Light-hearted Insights

“What You Said” (Feb. 24), a Weekly Round-Up of Sentiments From the Community

Welcome back to our weekly blog series, “What You Said,” where we conduct fun polls for our community and share some of the most interesting sentiments!

Did you know that there’s a CoinMarketCap daily newsletter? If you haven’t subscribed yet, what are you waiting for? In it we cover the latest news hot off the press, as well as conduct entertaining polls in which you can participate it! πŸ˜„

Today’s Poll

What You Said in Last Week’s Polls

Here are some of the more interesting responses from the polls of last week πŸ€”:

How much do you agree with this statement: “The continued growth of Bitcoin (BTC) threatens the US Dollar’s position as the world’s global currency.”

– CoinMarketCap Daily Newsletter, 2/26/2020

The average response to the above question was 5.5.
23.9% of you voted 1, and 30.4% of you voted 10.
Here’s why some of you think so:

  • “One could say that there is no paper trail but there is a digital footprint. So trying to hide behind or within BTC, one would eventually get caught. That said, with the ease at which transactions are completed within the crypto space, consumers are going to demand that as a payment option at some point. I love paying by crypto. Within a few minutes (mostly less) a transaction can occur. No need for waiting for a check to clear the bank.” – Why do we need a middle man to approve OUR funds – and a process which can sometimes take anywhere from 3-5 business days? And yes! Do continue paying in crypto. The more you do, the more you help the space speed up the adoption process. πŸ˜„
  • “I think that’s a fair statement. Not a guaranteed outcome though, I think they can co-exist as they do now”Β – I think believe in co-existing too. It’s all about options and having the freedom to choose which medium of payment. πŸ‘
  • “I’m not an expert by any means. Purely my opinion, some context. If a person in the US has a lot of debt and can’t pay it off. They declare bankruptcy. What happens if the USA can not pay off its trillions of dollars worth of debt? USA can’t simply declare bankruptcy and start over can it? Or worse all hell breaks loose and crap starts to hit the fan. If my mind serves me correctly, other countries and economies have already started pulling out of the U.S. market. I believe it is a matter of time when the majority of U.S. citizens start to lose faith in our economy. Bitcoin seems to be a good start, but it is still new. There is no doubt many of us can see the benefits of blockchain technology. Only time will be able to tell. Best of luck to everyone and stay safe and have fun πŸ™‚ We’re in for a rough ride.” – They will continue to print more and more money. However, it is merely a stop gap measure and the root problem of a flawed monetary policy is not solved. Additionally, debt levels are rising at a quicker rate than the rate at which income levels are rising. Eventually, the system will reach a breaking point. Buckle up! πŸ˜”
  • “The world is not quite ready to move on from the greenback as the reserve currency. But it will inevitably happen. Bitcoin could certainly be a contender as a replacement, but there is a lot left to be decided before that can happen. The crypto community isn’t even sure whether it prefers Bitcoin as a fully functioning currency, a source of wealth storage, or something in between, just for starters.”

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How much do you agree with this statement: “I prefer the Brave browser to any other browser”‘

– CoinMarketCap Daily Newsletter, 2/28/2020

The average response to the above question was 7.7.
12.5% of you voted 1, and 55.5% of you voted 10.
Here are some of your “whys” or “why nots”:

  • They pay me money and they keep my data private!Β – Personally, that’s a huge plus. Protecting my data is important to me. πŸ˜„
  • I have been using it for over a year now and love the free coins. I have many.”Β – Protect your data and earn money while at it. What more could you ask for? Oh wait, it’s faster too. πŸ˜‰
  • It has so many features that makes surfing the internet easier compare to its counter parts.”Β – The Brave browser is just in a different league. I still do comparisons from time to time, and Brave always comes out on top. πŸ…
  • One word: privacy‘Β – Enough said. 🎀 drop.

How much do you agree with this statement: “I expected this recent market correction”

– CoinMarketCap Daily Newsletter, 3/2/2020

The average response to the above question was 5.8.
23.3% of you voted 1, and 23.3% of you voted 10.
Here are some of our favorite responses :

  • “All the chartists seem to have been expecting an extreme bull run, but personally I do not expect that to occur for another 12 months. For me the autumn of this year and through 2021 will be the time we experience massive growth. Sometime within the next three months the buying opportunities should occur.”Β – I agree. I think many people are over anticipating the upcoming halvening event, and are pinning too much hopes on it. In theory yes, prices should go up, as per the stock to flow model. However, we should all recognize that markets, especially that in crypto, are irrational. Besides, I also think that there has to be strong fundamental change to justify new money coming into the space. DeFi could be that catalyst, but I think it’s still kinda early as the infrastructural groundwork is still being laid. πŸ”¨
  • i didn’t.. also if i am not wrong most asset class be it stocks, oil, gold, real estate is depressed..”Β – Yeah, really hope BTC shines during this period… If BTC tanks during this time, it could invalidate the argument that BTC is not correlated to the stock market, and hence invalidate the claim that BTC is a good portfolio diversification tool. πŸ™πŸ»
  • “Inevitable! As there are more short term traders out there than long term Hodlers. It’s something serious investors must put up with. Perhaps the tortoise will win?”Β – I believe so. Personally, I’m sticking to my long term strategy of DCA-ing and hodling. 😊
  • “Don’t see this change as much of a correction. >10%?Β – Look at the 200 MA. Trading below that is a good sign of whether we are in a bullish/ bearish cycle. πŸ‘€

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