My Thoughts on Cryptocurrency Prices
The price of steem has been going up a lot recently as well as the price of many other altcoins and bitcoin. Here are just a few of my thoughts about the key information that I’ve heard about that could be of interest. This is not any kind of investment advice and some of the information that I’ve come across may not be correct because is has been filtered through my memory from reading a variety of sources.
April 26, 2018
I’m happy today, sunlight reflects off my art objects and rocks, f/2.4 1/579 4.3mm ISO50 – click for viewing full screen
- Bitcoin was recently declared permissible under Sharia Law and the price went up right afterward.
- India and Pakistan appear to be restricting trading through central bank policies.
- Bitcoin block reward is having sometime soon, (in May?)
- A lot of large conferences are happening worldwide in Bitcoin and Altcoin investment.
- US tax season over, potentially easing selling pressure.
- Bitcoin mining is becoming restricted in some areas because of the high use of power.
A couple key points to ponder:
Restricting Bitcoin Mining
I doubt everyone is going to stop mining Bitcoin at once and leave the next block seeming impossible to solve. I doubt government agents are going to be raiding Bitcoin mining farms, seizing computers and torching routers, but that would make a good movie, lol.
Using ‘free’ electricity to mine bitcoins is harmful in that it drives the price up for everyone to the point where suppliers will need to charge more. For example, free use of electricity in dormitories for bitcoin mining will just drive the cost of everyone’s housing up.
If bitcoin mining is restricted through legislation or other economic disincentives the difficulty should adjust downward for mining. I don’t think this will cause much of an issue but we may see a trend for people who are interested in mining to drift into collection proof of stake coins.
Steemit is in a unique position to allow people to invest in steem without the need for lots of electricity, always connected high speed Internet, esoteric Bitcoin mining hardware, or a large cash investment. As bitcoin mining becomes more restricted, steem and other altcoins prices may increase.
Money Laundering
One of the big ticket items that could derail cryptocurrency is excessive government legislation designed to prevent money laundering. India and Pakistan have recently been using this issue to justify shutting off banking support for crypto trading.
There are a lot of issues to consider here - certainly organized crime laundering cash and printing up counterfeit bills has been an age old problem.
Privacy oriented cryptocurrencies such as Monero and BitcoinDark, could be some of the first things on the chopping block if world governments get together with serious intent on cutting down on things like tax evasion and other unsavory behaviors.
On the opposite end of the spectrum is something like Steemit, where transactions are publicly viewed. Anyone can view a history of how steem or sbd was moved through the blockchain or postings were made that generated rewards. This can help prove that the funds were not gained through illegal means and provide some way of showing why the government should not take all the funds away.
Theft or loss of cryptocurrency
As coins become more valuable, theft or loss becomes more of an issue. With cryptocurrency, “Your the bank,” and large sums of coins can become a target for theft.
With most cryptocurrency, the coins can be moved immediately into other wallets or exchanges where they are very difficult to trace. With enough information on someone, any on-line backup wallet files can be discovered and potentially broken into. There have even been cases of people being robbed at gunpoint to get cryptocurrency.
Coins with a lot of technical computing solutions built into the blockchain like Ethereum could be subject to bugs in the code that are exploited by devious hackers.
I think the fact that steem power can not be quickly moved and changed into some other cryptocurrency makes it less of a target for theft. Even if someone discovered your password and locked you out of your Steemit account, you should be able to recover your account before they are able to move your funds. This is provided that you know your original password.
Thanks for reading! I always value your support and comments. The picture was taken by me with my Galaxy S9+.
I know steem seem massive uptrend with adding biggest chinese exchange them. Also steem will come to top ten list. BTC low down past time and yesterday BTC hit over 9k. But now seems little correction. Your crypto review so perfect to understand. Most of favorite coins will go better price place.
The picture is also very nice because it can be reflected by the sunshine may my friend's day this, maybe it will be a lot of steemit users who likes about my own @lightsplasher digital messenger is very fond of reading about this @lightsplasher fun.
Hopefully what my friend @lightsplasher say is true I really hope the bitcoin price is increasing and I like my friend's post @lightsplasher and I never forget to share so many others know about the news from my friend @lightsplasher thank
@lightsplasher sangat bagus ulasan anda sehingga mudah di pahami dan di mengerti @lightsplasher
Thanks for your feedback, I do think it is a wonderful time to be involved in crypto.
It turns out @lightsplasher is very talented in cryptocurrency hopefully your day is fun friend
good glass carving art, I really like to see it
Thanks! It is one of my favorite pieces, perhaps it could be time to dust a bit and rearrange things some time from the looks of the picture, but this is how things generally look.
To invest in steem, I had to take money out of my bank account and then feed it into bitcoin automatic teller. So I took money straight from the bank and still there were a few bills that the bitcoin machine would not accept for fear they might be counterfeit. Seems the bitcoin machine had higher standards for bill integrity than the bank, at least in this case.
What I would really like to see is steem more as a currency that we could buy merchandise with ... like an amazon.com. A girl can dream.
Loved the shot of all your objet d'art. The light shining through was beautiful, LightSplasher:) Wishing you a wonderful day:)
It seems like I read that the original intent of steem dollars was to have something that was more stable and independent of the markets so that merchants could more easily price goods and services in it. I'm not sure if that is the case, or what the plans are for it at this point. For myself, I'm pretty happy to just convert steem dollars to fiat when I need it, or power it up into steem to hold for longer term.
I'm glad you loved the photo - it is cloudy and gray sky today so the objet d'art is looking a bit differently. Have a nice weekend:)
Well ... here is wishing you some sunny weather and soon. It is sunny here but the weather is changing; we are looking at rainy weekend. Time to do my taxes:)
I think that all of the points that you bring up are valid but the thing that sticks out to me is establishing a market value for a crypto. They're a commodity of sorts yet there is nothing (besides p2p interest) that can prevent them from going to zero. What I am thinking is going to happen this year is that when changes start happening in the broader markets we'll see cryptos go through a trial by fire to determine their worth. I'm interested to see how it works out and how cryptos will be viewed in the aftermath.
It is very tough to say but there are indications that we may soon be spending a lot on infrastructure repair, drought mitigation, and adjustments from sea level rise. The next hurricane season could be really bad. This kind of government spending just replaces things that are already in use and doesn't really add much new value downstream like spending on developing new technologies might. Excessive government spending like this could debase fiat currencies worldwide and lead to inflationary pressures. Bitcoin, steem and other crypto could be in a good position to retain value because of their global scope and partial insulation from government spending.
With that said, it's anyone's guess what will happen if the ca-ca really hits the fan, lol. A major food shortage could pull all the investment dollars out of everything. I personally doubt that will happen though.
This is a post for the future of the economy with digital money
which is funny in my country Indonesia, the government has received blockchain but cryptocurrency that they cannot yet receive, according to my thinking, this looks very stupidly expressed by the state in Indonesia finance .. I can make sure all countries for the future will enter in base cryptocurrency along with blockchain .. but my country still looks hesitant and will surely be left behind if they can not accept this cryptocurrency.
I think eventually most countries will find a way to work things out. There are a great many benefits to adopting blockchain technologies.
I want to ask you a friend how to adopt blockchain @lightsplasher..?
By that I meant to have governments provide blockchain friendly regulations and more officially support the activities of the users of the technology and help protect their investments.
yeah .. I see in blockchain very much that can be developed for important sites like in Bank work transactions will be safer and faster if using blockchain network.
It's interesting to watch the markets. I often wonder what's behind the ups and downs, I guess it's a whole bunch of variables, but I think there has been less negative press about cryptos since Facebook's data scandal for whatever reason
It is very fascinating to me. I think there are still a lot of big bag holders and every once in a while one of them gets cold feet for whatever reason or needs a new lambo or something and dumps on the market. Technology and the groups controlling it can be an issue too. News and group mentality... lots of things like you said.
yes you are very interesting post I am also very fond of post father @lightsplasher and some photos of this post I really like it
hopefully steem prices continue to rise. with a large number of coins can be the target of theft so therefore we have to be careful of those targets. thanks @lightsplasher for your suggestions.
There are so many issues involving theft or loss of crypto that much could be written and there is lots of good information out there about it if you do a search.
Good work @lightsplasher
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Thank you, nice photography. :)
Thank you also for your @lightsplasher
Wow bunga yang sangat cantik..,
Terima kasih @khalilputra
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https://steemit.com/esteem/@hamdan12/flowers-are-very-beautiful-and-interesting-1f838924f31b4
A very beautiful art @lightsplasher whether you yourself make it.
Here's a flower for you @lightsplasher marks terina love me for you 
Thank you. I don't remember who the original artist was for the frog, dragonfly, lotus and lily pad glass sculpture was. It was made in Japan and giving to me years ago.
Nice flower picture. :)
I think the glass sculpture you made it.
That's my thank-you flower for you @lightsplasher