Today's Crypto Crash and Why I'm Buying STEEM!
Well today fucking sucked! If you're holding pretty much any cryptocurrency your portfolio probably took a 20% plus hit today. This is what happens in a speculative market! If a crypto isn't currently offering any intrinsic VALUE or USEFULNESS, then it's value is based on speculation of future utility. Most coins out there are just a promise of what their tech MIGHT DO someday. But there is one coin that is already producing intrinsic value, STEEM. There are tens of thousands of active users every day generating new content and new friendships. This is valuable, and unlike Facebook or any other social media network, this value is transferred to it's users. If STEEM drops 30% in a day, I still have interesting things to read about, I can still put my ideas out there for other people to see, and I can still engage with the community on here. You get paid just as much STEEM whether the dollar value is $1 or $10. Do you really think Steemit is just going to go away? Look at all the amazing intelligent people on here! I think it's here to stay and I'm not too worried about what the price is doing in the short term.
STEEM, I think, proves to be the most comfortable coin to sit on a bear market because we are already committed (most of us) for the long ride by powering up our STEEM to Steem Power for the maximum utility of the coin. The activity might decrease when some people get discouraged but that's actually a perfect time to write when the reward pool will be shared with fewer people.
Agreed
Well there are fundamentals for having Bitcoin in Japan. Japan holds about 30%. So I am expecting there is at least a bottom to this.....
what do you mean by fundamentals?
Well Japan didn't really have any type of in store digital payment before bitcoin. You pretty much have to walk around with a big wallet with cash
they have credit cards...
And Bitcoin doesn't even work for payments anymore.
Well lots of stores accept payment in bitcoin in Japan. Unless this got changed recently?
https://cointelegraph.com/news/major-japanese-retail-chain-marui-now-accepts-bitcoin-payments
https://www.coindesk.com/japans-bic-camera-accept-bitcoin-payments-stores/
With bitcoin you just swipe your phone and tadaaa. The digitial debit-card things here in Europe somehow never got implemented in stores. Also there is no such thing as digital banking in Japan. Maybe I should write a post about this?
well creditcards work but the charges in Japan are quite high.
Also the exchange rates from yen to a foreign currency are ridiculous in Japan. In Japan there used to be a consumer tax on Bitcoin but they removed so to use it to shift money around is also popular in Japan.
I've never been to Japan but I've used American credit cards in 7 different Asian countries. You might be right about the banking system in Japan, and I do think crypto will change banking. But right now a Bitcoin transaction will cost you $14. It's like tadaa...your money is gone.
Well in Japan it doesn't because they have a crazy government. https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected
you did have the big crypto-crash in 2014 in Japan. So maybe everthing will go south again? The Japanese government is one of the few governments which tries to find appropriate regulation. So of all the countries it makes the most sense that it would work down there.
But outside Japan I don't think there are any fundamentals yet. I agree with you that crypto might be the future of banking.