Death of BTC: Bitcoin Core Plans A Block Size Reduction from 1MB to 300KB
I've been calling BTC a relic since 2017 and now the final nail in the coffin is about to be hit. If you check out https://www.blocktivity.info you'll see that the network is already congested and the fees are going to get much higher. The Lightning Network was an utter failure with only 2 million USD worth funds being sent to it.The attempt to reduce the block size by 70% while basically everyone is increasing block size is basically BTC Core devs acting like a government and forcing people to resort to LN.
But here is the thing. People don't need LN. They could use STEEM or even better EOS with 0.5 second transactions. One of the EOS DAPPs actually made LN (and Ethereum Raiden) obsolete as early as December: https://medium.com/@dice1/betdice-announcements-5-dec-620c8c881722
A Scene From America: Imagine the World Without Her (2014)
I can sum up my feeling towards the current situation with the above video. BTC was an unstoppable force.But the devs killed their baby with their own hands.
Source of shared Link
I honestly believe that bitcoin was the start, it was great and it introduced the blockchain which is going to completely change the world and the distribution of wealth. That being said, it’s old fashioned, is extremely energy inefficient and can’t support dapps. Honestly as a basic currency I believe steem is much better and it’s where my future investment is going.
Posted using Partiko iOS
Very true. The new DAPPs are only going to make the value go up even more.
Well...
both yes and no.
Bitcoin has a use case that is extremely important in the future.
It is going to be the GOLD standard.
Its going to be used to settle national debts.
Yes, it does look like some globalists (or other nefarious, in the shadows, players) have got their hooks into the bitcoin devs.
But, this is a dual edged sword, it indeed will kill bitcoin as the coin people use, but it will also almost guarantee that the big people use it. And when the big people use it, then its value goes super-high as well as it becoming more stable... agreed upon.
And thus, all the other coins have a good reference point, plus something that seems to have a backing.
The BTC Gold standard acts as a central point of failure for the entire cryptosphere. BTC has nothing to do with something like STEEM. Yet STEEM, MaidSafe, SONM, Substratum etc. Yet prices are heavily affected by BTC. As long as there are currencies with intrinsic value like STEEM we don't need a single central gold standard. It wouldn't make sense for all stocks to follow FAANG stocks. In the same way it doesn't make sense for all sorts of crypto projects to follow BTC.
Logically you are correct, however,
markets tend to be weird in this way.
Like price barriers at $100 increments... they don't make any sense, but they are definitely there.
Further, humans really like to have a... something to base things off of.
The US$ is good for human psyches. It allows us to price things.
Although the actual prices on things has no bearing to their costs.
Time to switch to SmartCash or EOS 😊
Hell yes!
I don't know much about Smartcash but "switching to EOS" means replacing the US Federal Reserve Bank with block.one EOS is an arch-centralizer, affording much less user oversight. EOS BPs are that realm's oligarchs. DACs and DAOs are like vassal statelets, structurally dependent on the "EOS Empire".
In my opinion.
The only crypto where users can have oversight is Steem.
EOS is pretty much STEEM on steroids, same creator 😊
There are architects and there are builders. The builder (Dan) is the same but not the architect, nor the design goal.
EOS is Ethereum on steroids, not Steem on steroids.
The fundamental difference in design is the reward pool. STEEM puts most of the generated crypto into a common fund (the reward pool) and therefore fosters the aggregation of communities vying for that common budget. STEEM is about community. EOS is a "shared computing infrastructure" with a pure commercial ethos.
Posted using Partiko Android
I couldn’t disagree with you more but I respect your point of view. STEEM ON!
The devs for BTC have been squabbling over how to handle block size for literally half a decade now. That's why BCH came to be a thing, until Craig ruined that too... One of the reasons why the BTC block size was never increased was because the blocks were small enough to fit through the Chinese Great Firewall, as any increase in it would have cause the GFW to block the connections. I should point out a lot of miners of BTC are in China. The block size for BTC should have been increased years ago, but that ship has long since sailed now... I must admit, I don't see BTC being the final stop for cryptocurrency. It birthed blockchain technology, and cryptocurrency along with it, but at the end of the day its true purpose was as a beginning. So maybe with the eventual, slow demise of BTC we will come to see this not as an end, or the beginning of the end, but... as the end of the beginning!
Very well stated.
BTC enjoyed a first mover advantage that it squandered, and the frantic sentiment of if BTC fails it will bring all the cryptosphere with it because of the publicity such an event will have and the numerous people who will jump at the chance to say "we told you it was nothing but tulip fever" won't make any difference, it will only be a vague sentiment of familiarity over Bitcoin, the liquidity behind it won't ever go back to fiat IMO and that demand won't be affected at all by one project failing.
Yeah, I don’t want to hear anymore about “muh tulips” from crypto skeptics... And it’s not like BTC will fail overnight. Heck, the coin itself may never stop being entirely used. People will just slowly move their capital to another coin causing the value to drop over a period of time. That capital will get transferred to other cryptocurrencies, thereby boosting the value of other coins. The slow demise of BTC could help bolster other coins along the way, such as a POS Ethereum, EOS, Steem, and other coins we can only imagine right now.
Posted using Partiko iOS
Nicely put, I take it you are definitely not new in the wonderful world of cryptocurrency.
Oh no! I’ve been watching from afar for probably... 5 years now? But I’ve become more actively engaged with things in the cryptosphere for about 1–1.5 years now. Started doing simple mining using Minergate, then started exploring alternatives and also came across Steem about 6 months ago. Started off slow, didn’t mess with it much for a couple of months, then really got into it and have been trying to build my SP up so I can post more frequently here! Also explored some of the EOS offerings, but since I don’t really own any substantial amount of crypto, I haven’t bought and EOS to buy into a social network there. I’m also exploring ways in which blockchain can be developed and implemented in other fields too. I think it, combined with cryptocurrency, is a fantastic technology that will lead the way in decentralization of the Internet, and other networks currently held in a centralized model.
Posted using Partiko iOS
Thank you for sharing, reads like a similar path. Mining seems to always be the common denominator for how most of us got here. I only knew the word "bitcoin" when I asked my son on spring break in 2014 what he wanted to do. He said build a dogecoin miner. From there we went to usb miners, orb miners, Antminers then graphics card milk crate miners. We invested our earning back into many losers, lost money on the crash of Cryptsy exchange and Cryptopia exchange. Trading has been successful for us so we are sticking with it. Yes good move on any knowledge/involvement you can have with cryptocurrency infrastructure, that will always be where the money is made. Good luck with any projects you can develop. I look forward to reading your posts.
Lol Lincoln was a tyrant and the worst president most likely in American history. I hope you're wrong about BTC. I'm no maximalist but think it's still important for the long run success of crypto.
Why? You think crypto is hinged on one project? In the long run you envision BTC? Because it's so ahead of the curve? What's the advantage of BTC over almost any other crypto?
Posted using Partiko Android
From a technical standpoint its not ahead of the curve anymore but it was at one point. That's why its so important to the success of the space, just look at the marketcap of it compared to the other projects. Many still haven't even really heard of Bitcoin, then there's those that have and can't name another cryptocurrency. I believe the media will portray a BTC failure as a crypto failure in whole. You just have to watch mainstream media clips on here or youtube and how they mix the language of the two up consistently, they use Bitcoin and cryptocurrency interchangeably. Ten years tried and tested and it still is leading the pack, if people want a store of value cryptocurrency I believe it's important that's Bitcoin.
Market cap doesn't mean anything AFAIK, since the space is over saturated with back and forth bot trading for 0.02% profits at a time. Soon enough that liquidity will jump ship because there is nothing innovative and lightning network was a step in the wrong direction. The only reason that it's still around is because the majority are ignorant to it's deficiency, especially compared to almost every single crypto out there. The reason it's "a store of value" (not taking into account the last 14 months) is because the sentiment that it's valuable hasn't been eroded all the way yet. If and when it's value stars dropping (one or two wallets selling could trigger it) and the mining difficulty is adjusted so that running the incredibly inefficient network is still profitable it will quickly escalate to a race of minting the last few coins, until we will see bitcoin for <10$ and possibly to completely die probably through brute force 51% attacks on the network doublespending or simply by being an obscure relic, much like 90% of projects that didn't survive the dotcom bubble. At that point, as is already happening, the monopoly (>75%) on on-boarding of fiat to crypto that it held for a decade will be a thing of the past and the liquidity will move into much more competitive and healthier projects, that will be recognized despite the PTB and Media's frantic fight to denounce crypto.
BTC will be $100k before its $10 we can make a steem wager if you'd like.
The reason bitcoin got to 20k was more than likely due to the teether printing press. The liquidity flows from fiat to BTC and finally to alts. The problem of running this POW dinosaur that is always at risk of being dumped for alts and fiat alike is stopping it from ever turning into Store Of Value as it leaps and bonds away from P2P money that it was pitched for 7 or so years. No chance that a store of value can sustain value when it uses arguably the most inefficient mechanism for maintaining the network integrity, plus the incentive of running this network constantly puts selling pressure on the network, and Holding it is all you can do, but that doesn't mean it holds value or is useful at all, because if you want to be taxed for using it you might as well use any other alt out there and eventually, when it's done being minted, the only reason to transact with it would be to outrageously tax the people, taxes which will likely still create the downward selling pressure as it has lost all utility of being valuable for exchange. The only reason you're holding is to exit out of the market down the road. The problem you don't seem to see is that you're betting on another fool to come in and buy it, but holding it otherwise has absolutely no meaning. If you want a finite resource to hold, you might as well hold onto something that cannot be doublespent as I outlined above. Yes all of the 'stores of value' might be completely crap once a large reserve is discovered, and even fine art can be masterfully faked. The only use case for BTC is for it to be a replacement for fiat. It has demonstrated to me, that it has zero ambitions about that, and it's proponents all seem to be in the delusion of "hodl".
About the only commodity that is limited in this sense is land. If zero-g/anti-gravity is finally disclosed, goodbye wars, scarcity and 'investing in land' as well.
Posted using Partiko Android
Since BTC is positioned to become a store of value digital asset, this block size reduction may not negate its intrinsic value.
Intrinsic Value is a buzzword debunked for 60+ years. No such thing ever existed.
Posted using Partiko Android
Hi @vimukthi!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 4.286 which ranks you at #2672 across all Steem accounts.
Your rank has not changed in the last three days.
In our last Algorithmic Curation Round, consisting of 208 contributions, your post is ranked at #94.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server