Shit Coins
Many STEEM users may notice that many Bitcoin users are not fond of Altcoins. They may have one or two Altcoins that they see as "Profitable" but overall they view Altcoins as Shit Coins, and they even use the term Shit Coins. I have been using Bitcoin since 2011, and Altcoins since 2012, so I am very familiar with these arguments.
What a Bitcoiner will say about Altcoins is that they are mostly "Pump and Dump". This means that someone creates a coin, Pumps it up to a high price, then Dumps all their coins. This leaves the coins market in shambles and everyone who bought the coins at a higher price is left unable to raise the price back up. STEEM protects against this by paying Miners in STEEM Power. So everyone who has mined from day 1, still has about a year before they can pull out all of their original mining coins, and if they have been mining sine then they have between 1 year and 2 years to get out the rest of their coins, and if they are mining right now and into the future, they have 2+ years to get the rest of their coins. So everyone is in this for the long haul. Even if a few of the original miners aren't mining anymore and cash out now and over the next year, it just means that they aren't in the Pool of STEEM users anymore, there are still plenty of people with a 2 year commitment to the coin.
What makes Altcoins so called Shit Coins is that they are all, usually, based within the Bitcoin Ecosystem. No Coin has even been created, before STEEM, that brings in new people. Before STEEM every new coin was just posted in the Bitcointalk Altcoin forum, then mined by Bitcoiners, and traded by Bitcoiners. This brings nothing new to the table. But the true potential of these "Shit Coins" is what STEEM is proving. An Altcoin that is based around its own community is not a Shit Coin, and it is a Shit Coin, it's made of Solid Golden shit.
Satoshi Nakamoto did not just create and release Bitcoin, he also released the Source Code. The Altcoins exist because he released the Source Code and made it free to copy. So Altcoins are part of Satoshi's original plan, not a divergence from it. And, for example, if a coin were made by the NFL that was called Cowboy coin, and the symbol was the Dallas Cowboys symbol, and they accepted the coin as payment for Tickets or Merchandise, that coin would automatically do better than any existing Altcoin (except maybe STEEM) because there would be a community ready to accept that coin outside of the Bitcoin community. Or if there were a coin called Research Coin, and you could use it to access paid Research Journals or a single paid Research Journal, that coin would also do better than any existing Altcoin (except maybe STEEM), beacuse there would be a reason to have it. There are any number of possibilities, everything from a coin attached to a meme generator and paid people to generate memes, that would bring some value to the coin. Or a coin attached to a Video sharing website that paid people for views, or a coin attached to an Instagram type website that paid people for likes, or a coin attached to any number of things.
Another example that is obvious now that STEEM exists is that if a known entity, such as Facebook, Google or Apple created a coin, it would absolutely to better than any Altcoin (even STEEM for now) and could probably surpass Bitcoin, because the pool of people that would use and mine a Facebook coin or a Google coin or an Apple coin is huge.
So while I have seen this argument of "Shit Coins" V Bitcoins since 2011, it is a flawed view of coins. It may be based on the reality that no coins exist like the ones I am talking about (except STEEM now), but that is a limited reality. Cryptocurrencies are so new that all of their applications have not yet been discovered or put in to action.
STEEM is changing the way people will think about Cryptocurrencies, and not just people who already use Cryptocurrencies, but people who would have never used a Cryptocurrency before.
If STEEM is a Shit Coin, then it is a Shit Coin made of Gold.
https://steemit.com/steem/@cryptogee/the-goose-and-the-golden-steem-a-tale-by-cryptogee
I think Steem is what will help bring widespread adoption of cryptocurrencies. Once millions of users are hooked on Steem, obviously they will have to learn how to convert into bitcoin and to cash out. That will get their feet wet in bitcoin but they may even learn to use it to turn their Steem into Bitcoin in order to get 20% off Starbucks using Airbitz/Fold or getting 20% off Amazon using Purse.
I take it a lot of people on here don't even know how to use bitcoin and just got in for the money you can make through Steem. Now when they have to buy or transfer out of Steem, they will ultimately learn about bitcoin so it's a win win situation for both Steem and Bitcoin imo.
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I am mainly a bitcoin investor but I am not blinded to think only bitcoin is valuable. Yesterday I converted all the steem I earned last week into Steem Dollar in order to start a long term investment in this platform. I do see your point, but don't forget that not all bitcoin investors have the same narrow minded tunnel view. There is only 1 altcoin I will never invest in again and that is Ethereum. Reason being, due to the DAO hack I lost $800 profit with Ethereum. The Ethereum team heavily dissapointed me and therefore, I will never reinvest in them again. However, I wish them all the luck and I hope they will be succesful in the future.
Its because most Bitcoin users can't fathom multiple currencies existing together. Even Andreas the golden boy himself says there ill be hundreds working together. Dont listen to what most of the have to say, they are as bad at the buttcoin shills sometimes.
Ethereum has been far from being a shitcoin for quite some time. I hope Steem will be the same or better.
I suggest all newcomers to use Ethereum to transact money to and from steemit. Ether has much smaller fee for transaction and transaction happens almost instantly while in bitcoin you have to wait for at least 10 min and pay almost 400 times the price.
Ethereum Classic or New Ethereum?
This is a good idea. Until STEEM has its own USD trading site, or people accepting it directly as payment, people can use coins like Ethereum to make those transactions. And if they wanted they could move between Ethereum, Bitcoin and STEEM and make money as the markets change.
Ethereum Classic is a popcorn induced feathercoin.
fully agree with u
"If STEEM is a Shit Coin, then it is a Shit Coin made of Gold"
It seems that very few people were able to make gold, which for many will remain a piece of shit
Yeah, a lot of people think that if the World Economy Collapses, that they can use their Gold as currency, but if the World Economy Collapses, the only people that are going to be looking for Gold are people who can use it. And unless you have enough Gold to create mint your own local currency, then Gold won't be of much value in a Collapsed Economy, it will be useless. For anyone invested in Gold the best option would be to sell the Gold as the Economy Collapsed, and trade into a Currency that seemed temporarily stable, maybe a Cryptocurrency, then use that to buy as many useful things as they could: Seeds, Water Distillation Units, Generators, Solar Panels, etc. that way when the Economy fully collapsed, they would have something to actually trade with average people. Gold may be useful in that Economy if you have a buyer, such as someone that is still producing electrical components that require Gold, but other than that or minting a local Gold currency, Gold would not be very useful in an Apocalyptic scenario.
Shitcoins are everywhere. I believe Steemit and a select few other projects are true Gems. Its hard to weed through the low marketcap coins to find one with true promise, excellent code and a future. But I know of a few. Steemit is more deserving than many other coins and has a bright future.
Eventually there will be tons of coins created by companies everyone knows and trusts. I don't see why it hasn't happened already, but it is probably because when Bitcoin got big the Banks felt threatened, because people could just move their money in to Bitcoin and would never need them for transactions again.
But now companies like IBM are implementing Blockchain technology, and Banks are trying to get their own Blockchains. There is even a Bank in Japan that said it is going to release its own Cryptocurrency next year.
https://www.cryptocoinsnews.com/japan-mufg-coin-digital-currency-2017-launch/
As more stuff like that happens, we are going to start seeing a lot of Altcoins that have just as much, if not more value than, Bitcoin.
As a long time Bitcoin guy, I was skeptical at first (I own a lot of Bitcoin, and some Litecoin).But, after using Steemit for a while, I'm starting to like it a lot!I haven't even bothered to log on to Reddit since I've been using Steemit (although I still use Facebook and Twitter).
I think this is a good thing!
Steemit make the same revolution that bitcoin does and i believe in couple months it will hit 100$ , thank you for sharing