I would say and I have had this idea for quite a while that crypto currency is just the elites testing what could be the future of money, they move it around as they wish, just think about this, why should Steem be affected nearly mirrorwise by BTC fluctuations, when Steem isn't even available to most owners until after they have powered down, and this takes weeks, yet the effects are instant, doesn't make sense.
So I stick with my idea that this is the playground of the elite, so the best anyone can do is just go along and try to make a profit. Don't think crypto is going to save the world.
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Easy peasy. If one currency is priced in bitcoin, then a change in bitcoin price in dollars is instantly reflected in the dollar value of the currency priced in bitcoin. Ideally, the other currency adapts, but only ideally.
I would rather think the system is being manipulated, Steem has gone from 80000 satoshis to about 30000 now, why would that be? That is a huge loss, so Steem it isn't tied to BTC, yet apparently there are some players who can make the price of all alt coins go up or down whenever they want to, and make it seem like it is tied to BTC ups and downs. There is no reason for Steem to lose so much value against BTC.
Your reasoning for BTC to USD is good, but can you give me an answer to this one?
The other factor is speculators moving out of solid chains and into exciting chains. There is little incentive to stay with long-term growth when you can chase short term pumps generated by herd mentality. I can always be back into the solid products a few seconds after the pump ends. Its the nature of the industry - no "stickyness" to keep capital stationary for the long term. Price is a measure of short term thinking only.
Hi Stan, I had a little think and I have come to the conclusion BitShares needs a name change, it isn't catchy enough and it is a full ecosystem now, not just shares.
Should it not be called something that resembles a fair and safe banking opportunity.
If u want the average Joe to invest we must be able to tell them to go to the new decentral bank in town, a name that connects to heroes as well as to the fact that banking doesn't have to be done through third parties.
How about:
BE (BitShares eco)
now you can BE your own bank
BE a Hero
BE a stock market
BitShares is a tough name to market, it is big, sounds to complicated and doesn't feel connected to anything.
Heroes Bitusd etc.. the names don't connect to the core system, it makes it complicated.
I know changing the name is a pain in the backside, but it will also draw a lot of attention to the crypto world, it will show that things are moving forward!
Whilst also making it easier to sell to those who find bit and shares two scary words.