The Big Long – Awaiting the Flippening Point
I decided to start posting again after a bit of a hiatus. Life happens sometimes. Anyway, it has been a while since I posted the following chart:
Here is what happened, along with a new prediction:
As predicted, Bitcoin percentage of total market capitalization fell precipitously from 85% to below 40% over the course of a few short months.
I don’t think bitcoin will survive as the dominant sound-money protocol. Nakomoto consensus if flawed IMO, evidenced by the propencity of the network to prevent upgrading, specifically the failure to increase the 1mb block size limit, resulting in slam-full blocks and a parabolic increase in on-chain fees, accompanied by numerous security concerns associated with that. Also, energy waste from mining may not sustainable long-term. Right now, the front-runner looks to be Ethereum with the proposed casper consensus mechanism, which may potentially better reflect human consensus. After all, the goal is to achieve true consensus on a human level. Technology can only attempt to mimic this human-level consensus. Also, it is becoming more apparent that the final, and most successful, arbiter of human-level consensus is the hard fork.
We shall see how all of this plays out in this very dynamic space.
Disclaimer: None of this is advice of any kind.
Welcome back
Thanks for starting posting again
Thanks also for great update
Upvoted for the good content
Followed
Great Post, what is your favorite crypto to challenge this Bitcoin dominance? ETH? XRP? EOS?
Are you back on Steem to post quality content? As I can see that you are posting after an 8 months absence.
Great to see you back and I hope we'll be able to discuss more.
Ethereum has the potential to challenge bitcoin with its proposed casper consensus mechanism and scalability with sharding and state channels. Ripple is bit more centralized with Ripple Labs controlling a majority of stake. EOS is also a contender. However, I'm not a big fan of DPOS, as there is too much reliance on voting. Casper potentially incorporates bonded staking, where validators lose their bonded stake if they go against consensus. It is a much more direct approach to punishing malicious validators, vs voting. Many other projects exist and it is still early days, so it is anyone's guess as to which system becomes dominant over the long term.
Amen ! I can see you understand way more than the usual Crypto "investors" or "Traders". I can't wait to read more from you. I just published my portfolio (I do weekly Updates) and I just took a leveraged Long on ETH as I hope DevCon3 will bring to light all the work that they are doing.
Talk to you soon.
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