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RE: LiteCoin (LTC): KABOOOM!! SURGES 30% to $114!!!!!
This is, of course, a great point. Think we're seeing more of this today, and alt-coins will outperform bitcoin for the foreseeable future. Especially when the CME trading begins.
I really appreciate your comment but I have to say I don't believe this. I think Bitcoin's run has not finished yet. Long term I'm actually pretty skeptical on Bitcoin, because, like Ethereum, I don't believe they will ever be able to effectively solve their scaling problems. But for now the masses and big money are just starting to come into crypto and Bitcoin is the first step, I think we will see more irrational moves higher.
It surely must be only a matter of time though before the merchants, exchanges and payment companies switch to something else as the reserve cryptocurrency. The crypto economy as a whole is choking because of this scaling problem, and the market will be forced to find a solution. What that will be I really don't know. Dan's projects seem to be the only rational, level headed answer to this problem for now.
Dan Larimer?
Yes, I meant Dan Larimer's projects, using DPOS.
Thanks for the reply, the more I read about BTS and Steemit, the more impressed I am. I have long heard that Steemit is "just a blogging" platform and has no future as an investment or cryptocurrency per se. However I think it is a GIANT from all I have been hearing. The fact that BTS and Steem perform more transactions in a day than BTC and ETH combined is astonishing, and makes me wonder why more people are not screaming this from the rooftops?!! I will read more about DPOS and DAG. The only thing I find troubling about EOS is the mystery company behind such a powerful project, and that he is not in control of the project entirely (his own words).
Me too, I think the DPOS format currently in use on Steem and BItshares is the best solution we have at the moment for scalability, user experience and governance. DAG technologies like IOTA do arguably promise more in the future, but they are unproven and only theoretical at this point. I, for one, am quite skeptical as to whether IOTA will be able to live up to its promise, and I am very unimpressed by the behaviour of the devs and team.
Byteball is a DAG project that looks very promising, and has arguably better tech even than IOTA and a much more sane team.
I have a feeling that the DAG project that will win in the end is yet to be born though, but when a really good one comes out, I'm going to be backing it strongly.
What is a DAG?? Decentralized something?
The problem with OpenLedger and Bitshares, will occur when there's a lopsided movement OUT of crypto. All the pegs will fail at that point, and the people who think they own virtual dollars or virtual yuan currency will in fact own nothing but a dying BitShares crypto-currency.
This is what they mean when they say "all but extreme circumstances" in their literature.
Tread carefully.
Lastly, simplicity usually wins. Steem has Steem, Steempower, Steempower Delegation, Steemdollars and SBD savings accounts. This is VERY complicated and cumbersome, and OpenLedger is even MORE complicated.
That is very interesting. We are seeing that peg fail right now with SBD, although to the upside. Personally I'm not too worried about this, since I don't own any BTS, and I'm holding my Steem as Steem Power. Whatever happens to the Steem price I don't really care, I'm fully prepared for it to crash even 90%. That's after it goes to $100 though... 😎
Steem actually got WAY more interesting after they stopped "printing" 100% inflation back in December 2016-- that happened right? (what we read anyway)
SBD was most likely just "rigged" by a Korean-based trading pool. It's easily riggable bc it has a small amt of coins which mostly are tied-up in steem accounts-- especially steem accounts which are inactive but still holding steemdollars. SBD could be rigged higher, as attention begets attention, but the safest move is probably to sell SBD in exchange for Steem since many fellow Steemians will be unloading their SBD to these tradesters who really don't even know what they are buying.
We're moreso recommending caution with OpenLedger and it's virtual instruments. If perhaps they get a LOT of volume, that would certainly make it more safe as it would provide liquidity, but a mass-exit-event out of crypto probably causes a LOT of problems not even good near-term liquidity can solve. That's all we're saying. For short time periods and small amounts of money-- OpenLedger away!
Our newest find with OpenLedger is how unfriendly it is for small amounts bc of how much they charge for withdrawals. It's egregious, no? We noticed something like 10-20% charge for removing say 10 steem from the exchange back to Steem wallet. That's nuts. Now maybe that goes down with more steem deposited-removed, but we think they're being VERY hidden about their fees, in that its so easy to DEPOSIT money into OpenLedger, and so pricey to get OUT.
Same with Coinbase too, right? They make it pricey for the small guy to get OUT, but they don't tell you that going into it.
if you've found differently, please advise!
NEM: (in case you didn't look at your Ripple article where we posted same link)
https://steemit.com/cryptocurrency/@harpooninvestor/bitlicense-new-york-state-s-typical-business-as-usual-crony-capitalism-ripple-xem-nem
Yea true. Bitcoin will be fine, its because it is seen as the gold in crypto. So it wont just die out. Plus Bitcoin will have lighting enabled as well. So it will be just as fast. Now as far as scaling is concerned Vitalik has been upfront and vocal about it. He knows its an issue. ETH has planned phases to help with it. However eth for me has been by far the fastest coin to transfer despite the crypto kitty crap. Also I think this CME thing wont have too much effect. Always remember if you sell there will always be another buyer. For now I think bitcoin will surpass 20k, there wont be any major correction until january after new years. Reason being is the irs man. The tax man cant do anything if you have all your money invested not sitting in fiat. January might be a different story, where we might see a long term correction.
As segwit gets fully implemented over the next few months it will get better. Lightning Network is also coming soon. So I anticipate things will get better
So I do not think this will be a long-term issue. Though probably not fast enough for most of us.
The people at Ethereum say the same thing. I'm honestly not trying to be antagonistic, but I have as little faith in the Bitcoin Core devs being able to scale Bitcoin as I do in the Ethereum devs being able to scale Ethereum. The scaling solutions all seem to be just around the corner, while reality is catching up fast.
I'm honestly beginning to think they're just playing musical chairs, and selling us fairy tales to hide the fact that, on a fundamental, structural level, 1st and 2nd gen cryptocurrencies just cannot scale.
I think the future will have to be either DPOS or some form of DAG.
It's the implementation if the new tech that's the problem. Segwit code is has been available fo a year. Yet the Coinbase and alot of big companies have not yet implemented it. Yet some little wallets have it. Lightning code is now available for development it just needs implementation. Which isn't up to core. It's up to the BTC wallets to implement the upgrades. They are there. It's a bit of fud to say they aren't really working on it.