RE: Let there be Bitcoin dominance, let there be disappointment
At one hand, many crypto-critics are eager to point out that we have an uncontrolled inflation as there are new crypto projects starting up on a daily basis. To avoid such an uncontrolled inflation, it's important that one coin keeps dominance, somewhere between 50% and 90% of the market cap.
At the other hand, in the end of the day, Bitcoin and crypto currencies are technology ... and one of the things with technology today is that it's rapidly getting deprecated. There is nothing Bitcoin can do, that other crypto currencies cannot do better, and from me as a tech person I'd say Bitcoin has quite some "technical debt".
The capacity limit is a big problem - although some people would claim it's "solved" through the Lightning Network. I don't think the Lightning Network is any silver bullet - and by the way, did you ever send Bitcoins through the Lightning network? Fees are low and reliability OK now due to low demand for bitcoin transactions - meaning that Bitcoin basically isn't much used at the moment. Once the demand for transactions grow beyond the capacity we'll again have transaction fees spiraling out of control and reliability going down.
On the social level, I believe the big Bitcoin "blocksize war" has really put all cryptos back with several years.
Never. I owned Bitcoin a couple of times, but mostly altcoins and the most I transacted Ethereum. One that amazes me for its speed is that joke coin called Dogecoin :)
Overall I haven't done too much of crypto transfers and neither have I bought anything yet using cryptos.
yes i did. It actually pretty good and you can send $1 with 90% guarantee. Not the best but it been artificially limted until watchtowers come which is coming near the end of Oct. The LN is more reliable and will be bc there no such thing as mempool. Onchain tx might be higher again but Liquid will be coming it a exchange alliance think of it as instasend on bitcoin. All exchange to exchange traffic will be on Liquid and due to alot of tx on bitcoin are to exchanges -the mempool would be more empty.
And hopefully schorr will be coded by then which gives 40% more scale with no big blocks with a softfork.
I do think 2018 bear market has let Bitcoin catch up to altcoins and is more ready to battle them.