Decoupling from BTC - We need this

in #bitcoin6 years ago

Many woke up to deflated crypto wallets yesterday (Monday) thanks to BTC and it's wild and strange movements.

I have previously written on the need for a full decoupling from BTC and with it freeing our fortunes from the BTC short sellers, OTC buyers, and other vagabonds.

It is quite obvious that there is big money manipulating the market for it's own benefit. Buying, shorting, and deliberately crashing the market. All these moves have a devastating effect on the overall alt coin market as evidenced in May when the expected main net launch run ups for both Tron and EOS failed to materialise as the market suffered more BTC upheaval.

Indications are hopeful however, as seen in the latest BTC "crash". I got the perception that the alt coin market didn't drop as fast as it usually does when BTC falls. It seems that HODLers are becoming savvy and not panic selling when the market goes red.

In my view, there are several ways to deal with these shysters messing up the market and impeding the organic growth of bonafide projects.

Firstly, exchanges need to continue pushing for more fiat pairs and also streamlining their interactions with real world banks. The on ramp needs to be as smooth as Coinbase if not better. This will in effect start diluting the BTC/Alt pairs and in the long run, the BTC demand from fiat entry points will die away.

Secondly, projects like Ripple, ETH, EOS, TRON, Stellar, Cardano and others that offer real world usage need to hit critical mass and possibly overtake BTC. I believe this will happen as the projects develop value through application and migration from concept to mainstream use. This real life use will pull capital towards these projects and become insulated from BTC moves.

Third, the "EOS effect". That EOS tokens need to be staked in order to run dAPPs on the network in effect take tokens off the market and unavailable for sale. Also, the increasing use of airdrops basically rewards HODLing and I suspect will reduce the sell off volume following the mainnet launch due to the anticipated airdrops. Although I have to say this only holds true provided projects utilise fresh snapshots for their airdrops and not the genesis snapshot. There will always be those that buy in the run up to an airdrop and then dump their coins, but that will be the risk they take and it's part of market dynamics.

Finally, the collaborative nature of the community can come together and either deny the OTC buyers and their brokers access to tokens, or coordinated HODLing through the turbulent times of BTC "crashes" and seeing each other through.

We must protect this market that has been developed on the backs of small retail investors from the sharks of the fixed & broken stocks/currency markets. This after all was (I think) Satoshi's philosophy behind the development of the trust less BTC.

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