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RE: Why Your Facebook Friends Probably Won't Join Steemit And Why You Shouldn't Care
It's much the same thing as with cryptocoins in the beginning. Many of these people already are trading coins around, but steem is more than a cryptocurrency, much more.
You are right for sure but I feel that when Steemit builds a stronger base in the crypto community then it will have a great chance to really make a lot of sustainable inroads into other areas.
The potential is there, absolutely no question. Steem has some competition coming up now though, ark.io lbry, and there's probably others I haven't learned about yet, that are taking a lot of leaves out of the Steem whitepaper...
Hmmm. I hadn't heard of ark.io . I'm checking it out now.
Did you ever hear anything from Poloniex? I made a meme about them and someone responded that everything was going through fine now. Greed overcame me and I did a test transfer of 0.5 SBD 20 minutes ago and it didn't show up. I was going to see if I could exploit the price difference between Polo and Bittrex. The deposit and withdraw links are active again on there but I still don't think it is working.
After reading the Ark whitepaper, I am convinced that people who were working with @faddat are behind it, EVERYTHING that he described to me in his work before he went AWOL is exactly in their whitepaper. While I was working with him, I did a LOT of research into distributed systems latest papers and concepts, and I reworked it radically, though my design is not yet complete, it is mostly, and I hopefully will start to do more coherent work on it as my health improves with my current program of diet, earthing, barefoot boots, iodine supplementation and so forth.
I am still waiting to see my deposit appear in my @poloniex account. I think it is likely it will appear soon but I'm ditching @poloniex for good after this. Generally I use Blocktrades but I'm going to look into Openledger, @gutzofter just mentioned it in a reply to a comment.
Yes, I expected that they probably are manually processing the backlog. You'd think it'd be easy for them to make a popup that says 'the backlog of deposits is being manually checked and processed and expect (some amount of hours/days) delay before full normal functionality returns'. So we are left guessing.
They should certainly update people for sure.
I used Bittrex last night and got lucky. Sold 581 Steem dollars for $1.87 then busted that BTC into ETH, LTC, BitShares, Monero, STEEM, and LISK. Went to sleep. Got up and did some post. The market started moving up again and then sold it all for BTC again. Snagged over $100 additional. I got lucky though. I got my coins over to Bittrex just in time to really hit a peak on the SBD.
Yeah, I don't want to touch SBD because the pegging algorithm makes it very peaky. The same thing happens with small exchanges, low liquidity, and high volatility. You can't strategise profit with it. In fact, really, cryptocoins are still not liquid enough, even bitcoin. I tried strategies that worked like magick for 3 months running with EUR/USD back in 2008, and they did not work on BTC at all, in fact I got so heavily hammered during the bitfinex hack that I lost about $3000 worth. Since then I won't go near a crypto exchange for speculation, I'm just a HODLer now.
The thing is that as you make a trade for SBD, you can end up buying it at like $2, and it does not get much higher than that. So it's extremely difficult to make a profit.
Yeah I wouldn't buy SBD unless it was under $1 and was paying out a fat interest rate. Then it could be an interesting play there for passive income.
I agree with you on this stuff being thinly traded. All these exchanges with these small pools of liquidity and being traded 24/7 365.
I totally got lucky for sure last night. I usually don't try to trade at all like that. I want to be a HODLer but right now my expenses are too high for sure. Plus with the recent run ups on some of these coins it worries me. I do want to start building positions. For the time being I'm more interested in hitting it hard on here and taking some reward for paying bills but then building up my following and getting a decent base of Steem Power incase this thing pops up. Ultimately I want to be more prepared if this platform has a bad spell again like it did this fall / winter. I'm more convinced now that it won't fail because the community is too strong to let it. The people who survived that won't let it go down to nothing. We will hash it out and argue but ultimately pave a road forward.
Well, always remember that you can get coins by posting and curating, that's how I built such a surplus that I don't have to work. Now Steem is virutally my full time job. Running the witness takes very little of my time, and same with my miners. I got them running to make ongoing cash flow, so that I can expose myself to the risk of the currencies continuing upwards, which I am fully expecting.