SOLVING THIS PROBLEM WOULD SOLVE ALTCOINS FOLLOWING BITCOIN!

in steemit •  8 months ago

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We all know that Steem and other altcoins tend to follow Bitcoin, BUT NOT ALWAYS. This is because altcoins can only get converted to fiat if they go through the exchanges first into Bitcoin and then to cash. To me this is a no brainer with someone that has the power to solve this important and annoying problem. I’m not sure exactly how it works but if someone create and exchange that can have altcoin converted right into fiat then when Bitcoin takes a dip, altcoins wont follow. They will be independent of each other when it comes to price fluctuations and strictly on the well being of the company itself. I mean how can we expect Steem to hit $150 if bitcoin hits the floor? It would be very difficult. I do strong believe if we get the word out there into the right hands that this major problem can be solved and we can make our way with Steem to $150 and other altcoins growing as well. PLEASE RESTEEM so this message can spread. I am looking out for the crypto world and the Steemit community, but there is only so much I can do on my own. As a team we can solve this problem! Thank you for reading.

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Hey brandon - I think it's the same reason governments had such a hard time regulating synthetic cannabis. Every time they declared one, another would pop up to take it's place. With crypto, it's the reverse - they're popping up like mushrooms, but at this stage, it's almost impossible to tell which ones are deadly.
See, in order for your idea to work, the exchange would have to be prepared to purchase your coins for fiat then and there. By funneling it toward one coin, the exchange takes only 1 risk (that bitcoin might drop). If they offered it for every coin, they would take the same risk for every currency offered.
Further, there is probably massive concerns regarding money laundering, the legitimacy of alt-coins as a whole etc etc. The regulations are murky - policies differ. Legally speaking, it's a cluster-fuck. Everyone wants to get rich, but few are willing to risk the noose in order to get there.

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great info, i just hope this crazy tax code against crypto doesnt last!

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I don't think it will. With the whole point of crypto to be decentralized, I think that eventually, you won't even need to report to the IRS. You will be able to use your currency as you want without being bothered. Businesses will start paying employees with it as it becomes more stable. Many people don't realize we are still on the ground floor! The bugs need to still be worked out.

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How do you see it playing out? Here in Australia, the public isn't being told anything. Thus far, I've had to change banks three times. And I have friends who are now completely de-banked... but not by choice - the large banks just won't accept them as customers.

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Sorry to highjack the thread, but I am looking to transfer money to Australia from Europe. What is a good exchange to exit to fiat? And which banks have you had good and bad experiences with?

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Why not just buy a few grand word and do an OTC? P2P transactions are pretty easy so long as to take measures to keep yourself safe and ensure that you're not about to get scammed.

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I will check it out, although I prefer to be in control via an exchange even if it costs a little bit.

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I have heard the horror stories. That is awful that your friend cannot join any bank. But that could be a blessing. Some banks even charge you just to hold a checking account. Has he looked into a investing firm? I know Etrade will send you a debit card if he wanted to hold his money there. Not a bank, but some place safe to hold his money.

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I'll have to look into that. What about crypto debit cards - anyone have any opinions or feedback? It's something I really need to look into.

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I am currently using a Shift debit card. They're really good, only 10 dollars for the card and then you can connect it to your Coinbase account to use any of their offered currencies to withdraw money from. I think the standard ATM fee is 2.50 which isn't that bad

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Ah, cheers for the information. I'm in Australia though, so we have some limitations. For instance, I don't have access to the exchange and thus can't sell - only buy. But I will have to look into whether or not I'm actually able to withdraw funds.

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Ah, I see the dilemma. I will do some research and see if there are any cards you could potentially use.

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The Real kicker here is the monetary situations in crypto-currency, is akin to the United States in revolutionary war period up until the Constitution. And pre WWII economies in Eastern European Currencies without a world bank. Proliferation without backing,

Prior to the Constitution Congress giving domain of Currency to the Federal Government and taking it away from the States, every state had its own currency and there was widespread inflation and deflation and predatory practices. (sound familiar??) The term don't take any wooden nickles came out of that period from the exact situation of actually some states using wooden coins....

While crypto-currencies sound good as a fiat,,, they are anything but that... you are essentially looking at a situation were someone makes a grocery list over night and goes down to the store to buy a loaf of bread and now their bread which yesterday cost $2 today cost $12 or now is worth .20 hurting the grocer, who can't be constantly repricing every item in inventory....

Even worse you could have the situation Confederate Dollars or Laos Coin, where the government does not exist and the normal person does not have life savings anymore!

That's why the USA was on the gold standard till the 1970s and has a managed monetary fund....

Don't get me wrong I'm not saying crypto-currencies don't have there place but, there will always need to be a few real world fiats gold, silver, platinum and a few Currencies based the strength of the biggest economies USD, Japan, China, (and if it does lose any other members the Euro)

you are right awesome post......

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I use Litecoin not Bitcoin to get from fiat to alts. Bitcoin would take too long.

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actually exchanges that allow fiat <-> crypto conversion such as Kraken and Bitstamp offer several crypto "bridges" aside from Bitcoin: usually Ethereum, Litecoin, Bitcoin Cash. Bitstamp also offers Ripple to EUR and Ripple to USD conversion. The key here is that Bitstamp itself runs a node of each of the BTC, BCH, LTC, ETH, XRP blockchains and can thus have a view, at every moment, of all the balances of these cryptos. So if you want STEEM <-> USD or STEEM <-> EUR conversion you need to persuade Bitstamp to operate a node on the Steem blockchain

There are a few fiat to cryptocoin exchanges coming.
FairX looks interesting.
From what people are saying, you pay your fiat, choose your AltCoin and FairX converts it to Stellar Lumens (XLM) and then automatically to that ERC-20 AltCoin of your choice.
All in just 2-5 seconds.
Oh and the cost will be pennies, so long as FairX don't add on a huge fee or have a wildly different rate on a coin.
I think a lot of these types of exchanges will be popping up now, as it's the natural evolution of the crypto exchanges.
Not sure when FairX will launch (but I guesstimate early summer).
It's a shame it's not here now with this dip being an excellent buying opportunity.
Hopefully other similar exchanges are being developed and could come to market sooner.
I'm sure Binance et al will follow suit, otherwise they'll remain exchange 1.0 and stop growing so much.
Check reddit for more info and other opinions.

there is already the market that you are describing. USDT, EUR pair and so on. For many reasons, people prefer the BTC trading pair. Just recently one of those reasons, became even more, of a boder the tax implication of deling with crypto

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What do you mean exactly?

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To the question why not trading in fiat vs bitcoin. Many people use to only paid taxes when they exchanged crypto into fiat; at least in the USA, Reason why many find it convenient to only trade in bitcoin paring however with the new tax code I believe we will see a change in that amount of trades done with fiat paring. I heard also Binace is about to launch some fiat pairing.

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If I'm cashing out a little steem I'd much rather go straight to USD since I'd get taxed anyway, but that isn't an option. In fact I can only go to BTC, as far as I've found, because no other trading pairs are supported for Steem even though I'd rather use Litecoin to be faster with lower fees.

As far as trading within cryptos there's the same problem, you have to go through bitcoin when I might really be trying to buy IOTA with Steem. That extra transaction of Steem->BTC-IOTA means extra transaction fees and effort, and keeps everything affected by the BTC price.

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Mmm Steem -> ETH would be great, poloniex working on it

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Why not simply send it to an exchange (Binance for example) then trade it for another crypto and withdraw that. Done. Or... would open ledger work?

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What can you trade it for @binance ? btc ? Don´t think they have steem at binance...

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I just sent and received some Steem and below is my result.
Send Steem from Steemit to Bittrex for free.
Send Steem from Bittrex to Steemit for a fee of .01 Steem.
This in my opinion is very reasonable.

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Sure but we're talking about getting Steem to USD. So Steem to Bittrex, sell Steem for BTC (fee) then transfer BTC to Coinbase (fee 2) sell BTC for USD (fee 3.)

Plus aside from the fees the multiple steps are annoying and BTC is slow so you have to wait for the transactions to go through.

I think you are right, once the Altcoins become free to convert to fiat without conversion to the Big 4 being Bitcoin, Bitcoin Cash, Litecoin and Ethereum, those Altcoins will become free of that bond. It is great with those big boys are surging, but they can become an anchor in a bear-ish market.

Honestly, I think it is going to be hard to break those bonds because so much can revenue can be skimmed via the transaction fees. Money talks as wise man once said.

Check out upcoin.com they are launching a new exchange that will offer fiat services. They are also giving away $500 in free trade fees to those that pre register for the launch.

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Really wow, I’ll check it out, thank you!

Totally agree!

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It would be nice if only one can exchange bitcoin to fiat or altcoins without third parties, just as decentralized as the whole blockchain system!

All the options are already there tho, there is no need to even use BTC anymore.

Check out bitshares for example, you can trade in BTS / BitUSD / BitEUR ,
i have not owned any BTC for months now.

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Bitshares again! I really need to look into this!

I don't think you have a point there, Coinbase for example sell LTC and ETH directly to FIAT, either USD or EUR depending on your account. What is true is that this depends on the pair which you bought your coin, i.e. ETH/BTC, unless you send it to coinbase to put your ETH directly to FIat you will have to go through BTC first.
The problem is not about Fiat or not Fiat but about the correlation between coins, investors see BTC and altcoins as merely the same thing, if BTC goes down they panic and sell the others altcoin, and viceversa.

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100% ture its about the market size and dominance like any market :), many new investors here!

Same thing as google stock vs amazon stock. Lets pretend they are at 1:1 1000$
Market goes down 10%, stocks are speculated down 10% both now worth 900$
Amazon launches a new service, gains market dominance making google fall to 810(10%) and amazon gaining to 990.

Market movements makes them go same direction, dominance in the market produced by the companies separates them :)

This is like saying, if Amazon goes bankrupt, while the tech market is fine, google will die to. not ture sorry!

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Indeed, the problem is we have a completely new market, unregulated, full with milennials who barely know to read a chart and manipulated by the mainstream media at will. It even sounds ridicoulous to think a market crashes because there are news about regulation, actually that makes me happy because it means that it is being recognized hehe.

Well if this was to happen it would make it much harder for the people manipulating the markets to keep doing it. Altcoins are actually being used on purpose in order to directly control the price of BTC. This is done by the biggest players in order to keep buying up cheap BTC in a market with such limited supply. Even looks as if governments are big players in manipulating markets lately. And don't you find it odd that there's been some sort of news or publicity of some kind in order to excuse the rapid increase in value of just about every BS coin under the sun while BTC drops... which I'm sure a lot of us all knew well in advance was already coming. Just look at the charts, it's pretty obvious.

Very well said... Already resteemed for spreading words

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There are a few fiat to cryptocoin exchanges coming.
FairX looks interesting.
From what people are saying, you pay your fiat, choose your AltCoin and FairX converts it to Stellar Lumens (XLM) and then automatically to that ERC-20 AltCoin of your choice.
All in just 2-5 seconds.
Oh and the cost will be pennies, so long as FairX don't add on a huge fee or have a wildly different rate on a coin.
I think a lot of these types of exchanges will be popping up now, as it's the natural evolution of the crypto exchanges.
Not sure when FairX will launch (but I guesstimate early summer).
It's a shame it's not here now with this dip being an excellent buying opportunity.
Hopefully other similar exchanges are being developed and could come to market sooner.
I'm sure Binance et al will follow suit, otherwise they'll remain exchange 1.0 and stop growing so much.
Check reddit for more info and other opinions.

I’m new to Steemit and cryptocurency in general so this post really helped answer my question of why the Alt Coins follow Bitcoins price trends

Being new to cryptocurrency I was at a loss as to why alt coins followed Bitcoin so closely. You just gave me that AHA! moment.
You are so right this is the kind of initiative that need to be actioned and hopefully when there is some clear air between currencies, perhaps more opportunities will develop, great post, will resteem.

That's why the bankers just need to control Bitcoin with futures and the reest of alt coins just follows. Clever central bankers.

This real make my day. It is what will all really need

Hi , Altcoins follow Bitcoin As silver follow Gold , not depend on how you buy it and already there are many exchanges you can buy bitcoin and altcoins with Fiat as cexio and Bitfinex and many Korean exchanges as Bithumb and more
So problem is not about buy with fiat
And many believe in only bitcoin as it is the first crypto and when they first hear about crypto they think it is only about bitcoin Even if there is other strong and more privacy coin .
But I think main problem in crypto is centralized exchanges which affected by news or Governments pressure to close it .
So as we have bitcoin - decentralized coin - we should have also decentralized exchanges
" sorry for weak english "

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at last someone who knows what is talking about

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Maybe you should also write a post about decentralization. As a newbie in crypto and Steemit, I don't exactly know what centralized exchanges mean as opposed to decentralized ones. I am following you just in case you do write one so I can see it.

super good

your post is very interesting and useful
I have followed you and I really hope you will follow me too

Very interesting post you, @ napaputri I am beginner steemit, sorry if I am still wrong in using this steemit thanks

You have my attention

well said

I mean how can we expect Steem to hit $150 if bitcoin hits the floor?

If Steem was beeing bought it would rise in satoshi when bitcoin floored, this is not related. If all BTC was worth 150 dollar , 1 STEEM = 17,000,000 BTC noting strange(simply technicaly impossible :) )
There are already many currencies avaliable to trade DIRECTLY vs fiat, do you see them staying stronger vs bitcoin? Nope...Unrealted.

Sometimes BTC goes down, while much else goes up, it simply loses dominance in an stabile market.

Sometimes BTC goes up, everything else down in a stabile market, it gains dominance.

When the market goes up or down(the total cap is what i am refering to) btc and all assests move in the same direction, aslong as dominance is stabile.

So all this comes down to is what moves, market cap vs btc dominance, can´t say its related to the pegging to BTC??..

"We all know that Steem and other altcoins tend to follow Bitcoin, BUT NOT ALWAYS"

Dominance changes, other coins seem more attractive, and vice versa when it goes up.

Nice reflections, could still be an issue.

You took the words off my mouth @brandonscalera. I have pondered upon this myself. How will other crypto's hit a high potential value when everything has to go through the bitcoin process as you just stated. Price drop in Bitcoin means the lesser the value of other crypto's which is quite frustrating!

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That is only when the market goes down, same for any market, gold, silver, stocks etc etc
If the market sits still, its about market dominance and all about finding the BEST coins!

Good luck!

well thought, I myself was wondering the same thing why does altercoins depend on BTC?

@brandonscalera, you have very strong point, indeed. If bitcoin hits the floor, what would happen to the other altcoin(that are tied to its growth)? They will certainly fall, if the big firms doesn't do I thing about it: They will go bankrupt, period! And that we know that those big companies have million if not billions of investment under the those altcoin. I'm sure they will do anything to prevent something disastrous as bursting their investment into bubbles. They're probably know what the problem, and that the problem is hard to solve. If it was as easy as you've said; with their money on the line, how can they overlooked it?
To the investors: Money is life; losing it means dying.

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Hope they’re working to solve the problem!

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I hope they should-- No, they must! Cause if they wouldn't: Hell, I would be sweeting bullets by then!

Good idea!

Hi I am following you and your articles are very nice. Follow back to me and apvote my blogs.

What you are suggesting would really be super but thing is that not only is the number of coins increasing but there is no certainty that all of them will be there to understand it better recall Bitconnect, so all in all for as long as the crypto market stabilizes this will be hard to implement

wnice

It's because bitcoin is a main trading pair. You can buy and sell some other alts like litecoin and Ethereum for fiat. Check my latest post out on the matter.

https://steemit.com/busy/@vegeta/why-steem-should-be-the-number-1-crypto-currency

It's mainly about how steem can be number 1.

nice presentation @brandonscalera , I have gotten something from it.

PLEASE FOLLOW ME @alba-tross

Hey @brandonscalera we're working on a project that envisions a crypto ecosystem for the sharing economy and are working on the same lines. We're currently exploring alternate channels which would reduce dependency on third party exchanges.

At the recent bitcoin bloodbath, Steem declined by a small margin and appears to be delinked from Bitcoin's price moves. Increasingly, we will see Steem hold it's own price levels as more people come on board to the platform as they migrate away from Facebook, YouTube and Twitter.

Many of the recent drops in crypto currency (both BTC and other alts) have been due to threats of government sanctions & regulations.

They all went down because of that threat, not just because of BTC going down.

Furthermore there are several exchanges that allow more than juat BTC to be traded for fiat. (CoinBase, for example allows Direct purchase of: BTC, BCH, ETH, and LTC).

Lastly, there have been alt coins that don’t move in the same direction as BTC. Sometimes BTC may drop by 20% while another alt goes up by even more.

Basically I don’t think this proposal is a cure all solution to the issue you have raised. Mostly because you have a wrong diagnosis of the problem.

But I still like the idea of more direct exchanges.

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Coinbase fees are way to steep. I see what you’re saying, but I think it all still revolves around Bitcoin being the top contender and the name for cryptocurrency.

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I’ve used coinbase (their GDAX exchange) with 0 fees.
Just takes a few days to deposit or withdrawal.
And makers don’t pay a trade fee. Takers pay 0.25%-0.30% on trades.

Thank you too for this useful post

The money, right now, slowly trickles to the other coins. As those altcoins mature new platforms will become available to buy them with fiat. As that happens the ties to btc become weaker. Each coin will begin to represent its function and move on its own (but there will always be a connect). However, shouldn't the overall goal be bye bye fiat? Getting paid in crypto solves that in one shot....but then a lot of people would have to take crypto
....then again. that's all opinion :)

.... GREAT POST!

I only deal with altcoins and coinbase, bitcoin is just too much starting out. I do not daytrade and i don't really know much about crypto but from i do know is i wouldn't get into bitcoin until i am a for sure whale. Playing with pennies in the crypto world just is not lucrative.

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Hey sonny I don't know with what kind of budget you are working, but I recommend you never write off bitcoin, because no matter what small percentage you can get. still a very solid investment with as much upside potential as many other coins in the market.

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You may be right i just don't want to play for pennies, it just isn't lucrative at the moment for me

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Yeah, you are right, playing pennies is for kids (planktons, and minnows), we will one day become whales. "Hip Hip Hurray" for that!!

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yes indeed.

That's an excellent idea! As someone who was planning to invest in altcoins but now has to wait due to the recent cryptocurrency market crash, I'd definitely support exchanges that converted altcoins into fiat. Another solution would be for the crypto community to help share small altcoins with excellent practical uses such as STEEM, BAT, and Siacoin. Right now, most people believe that Bitcoin is the main cryptocurrency and assume that all cryptocurrencies don't have any practical use. Many people also invest based on the opinion of the mainstream instead of researching the market themselves. Spreading the word about altcoins and showing people that Bitcoin is actually one of the weakest of the Top 100 Cryptocurrencies due to its outdated features, use of PoW instead of PoS, and very high transaction fees would also help to solve this problem.

Like it😮

I pray for the SBD to go higher

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Pray for Steem to go higher.

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let's pray all hahaha

<- Great said and well idea.

'???????'''

I agree with you to certain point. But I don't see bitcoin hitting the floor, and even if some exchange opens transaction between altcoins and fiat, it would not end totally with this bitcoin dependance that the altcoins have.
My point: You can buy Litecoin and bitcoin cash with fiat, but it continues very dependent of the bitcoin fluctuations. I believe that the dependance would be lower, but it would still exist. Good text, following.

Just joined Steem and I am hyped for this currency and this platform. We can fight back the powers that be thanks to the blockchain technology and when I see others like you who are passionate about our cause it gives me so much hope for the future. Great post brother! Keep up the good work, this gets an upvote and a resteem from me, thank you.

excelente! propuesta que steem no dependiera de bitcon y asi pudiera llegar a los $150

https://steemit.com/dedicated/@koles35rus/vsem-vsem-lyudyam-dubl3
https://steemit.com/good/@koles35rus/vsem-vsem-vsem-dubl2
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Thanks,Very impotent info for us.

Look into USDT Tether. The price stays right around $1.00 US. I'm trying to get into it for the very reasons you stated. Their website currently is doing some rework so I am patiently waiting to join them.

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I’m in NY so the only exchange I can use it’s Bittrex and Gemini, neither of them have tether available.

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I'm waiting to get into some new exchanges myself. They all seem to be overloaded at the moment. Cryptopia has Tether or USDT and I think its NZDT also. (New Zealand I believe.) Indiana Resident myself.

I think this could work...like, 99.99%, legally speaking

As far as I know this is already going to happen with services like Ten X, which will let you use a credit card and spend any coins on it like they're cash.

Also, I don't see the advantage of Steem going to $150 besides the fact that holders will make money. To me I'd rather have the price low because I have a very high value of Steem, if the price is low I can buy more; all the better considering Steem is beta.

You're so right

There are only limited exchanges that go to fiat at all, and even pure crypto exchanges only support "big" coins for pairings. For instance you can buy anything with BTC, but you can only buy BTC with Steem.

It would help if the existing exchanges opened up more pairs for trading but I'm guessing they have good reasons for not doing so.

That said, from what I understand Cardano is attempting to create a cryptocurrency that would allow trading between any crypto so maybe there's a light at the end of the tunnel here.

I always thought the same!
Why can't we buy Altcoins with fiat money? and vice versa. This should change, if it can. I'm not sure if this can't done since the altcoins are based on the BTC ETH NEO...

i think because bitcoin is so well known that it has gain a lot of acceptance. In order for an altcoin to switch to fiat many countries will have to accept the altcoin first. All this takes time. Spreading the word definitely will help. Resteemed you post. Thanks.

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Would you like to ride in my beautiful balloon
We could float among the stars together, you and I
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I think through bitcoin, different countries will be equal because there will be one currency.

I have been telling my people this all the time🤦🏾‍♂️
Very good post 🤞🏾📈🚀♻️

Interesting concept, I tend to agree with your post. Very well written, thanks for sharing. I hope all crypto goes up up up!!!

I also agree with what you wrote. It would be nice if more altcoins be paired with other high volume altcoins, for example with LTC which is more affordable to move around exchanges.

I Think it comes down to the risk of having all those alt coins exchanged into fiat so that when multiple are crashing the exchange will lose, with only having a few or just bitcoin, they have better control over their losses.

you can solve my problem ?

You can gain more attention to your post, Just make it a little bit more attractive. Here is how can you do this !
https://steemit.com/steemit/@teamnepal/7-ways-make-your-post-get-real-attention

A couple days ago I read a steemit post about ethos.io Their goal is to let you buy any crypto w fiat using their mobile wallet, establish a crypto savings account that builds interest, show info for your entire portfolio, and quickly print off relevant tax info. Lofty goal but if it succeeds it'll be a game changer. Currently $5.45 on coinmarketcap.

Basically the exchanges need to both accept fiat (and thus be licensed as a "payment services processor" in a country) and also run nodes on the blockchain of the specific crypto they offer to exchange to fiat. If you want for instance Bitstamp to allow exchanging STEEM in EUR then someone needs to persuade Bitstamp to operate a node on the Steem blockchain in order to have access to all STEEM balances.

article super i'm glad

I am also thinking same think that you are thinking

Plz help me to promot my blog like you. Plz follow me or upvotes me. Help me bro

Awesome post! I invite you to visit our blog and and enjoy our content! :)

Sounds reasonable!

Very Nice post

Here you can buy all your ALTcoins with fiat money🤓
Thank me later: https://www.litebit.eu/?referrer=225434
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excellent article @brandonscalera fallow me!!

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Salam sahabat

You can trade alt with fiat in exchanges in Korea, but those alts are also follows BTC.

Yes you are right,there should be ways to directly convert alt coins to cash

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You have put in a good solution, Steem has to be traded directly via Dollars, that will help people earn well.

But what you should also take in consideration is that the crypto believers like us, do not want to depend on fiat currencies and would like to trade goods/services with bitcoins/eth/neo i.e Cryptocurrencies in future. But having both the options won't hurt.

Voted and Resteemed.

That's good brainer

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Hai kawan

The coins that CAN exchange to fiat do. Most alt coins are crap tokens of no value or run on erc20 and therefore are forced to have a correlation to the "border" coins like bitcoin or ether. However XLM, XRP, coins of that like can be exchanged against other currencies by the nature of the technology and are which is why they dont always follow the same trends and also make excellent hedge positions.