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RE: A trader just made a million dollar bet that Bitcoin would be over $50k by the end of 2018
I definitely think he made a good bet. Many Bitcoin proponents have been making similar price calls for 2018. Mike Novogratz called 40k by end of year 2018... We haven't even nearly hit mass market as far as Bitcoin is concerned... There's many more exchanges that are going to list Bitcoin and there's many more people who are going to learn about what Bitcoin is and why its such a great store of value. Personally, I think a $100k price tag by the end of 2018 isn't far off.
Is Bitcoin really able to hold mass market? Do not think so. The transactions fees are so high and it tends to go even higher. $50 for a Bitcoin transaction? The initial idea of low transactions fee, is long gone. I'm quite sure that when JPMorgan and all those finance Giants got into Bitcoin they knew that accepting Bitcoin in the traditional exchange would over burned the Bitcoin network. What's your view about an immediate solution for this issue?
No inmediate solution.
And it is a real issue.
However I think that at this point it's worth taking a moment to remember what we are talking about here. I know you guys in the crypto world are fast learners and tech savy, but we are at the cutting edge.
Satoshi gave us the key to unlocking a new technology that solved the issue of consensus in his paper and then proved it could be done through the initial implementation.
I work in thechnology and I can swear that scaling the initial design beyond a certain point allways requires a cualitative step.
Wether it will be a completely new kind of algorithm like the one Byteball uses or a second layer technology like the Lightning Network, I could't say.
What I can say is that WE BEST NOT PUSH IT.
Bitcoin has got this far surving hacker attacks, economic attacks, social attacks and legal attacks.
Satoshi saw a problem in society and he invented a technology to solve it.
Bitcoin's problem today is a technical problem and it will be a technology that solves it.
If you need to transact in crypto today, there are a ton of cryptocurrencies with 1/100 the load bitcoin handles that offer more speed and privacy and are cheaper and can use smart contracts and... well. I think you know them as I do.
I use Dash for now.
Sure , no immediate solution. Insightful replied. Thank you. Another issue that is unfortunate is the issue of getting in, I mean crossing the gate inside the cryptocurrencies ecosystem, where usually Bitcoin is the 'gate in' into crypto and the present moment high fees has a profound effect towards all others cryptos which does not accept credit or debit cards for purchase. <3
I get in through Litecoin and use it to move around between exchanges. Faster than BTC or BCH because it has 1/4 the block time.
segwit2x ?
I think the transaction fees will go down once the exchanges have the support to onboard new users quicker. I am waiting days verification right now. Also there are a lot of people who would be in it but they don't have the knowledge on how to sign up and buy. Once those two things get sorted out, which I believe will happen with time I think the prices will start to really go up and trend it up for a while.