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RE: Could bitcoin be a good long term store of value just because we say it is?
Some people defend the high bitcoin fees with ... "well, gold is also not supereasy to move around" (actually, not that difficult to move around 1 btc worth of gold. It can be sent by mail as well, probably for a lower fee than the current average bitcoin fee).
One big difference though, there is no global capacity ceiling on gold transactions.
I am amazed we did not use blockchain deploying our troops. Maybe we could track THOSE TRANSACTIONS as well.
I've read about people arguing that it's important for bitcoin to evolve a fee market in order to include the storage and bandwidth resources it takes for nodes to maintain the network and validate transactions. I haven't read any comments saying categorically that the higher the fees the better. Could you please link the source? Who is defending high fees categorically?
I didn't say that a lot of people categorically thinks that high fees are good - but many people think "it's nothing to complain about". I quite much disagree with that.
The argument "we need a healthy fee level so we'll still have miners keeping the network going on when the block coinbase reward drops to 0" comes up every now and then; one thing is that miners still will enjoy coinbase rewards for an "eternity", another aspect is that to ensure a big fee income in the future, it's important to grow adoption and transaction volume today, rather than to just grow the fees. This ought to be quite obvious. I've touched on this in my bus analogy article.
lightning network almost ready, will solve that problem for bitcoin...go see my post.......thanks....https://steemit.com/bitcoin/@slygag/lightning-at-last-bitcoin-scaling-layer-almost-ready
I actually believe that when Bitcoin starts to reach its capacity and all most of the bitcoins are created, the price will stabilize pretty well. I dont the price can stabilize any other way. People say with more money the price will stabilize, but that will drive up the value and people will sell off, creating more volatility. I dont believe bitcoin will be a stable store of value for a while.
But i also believe it is the store of value against other cryptos and always will be
I thought so already previous year, when Bitcoin started reaching its capacity.
I believe the continued growth is due to new "investors", keeping their coins on the exchanges and having no idea about the capacity limit.
What will happen when Bitcoin starts to get mainstream adoption and it gets so much slower, showing that it's technically unable to handle such load?
Satoshi is glowing in the dark.
Thats why I also believe that one of these bitcoin hardforks will take over and improve this. But the problem now is that people dont want to abandon Bitcoin, but I think they should. The fees are way too high and it is slow. Things cant keep going in the direction they are.
Which coin(s) do you ultimately see ‘winning out’ over BTC long term?
I believe Litecoin is a possibility. Ethereum never will, but it will always be a good choice. I honestly believe IOTA is a game changer. I think i can become huge enough to rival bitcoin and possibly surpass bitcoin. But one of these Bitcoin forks will improve Bitcoin enough to win over most investors. Bitcoin Cash had potential, but it burned out because of security issues. There are many forks of bitcoin coming up. Like bitcoin lightning and super bitcoin and bitcoin platinum. There are many possibilities. But the strongest are IOTA Litecoin and a random bitcoin fork. Bitcoin will be around for probably a year or two more and then it will decline. This is my belief. Do you have an opinion?
Litecoin, I don't like it. It was a Bitcoin ripoff with no major value proposition, other than some people getting rich from the inflation of the crypto currency space. Charlie Lee is one of the big defenders of the current capacity limit in Bitcoin - probably because it makes his Litecoin more popular.
What's wrong with Ethereum?
IOTA, it's so far relatively unproven, they've made some weird technical design choices (like using trinary instead of binary, writing their own crypto algorithms from scratch, etc).
I haven't gotten through the whole whitepaper yet, but as far as I understand it every node needs to know the full history of all the coins they process, and every node needs to do proof-of-work, which I think doesn't sound much promising for a currency that's supposed to be used by embedded devices.
The concept doesn't sound much different from sharding, and sharding is on the roadmap both for BCH and ETH.
I haven't heard of the Bitcoin Cash security issue.
Many good points. So which crypto do you see overtaking Bitcoin? It has to happen at some point right?
And what do you believe will happen to the bitcoin price in an hour when the bitcoin futures open up and Wall Street investors enter bitcoin?
No idea. We'll see.
I ultimately think in 5-10 years from now, with the rise of insanely capable AI computer chips (http://fortune.com/2017/12/05/ibm-ai-chip-nvidia/) and/or quantum computing, we’ll be transacting using program(s) we don’t see today. In fact, I was always worried crypto would take too long to be adopted, and would become obsolete before adoption. However, now it’s apparent we’ve reached a critical enough of a mass to begin the s-curve of technology adoption, so in the coming years, I believe prices will rise exponentially, as we saw all of 2017. It’s for these reasons that I believe a “bitcoin/litecoin” partnership could lead the pack, simply because of name recognition, with dash and Monero close behind. In free markets like these, competition is near perfect, so I think the top coins we see right now will all be in play, especially if we develop systems for quick/easy/cheap currency conversions that occur seamlessly as a payment is made.
I think holding all the big fellas right now will get us to the promise land (at least, financially), and then eventually, we’ll move on from crypto (as we know it now) to the next best thing.
Yes. The small ones make quick profits though percentage wise. So I’m trying to get into the bigs and some small ones
ginquitti -You mention BCH had potential. What security issues did it have? BCH provided replay and wipeout protection. Are there new issues with BCH regarding vulnerabilities, or is this based on it's mining difficulty adjustment?
BTC is troubling from ridicules energy needs,
Because the speculators pushed the prices up, this problem is never resolved.
And thus now we are with a very slow and ineffective bock-chain.
Yes, I believe so too, it's quite scary when the market value rises so much as it has been doing for the last year, because the mining energy consumption (measured in fiat) will grow (slightly delayed) linearly with the bitcoin value - and that's not sustainable. Even if the market price stabilizes at the current level, bitcoin mining will drive up energy prices worldwide, possibly enough that ordinary folks may get upset from this.
This is why I believe Bitcoin will kill itself. Something needs to change within Bitcoin itself or one of these hard forks may be able to take over. It needs an improvement
Do you think that Bitcoin will be disbanded To other currencies ???
I believe Bitcoin will just lose its value. I suspect this will happen sometime in the future, hopefully not in 2018. But when this happens, I believe many people will lose their money and it will end very badly. Bitcoin can not last forever. That should be clear to everyone. It will simply lose value because another coin fixes the issues associated with Bitcoin.
Bitcoin is like the first pancake. It’s not the best and you mess up on it, but the next pancake is better. And the one after that is better. Basically you end up throwing the first pancake away and use the others instead because they are better.
How is that for technical vocabulary! LOL
I honestly think its jut a matter of time people stop riding the prices and start to look into the actual technology. We just need to get more accustomed to cryptos and the focus will shift to how cryptos can benefit and make our everyday life easier.
deligious sky 😍 good click