The Cryptoverse: A very technical analysis
Analysis made on 9/8/2016 . Bitcoin! spiked to nearly 640, I almost got excited before I remembered it was probably just whales playing in the shallow end and mass adoption was not here yet. How do I know this? Because when I tell people I made money on Steemit they give me weird looks. Steemit is easier to use and explain than Bitcoin and easier to get started with, so I don't expect the average Joe to show up at my nearest Bitcoin ATM and empty it of every Satoshi just yet. Monero!? You can buy stuff with it at places! Reminiscent of Bitcoins rise to $1000, Monero proves the "you can buy drugs and other illegal stuff with this now coin" is not as hype inducing as when Bitcoin was that coin , but still pretty hype inducing. I'm not buying in. The only coin I am buying as of now is Steem. yes, Steem, because the Steemit user count is guaranteed to rise while Bitcoins is not. The elections will make people buy Bitcoin but what people? I'll tell you. The same people that already buy Bitcoin.Once hyper-inflation hits an area the Bitcoin pump is simply hype with buys from non-affected areas pushing up the price. Some new buyers who are lucky enough to have liquid assets to trade for Bitcoin in the affected area and some will get only a few satoshi for their now worthless currency. Steemit getting to the #1 social media platform spot, will bring more whales in. Many more. Mass adoption of Steem is as easy as getting your friends and family to use the new social media site you are on.
Great article. Happy to share this on Twitter✔ for my followers to read. Following and looking forward to reading more of your posts. Cheers. Stephen
umm, thanks dude
This Just In: The Bitcoin spike could have been caused by banks buying gold mining stock with printed money. Also a temporary pump.
I find it much harder to explain Steem than Bitcoin. Bitcoin is easy. I usually start by asking if they understand how BitTorrent works - then explain that instead of everyone sharing whatever file they want, we all share the same file, which verifies its accuracy. Steem is tough because eventually they want to know where the money comes from, which means you have to explain PoW and PoS algorithms. Proof of Stake is something I find very difficult to explain without making it sound illegitimate. "Oh, they give you more money for holding money in your account and not spending it." I say, and they reply: "So it's a pump-and-dump scheme that only the founders can profit from?"
Such is the life of a crypto enthusiast.
We are clearly talking about different levels of explanation and to different demographics. I mean enough to get a person interested who does not use bit torrent, does not use bitcoin but does have a Facebook. Steemit is easier to start using than Bitcoin, no blockchain download. You also don't have that initial investment to worry about.
I don't agree with the bitcoin thing, but I agree with Steem to 100%.
I do buy bitcoins and other currency because is liquid and its a standard. and I will be standard for many years from now. but Steem has no limits because is first blockchain based social platform. and this thing gonna by the big one for SF area I guess.