Bitcoin is a Pestilence // Whos staying if we hit the ATL?


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The crypto bloodbath continues. Bitcoin, the dick that it is, has plunged the alt-market even lower today. Steem is now moving around $0.11...
Its coming very close to the all time low of $0.07.

Once/if we hit the all time lows or even go down to $0.05 (which isnt out of the question) what will this platform turn into? Whos sticking around? I know i am...
I dont know exactly when the witnesses start going into the red. I heard its sub 1 cent during the Mira talks.
But no matter, its going to be a rough ride.

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I keep on repeating that Bitcoin is a pestilence. Out of all the other tokens i can say that i despise it the most. It does jackshit when it comes to crypto adoption, it cant compete as a means of payment with any other legacy option and its a terrible store of value. All it has is the brand.
When the market is solely moved by Bitcoin all that ends up happening is legit projects disappearing and exchanges becoming crypto whales. Bitcoin is detrimental to crypto which is why ill never buy a single satoshi.

Bitcoin took over the whole market and with every drop it drastically hurts the alts.
It seems that if you can pump and dump Bitcoin for long enough of time you could wipe out the alt market due to the dominance of trading bot speculators that run the alt market and make trades almost exclusively based on Bitcoin price movement.

Can that last???

There must be a point, a true bottom, when the speculators lose grip and the crypto comes into the hands of those that actually use it.
What if the stock market capitalization moved solely based on the performance of the Apple stock? Or Microsoft stock?

Not until bitcoin fades away into the mid of the MC table where it belongs based on its fundamentals will we leave infancy and projects with true potential can take flight.

Jesus.... Ive said it a million times... Give Steem ETH market cap and you have a facebook rival. You transform the whole space. All of these top 10 cryptos have extremely low potential for anything and bitcoin is leading the pack keeping the whole ecosystem in the state of stagnation.

Steem on.


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22.11.2019 12:41
1

Now it's your time to get reactively emotional.

In the blockchain space, you can't get all of the three at once: decentralization, security and scalability.

Bitcoin has the highest security and decentralization. Bitcoin and gold are the hardest forms of money humanity has ever had. The protocol is sound and has withstood a decade of attacks. It is best suited as the basis of a new monetary system after the major fiat currencies have all been driven to the ground. Governments love freely inflatable fiat money because it allows them to keep funding their war machines without running into liquidity problems. In doing so, they rob their citizens blind. Once that has run its course, it's time for try something else.

Steem's value proposition is enabling freedom of speech. The high and unstable inflation of STEEM will make it impossible to become a widely used currency. It will remain an utility token limited to this platform.

Fiat currencies are propped up by the fact that governments have tools of coercion at their disposal to make using them the path of least resistance and the fact that central banks have hoarded a full third of all existing physical gold.

If Bitcoin grows sufficiently and if fiat currencies will continue to be debased an accelerating rate, central banks may begin to purchase Bitcoin to gain possession of currency with a hard cap. To make Bitcoin more spendable in small amounts, second-tier solutions like the Lightning Network will be required.

Steem is capable of growing on its own accord but that requires much greater adoption. The upcoming months are critical. With Communities in place, Steem will be able to offer a better user experience. It is then when, marketing will have to kick into a high gear to maximize our numbers. The value of Steem is in the number of its users.

22.11.2019 12:53
2

Now it's your time to get reactively emotional.

I never said an emotional response dismisses the merit of the argument. ;)

In the blockchain space, you can't get all of the three at once: decentralization, security and scalability.

To this i have to say that i find all those things about Bitcoin debatable at best. For security youre arguing basically from the point of size and ill argue that there are other ways to provide asset security to a reasonable degree that you wouldnt have to fear of losing your $$$ that doesnt require blockchain at all. Decentralization i find to be overvalued (and debatable) and not nearly enough of a reason to adopt it.. Scalability i wont really argue with bitcoin, lol.

All of those things are provided better by other cryptos.
The question is:

What does Bitcoin do for crypto that no other crypto can?

My answer is: "Absolutely nothing".
If the question was:

What has it done in the past?
Then i would say "A lot".
But we dont live in the past.

Bitcoin and gold are the hardest forms of money humanity has ever had.

I dont agree with that statement at all. I dont see Bitcoin or Gold as money. Neither of them fulfill enough functions of money. Bitcoin less so then gold.

Steem's value proposition is enabling freedom of speech. The high and unstable inflation of STEEM makes it impossible for STEEM to become a widely used currency.

Yeah, i dont agree with that either. On free speech, sure, but STEEM has exactly the same base fundamentals as any cryptocurrency. Cross border payments, its basically free to use, no fees, 2 second transfers. All those attributes make it better then any crypto that claims to not be a utility token and wants to compete with Bitcoin.
Bitcoins deflationary nature makes it impossible to be any kind of basis on which you can build a world economy.
While Steem might be a utility token and im happy with it remaining as such, the inflationary aspect (although unstable atm) would be a much better basis for being adopted as money over Bitcoin.
It would need a drastic shift in perception and use case and while it is highly unlikely to happen, the potential is at least there while i dont see Bitcoin having any kind of potential to achieve that same thing.

Fiat currencies are propped up by the fact that governments have tools of coercion at their disposal to make using them the path of least resistance and the fact that central banks have hoarded a full third of all existing physical gold.

Government coercion indeed is where the value of fiat comes from. But no one can argue that there is no value in that. You have to create something that provides value beyond that level and i dont see Bitcoin achieving that at all. Remember, the populace were willing to give up all their rights to dictatorships and communist governance. We havent changed that much in 30 years.

Again... Gold.... As much as the space seem to love it, i dont see gold, outside its industrial application as something that is inherently more valuable then fiat thats backed by globally entangled government coercion. Its use case trumps anything Gold can provide in terms of being money.

If Bitcoin grows sufficiently and if fiat currencies continue to be debased at an accelerating rate, central banks may begin to purchase Bitcoin to gain possession of currency with a hard cap.

Youre saying here that if people buy more bitcoin then people will buy more bitcoin. But you can make the same argument for any crypto out there.
Bitcoin lives on its brand, first mover advantage and im saying that project like steem at the same MC would provide magnitudes more value to the whole ecosystem. Its not even close. Its like a Olympic jumper making the leap of 10 meters and another one leaping to Mars.

Im not saying Bitcoin wont go to 100k. I never mentioned price once. Im saying that Bitcoin at 100k would still be a pestilence on the crypto space once it moves to 50k after that. Im saying that there are at least a hundred projects out there that could achieve much more right now with higher Market caps. Steem being one of them and the speculation tied into bitcoin will potentially ruin all of them.

Thats why i call it pestilence. :D

22.11.2019 13:35
1

"In the blockchain space, you can't get all of the three at once: decentralization, security and scalability."

To this i have to say that i find all those things about Bitcoin debatable at best. For security youre arguing basically from the point of size and ill argue that there are other ways to provide asset security to a reasonable degree that you wouldnt have to fear losing your $$$ that doesnt require blockchain at all.

Let's keep this in the context of blockchain/crypto. Bitcoin is overwhelmingly the most expensive one to mount a successful 51% attack against. That's because the miners have a humongous hash rate.

Decentralization i find to be overvalued (and debatable) and not nearly enough of a reason to adopt it.. Scalability i wont really argue with bitcoin, lol.

Decentralization is the entire point of crypto.

All of those things are provided better by other cryptos.

Decentralization? Which one?

Security? Which network is harder to take over than Bitcoin?

The question is:

What does Bitcoin do for crypto that no other crypto can?

My answer is: "Absolutely nothing".

The point of cryptocurrency is to be an uncensorable way to transmit value. Every participant of the network must be replaceable and no single participant must be able to control it. Bitcoin has never been hacked and taking control of the consensus mechanism is astronomically expensive. Which coin can top that?

If the question was:

What has it done in the past?

Then i would say "A lot".
But we dont live in the past.

When it comes to censorship resistance, which coin can compete with Bitcoin?

Bitcoin and gold are the hardest forms of money humanity has ever had.

I dont agree with that statement at all. I dont see Bitcoin or Gold as money. Neither of them fulfill >enough functions of money. Bitcoin less so then gold.

The properties without which money is useless is salability across time and space. Bitcoin and Gold have hard supply caps. Bitcoin is a superior version of gold because it is much more transportable.

Steem's value proposition is enabling freedom of speech. The high and unstable inflation of STEEM makes it impossible for STEEM to become a widely used currency.

Yeah, i dont agree with that either. On free speech, sure, but STEEM has exactly the same base fundamentals as any cryptocurrency. Cross border payments, its basically free to use, no fees, 2 second transfers. All those attributes make it better then any crypto that claims to not be a utility token and wants to compete with Bitcoin.

What about value? Because of SBD, STEEM has a token issuance rate that is both high and unstable. Yes, the transactions are high but it is absolute shit as a store of value even in the short term. Just look at the extraordinary price volatility.

Bitcoins deflationary nature makes it impossible to be any kind of basis on which you can build a world economy.

That claim is demonstrably wrong. In the 19th century, major currencies were in the gold standard, yet global economic growth rapid.

While Steem might be a utility token and im happy with it remaining as such, the inflationary aspect (although unstable atm) would be a much better basis for being adopted as money over Bitcoin.

The size of the money supply is completely irrelevant as long as the money used can be divided into sufficiently small units.

It would need a drastic shift in perception and use case and while it is highly unlikely to happen, the potential is at least there while i dont see Bitcoin having any kind of potential to achieve that same thing.

Bitcoin has the potential to be adopted as a digital hard asset by central banks if its market cap grows sufficiently to stabilize it first.

"Fiat currencies are propped up by the fact that governments have tools of coercion at their disposal to make using them the path of least resistance and the fact that central banks have hoarded a full third of all existing physical gold."

Government coercion indeed is where the value of fiat comes from. But no one can argue that there is no value in that. You have to create something that provides value beyond that level and i dont see Bitcoin achieving that at all.

Governments can never resist the temptation to debase their currencies for very long. That process is unfolding before our very eyes at the moment. Negative interest rates are at thing in some countries. Open market operations by central banks are inflating the everything bubble as we speak.

Remember, the populace were willing to give up all their rights to dictatorships and communist governance. We havent changed that much in 30 years.

Communism resulted in utter failure.

Again... Gold.... As much as the space seem to love it, i dont see gold, outside its industrial application as something that is inherently more valuable then fiat thats backed by globally entangled government coercion. Its use case trumps anything Gold can provide in terms of being money.

Gold can back up money. In fact, even going back to the gold standard would be better than what we currently have. The fact that central banks have hoarded so much gold (a third of the global supply) is telling of the inherent weakness of fiat money.

Gold is better than fiat because of its hard physical supply cap. Just look at the price history of gold in dollars.

"If Bitcoin grows sufficiently and if fiat currencies continue to be debased at an accelerating rate, central banks may begin to purchase Bitcoin to gain possession of currency with a hard cap."

Youre saying here that if people buy more bitcoin then people will buy more bitcoin.

What I'm saying here that all societies throughout history have used money. Commodity money came first. With metallurgy, gold replaced every other commodity money. Money is needed as a way to store value and to transmit value with ease. Something will always be money. The question is whether a single entity (the government) can be trusted with the creation of money. Based on history, the answer is no.

But you can make the same argument for any crypto out there.

All the other cryptos are weaker forms of money at best like silver was to gold. Weaker forms of money will always lose out to stronger forms of money because stronger forms of money are more readily accepted.

Bitcoin lives on its brand, first mover advantage and im saying that project like steem at the same MC would provide magnitudes more value to the whole ecosystem. Its not even close. Its like a Olympic jumper making the leap of 10 meters and another one leaping to Mars.

STEEM will never be as accepted as Bitcoin and thus will never surpass Bitcoin in terms of market value. First of all, DPoS is a much weaker consensus mechanism. The monetary policy of STEEM has been altered once before and there is ongoing talk about altering it again.

Im not saying Bitcoin wont go to 100k. I never mentioned price once. Im saying that Bitcoin at 100k would still be a pestilence on the crypto space once it moves to 50k after that. Im saying that there are at least a hundred projects out there that could achieve much more right now with higher Market caps. Steem being one of them and the speculation tied into bitcoin will potentially ruin all of them.

Steem needs to create fundamental value. It's all in the number of active users.

22.11.2019 14:27
2

"Bitcoin has never been hacked", Bitcoin has had 2 software bugs that allowed to print billions of Bitcoins, one around 10 years ago and another around 1 year ago,

The problem Bitcoin has is not hardware attack, but software bugs, and most of Bitcoin mining is based on ASIC hardware from centralized 4-5 manufacturers, you can't mine Bitcoin with home computers CPU/GPU. Also a fake Bitcoin was created in the name of bcash to try to take over the original Bitcoin. So the network is under attack by the miners itself

And the miners dump the price constantly to pay for electricity. More places accepted Bitcoin in 2014 than what accepts in 2019. Nobody is using Bitcoin after 10 years, only 2.8 million wallets with $1000 in them. And many have multiple wallets. The biggest problem Bitcoin has is no marketing budget. Nobody has big enough bag to pump the price or get it out to the mainstream masses, EOS raised 4 billion dollars, more successful than what the Bitcoin guys ever made, and they have a marketing budget

22.11.2019 15:24
0

I heard about the bug a year ago. It was fixed, though.

The fact that bitcoin is mined with ASIC hardware is not so important. As to the miner attack, the fact that it happened and failed was a very positive thing for BTC.

On-chain transactions do not need to be very frequent for Bitcoin to have high value. And Bitcoin does not need a marketing budget. EOS may have raised four billion but its market cap is still dwarfed by Bitcoin, which still worth over a 100 billion.

22.11.2019 15:32
1

Bitcoin will still probably go up yes, but that doesn't mean we can't build something better. As @lordbutterfly said, Steem at $100 is a rival to Facebook, it's beyond what Bitcoin can do, it unites people in a real way, while Bitcoin can't even give you interest.

Bitcoin is so decentralized that nobody with Bitcoin has an incentive to spend their Bitcoin to on-board a new user, centralized exchanges with fees has margin to put people on their platforms. In the long term have no real on-board will become problematic for BTC because teams with marketing budgets will create superior systems.

Just have holding when you can have stake + earn interest, clearly the latter is better. EOS can use that money to build a business and pay for advertising. They can run experiments, they can innovate faster, be more street smart. It's very complex even to this day to get access to Bitcoin, while something like Steem will be easier for the average person to start love more than BTC, because they have access to it.

We will have machines that thinks a million times better than a Human Being, clearly we will invent systems way smarter than what currently exist

22.11.2019 17:28
0

It's really easy to buy Bitcoin from Coinbase with a credit card. Just fill in a form and click and you're done. Buying STEEM, however, is much more complicated.

22.11.2019 17:31
0

"Bitcoin and Gold have hard supply caps." not really, code changes can be done to print more Bitcoin, gold we don't even know how much exist, can always find more also. So the idea of a limit is not really true to any of them

22.11.2019 15:39
2

Code changes can be done to print more Bitcoin but that is extremely hard to do. There are strong incentives not to do that and it is never up to any individual party.

Yes, you're right that gold has no hard cap as more can always be found but the high stock-to-flow ratio of gold has held up very well for a very long time. Gold is a rare noble metal and it will remain scarce on Earth.

Both are infinitely better than fiat, which is being debased right as we speak.

Which crypto is more decentralized than Bitcoin?

22.11.2019 15:51
1

Ethereum may be more decentralized than Bitcoin, because easier to get into mining without special hardware, and how Ethereum has a bug bounty, something Bitcoin lacks. Most of BTC is centralized in China, the miners are behind a firewall

And the future plans of Ethereum it clearly has more passionate developers, moving towards stake based system, that may cause a flippening where Ethereum overtakes Bitcoin, In terms of use perspective it's way more pleasant to use Ethereum.

22.11.2019 17:39
0

Ethereum really is more decentralized. And yes, sending ETH is a better experience than sending BTC. But the fact that ETH has no had cap means it's market cap may remain lower than that of BTC because that makes it a less lucrative store of value.

24.11.2019 01:11
0

Let's keep this in the context of blockchain/crypto. Bitcoin is overwhelmingly the most expensive one to mount a successful 51% attack against. That's because the miners have a humongous hash rate.

I cant. Crypto doesnt exist in a vacuum. Bitcoin is the most expensive to mount a 51% attack (POW wise) because its the biggest. Any crypto of same attributes could claim the same thing in their place. Again... 1. Brand, 2. first move.
That is dependent on not much else.
Id also like to see what it would cost to mount a similar attack on a DPOS like Steem. Id assume the closer you get to 51% stake the price rises exponentially.
Not only that but the inherent need to power up to take control of the platform means that youre locking your stake up in SP meaning youd have to change about everything on the basic level of how Steem operates.

Which network is harder to take over than Bitcoin?

There is something that would be a acceptable level of security and again im saying that blockchain doesnt exist in a vacuum.
There are various ways to secure funds. Even banks are a good example. Id wager my funds are even more secure in my bank account then on my phone or in my desktop wallet simply due to third party insurance.

Which coin can top that?

Replace Bitcoin with any coin of same attributes, put it up on no1 in MC and see the miners pour in. Name your Bitcoin fork....

The properties without which money is useless is salability across time and space. Bitcoin and Gold have hard supply caps. Bitcoin is a superior version of gold because it is much more transportable.

Bitcoin isnt adopted as a form of payment on any level, its not a good store of value and those "transportable" qualities you mention are subpar compared to about any cryptocurrency and for a matter of fact to any fiat currency as well.

What about value? Because of SBD, STEEM has a token issuance rate that is both high and unstable. Yes, the transactions are high but it is absolute shit as a store of value even in the short term.

SBD is shit, that is true. While Steem is not a store of value, the staking aspect of it make it a better choice then most other alt tokens. But thats beside the point.
My point is that if you judge every crypto token as if their price is equal, simply based on their potential and fundamental characteristics, strip away their name, Bitcoin wouldnt break the top 100.

Bitcoin has the potential to be adopted as a digital hard asset by central banks if its market cap grows sufficiently to stabilize it first.

True for any crypto out there that gets big enough.

That claim is demonstrably wrong. In the 19th century, major currencies were in the gold standard, yet global economic growth was rapid.

The global economic growth has skyrocketed after 1950s, continued to do so after moving away from the gold standard.

The size of the money supply is completely irrelevant as long as the money used can be divided into sufficiently small units.

Less of X currency is always less of X currency. A deflationary currency encourages holding and not spending to an extreme degree which would stifle growth.
Exactly why fiat was backed by gold in a ever diminishing %.

Money is needed as a way to store value and to transmit value with ease. Something will always be money. The question is whether a single entity (the government) can be trusted with the creation of money. Based on history, the answer is no.

Thats really not the question. As long as the global political system is stable the fear of losing your money or having it stolen is extremely low. Ive seen numerous people here claiming how the global monetary system will collapse which is absolute nonsense.

The real question is if in a relatively stable society the currency you have provides instant, tangible value over fiat counterpart. What functions of money does it provide better.

Weaker forms of money will always lose out to stronger forms of money because stronger forms of money are more readily accepted.

Why are they weaker forms of money? Would silver be a better form of money then gold if it had a bigger price tag per ounce. (Money for the sake of argument.)
No it would not.

Would BCH be a better form of money then Bitcoin if it had a larger MC?
Yes it would.

STEEM will never be as accepted as Bitcoin and thus will never surpass Bitcoin in terms of market value. First of all, DPoS is a much weaker consensus mechanism. The monetary policy of STEEM has been altered once before and there is ongoing talk about altering it again.

Altering monetary policy based on consensus is a good thing. Having a rigid protocol makes you inflexible.
While im not saying DPOS is perfect Id argue that POW is infinitely weaker then DPOS. Its not sustainable, Dpos is much more cost effective and if youre into trees, Dpos likes trees and birds more. :)

Steem needs to create fundamental value. It's all in the number of active users.

Steem is used more then Bitcoin at 1/3000th the market cap. Number of users dont reflect price properly.
Fundamentally Steem has all the core features any cryptocurrency does. Blockchain, fast transfers, borderless payments, decentralized, etc.

22.11.2019 16:41
1

"Let's keep this in the context of blockchain/crypto. Bitcoin is overwhelmingly the most expensive one to mount a successful 51% attack against. That's because the miners have a humongous hash rate."

I cant. Crypto doesnt exist in a vacuum. Bitcoin is the most expensive to mount a 51% attack (POW wise) because its the biggest. Any crypto of same attributes could claim the same thing in their place. Again... 1. Brand, 2. first move.
That is dependent on not much else.

The Bitcoin protocol has withstood more hacking attempts, economic attacks etc. than any other crypto so far.

Id also like to see what it would cost to mount a similar attack on a DPOS like Steem. Id assume the closer you get to 51% stake the price rises exponentially.
Not only that but the inherent need to power up to take control of the platform means that youre locking your stake up in SP meaning youd have to change about everything on the basic level of how Steem operates.

One good thing about all blockchains is that if someone were to take over Steem to shut it down because it contains information that the US government, for example, doesn't want accessible to the public, it can be cloned easily.

"Which network is harder to take over than Bitcoin?"

There is something that would be a acceptable level of security and again im saying that blockchain doesnt exist in a vacuum.
There are various ways to secure funds. Even banks are a good example. Id wager my funds are even more secure in my bank account then on my phone or in my desktop wallet simply due to third party insurance.

So, are you saying that Bitcoin is the most secure out of all the blockchains out there?

"Which coin can top that?"

Replace Bitcoin with any coin of same attributes, put it up on no1 in MC and see the miners pour in. Name your Bitcoin fork....

You don't just "put" blockchains at #1 position in MC. It's a decentralized ecosystem of miners, nodes, developers etc. It is very hard to dislodge BTC from its #1 position.

"The properties without which money is useless is salability across time and space. Bitcoin and Gold have hard supply caps. Bitcoin is a superior version of gold because it is much more transportable."

Bitcoin isnt adopted as a form of payment on any level, its not a good store of value and those "transportable" qualities you mention are subpar compared to about any cryptocurrency and for a matter of fact to any fiat currency as well.

Bitcoin is adopted as a form of payment. In the crypto space, it is the most adopted form of payment.

"What about value? Because of SBD, STEEM has a token issuance rate that is both high and unstable. Yes, the transactions are high but it is absolute shit as a store of value even in the short term."

SBD is shit, that is true. While Steem is not a store of value, the staking aspect of it make it a better choice then most other alt tokens. But thats beside the point.
My point is that if you judge every crypto token as if their price is equal, simply based on their potential and fundamental characteristics, strip away their name, Bitcoin wouldnt break the top 100.

DPoS coins are permissioned. PoW coins are permissionless. That's a huge difference. Steem and other Graphene-based blockchains each have 20 named individuals that could be secretly coerced to censor or alter transactions. Bitcoin has thousands of independent full nodes.

"Bitcoin has the potential to be adopted as a digital hard asset by central banks if its market cap grows sufficiently to stabilize it first."

True for any crypto out there that gets big enough.

In theory, but Bitcoin is closest to achieving that goal.

"That claim is demonstrably wrong. In the 19th century, major currencies were in the gold standard, yet global economic growth was rapid."

The global economic growth has skyrocketed after 1950s, continued to do so after moving away from the gold standard.

Technology is the real driver of economic growth because it yields accelerating returns. But that statement was about the claim that the gold standard is harmful. It isn't. And that is demonstrably true.

"The size of the money supply is completely irrelevant as long as the money used can be divided into sufficiently small units."

Less of X currency is always less of X currency. A deflationary currency encourages holding and not spending to an extreme degree which would stifle growth.

This is demonstrably false. The rapid growth in the late 1980's wouldn't have been possible if that were
true. People have strong nature preference for the present.

What a high savings rate under constant money supply translate into is resources spent on building capital goods instead of consumer goods.

Exactly why fiat was backed by gold in a ever diminishing %.

No, it was done so that governments could finance excess spending, particularly military spending. Inflating the currency is an alternative to taxation. Europeans were robbed blind during WW I when governments inflated their currencies to fund an orgy of destruction that left tens of millions of dead and a devastated continent in its wake.

"Money is needed as a way to store value and to transmit value with ease. Something will always be money. The question is whether a single entity (the government) can be trusted with the creation of money. Based on history, the answer is no."

Thats really not the question. As long as the global political system is stable the fear of losing your money or having it stolen is extremely low.

Hello? We're in the middle of a massive everything bubble! The only way the average person is benefiting from the extremely loose monetary policy of today where negative interest rates have already been introduced in some countries is that existing mortgages have low rates. But the easy money is going into real estate in growth centers making buying a home unreachable for many young people. The inflation does not show in CPI because its being manipulated and inflating house prices are left out.

Ive seen numerous people here claiming how the global monetary system will collapse which is absolute nonsense.

I don't know how old you are or whether or not you were aware of what happened in 2008 or before that in the early 1990s. It is normal for the global economy to wade through one serious crisis to another every couple of decades. Every decade, we tend to have a smaller crisis. The next crash is long overdue.

The real question is if in a relatively stable society the currency you have provides instant, tangible value over fiat counterpart. What functions of money does it provide better.

The stability of a society is also a function of the stability of its money.

"Weaker forms of money will always lose out to stronger forms of money because stronger forms of money are more readily accepted."

Why are they weaker forms of money?

Because different forms of money arise in different cultures at different times and because it takes time for stronger money to replace weaker money. Silver has long since ceased to be money unlike gold.

Would BCH be a better form of money then Bitcoin if it had a larger MC?
Yes it would.

BCH will never reach the same market cap as BTC. As the block size gets increased, the currency is centralized further.

"STEEM will never be as accepted as Bitcoin and thus will never surpass Bitcoin in terms of market value. First of all, DPoS is a much weaker consensus mechanism. The monetary policy of STEEM has been altered once before and there is ongoing talk about altering it again."

Altering monetary policy based on consensus is a good thing.

No, because it increases risk for long-term holders. Who knows how it will be changed.

Having a rigid protocol makes you inflexible.While im not saying DPOS is perfect Id argue that POW is infinitely weaker then DPOS. Its not sustainable, Dpos is much more cost effective and if youre into trees, Dpos likes trees and birds more. :)

STEEM is a utility coin, not a cryptocurrency. Its value is entirely dependent on the value of Steem as a content delivery platform. It is convenient to use but it does not have the properties of a good store of value even to the extent Bitcoin currently has.

"Steem needs to create fundamental value. It's all in the number of active users."

Steem is used more then Bitcoin at 1/3000th the market cap. Number of users dont reflect price properly.
Fundamentally Steem has all the core features any cryptocurrency does. Blockchain, fast transfers, borderless payments, decentralized, etc.

It is much more centralized than BTC and thus less censorship resistant. 20 people run it who could be secretly coerced to censor or falsify transactions.

24.11.2019 16:12
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I basically disagree on every point but it would a circular discussion at this point.

Spending is what drives growth in this case. No, no one was robbed after ww2 only growth was facilitated.

Low yearly inflation is in no way bad.

At one point a small number of mining pools of bitcoin came close to 50% of hash power in one part of the world,
making bitcoin decentralization questionable at best.

I don't hold gold as money at all and it's properties are provably easily replaced by government coercion as a value proposition for a more efficient effect.
No, I don't think the economy is anywhere close to a bubble nor do I think the economy will collapse as some crypto specialists propose.

The stagnation/ growth cycles are only a natural fact of economy while the overall consistent growth is obvious over time with the growth accelerating over the last 40 years.

What else... Gold cannot support the current economy unless you back fiat at a small percentage.

Steems utility and inherent characteristics it shares with all cryptocurrencies is what would potentially make it a good form of payment over bitcoin since bitcoin has poor adoption and very little it's used for outside market speculation.

Saying steem can't be used as a currency and is only a utility token dismisses what you yourself argument. Peoples choice to use it as what they want to use it for.

There is nothing about steem that makes it a bad form of money in comparison to any other cryptocurrency. It's only the branding that it has. And branding is fickle and subject to interpretation.

Bitcoin itself was branded as a revolutionary p2p global currency. Now that that clearly isn't happening due to inferior characteristics to legacy payment systems they're branding it as a store of value which it clearly isnt.

I'm saying steem has Inherently more potential.

26.11.2019 10:30
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To explain it further id have to explain why i use crypto at all if i dont share 90% of the values shared by almost all crypto users.

  1. I dont think government is out to get us or that government is bad by definition. I only think that government is inefficient and driven by big money thus subject to corruption.
  2. I use crypto because of the fast cross border payments with 0 cost like with steem.
  3. I use cryptos like STEEM because they are empowering to users and even the little guy can get rewarded for contributions.
  4. Contributions is an important word. I dont think Steem is a blogging platform and that it will remain branded as only that moving forward. A solid starting use case is only a stepping stone towards more variety in use cases.
  5. I dont use or buy bitcoin because bitcoin shows exactly the same behavior as any other legacy asset only its significantly worse.
    Subject to manipulation, big money controlling the market completely, very little protection for the small user, rich only get richer and its empowering potential right now compared to everything else is only in that it created the alt market.
  6. I dont think the economy will collapse like the libertarians proclaim nor do i think crypto will replace fiat. I think crypto will be a significant player in the global economy but never overthrow fiat or the value government coercion creates. It will act as a supplement to the existing architecture.
26.11.2019 10:49
0

Active Steem members are dropping by the month. But I do not think much more will leave. Simply because there are not many more left. :p

22.11.2019 12:57
3

The stupidest thing you can do is to leave and continue posting on a platform that pays you nothing while leaving your stake behind you. If you believe we're going under, the smartest thing you can do is power down and sell. Under that scenario, whether you should continue to post depends on how much you're making in dollars and how you value your time spent here. It makes sense to continue even if it feels like a chore as long as you get adequately compensated. If you enjoy it, then it might be worth doing even if it cost you money.

22.11.2019 13:02
1

Hi @lordbutterfly!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 3.915 which ranks you at #4436 across all Steem accounts.
Your rank has not changed in the last three days.

In our last Algorithmic Curation Round, consisting of 83 contributions, your post is ranked at #32.

Evaluation of your UA score:
  • You're on the right track, try to gather more followers.
  • The readers like your work!
  • Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!

Feel free to join our @steem-ua Discord server

23.11.2019 05:21
0

Now, whisper with me.

Penny STEEM

23.11.2019 16:25
1

Oh, look, we bounced back 1 cent. All is good, Bitcoin rocks... haha.
Steem to $10!

23.11.2019 16:34
1

That’s when you whale up and be the next generation of dictators influencers.

23.11.2019 16:36
1