RE: Will BTC Drop To $18,000?
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of course, most altcoins are impacted by btc because most developers, holders reserved bitcoin as the collateral assets. when btc is down everything will be down. if hive community can create its own phisical product marketplace, the price of hive will not be impacted by btc. hive is backed up by phisical products
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Are you saying, all Altcoin is backed by BTc, the way we have been told the Dollar is backed by Gold?
Again, what physical products are you taking about?
In the past minting dollar is backed by bulllion assets but today more fiat in countries are not back by the bullions that is why the inflation rates increase every year. Phisical products that I mean , when a crypto is a means of transaction for real products and services not money create money. When you sell a cloth and you accept HBD, it is indirectly you have backed up the HBD with phisical products.
Defi is creating new token with the collateral assets of bitcoin, eth, or existing token. It means money back up money not phisical products that back up money. Now, when bitcoin price falls, all the assets in defi will fall because the back up asset is bitcoin
Oh. This is a good revelation. Thanks for this. I understand now.
What do you think we can do to stand backing our tokens with physical products instead of just money?