I think the btc fee plan might backfire and BCC will be king in 2018.
So, @davidpakman did an interview with Roger Ver from Bitcoin Cash. Ver seems like my kinda guy. From that interview I think he'd support the values of Peace, Abundance, and Liberty. He kept repeating a point that did actually stick with me. So, firstly I think he understands marketing and messaging and second I think he has a point.
The BTC folks are celebrating the high fees and trying to build btc as a store of wealth more than a tradeable token. I think the store of wealth thing may go over well, but I think the fees are excessive. Ver described them popping champagne bottles open when the fees overtook the block production costs. I can't verify that, but it does seem like the community behind btc has been promoting it.
So, I've had some fears that btc has been taken over by big banking institutions and the first thing that I really see happening is some massive fees... that sounds like big banking to me. Initally I thought BTC was the good guy and BCC might be the bad one, but I think I have to reverse my thinking here. I barely hold any btc and don't plan on holding much. I'm pretty sure I don't like it as a coin, but that may change as things develop. Anyway, the point of high reliability, good network speed, and low cost I think will resonate for a lot of folks and a cash/currency model will ultimately play better in the market than an expensive store of value.
Let's face it the other coins store value too. They just don't cost you an assload to do it.
So, not that I'm into either of those, but I think I'm gonna start rooting for BCC. Also, I'm seeing Steem at $3.30 while BTC is at $15. Either Steem is starting to be more heavily priced based on the price of BTC or the price correlation between btc and Steem may have weakened. Funky times for sure.
What do you think? Which do you prefer? What are your price predictions for the end of 2018 for BTC, BCC, and Steem?
I'm by no means a good crypto trader, so don't take this as advice so much as starting a conversation about it.
The lightning network and segwit will make the transaction fees to go down drastically making this point moot. I'm not sure why Ver keep repeating this point. I haven't look at this latest interview. I've seen him mention the fees multiple times but lightning network is already working on the test net and I think it can even be used on the main network.
Bitcoin is currently more than 5 times the market cap of Bitcoin Cash and Bitcoin has way more devs than Bitcoin Cash.
If the scenario you propose happens and I'm not saying it might not happen, in fact I kept some Bitcoin cash in case but the odds are very much against such a scenario.
At 4:36 Andreas explains the lightning network plus segwit for anyone who has a basic understanding of Bitcoin. It can be tricky to understand but it's understandable. I feel like everyone interested in Bitcoin should give its chance.
This video does a great job at showing why the LN may centralize transactions and this worries me.
Exactly - brilliant - Bitcoin IS the bankers now...
Not many people are getting this so far
This is going to be interesting, I'm fully betting against Bitcoin myself, but we shall see!
I've made my fortune from Bitcoin and moved on to hopefully greener pastures
Yeah, but about LN we are hearing from at least a year or so. it was supposed to enter in this year but it didnt. So how much more should we wait till a miracle happens?
You either adapt or loose the game.
I don't think you get quite the point. It's not merely the fees as such, but the fees and the structure. If the new "network topology" of Bitcoin Core so to speak, makes Bitcoin more vulnerable to government infiltration and manipulation or information leakage, then I'm still more comfortable with Bitcoin Cash.
That's even with all the different "issues" BCH has, because the design of Bitcoin is strong enough to handle those a lot better than a group of people redesigning it according to entirely different principles.
Nice content, keep it up.
That picture of Andreas just screams EVIL.
You've figured it out.
I try and take the politics out of things and just look at the technology and the facts. The fact is that BTC is not really a crypto CURRENCY any more and I can't for the life of me figure out why high fees is a GOOD thing. Sounds like the spin-doctors are in the house to me. If I want a store of wealth then I'll use gold and silver. BTC is in danger of making itself redundant. Positioning as a store of wealth with no intrinsic value or asset backing is a recipe for disaster IMHO.
As for Roger Ver, it's hard to tell if he is just talking the talk but I do like a lot of what he has to say. He certainly talks about Libertarian ideals that resonate with me, but there are a lot of people who hate him vehemently.
Yep, makes 0 sense. If crypto isn't good for transactions, it isn't good.
Not that I'm not Jelly. =p
Steem is a far better crypto than BTC or derivatives. Sooner or later, this will be come widely known enough that BTC will be eclipsed by Steem, IMHO.
Yes, there is a point in time in the very near future which will be a big deal for STEEM. Will it migrate to the EOS blockchain once it's released? That could be the moment both STEEM and EOS go to the next level.
https://antex.cloud/r/4a3
https://antex.cloud/r/4a3
https://antex.cloud/r/4a3
I certainly hope so!
I think Bitcoin is a dog and after selling all of mine last week when it was high, I put more $ into Bitcoin Cash, Dash, Monero and Litecoin, along with 10 other smaller altcoins.
At this point I wouldn't touch Bitcoin with a 10 foot pole! It's past it's use by date...
Completely agree. good choice investing into Dash, Monero and Litecoin. I don't like bitcoin cash. It's exactly as outdated as bitcoin, except it has bigger block size. Once more people will buy in and it will reach max capacity it will need to increase block size, again and again. This is not sustainable. This is a stupid, outdated, and centralized solution.
Exactly @marc99 ! BitcoinCash is just as outdated as Bitcoin. In all honesty, Litecoin is too. But then again, exactly as @sift666 said, it's all about timing. We should just ride the BitcoinCash wave, then ride the Litecoin wave until their caps are reached, and then just invest in coins who can be the next step going into the future.
Emotions are the worst. We just get emotional about Bitcoin, because we "don't know better" ... but we need to look at the bigger picture, and understand that Bitcoin is not the only coin out there, nor is it even remotely close to being the best!
I wish you the best of luck gents, and hope to get a chance to discuss more with you in the future! Followed you as well @marc99 !
Followed as well!
https://antex.cloud/r/4a3
What I'm hoping to do with Bitcoin Cash is ride it up on a popularity wave, then trade it in for better designed coins, like I've just done with bitcoin.
Timing is everything...
https://antex.cloud/r/4a3
Thanks for the tip - but this is Bitcoin mining isn't it?
Bitcoin is a bankers scam now:
Agreed. The only thing that it has going for it is that you have to usually go through Bitcoin in order to go from alt to alt (that's how it seems to be in Poloniex).
I just posted a rant about Bitpay not working with Exodus wallets. Basically, I have to transfer my BTC from Exodus to Electrum ($50 cost) before I can send it out over the BitPay network (yet another transaction fee).
https://steemit.com/bitcoin/@sirstacksalot/bitcoin-payment-protocol-sucks-for-us-exodus-users
https://antex.cloud/r/4a3
Yes. BTC is not here to stay forever. But i am concerned it may drag Dow the whole market with it. More exchanges need to adopt BCC or LTC or ETH as the main one that i bought then traded for other alts. Right now BTC rules that because it has been fully adopted by all exchanges and platforms. But in order for the market as a whole to improve, we need something to pass BTC organically, and then it be adopted by all of the exchanges.
Things are changing. Let’s see where they go this new year
My thoughts exactly @sift666 ! I expressed the same concerns in the post I made yesterday about BTC fees. Give it a read, share your feedback. I would very much like to engage in a few conversations with people who are not so blind to think that BTC is the king, and always will be, just because it's the first.
PS: Followed you - hope to see good content from you soon!
PS2: I don't wanna spam @aggroed 's comment section too much with links, so you know where to find my post if you wanna read through it :)
Thanks - great post - following you now
https://antex.cloud/r/4a3
Couldn't agree more. Altcoins is where the money should be, because they work. Bitcoin doesn't.
Well, I got soured on the idea of BTC when I read it takes as much energy to power the BTC blockchain as it takes to run all of Norway for a year. I guess the young whippernappers can't blame the old folks for ruining the plate any longer.
Consider however that Norway has a population about as big as New York and that the global financial system we already live with consume enormous amounts of energy as well. But with time, as the technology improves, PoW chains will become less energy consuming and could also transition to DPoS.
https://amerty.cc/register
I think that even BCH should be counted out in this. I don't think it's fast enough or cheap enough.
Coinbase is going to continue to add more crypto/fist exchanges I believe. As this happens, we have less dependencies on BTC being the go to coin for exchange.
Currently, I think ethereum may take it's place, since Bittrex and other exchanges have ETH/Whatever.
I think as a collective, we need to move away from BTC being the main exchange coin.... We are placing part of our future on an old, out of date, expensive, non-flexible protocol. And while the failure for BTC to change may be partially the fault of the BTC community being toxic, I think it is inevitable that BTC will fail.
Facebook wasn't the first. Myspace was before it. Something was probably before Myspace .... Than you had forums....
The first ideas aren't always the ones to stick, it's the people that come after with even better ideas and innovations.
So, while I am not super clear on BCH and it's advantages, I think it still wouldn't be good enough for mass adoption as there are other choices that have no tx fees, and faster tx times.
If ethereum wasn't constantly bottle necked, I'd put more faith in it.
IRC FTW!
Thank you for posting
Criticizing bitcoin? Yes I get it. Hailing bitcoin cash? no. Increasing block size is not a sustainable solution. Every time more users join the network, bcash will have to increase the block size even more. This leads to centralization of the network, and is not what we wanted when we entered the world of crypto.
And 7 transactions per second is a sustainable solution. $50 transaction fees and a 200K backlog does not bode well for Bitcoin.
I just posted a rant about Bitpay not working with Exodus wallets. Basically, I have to transfer my BTC from Exodus to Electrum ($50 cost) before I can send it out over the BitPay network (yet another transaction fee).
https://steemit.com/bitcoin/@sirstacksalot/bitcoin-payment-protocol-sucks-for-us-exodus-users
I hope BCH stomps the SH#*# out of BTC for that reason alone!
I find this reason odd. We still see a storage and computing power increase each year. Saying that increasing the block size will centralize Bitcoin Cash is a bit disingenuous when we can now put 256 GB of storage space on a micro SD card and a 4 TB HDD is only $100 USD on Amazon.
I agree that some people will leave the network due to their storage space issues but many people would also use the increased value of their Bitcoin Cash to buy more storage space to continue as a node.
After reading the white paper and understanding cryptography behind Bitcoin back in 2015 I jumped on board. I did so because I saw the technology removing fiat money and killing fractional reserve lending. The way Bitcoin Core has progressed in the past year it looks more like Bitcoin is becoming a tool for the central banks.
That is not what I signed up for when I entered the world of cryptocurrency.
So you reject Satoshi Nakamotos design then? That's fine with me, he's not a deity after all. Let's find out in the market place what actually works best.
Just remember; few years ago we didn't have SHA256 ASICS, fiber, SSDs, more than 4 gig RAM in personal computers, multi-core cpus, laptops that didn't overheat as dust built up inside them, broadband, dial up modems, advanced gpus made specifically for gaming.
The longer into the future we go, the more common all of the most advanced tech we have right now will likely become.
True, but the whole concept of Proof of work is outdated, unpractical and bad for the environment. Look at steem, scales multitude of times more than proof of work coins without breaking a sweat.
Well, sort of. It does still have many costs baked in, such as inflation and issues relating to PoS. I think that more than PoW vs PoS it's the other parameters that are more important and which give good transaction speed etc.
PoW has a hidden benefit in the way that it works though as compared to PoS, although not as much compared to this "Proof of Brain" as they call it that Steem has.
PoW (as does "PoB" in a sense) creates a lot of noise (figure of speech) which acts as a vortex around the blockchain, sucking in spectators and capital. That capital helps build the industry and incentivize new development. PoS has a harder time doing this, at least initially and especially did so pre the ico-craze. (Hence why most people initially rejected it as a ponzi scheme)
You can think of it a little bit like gambling. Half the fun of a one armed bandit is actually pulling the level/hitting the buttons manually, hearing the sounds it makes and waiting for the result. That's why people feel in control and want to play it over and over. If they had much less control and feedback, they would not be as engaged and not bet as much or as many times. It would be comparatively boring and less taxing for the brain to predict the end result.
So yes, PoS doesn't put in as much work, but with Bitcoin PoW is like a game - where miners "mined the gold coins" and got rewards in a lottery - and is also accessible without engaging in DPoS politics.
I agree with you!Merry Christmas!:)
100% agreed!
I just posted a rant about Bitpay not working with Exodus wallets. Basically, I have to transfer my BTC from Exodus to Electrum ($50 cost) before I can send it out over the BitPay network (yet another transaction fee).
https://steemit.com/bitcoin/@sirstacksalot/bitcoin-payment-protocol-sucks-for-us-exodus-users
I hope BCH stomps the SH#*# out of BTC for that reason alone!
I agree that BTC fees are getting too high, even as a store of value. I'm not sure how I feel about BCC because of all the negative media attention as well as the extremely mixed feelings amongst the crypto community. I think there will come a point that BTC will either have lower fees or start to lose significant value to other coins who present a better long-term storage capacity. Something like STEEM as you said. Thanks for sharing this!
I wouldnt bet on BTC userbase switching from BTC to BCC, it takes a real big EASY button to convert mass , especially behind the work of the BTC community, fees are getting to par with other, confirmation times not so much, but BCC is certainly NOT the only faster coin out there, BTC wins
It's not really about just being a faster or cheaper coin. More than anything, even more than the security and economic issues, it's about the community and making the most of already invested capital and infrastructure be something other than worthless.
@aggroed While I don't really support Bitcoin Cash, I cannot deny the huge fees that BTC is seeing right now, and the lack of any "roadmap" or even a remote resolution to this issue, which makes me think that there will be no fix anytime soon. Right now I feel that BTC is almost unusable. I've spend $120.00 in TX fees to send the remaining $420.00 to Binance, where I just took some altcoin positions for trading. That's like 25% fee bro ... it's unimaginable.
I have completely converted all of my BTC to altcoins, and will start to pursue projects that I find worthy of my investment for the long run, such as STEEM, NEO and probably just replace BTC with Litecoin as a "store of wealth" currency.
I honestly don't like to shill my own shit, but here's the link to my post from yesterday where I actually express my feelings about the fees, and about what the future holds for the crypto space. I am sure you'll find the contents valuable: https://steemit.com/bitcoin/@lifewithcrypto/bitcoin-fees-and-how-i-lost-my-faith-in-bitcoin-what-are-the-alternatives
PS: A resteem would mean a lot more to me than an upvote on the post, just to share my thoughts with more people, and hear about their opinions. Thanks!