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      "body": "Congratulations @goodreason! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@goodreason/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@goodreason) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=goodreason)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-witness-update-2019-05\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/7CiQEO.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-witness-update-2019-05\">SteemitBoard - Witness Update</a></td></tr><tr><td><a href=\"https://steemit.com/steemmeetupaachen/@steemitboard/steemitboard-to-support-the-german-speaking-community-meetups\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmeoNp9iCaCfd2D6TqnWa3Aky2mU4Fm3xaSmjTM91YoNBS/image.png\"></a></td><td><a href=\"https://steemit.com/steemmeetupaachen/@steemitboard/steemitboard-to-support-the-german-speaking-community-meetups\">SteemitBoard to support the german speaking community meetups</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "I just wanted to get this off my chest because I'm starting to get annoyed by the BTC debates regarding it's economic implications.\n\nFirst of all, the same arguments have been getting repeated over and over and over with regards to BTC. All of which are most often valid points. The main points being that BTC has no intrinsic value, that is has high transaction fees, and that it's wasteful.\n\nI would love to see the crypto community and especially main-stream media to start debating all of these issues but replace BTC's aspects with those of ETH, or any other smart-contract platform for that matter. I find it disturbing we keep finding these BTC economic-theoretical debates that always end with the same conclussions.\n\nSecondly, Everybody needs to start realizing that because of the very nature of a smart-contract platform, the token which is native to that blockchain has intrinsic value. Ether was once compared to a fuel (gas), with respect to the platform, as in: there is no using the platform or creating a DAPP or DAO if you do not have a proportional amount of it. A smart-contract platform offers certain advantages and properties with regards to applications who may want to benefit from these advantages and properties that the underlying blockchain provides (aka building on top of that specific smart-contract platform/blockchain). Not only that, but in the relatively near future, staking your ETH will give you a return on investment once they've switched to POS. Warren Buffet went viral on social-media with pretty much one single argument ( \"BTC is a bad investment because it can't produce him anything\", again: VALID point, absolutely) to debunk BTC. Vitalik has mentioned 5% ROI for staking your Ethereum. Thats not a bad return on investment for something that cannot be mismanaged, because the protocol itself which has no single point of failure provides you with 100% certainty. And you can always get it back in the exact same shape or form. Unlike real-estate for instance that has a life-span.\n\nBitcoins shortcommings as a means of payment, or store of value are effectively rendered mood when you take ETH for instance that DOES have intrinsic value. Mainly to developers, but basically everybody who wants to communicate any form of data over this decentralized network.\n\nTo conclude, it's just astonishing that you keep hearing the same 'criticism', the main drawbacks of BTC, and that the resulting piece of information pretty much paints such a grim picture of cryptocurrencies as a whole. Because in the minds of 99% of the population BTC=crypto and crypto=BTC. Even though, one should have moved on and should be 'updating' the caracteristics of cryptocurrency if you will.\n\nInspired by Ivan's interview with Peter Schiff : https://www.youtube.com/watch?v=MsL_8AazpsA\n\n\n<center> ![DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif](https://steemitimages.com/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif) </center>",
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      "body": "I just wanted to get this off my chest because I'm starting to get annoyed by the BTC debates regarding it's economic implications.\n\nFirst of all, the same arguments have been getting repeated over and over and over with regards to BTC. All of which are most often valid points. The main points being that BTC has no intrinsic value, that is has high transaction fees, and that it's wasteful.\n\nI would love to see the crypto community and especially main-stream media to start debating all of these issues but replace BTC's aspects with those of ETH, or any other smart-contract platform for that matter. I find it disturbing we keep finding these BTC economic-theoretical debates that always end with the same conclussions.\n\nSecondly, Everybody needs to start realizing that because of the very nature of a smart-contract platform, the token which is native to that blockchain has intrinsic value. Ether was once compared to a fuel (gas), with respect to the platform, as in: there is no using the platform or creating a DAPP or DAO if you do not have a proportional amount of it. A smart-contract platform offers certain advantages and properties with regards to applications who may want to benefit from these advantages and properties that the underlying blockchain provides (aka building on top of that specific smart-contract platform/blockchain). Not only that, but in the relatively near future, staking your ETH will give you a return on investment once they've switched to POS. Warren Buffet went viral on social-media with pretty much one single argument ( \"BTC is a bad investment because it can't produce him anything\", again: VALID point, absolutely) to debunk BTC. Vitalik has mentioned 5% ROI for staking your Ethereum. Thats not a bad return on investment for something that cannot be mismanaged, because the protocol itself which has no single point of failure provides you with 100% certainty. And you can always get it back in the exact same shape or form. Unlike real-estate for instance that has a life-span.\n\nBitcoins shortcommings as a means of payment, or store of value are effectively rendered mood when you take ETH for instance that DOES have intrinsic value. Mainly to developers, but basically everybody who wants to communicate any form of data over this decentralized network.\n\nTo conclude, it's just astonishing that you keep hearing the same 'criticism', the main drawbacks of BTC, and that the resulting piece of information pretty much paints such a grim picture of cryptocurrencies as a whole. Because in the minds of 99% of the population BTC=crypto and crypto=BTC. Even though, one should have moved on and should be 'updating' the caracteristics of cryptocurrency if you will.\n\nInspired by Ivan's interview with Peter Schiff : https://www.youtube.com/watch?v=MsL_8AazpsA\n\n\n<center> ![DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif](https://steemitimages.com/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif) </center>",
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      "body": "@@ -397,129 +397,8 @@\n EOS.\n- This is a responsibility which should not be given to someone who lacks experience in the economics of central banking. \n  Thi\n",
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      "author": "marketstack",
      "body": "> I do not understand why your experience in financial markets is relevant to be a BP. I personally think it's one of the least desirable things for a BP to have.\n\nBPs are the de facto heads of monetary policy of the EOS network, determining both the level of token inflation and the supply of RAM. \n\nBPs thus possess powerful mechanisms of monetary policy. This is a responsibility which should not be given to someone who lacks experience in the economics of central banking.  This is why we believe that having both technical and economic skills are of the utmost importance for BPs. \n\nThis is not theoretical. We're seeing this right now with EOS RAM inflation... an understanding of monetary policy is imperative, as the designers of the EOS blockchain have decided to let the market price of RAM fluctuate freely.",
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      "body": "Awesome post and clarification !\nI do not understand why your experience in financial markets is relevant to be a BP.\nI personally think it's one of the least desirable things for a BP to have. I prefer sound technological backgrounds.",
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      "body": "# Preface\nAt the dawn of cryptocurrencies we had the original Cypherpunk organization consisting of just about 10 members, including  Satoshi Nakamoto himself and Hal Finney who received the first transaction. \nOnce the blockchain and concept of Bitcoin were invented it became open-source and available to everybody.  Software scientists could review the code and everybody that wanted could -in theory- interact with the blockchain and participate in it's decentralized, immutable and secure network. Granted, you might have needed some knowhow.\nNon the less, the value of cryptocurrencies increased at a certain rate until it became to large to ignore by the mainstream media. \n\n# Hypothesis\n\n**There is a fundamental difference regarding trust in cryptocurrencies between an early adopter and the general public.**\n\n<center>![images.png](https://steemitimages.com/DQmZLbBdAGpy5UL3fJ28oiPdrg9RYKYcbes8CT8KsasCTxH/images.png)</center>\n# Reasoning\nFor a very long time cryptocurrencies were living in the shadows of society. From January third 2009 (Bitcoin's Genesis block) till around march 2017 the vast mayority of the world's population had barely heard about it.\nThe small number of people who did come into contact with it approached the idea with an open mind. Mainly because previous information simply didn't exist for them. \nThis forced the early adopters to look to themselves to discover the underlying properties of the blockchain behind Bitcoin.To any rational individual many different questions had to be answered regarding security, benefits, merits, the way it works, etc. to come to a conclusion.\nThey had a strong incentive to research the phenomenon and it's many aspects because it involved making an investment into something one had never heard about before. \nThe general consensus reached by these groups of people was that the technology and it's principles had merit. This can be measured in the ever-increasing market capitalization bestowed upon Bitcoin. The marketcap on may first 2013 for cryptocurrencies was 1.344.530.000 $. This was when Bitcoin had already seen a massive rise in value. By may first 2016 that became 8.418.000.000 $.\n\nAfter this period of early adopters we've seen tremendous gains but also giant losses. \nAn immense number of people came into contact with the phenomenon through the mainstream media and decided to view this as something new with immense potential. \nMost of them took just one piece of information with them: the headlines of a few people who became billionaires i.e. the immense increase in valuation over time. \nFueled by a period of ever-increasing volume and marketcap the FOMO (fear-of-missing-out) set in. As a consequence blinded investors decided to jump into the pool.\nUntil the bubble bursted during January 2018, from which, it still needs to recover to date.\n**Bubbles pop when the underlying trust within a market reaches a **breaking** point with respect to the valuation of the asset.** It can only tell us one thing: that the general consensus of people was that 20.000 $ or even less then 15.000 $ now, was and is simply to high.\n\n![popping-bubble-20384-1920x1200.jpg](https://steemitimages.com/DQmQyE6H62PDCVwEfxus5L8JjkKbxJMUssyakPsVgcPj2Pw/popping-bubble-20384-1920x1200.jpg)\n\nThis also makes a lot of sense when you consider that the vast mayority of investors who jumped into the pool failed to understand the underlying merits of their investments. \nEarly adopters however can STILL fall back onto their own reasoning. They still retain the knowledge and insights that their own independent research produced. \nResearch which led them to conclude that others would see the benefits and merits of Bitcoin later on, pushing the price higher.The mainstream-media investors however lack this aspect and only jumped on board in the hopes of making quick and considerable returns. The vision of never resorting back to fiat-currency has never crossed their minds. Rendering the entire concept obsolete.\n\n# Conclusion\nI have observed a massive disconnect between the reasoning of an early adopter and a mainstream-media-investor. They have incredibly different points of view.  To this day I have friends coming up to me and saying they bought a cryptocurrency. But when I ask them WHY they bought it, they don't give me a reasonable answer. Basic concepts such as POW, consensus, decentralization are but a minor notion and barely understood once you start hearing them out. One simply **NEEDS** to understand these principles, otherwise the merits cannot possibly be evaluated. It's rather funny how easy it is to debunk an average person's motivation for investing into cryptocurrencies. I still uphold that it's my duty to remember friends, family, that it is absurd to invest into something that you have no insight or knowledge off. Because eventually, that's what it ALL comes down to! Without people realizing the core merits of a decentralized currency it can never ever be adopted. Besides, a person in such a position cannot possibly withstand the pressure this volatile market puts on them. Leaving him to panic and sell-off.\n\nIt's also worth noting that the negative media coverage seems to be extremely persistent in people's minds. Where an early adopter would have considered the positives and the negatives.  A large portion of people seems to have already made up their minds, signing crypto off as nothing more then drug-money. Maybe as a result of banks propagating the toxicity of the concept. Even though, it offers the entire continent of Africa an entirely trustworthy payment-system.\n<center> ![ornate-line-clipart-1.png](https://steemitimages.com/DQmdxbQgZ91yijpfKRwVNtqauexKQYiuSuQTgL9pZ5KDGYj/ornate-line-clipart-1.png) </center>\nWhat do you think about this theory regarding the psychology of the masses? How much were mainstream-media-investors influenced by the -often not fair- representation of cryptocurrencies? \nAnd how likely is it for a human who has made up his mind to change their attitude towards something?\n\n<center>**Let me know what you think, what your insights are!**</center>\n<center> ![DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif](https://steemitimages.com/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV/DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif) </center>",
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      "body": "Congratulations @goodreason! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstcommented.png)](http://steemitboard.com/@goodreason) You got a First Reply\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> Upvote this notification to help all Steemit users. Learn why [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "author": "karenmckersie",
      "body": "Welcome to Steemit ! It takes quite some time, but once you build up a dedicated following you will do much better and hopefully sometime soon some these issues will be fixed , the platform is still very new,  only 2 years actually with people on it So im pretty sure we are in for a lot of updates and improvments ! At least I hope so in this matter . Thanks for you kind reply ! and best of luck to you !✌👍",
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      "body": "Excellent post..   You are an expert in writing. I wiil always visit your blog n following yu",
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      "body": "# **Preface** \nWarren Buffet's opinion on cryptocurrencies is always widely covered. His main argument is that cryptocurrencies do not produce anything of value, and therefore he considers them a bad investment. Because they are **speculative**, i.e. you're speculating the next buyer will be willing to pay more. Warren Buffet has always favored \"**fundamental** investing\", where the investment itself produces something of value. Such as land that can produce crops or rent. The underlying asset can however also be subject to speculation. For instance: the world's population will increase (speculative), creating more demand for land, thus increasing it's value.\n\n# **Hypothesis**\nPOS Smart-Contract platforms turn the speculative cryptocurrency into a fundamental one.\n\n# **Core-text**\nEthereum will switch from POW (proof-of-work / mining) to POS (proof-of-stake/ staking). Knowing the difference, and Ethereum's roadmap is crucial.\n\nRather then having miners doing the validation of the decentralized blockchain by contributing their GPU-power, eventually Ethereum-holders will be able to stake their ETH to become a validator of the network. Miners are incentivized to be honest and validate the blockchain by being paid fee's or newly minted coins. Stakers are incentivized because validating the blockchain by staking their ETH also guarantees a compensation, and dishonesty means losing your stake.\n\nAt this point the nature of ETH changes from being a speculative investment to becoming a fundamental investment for me. Vitalik Buterin said (09/05/2018) the minimum required ETH-stake will be 1500 ETH and that the pay-out rate would come to lie between 0 and 5% each year. This means that it is no longer the mining-device that acts as a fundamental investment ( =producing value). It becomes Ether itself. The blockchain protocol's pay-out for your staked ETH insures that you receive something of value. Also, fundamental investing can be plagued by uncertainty such as a person not paying his rent. In this case the blockchain protocol insures your pay-out. Which makes 0 to 5% **DIVIDEND** sound... rather good considering the certainty. Please note it should be considered a dividend, the value of the underlying ETH can still increase of decrease.\n\n# **Conclusion**\nAssuming my view is correct, it would effectively debunk Warren's logic. Which in many crypto-cases, including Bitcoin is right as rain. I'm giving him all the credit he deserves here (and he does deserve A LOT), and I'm only using his own rhetoric against him. I think it's safe to say he doesn't know about this upcoming feature of Ethereum or POS as a whole. He would know not to make the same argument as he's done so far.\n\n**I'm very curious what you guys think about my train of thought! Do you think my reasoning is flawed?**\n\n\n# Miscellaneous & Sources\n*-Disclaimer: this is not financial/investment advice. Always do your own research.\n-1500 ETH is a lot to own before it can produce you something. People could potentially organize to put their ETH together, but a lot trust would be needed (smart contract?).\n-Casper FFG will not NOT be running on full POS, it will be a hybrid between POS and POW. I'm assuming full POS would push the 5% higher. Since miners will no longer be there to reward.\n-Vitalik Source: https://www.coindesk.com/the-economics-of-ethereums-coming-consensus-change-are-taking-shape/\n-Warren Buffet source: https://www.youtube.com/watch?v=LtITDtZPYEw\n-Investopedia: https://www.investopedia.com/ask/answers/09/difference-between-investing-speculating.asp*",
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