Steemian here :D
Now to your question, long or short posts! Well I think short or medium posts are good. Maybe with part 1, part 2 etc ... :D
Joined late last year after I was introduced to steemit and became fully aware of it during the bulish run, although I did hear about btc for some time now as I spend most of my time online but never actually went into it, usually play games that gave out satoshi, filling of captcha codes and what have you to claim this free satoshi but the concept of blockchain technology, never went into it until I was introduce to the steem blockchain and I saw the potential of cryptocurrencies to be limitless and the blockchain powering them all is godly.
Wish I joined earlier and still grateful I joined earlier, from my perspective we still early adopters.
I was introduced to cryptocurrency through the darkside- Buy anonymously something from the dark net. Later, I know burst which turned into a ponzi scheme. Prior to that, I never know its real value until I got into steem. Then, I started to delve the cryptocurrency space by reading the Bitcoin whitepaper. And so, I finally understand its potential disrupting the current financial system. Now, I see it more than series of swing trading and get rich scheme but to solve finance problems, such as international remittance.
You wrote this...and then decided it was too long, had to eat, and now we have to wait for part two?! (Fake outrage)
I’ll keep it as short as I can since you’ve heavily hinted that you don’t like my long responses. As far as I’m concerned, my official entry to crypto happened when I bought my first STEEM just recently. I’m emotionally invested in this platform, so I always intended to buy in, but my stake won’t ever be significant. I just wanted a small stake so I had a reason to learn something new.
I read you interview with @timcliff and I think this is more boarder version of your thoughts on the future of cryptocurrency--steem in particular.
Well I believe steem has a bright future and it's only a question of time. We have many persons like your self who are interested in steem and a lot if small user joining in on this vision.
Steem is not just a coin to hodl, it has value and adds value to persons other than its owner, that the beautiful thing about steem. That is why it has impacted more lives than any other cryptocurrency I dare to say. I came into the steemit platform with not but my talent and i less than 40days I have not only become an earner but also an investor, as the little I have earned I have put back into the system.
Generally, I think cryptocurrency and the blockchain technology still has a long way to go. The hype will die down eventually, that will leave enough room for the serious minded ones to build on the existing framework.
Entered mid 2017, starting of the massive bullrun but not at the peak which is the only thing I would say I'm lucky compared to those who pour all the life savings into crypto in Dec 2017. Never sold a single coin since the huge downtime we are having now. Saw the great potential of Blockchain and would like to dedicated my future career on to it. The irrational market is somewhat attracts me the most I guess. LOL.
Entered last Dec 2017 as I was looking for alternatives to YouTube, I had no intention of investing in cryptocurrency so that helped my cause as I didn't buy for next 3-4 months.
By the time I had a preliminary understanding of the ecosystem we were in prime bear market , I found the project worthwhile and invest some money in STEEM.
Looking forward for part 2.
I became serious one year ago when I found Steemit.
Since then I am learning every day. Made already some stupid beginner mistakes but that experience is no precious to me, understanding how things are working in that space.
Honestly, I don't like reading long posts either. 😁