RE: BITCOIN FALLS BELOW $8,000! 100 BILLION WIPED OFF GLOBAL CRYPTOCURRENCY MARKET!
Hi Joe, I'm pretty new in the "crypto-sphere" as a whole and REALLY new with the Steem platform, but I think your understanding is one I largely share. I think a big part of the swings up and down are going to ultimately be driven by human emotion whereas the "floor" of the value of block-chain crypto's will continue to steadily rise over time as the uses for these efforts become more connected with our daily lived lives. Right now the biggest impediment I see for people ultimately moving more into this arena is something I actually hear frequestly from my wife... "But what can you actually DO with these little digital bits? ANd that right there is the thing that ultimately will need to be addressed to secure the long term viability of any of this... even STEEM will ultimately need to better translate into "gas, groceries, rent" etc. to finally be secured in the MINDs of people that there is real value here. Right now and I think the charts are telling us as a whole that right now its more about people feeling and hoping that there is something to this all. I actually think so, but first we need to be able to trade these pieces of data for things we want / need / desire to live... for at the bases of all economic decisions it is connected to our mortality and the impact we seek to have in our environment. Thanks for sharing. I know you are busy, but if you think I'm missing something in my way of thinking I'd love to hear from you as a longer term veteran in all this crypto stuff and Steem especially.
Peace @genxrev
Yup..... I agree. And also, thank you for voicing this. Makes me feel more secure and less crazed when I check the stats to hear that other peeps are solid in their feelings about the nature of the long term market.
hi @stirling - I make no claims to "knowing" markets, but in my vocation I work very hard to try to understand people. I have no idea ultimately how any of this stuff turns out, but I cannot help but think from my observations that in the long run these kinds of technologies are nearly inevitable. "Who" will emerge as a success, I wouldn't care to even try to speculate, but on a platform like this where in many ways the value is tied to the energy of people thinking and working and creating together, it creates interesting use cases to explore even as the markets flop and roll... like today that's for sure. I know it's typically considered faux-pas but I hope in this one instance it can be forgiven... In my blog roll I create prayers. I just posted one up as an attempt to reflect on the market conditions today as bitcoin and all crypto's took a pretty big hit. If you are a so inclined, pop over and take a look. @genxrev
Cool!
Agreed. I liken it to the 90s when people were wondering "but what can I actually do with this Internet?", and eventually we did, indeed, start buying groceries with it. It'll take time, but things ARE going to happen in this ecosystem and I for one am happy to have gotten in on the first floor!
I must confess I not only feel, but think so too. I like your inclusion of the "internet" as a whole. People seem to so easily forget that humans are creating new markets, new value ALL the time. It's how ultimately I think wealth grows. Folks find new things to do and create and others discover that they are willing to trade for them. It part of why I think as a whole crypto's are so fascinating because to me it too feels absolutely like ground zero (well maybe ground 1 - beacause dang it I "heard" about bitcoin mining years ago and thought to myself -"eh it sounds like a Ponzi and dismissed it without ever looking in or even trying to understand... these years later, boy do I feel DUMB!)
Most people ask this question. To them my answer is always simple. I ask them what do you do with Gold Biscuit? Nothing isn't it. Well it is some thing that is growing and earning profit, so invest and reap the benefit of it and sell when you need the money in real life. Until then Keep the bits with you.
I get what you are saying and think I mostly agree... what I wonder though is that for the person I hope to sell "to" - they must have a reason to value the "gold-bit" I offer them... and I guess what I wonder is to what degree is "utility" a part of conveying / securing that estimation of value?