RE: EOS vs Steem - My thoughts on double Witnessing
To make this as simple as possible to understand, what this chart tells us, is that people who bought into the platform with Bitcoin, are having their Steem funds diluted against the bitcoin valuation of their assets.
This is only true if you treat the period when there was hardly any Steem and hardly any trading volume as if it matters equally to everything else. I bought in with 1.2 BTC in March; even without any profit made here, and even including the Blocktrades fees, if I sold that Steem today it would be worth 1.5 BTC. Not a bad return in three months.
Personally I think the best thing that could happen to Steem in the medium-term is to have the cryptocurrency markets decouple. Way too much of our valuation is being driven by speculation on BTC. But coins aren't going to individuate and develop their own independent markets until there are more of them that are actually useful for things. So I believe that it benefits us to support any coin that has functionality, and EOS is the big new one right now.
this could be currently correct, but when the bitcoin rally happens, unless steem keeps up with the pace (possible, but unlikely) it won't be the case anymore.
To be specific, for this to be true, if we are sitting at $7500 for 1 BTC today, and Steem is sitting at $2.45, then that means that if Bitcoin jumps to 22k or so by the end of the year, steem needs to close around $8 dollars. Is it possible? yes of course, but it could also be Bitcoin closing the year at 40k and steem at $5.
The chart doesn't lie my friend, I'm not complaining, I'm simply outlining how this hole thing has played out so far.