RE: Bitcoin: The Bull Market of 2017
lol, you seriously have to laugh because it is pure madness and something like this only comes once in a blue moon. I have a feeling this is just the start though and 2018 is going to be massive adoption and cool features that lay over top of bitcoin and continue to drive up demand higher and higher its going to be interesting for sure.
Bitcoin has said it is a store of value and they don't want a lot running on the chain I can totally get that and understand that if it ant broke dont fix it. instead sub systems will run over top of bitcoin to provide better transactions faster but will all come down to bitcoins store of value. Every other coin is traded with BTC so it already shows it is a store of value its what the market has given and grown use to.
The part that bums me out a bit is that it is broken as a digital cash or the nearly free payment platform I first got excited about in 2013. Maybe layers on top can make it work cheaply and quickly again. I think, if not, other technologies will continue to eat into Bitcoin's marketshare.
There will be few cryptos with specific utilities. People buy sports car for the madness it delivers and Prius for the mileage. It's impossible that there will be only a single dominant crypto ever.
Other coins will be used for day to day transactions where BTC would still remain as the Alpha. Another magnificent crypto project is IOTA. No one is making noise about it but it is rapidly growing only on its merits. We will soon buy coffee using several cryptos including the Alpha once we have Lightning Network ON for instant and micropayments.
For now, just HODL...
Agreed. Every architecture is about tradeoffs. The idea that one blockchain can optimise for all use cases seems rather unlikely to me.
Also bullish on IOTA and EOS
Yeah, I did grab few when EOS was at 0.3x recently. I wonder until EOS is fully released where could Ethereum be? It may be at its best with many upgrades and price rocketed above 1k.
IOTA is almost 1.5USD and partnering with all big corporations; Microsoft, Fujitsu, BMW, BOSCH etc. They are really making machine to machine transactions possible in fractions of dollars which is not possible with any other crypto due to the fee structure.
Amazing projects; sometime I feel there is no time left to research on these project after my 9 to 5 job. I may exit soon, HODL n wait for the time...
I'm a HODL'er :)
I'm glad to have picked up some IOTA in August. Definitely an interesting project.
I agree that bitcoin is not very attractive for day to day micro transactions due to the fee. I don’t think anyone is buying ANY crypto currency for the purpose of making micro payments, because the reality is that it’s quite hard to spend it. Even when you do find a retailer who takes crypto, the probability is that it will be bitcoin.
Whatever the original dream that Satoshi may have have had for bitcoin to be a new daily transaction currency, things have moved on.
People don’t say “Which crypto shall I buy so I can buy my daily coffee?”. People are asking different questions like: “What digital asset shall I buy for my long term savings?”, or “Which is the safest crypto?”, or “Does bitcoin have a catalyst to make the price rise?”
The last question has many more answers than any other crypto.
Yeah, interesting point. I keep thinking back to what Ned said during the fireside chat as well in terms of needing to make the currency completely ubiquitous and stable before you can actively pursue using it as digital cash and working towards merchant adoption.
I also wonder, though, how much merchant adoption is hindered by the fees themselves. There was some momentum early on (I got involved early 2013) to sign up merchants and get them using it. Now that momentum has to start from scratch with other projects.
Everytime I think bitcoin is dying or falling, it comes back with twice the earlier force.
It's a big comments but it's really good comments @bitcoinflood 👍👍