BTC Market Dominance at 66.6% & Why I'm Optimistic About Steemit's New Marketing VP

in #crypto-life8 years ago (edited)

Taken from CoinMarketCap


I'm not a Bitcoin maximalist.

Also, not a person who's sensitive to numbers like 666 and 777. Just saying there may be a huge market correction despite many claims about Bitcoin currently being a total unworkable mess. This year is the first time that Bitcoin's dominance on cryptocurrencies have fallen way below 90%. But markets are like organisms, and people will continue getting themselves into Bitcoin until there are clear signals about its demise coming from high heaven.

Bitcoin's death has always been exaggerated, at least once every year since 2010. But it is still around. And yes, if you know me well enough, I'll bring up NNT's turkey problem here. A turkey would only think that it's going to continuously live a good life getting fed everyday.. until the butcher knife comes. Maybe the butcher knife is already here, but who knows?!

Personally, I think a 22 billion dollar market cap for the entire cryptocurrency industry is way too small. Probably wouldn't be much of a problem if you're a long term holder. Admittedly, most of my trades could've ended up much better if I was just holding, without watching the market at all.. although total negligence is more likely to be the worse thing to do.

Take care of your trades and assets. Try to diversify them. There are many gains to be had by throwing all of your money on the winning horse. But it'd suck if it's not the one! IMO, I find it best to have a stake in cryptos that I can actively play a role in. Imagine your actions actually adding up to the value of the market that you're into, giving it a kick in an upward trend. It doesn't get any more skin-in-the-game than that!

New kid on the block

I'm not going to lie. I was actually quite ecstatic the night before, watching Mitchell Loureiro @zurvanic's introduction on @ned's post at 5.30 in the morning! Good vibes. Upon doing a little more research on what he does, I found out that he is actually the guy behind one of the coolest projects that I've come across just a few days ago - http://www.santiment.net/. It's a crowd sentiment data platform for crypto-markets.

Not sure if I'm reading too much into it, but I personally see STEEM, Santiment, and Iconomi (another project that I'm supporting) being complementary platforms. Together, they may shake the foundations of fund management, ushering in waves of crypto-trailblazers in the new distributed economy. Or not!

Anyway, good times ahead!

Here's a track for the moment:-


Follow me @kevinwong

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There doesn't have to be just ONE crypto dominating. That's the old way. I think the new way is where manu cryptos are accepted according to the communities that use them.

Yes I agree, I would also extend the theory further and say each person has their own dynamic set of coins that are always flowing, changing.. but that's for future musing :)

Well of course people are fleeing away from bitcoin and want to try different waters. It is not safe now to hold it when Bitcoin is attacked by BU (Bitcoin Unlimited) guys. Will there be fork or not? When is segwit coming? Those are questions which should be answered as soon as possible for bitcoin to gain up momentum again.

I'm totally confused about what's happening with BTC but I've never been a big fan, even though I rely on it for my crypto-fiat exchange..

It is hard, but in my honest opinion, bitcoin should just be an investment asset which you hold and value is stable. We should let altcoins do the daily job. (transfering money, paying for cofee etc). Segwit and BU is trying to make Bitcoin the ultimate tool pretty much, but I dont think that is a bad thing.

That's what I think of as well tbh if I disregard the matter about energy usage. But anyway, I prefer to ride the more volatile altcoin market if that's the case with BTC, and like what you said - let the altcoins do the daily job..

What have you done. :D

Oh crap, should've bought more earlier lol! But I'm innocent :P

Haha, I just meant the title of the post and the timing of the pump. :D

Maybe you inspired some readers. ^^

And I wrote this in the post:-

Imagine your actions actually adding up to the value of the market that you're into, giving it a kick in an upward trend. It doesn't get any more skin-in-the-game than that!

Lol.. but nah I doubt people are so quick to trigger. Let's just say that STEEM / Steemit's many USPs are actually pretty valuable, imo..

I am feeling good about the immediate and long term future now that @zurvanic is on board. 2017 for steemit starts here!!

Well, let's see what unfolds from next week onwards :)
Also, can't wait for more features. My beer is getting warm.

It's going to be interesting to see if Bitcoin can hang on. It's the one most people know about

I think it will.. at least non-insider circles will still continue purchasing and holding, most likely..

Thanks for good post!

Statistics for predicting the price? Awesome! Sign me up!

Nice post, like your attitude. Upvoted and followed