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RE: Maybe It's Time To Consider Litecoin, Bitcoin Failed Me Hard Last Night on my Bitpay Card
Hey point of informaion here: You do realize that cryptocurrencies like Bitcoin and the like are decentralized which means there is no "they" deciding things. outside of the "they miners" who are debating and deciding on how to lower fees and increase transaction speed. - all done through signaling, a type of vote mechinism.
I think if Bitcoin can be successful this month deciding the path forward and fees and speed is fixed.... to da MOON!!! 🚀
Right now yes, decentralized but really look into what Bitmain has done lately. That is the "they" side I majorly feel is trying to centralize and what Bitcoin Core itself is struggling against. Its not just them though, its these little factions backing them as well. This has been a long 2 year ongoing issue that seems to never resolve. We are now on Bitcoin Improvement Proposal 149? That is 149 BIP proposals yet to be implemented in the course of many years?, well one or two mini adoptions that were needed but in the end its always a back and forth.
My reasoning is this, Bitmain has taken a firm stance that if they don't get their way they will split the coin, that is a very central show of force on the space that should be put in check or we will definitely see a division of central and decentralized mindsets which should have been put in check a long time ago. I am a miner myself but all those fees go straight to the corporate miners not the little guys so its kind of what I see as trouble. It was bound to happen at some stage that a divided way about these things would come into play but its out of hand the effects on the actual users.
I am sure Bitcoin in the long run with overcome this but for now I am heading like a lot of people towards Litecoin for every day transactions, no longer feasible for me with Bitcoin. Guess Bitcoin is more a side holding coin till they get it fixed but there is reasons to be concerned with the miners....they have already stated that they feel entitled to the head of the table in Bitcoin so that feels to me like they are not so about the decentralized movement that many of us came into this for.
Sounds like the "they" that is bothering you happens to be a big percentage of Bitcoin itself. How can you be sure that Bitmain's plan is wrong or that a fork wommt ultimately be the best?
I get your concerns to a degree but I also think you could appreciate what decentralization means and offers as well as what it requires. Concensus is easy when you have a King -- so is tyranny.
Also, since you said you mine, I apologize for my instructional tone, maybe someone else could use the info but clearly you are abreast of the issues in Bitcoin.
I would also add that Bitmain and co are taking a very big risk. If they lose out it could cost them massively. Ultimstely, I'm not sure having so much market cap % wise on one chain is really foe the best. Just some thoughts... 💭
Great points, we view this similar I just guess in different ways of getting to the same viewpoints. I do agree too much marketcap and the fluctuations on it is a situation in itself with issues, growing pains I always say. Bitmain has a few secret fears lately, I have a few inside sources due to actually working in a coin myself so I hear stuff. Right now the rumor around the water cooler is that Bitmain and other miner hardware producers are taking huge issues with Nvidia and Amd jumping on making mining specific cards, they know those guys have way more resources and could one day make even more efficient ASICS if they find that going the miner hardware route is more beneficial. So I have this odd feeling they want to grasp a little hold on the market while they still can. Maybe not to control but to definitely keep up to the top before bigger corporations get into the mix.
Far as Bitcoin mining, its a losing game right now for small time miners like myself. With all these high fees and price surges it still is a electricity cost vs profit margin that still makes no sense to bother with, better to point to altcoins to break in some profits and that seriously confuses a lot of us miners due to the fact these fees are so high but they aren't actually being spread around, just going to the corporate side of the situation.
When it comes to me you kind of have to understand I came in a long time ago with Bitcoin and do believe in them. But the crypto space was not about the money for me, it was only for the movement to change the world and rid us of the central banking corruption on the world. So I look for signs a lot with issues in this space and lately they are every where abound. There is a small group of us taking notes and I just see a few issues that could send us in the wrong direction.
Take Ethereum for instance, that is a bad coin for the movement. They have JP Morgan with investments on that, which is the very entity that runs the central bank system. Then you got Ripple as well with nothing but central bank invested backing. Yet everyone is ICO crazy and pumping the heck out of coins that could very well bring the doors to government centralization in crypto. The movement side is a goner if people don't wake up to the inner schemes that is being played on crypto right now. Bitcoin may not be at the center of trying to ruin anything but corruption always abounds when money is involved and if they want to reclaim the real reason Satoshi put this together, spreading around that power control system with miners and developers is going to be very important.
To answer your question how I can be sure Bitmain is wrong for this. To simply threaten a fork that would divide the coin in 2 is dictatorship styled consensus. Its a scare tactic and to me a wrong way to go about it because they aren't being open to options like you should be in decentralized open source platforms. If they fire their Segwit off before August as they say they will....then mark my words that split will happen and we may end up with a lot of people hurt and with major losses just like the Ethereum fiasco fork. Maybe it will all work out but I guess you say I see things inside that seem less decentralized on their side.
Either way I can't move Bitcoin around anymore with the way I do business. I am 100% a crypto full time user, do not own a bank account nor have held cash in my hands for a very long time so for a user like myself this mess effects my every day life in a very horrible downsizing way. I am not planning to return to fiat so I have to run to Litecoin for now I guess till this irons itself out.