Thank Bit Coin, Sick of Steem Getting Hit!
Steem Takes 20% Correction Why?
As with many alt coin enthusiasts we are all patiently waiting the day that the price of alt coin is not married to bit coin. It's all well and good that bit coin takes a 10% correction like it just did. It's volatile and subject to big money manipulation. What ticks me off is that steem price has to pay double the correction, 20 percent. It's also not as if our great community has changed, our content creation has not changed, steemit hasn't changed, but...
Why Alt Coins Pay When Bit Coin Dives?
1. Bids are placed in bit coin for steem, lower bit coin value means lower bids for steem
2. People know that when bit coin gets hit alt coins suffer, people have been trained. Bitcoin sliding becomes an indicator to get the heck out of your alt coin now
Read more on bit coin - alt coin marriage in price:
https://steemit.com/bitcoin/@marcuswahl/why-alt-coins-mirror-bit-coin-in-price
Answer:
If steem was accepted in more exchanges with fiat(dollar) conversion or, even better, steem had an exchange to accept bids in dollars and processing incoming and out going dollar transactions. Probably won't happen soon but wouldn't it be nice!
Your thoughts and comments always appreciated
There are actually two solutions to this problem. One you described and is the direct pairing of altcoins with fiat, in particular STEEM (which, as we know, is feeless and has a 3-sec transaction time) with fiat. The other is to grow the STEEM economy, and the economic (not speculative) payments in STEEM or SBD.
I really liked the way you said it here, well thought
More the reason to buy some more at these prices. Bitcoin leads the market sentiment and altcoins will follow until the technology matures enough to each trade on their own merit. That is when we will see STEEM in the Top 10-20 again!
I think it’s a fair time to buy bitcoin, probably a great time to buy steem
I hope we are going to remove from the Bitcoin standard and have more fiat pairs in the future!
Yes let’s pair fiat with steem :)
You got a 40.52% upvote from @emperorofnaps courtesy of @marcuswahl!
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I would like the opportunity, that Steem accept bids in dollars. But I think like you, that this won't happen in near future.
Thanks for commenting, yep government approval and security for handling money, little bit of a road block
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