Roger Ver Interview
In the scaling debate, I have always sided with Roger Ver & Bitcoin Unlimited. In general, I consider Tone Vays, and the bitcoin core team to be holding the wrong positions about scaling.
In the end, the New York agreement favored neither side, which is good because it means practical business people got involved on some level, and the future of bitcoin was taken out of the hands of bitcoin core team. Programmers should never be the head management of a multi-billion dollar business. When Microsoft got big, Bill Gates made a business decision and stepped aside, and put a business manager in charge.
In case you did not know, the censorship Roger speaks of in this interview below happens on /r/bitcoin . About 80% of what is written on /r/bitcoin about the scaling debate is a lie. Why reddit has steered bitcoin at all makes no sense to me. Reddit is a platform of divisiveness and vitriol. Leading up to the New York agreement, people were calling for the discussion to be removed from reddit altogether. Now that the various sides have figured out /r/bitcoin is a bad place for a discussion, real progress is beginning to happen with bitcoin.
In the end, I believe bitcoin will lose first place in market cap. Candidates to beat bitcoin are as follows:
- Ripple
- Ethereum
- EOS
- Dash
Bitcoin's scaling agreement, is too little too late. They need to be aiming on getting transactions per second over 1,000 TPS. Currently, their goal is 10 TPS. There is 2+ year old tech, bitshares which can do 10,000 TPS.
How well does your computer run things, if you wait 5+ years to upgrade it? Eventually, it is just junk. Bitcoin's days are numbered, but before that matters, it should go higher in the next year. Bitcoin will top, though, and likely be finished just due to their inability to move forward. Should they change their behavior, and begin updating the bitcoin code to get volume where it is needed, bitcoin could survive. They are taking too long.
How a coin should be operated
If you are interested in how a cryptocurrency should be operated, watch this. What this video is, is a conference call. In the world of stocks, every company does a quarterly conference call detailing their results, progress, and financial information. In the world of cryptos, Dash is one of the few cryptocurrencies operating their team like a business. They hold quarterly conference calls, have a management structure, have goals, and a direction forward with analysis of how they are doing at achieving those goals.
Now you see why I like Dash so much. Investors from the traditional world of investing, want conference calls. The big money, they are going to favor investing in coins like Dash which provide visibility. This is the sort of behavior that makes them comfortable investing. Bitcoin's organization would scare them, frankly.
Some very interesting thoughts. I'm in total agreement with you regarding Dash. They seem to have a vision and are focused on making it happen. I'm very torn with Ripple b/c of who backs it, but b/c of that I think it's long term prospects look bright. Great post man.
"Dash is one of the few cryptocurrencies operating their team like a business. "
I'm not sure if that is a good thing when it comes to "decentralized" cryptos. That sounds more like a stock/security, and with today's statement on ICOs by the SEC, cryptos with management teams may be viewed as a new type of security.
In the case of DASH, which has an opaque blockchain, the incentive for regulators to crack down is even greater. Something to think about.
It is good for investors, bad if you hold onto libertarian politics. I'm a libertarian, but libertarians / anarchists / ect, we live in a world where most people will never be those things. Our idealism can not get in the way of understanding the behaviors of other people, who are going to favor structures that innovate faster, manage better, and so on.
Libertarian idealism will not move prices higher, buying does that. And the people best positioned to buy are the rich, who largely are not libertarian.
And if we are concerned about future regs, then the game changes. But in investing, you only become concerned when it is about to happen, not supposing it will happen when we have evidence to the opposite, that the government is not moving in that direction.
Well, with the rising tide of discontent with governments around the world, maybe more people are shifting their ideological compass towards the libertarian end. Interesting times we live in.
Great article. Interesting comments on Dash.
I have my stake in Dash already but I'm still hoping Bitcoin Cash can help bring Bitcoin back in line with satoshi's vision.
Hi C. My last BTC transaction was instant, 3 confirms within 15 minutes. Fee was 0.04%, four hundredths of a percent.
To get 0.04% you have to send a large volume in dollars. The fee with BTC transactions is flat. Try sending $1 with bitcoin, you will pay more than that in fees. Also, leading up to the fork, there should be less transactions because people are advised not to transact bitcoin leading up to the fork, really from July 29th forward. We may see better transactions leading up to it due to this.
Instant, needs to be less than 5 seconds. When I upvote your comment on Steemit, that is instant :)
The fee is not exactly flat, it is flat but in ranges. The lowest fee I have seen was like 0.0000565BTC. That doesn't mean that's the lowest fee, just the lowest I've seen. And right now that equates to like 14 cents. So yes, the percentage will change within the range. That transaction I speak of was like $35? To get the 0.04%, FOUR HUNDREDTHS OF A PERCENT, fee. And it was instant, if it took me 5 seconds to check I will go ahead and file that under instant... In other words I am happy with Bitcoin and have no complaint. My motto is Bitcoin. Use it. Live it. Love it. The most important point being, USE IT.
To be honest I think you got your data wrong. And I do not know why you have it wrong, my best guess is you are sending from exchanges instead of doing a real bitcoin transaction. Exchanges bulk their orders together to get better pricing. Sometimes, you can get a 15 minute bitcoin transaction, it happens. Other times I have waited 30 minutes.
Here is the site showing the empirical data on a bitcoin transaction:
https://bitcoinfees.21.co/
"For the median transaction size of 226 bytes, this results in a fee of 58,760 satoshis." 58,760 satoshis for the median transaction size is a cost of $1.46.
At a $1.46, most addresses are unspendable, making bitcoin useless for micro-transactions. Here is a news article about the high fees and unspendable addresses: https://news.bitcoin.com/tension-rises-around-bitcoins-fees-unspendable-addresses-and-spam/
I have used bitcoin myself. If we load up the Exodus wallet, they detail the fees for us that I will pay just to make sure my transaction arrives in a reasonable time frame:
For a $15 USD transaction, I will be charged a mining fee of $3.58 USD.
This is a 23% fee on a $15 USD transaction. So your numbers are wrong no matter how we slice and dice it. If I had the better case transactions priced down at $1 USD, I would be paying 6% of the transaction.
You must be doing batch transactions with a 3rd party exchange, the point of bitcoin is to run your own wallet and hold the funds yourself for security. By doing 3rd party exchanges, the funds can be stolen and they are not fully secure.
Here is the data on the average confirmation time in minutes:
https://blockchain.info/charts/avg-confirmation-time
Right now, average confirmation time is 65 minutes. There have been spikes, though and we can just imagine the spikes were resolved by orphaning transactions and jacking fees.
Thanks for your efforts, we are always waiting for your new
I agree - bitcoin are getting left behind. In an industry that is driven by improvement and innovation I can't believe that there is a community so resistant to change! I doubt BTC will cease to exist, but it is going to become just an icon simply for being the first. It will be treated like a museum piece.
That is unless the community can get their act together and make some smart decisions.
Bitcoin will go down because of all the politics
Not a big fan of Dash (from what I've head about it) but price keeps going up. Maybe I'm missing something...
I just published a book on Amazon, called "Welcome to the F*cking Show: Bitcoin and Your Future With Money". If you have any new friends in crypto tell them to check it out, it's the quickest cutting of the crypto learning curve out there (I know, I've read all the Bitcoin books out there).
Link: https://www.amazon.com/Welcome-cking-Show-Bitcoin-Future-ebook/dp/B0741LPVB2/ref=sr_1_1?ie=UTF8&qid=1501034912&sr=8-1&keywords=bitcoin+and+your+future+with+money
You're listening to dash haters, there is a lot. They have been wrong the whole way up.
Yea there's a lot hate towards it. I don't want to hold anything other than Bitcoin and Litecoin until the dust settles with BTC scaling, think everything else is just basically riding later ripples from Bitcoin's waves.
Hi C. I thought Ripple involved the corpo fascists and central banks. That's who we are running away from as fast as we can.
Political ideology vs. investing.
Google is a big nasty corp. If you bought their stock when it first traded, you made a lot of money. I don't like Ripple but I have no issue making money off of unrighteous things. All money is unrighteous including bitcoin. People use bitcoin to kill, steal, and destroy, they buy drugs, they do other activities which ruin people's lives using bitcoin. In scripture, Jesus correctly identifies all money as unrighteous, referred to as: "mammon of unrighteousness".
If I wanted to take the moral high ground with money, I would have to give up ownership... but even Jesus owned Roman coins.
Agreed. I think Buffet made a lot of money in the insurance industry, which I abhor. BUT, when you look at the insurance model and see what a money maker it is, yeah, you want in. What I mean about Ripple is those same people who have abused the dollar, printed it to oblivion, spent it on bailouts, etc. Can they be trusted to run a currency? I say no, even though there was profit to be made after the ICO.