What The Bitcoin Cash Situation Has Taught Me
If you have been observing what is happening over the last few days in crypto it should come to no surprise to those who understand basic realities about the crypto markets.
For those who haven't been following as much, here how it went down. The highly centralised Bitcoin went into another charade with Bitcoin Cash. With the amount of money being exchanged in minutes one can easily understand how illiquid the market is and how immature the state of cryptos. A single call about a fork makes billions move around. A handful of people have more concentrated power than the aristocracies of the 14th century.
Don't get me wrong. I do believe Bitcoin will recover and even climb higher but meanwhile projects with fundamentals (and not just hot ideological air) are going to prevail. In the coming months, people will understand that Bitcoin is not the God they once thought it was. Once institutional money come flowing and once those Bitcoin Gods start diversifying (and thus reducing their power) we will see another epoch in cryptocurrencies and blockchain technologies that would make the current state seem primitive.
The good news is that we are nowhere near a bubble yet. The bad news is that people have to diversify into projects that go against their dreams about decentralisation and see that Satoshi's original vision was just that — a vision that fell victim to basic human nature. Reality doesn't care about ideologies, visions and utopias. Reality only rewards those who embrace it.
Succinct and to the point! Potent text, short and sweet for the ones who have had the chance of coming across it.
I can only conquer with every line of your text, my favourite being:
I strongly believe that we are still in the very infancy of cryptocurrency paradigm. As time goes by and people become more and more informed about Bitcoins, a lot of illusions and hype will fall off to the side and make people inquire deeper about crypto-currencies & blockchain systems. From there, they will come to realize the existence of much stronger and potent beyond belief cryptocurrencies. At this point, we are going to witness a tidal wave in the digital world and it is the financial world that we live in right now that is going to see itself being quasi-wiped out. Only fragments of it will be trickling into our cryptocurrency paradigm economy. Thus, as we say, I think you are on the money with your prediction. Bitshares, EOS, HERO, STEEM and the likes will become giants in what we can only consider the blink of an eye in terms of "economical time span".
Excellent work, as always, thanks for sharing and giving us the chance to reflect and share on this topics.
Namaste :)
I dont know if you are aware but bitmain had the majority of mining for bitcoin cash since creation,
at the beginning of the fork funds might have been more spread out but control in bitcoin cash is fully centralized upgrades decided by abc majority mining and coin holders
Bitcoin cash richlist
VS
Bitcoin richlist
What I am certain is that this is not the future of crypto.
what is not the future?
either or?
either. BTC (original, fork, bla bla) all of the are a farce. A huge sell out and pump into alts is incoming. Largest transfer of wealth in crypto history
i dont know about that as it stands in the space nothing is close to bitcoin for security zcash will be but will be another 2 years at least and bitcoin will be different by then.
which do you think is a competitor to bitcoin?
ethereum, ox, iconomi, kyber, omise, really any project with good fundamentals.
the "store of wealth" thing is just a meme.
Seems like a projection. Bitcoin is the only project that's necessarily secure enough to hold with a 100B target. To me it seems these other coins are based on hope and visions and ideology about what would work better. Which is fine, but interesting that you accuse bitcoin of this when it has the most solid evidence outside of ideology and whatnot. (The other coins fundamentally ARE closer to just being ideas.)
And for whatever issues and imperfections, it's not clear (to me anyways) that other coins could scale and become the top dog without having their own issues. (Bitcoin is tested in a different way than they are.)
Reality is that there are growing pains when a paradigm flips.
few problems with some of these
ethereum is centrally controlled and works on gwis based on overall computing cost as functionality increases will increase fess and greatly debase value price is already inflated from the amount of icos under them
iconomi has security issues which they dont openly discuss and claim more proficiency in than is true
the others i know nothing nothing of.
bitcoin has proven the be the best store of value currently what are the issues with it?
You do not see the issue? Really?
never trust a chart that you did not manipulate yourself. BTC holders might be aware that it might be cool to look distributed and therefore split their wallets into small ones.
same for any wallet not just bitcoin
ease of mining and with majority in antpool proves bitcoin cash is heavily centralized recent gains show extent of control
Certainly, as part of the "game theory" leading up to the would be bitcoin 2x hardfork, there has been speculation that the same 'whales' could use that momentum to to drive Bitcoin Cash up...
Couldn't agree less
great post, come and subscribe to me @alexsandrbrat
lol I thought I just wrote a unique piece were I said that my biggest take away from the Segwit2X and BCH FUD is that the BTC community is full of shoot.
"Too big to fail", "Storage of Value", those argument showed that they dont really want a new currency but just another gambling/speculation opportunity.
Great job bro thanks for sharing this post. you have my upvote@mannyfig1956
nice post
All points valid.
and when bitcoin eventually falls, everyone will be very eager to come out and say that "see? cryptocurrency was hot air all along!!!". I just hope that all the others don't go down with bitcoin.