BTC is the so-called market maker. If BTC were to fail, the market would die. Without BTC, there's no Steem or anything. Ironically, most pull their steem out of this platform to buy other coins or tokens. What I don't understand is your comment regarding people who are "selling at a loss." People aren't selling for losses. Most are either holding bags because they are underwater (bought at all times highs) or the cannot reposition themselves with taking some initial losses. This puts them on the sidelines unless they want to dip into their bank accounts and burn more money so they don't have to sit on the sidelines anymore. The ones who bought high and are now sitting on the sidelines is one reason why prices are dropping. We've seen this in different markets and we are seeing it in Crypto now.

Saying the Steem blockchain processes transactions faster than bitcoin and ethereum combined is just ridiculous. You are comparing apples to rotten carrots. When people compare "transaction time speed" between different blockchains it makes me laugh. It's a moot point because Steem will never see BTC or ETH type volume.

Furthermore, as you know, BTC was not designed to be a security or asset class of sorts. The original intent was peer-to-peer cash between two people. BTC actually does provide real-world value if you consider 50% of the populations is unbanked. In addition to this, Bitcoin-related jobs fastest growing sector of International employment. If job creation isn't real world value I don't know what is. Do you.

Follow @alakazam for no good reason other than bomb off content and perspective.