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RE: Does Steem Rise and Fall with Bitcoin or Other Cryptos?
Good analysis, but your use of the term "riskier" is misplaced. Does depending on Steemit (and its sister sites) make Steem risky when hundreds of thousands of people are using the sites? To the contrary, that provides a robust use case that the other cryptocurrencies you've mentioned are lacking. It's something that the Dashes and Litecoins do not have. Not saying they're not useful in their own ways, but having hundreds of thousands of people using your currency on a community site like this (and now processing nearly half of all transactions in the cryptocurrency world) adds not an element of risk, but resilience with one of crypto's strongest use cases to date.
Agreed, steem is one of the few coins that exists with real utility to it. The others are mostly just speculative trading vehicles currently.
Great explanation. I've always tried to avoid comparing risk, but this is making it clear. Thanks.
This is also my argument about Steemit being one of the best cryptocurrencies in the scene. If it solves the distribution problem then it becomes unstoppable
Yeah and Steem Power makes you to HODL steems for longer even if you don't want it.
That's the thing no other crypto has. The many ppl got steem power the stronger steem gets.
I think the price floor that the users on here agree on discounting the Upbit premium is still much lower than what we've seen recently. Your point stands in that even if other altcoins get completely vaporized in coming months when speculators dump, steem will have price discovery by the native userbase even if it temporarily overshoots a correction. Steem is actually one of the only coins to have pumped before the 2017 market frenzy, so it shows that it can infact have price movements independent of other coins.