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General Discussion / Re: Wow. That was a shitty day for bitshares
« on: November 04, 2015, 04:04:50 am »Im not gonna lie. This consistently low price is depressing.
I really don't think the price will instantly or magically increase. If it does, be suspicious of manipulative whales. What we all need to do is hit the ground and promote the hell out of this thing, fueling some greater adoption, and get the momentum rolling to where businesses and customers WANT to use BitShares for various functions. Then we will see the kind of sustainable growth that has been so elusive in BitShares (or crypto in general). It won't happen this week or next month. But in a few months or a year or two, our efforts should be rewarded.
Get on it, people. Promoting BitShares is a 'part-time job' now for all of us. Imagine working at Google (or insert your favorite startup success story here) when they first got started with the promise that your options might be worth a great deal more someday. And that your technology could make the world a much better place. We can make it happen.
Customers and merchants don't care about Bitshares. The market for Bitshares are people who want to speculate or loan or park their money and collect some kind of yield or interest.
There isn't another decentralized exchange where people can do that. There are plenty of coins competing to get merchants and customers. If you can store your earnings in gold or silver that is something nothing else can offer right now.
Good point:QuoteThe market for Bitshares are people who want to speculate or loan or park their money and collect some kind of yield or interest.
Speculators buy bitshares. They do not value bts as highly as we think they should, though it is the second most traded coin at poloniex. Right now speculators value btc above the alts because it bitcoin is the backbone and rosetta stone for all other blockchains. Speculators know that when dollars and yuan flow into the digital economy, they will do through bitcoin. The broad decline in alt coin prices suggest that speculators are selling their alt coins to capitalize on bitcoin's latest assent. When bitcoin settles down, speculators will exhale, and value will flow back into the alts with a vengeance.
I agree with this. I've seen it happen many times before but this only tends to happen after the price of Bitcoin passes a certain psychological pressure point. When Bitcoin is seen as "too expensive" then people start looking for other crypto. Usually they look to Litecoin, then Litecoin eventually is seen as expensive, so they might look to Ethereum, and down the line, until they reach other coins.
This rally is different from the previous ones though. The previous rallies had centralized exchanges, limited ability to get capital in and out, etc. The current rally has institutional investment which can shift in and out, and these investors only care about Bitcoin and do not care at all about the other technologies yet.
This would mean the people investing might not be smart enough about it like the previous more tech oriented generations of investors. The new generation might only see Bitcoin because of the Bitcoin ETF and similar, and might not be able to figure out how to put a few billion dollars into Bitshares.
For Bitshares to be successful Bitcoin would have to go to an ATH and stay there for quite a while so that people have enough time to absorb the different technologies. When Bitcoin reached $1000 a lot of people did start to learn about Mastercoin, Counterparty, Bitshares and other altcoins despite the fact that Bitcoiners at the time would call them all shitcoins.
It's probably only a matter of time before millions of new people come into the space and that is what will boost the Bitshares price because most of them will come from Bitcoin to diversify.
