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RE: 5 Natural Causes for Negative Sentiment Towards Steemit
Great post. Personally I am still new to Steemit but my experience has been I find it quite inspiring. It's gotten me to think about a lot of things in different ways and come up with some really good ideas.
Strap in I can't wait to see where this goes, I get the feeling its going to be one hell of a ride!!!
Its possible this sentiment, like you referred to in point 4, is me being carried away by other events today. Have you seen the bitcoin price today?
:)
Thanks. Yes, Bitcoin price is going up and it's relatively easy to get carried on when you see something like this. As far as I know, this happens because in China things are starting to get shaky. A lot of Chinese money are getting into Bitcoin, because the national currency is becoming weaker. This is both good and bad. It's good because the price of Bitcoin goes up, but it's bad because a significant part of the Bitcoin network can end up being controlled by a government. But we shall see.
Interestingly a lot of the trading is on American Exchanges today according to coimparketcap. Here is some analysis I have done on this. It could be also Chinese people using American exchanges or speculators?
Hard to tell. I'm not a specialist in Bitcoin, but I do know a lot of mining farms are in China. Exchanges may have now bigger volumes in US but the farming, and subsequently, the functioning of the network, is done in China.