Cryptocurrency: the World-Changing Power of an Idea
$11,351 per bitcoin.
Wow.
Is anyone else having trouble focusing at work or sleeping or really thinking about anything other than cryptocurrency right now?
I'm trying my best to make sense of all this and explain it to my friends and family who are messaging me all day. I've been working to explain the value here as simply as possible. Here's something I wrote yesterday:
- Financial value is determined in the moment of transaction, not intrinsically (example, bitcoin 4 years ago worked better than it does today).
- We store value in money because money, at its core, is just a ledger for keeping track of value transfers.
- Blockchain technology gives us a cryptographically-secure, globally-distributed, immutable ledger via cryptocurrency.
- Cryptocurrencies represent the most valuable form of money ever invented.
I also had this thought just this morning:
If you're still not convinced ideas can change the world, consider this: Words written on 9 pages and released anonymously 9 years ago led to the creation of a global ledger money system with a market cap of $185B and a trade volume of over $9.1B in the last 24 hours alone.
The price of Bitcoin will be one of the top news stories everywhere in the world today.
All because of an idea made into reality.
This is an amazing, exciting time to be alive. We're part of something significant to human history right now.
Breathe it in and smile. Celebrate a little. It really is different this time. The very nature of value and money is changing.
Thank you Steemit friends. I'm so glad to be on this ride with you.
Please understand, this isn't just about the price, it's about an idea being demonstrated by demand. Also, be prepared for a correction. Look at previous % swings in the history of bitcoin and imagine if that happens again now.
If you have a free witness vote and haven't voted for me yet, I'd love to make it back into the top 20. Thanks!
10K ? A problem?
Not at all. I knew this is comin'. Knew long ago. Many years ago.
All our present comments will be very funny to read at Christmas- 2018 time. Mark my words. :)
Every new technology takes time to mature, and adoption is always running by the same "S" type curve. Always.
And many exciting things and times are waiting for us along that curve
I feel your passion, bro. And to think, we are "STILL" at the very beginning of the crypto revolution. :)
Totally unreal! I love it lol
We blew through 10k like it was nothing. We have been blowing through bottle necks for the last 6 months. We had originally thought 5k would be the mark for end of year now we are looking at 13-15k end of year.
Its going to get real crazy come December 11th
Posted this elsewhere but relevant here:
When markets are understood, the idea that everyone can make money is not only inaccurate but impossible and laughable. Everyone making money means there is no market, because who would be taking the other side of the trade?
It is no mistake that individuals begin to like the same sorts of fashions that everyone is wearing. In a quest to change, the majority of society ends up changing together, moving towards similar desires and away from similar dislikes. Therefore, what the market is offering provides the exact thing that will lure the trader into the crowd.
For example, someone who has little experience investing wants to get involved because everyone else in their social circle is, ads are all over tv and even their nightly newscasters are talking a lot more about how the market is so good. In this environment you can be certain there will be lots of “helping hands” to welcome this investor to the crowd, teach them to be a part of the crowd and initiate them into the world of the blind leading the blind.
The market is unlikely to reverse to any significant degree until almost everyone is on one side. Which means almost everyone who joined that party late is going to lose. A bunch of people may just decide to wait, but so will the market. And if people are divided then the market will move in a ranging fashion.
People are the catalyst and without people to create an extreme the market won’t hit an extreme and reverse–remember the market does not act on its own, we…the people… are the market. In other words, the boom and bust cycles will not end. We progress and regress and then progress again.
Until almost everyone is in the trend, it won’t stop. The trend will keep going, enticing more people in, and when it reaches critical mass (which it can’t do without pretty much everyone on board) a reversal occurs. This change in fortune (for the worse) causes concern and then panic as a full reversal occurs. And as the mood of society continues to grow darker people feel more hopeless and give up fanciful notions of making money with crypto and so it will continue to drop.
In other words, the very thing which lures people in droves (big returns) ironically means that most of those people will be on the losing end of that exchange. In another ironic twist, when people clamor into the market all at once out of greed and a belief that a new era has begun, they bring about the exact opposite. @pawsdog
If we're talking specifically about speculative investors only, then your words hold true. Most markets aren't driven by a zero-sum game like you're illustrating here. They are a function of value creation and the exchange of that created value. In these kinds of value-creating exchanges, more wealth exists in the world after the transaction is completed. I think what we're seeing in the BTC trades now is a residual effect of the extreme levels of value that BTC brought to the table in the first place. We haven't reached saturation yet, so the zero sum game hasn't started yet, in which BTC becomes just a simple ledger and a great store of value.
I wish you could resteem a comment this is an awesome truth. Beautiful.
Thanks..... :)
Yep, I found truth in your words!
It does seem to be playing out, but this is not the big pullback.. this is nothing yet.. just an precursor of whats to come, a nice Bull Trap perhaps but on the small scale. Market is very very top heavy at the moment and we need some blood letting to put things back in perspective @pawsdog
I could also see this as the mythical whales testing the floor. Regardless I would see it as a warning sign to GTFO for a bit.. unless you are very experienced and want to play 15 or 30 minutes swings, or just like to gamble.
if you have a chance to talk about it- check out the mystery behind the real satoshi - this guy analyzed it all. really good.
https://steemit.com/bitcoin/@pangopango/szaboshi-nickamoto-a-clue-in-the-satoshi-nakamoto-mystery
I can't think about anything else at the moment either. I will celebrate tonight for sure
We are making history!
Yes yes yes! I've been explaining it to people like this, think of it as a transition away from central banking and making it more accessible to the public. By using cryptocurrency and the blockchain, you can essentially be your own bank, lawyer and accountant with little effort. That kind of grabs peoples attention. It's a huge idea. It's world changing. And it is damn exciting to watch! Excellent video man, I feel the same as you today, time to celebrate!
"All because of an idea made into reality" Perfect! This is one hell of a ride.............
i would like it to go down abit before i step in. But it feels like i am standing on the edge of a swimmingpool not daring to jump. ! That is just because i do not understand how to buy and sell. I am watching and have watched your videos, but i need someone to hold my hand while instooling a wallet or how that is called. But is indeed so exciting ! since i am on steemit a bit longer than a month now it nearly doubled ! wow.
You are right, and I actually think it is a little worrisome. On this rocket ride, we are forgetting essentials and other values (like sleep). Wealth is only euphoric for those that experience it. Will it be shared this time? Doubt it.
LONG LIVE THE BLOCKCHAIN!
I just hope that we can follow the vision of Satoshi and it does not get swallowed by the major powers that be.
absolutely incredible. so glad for all things crypto. it's gonna be a great future ahead for all things digital payments.