RE: Bitcoin (BTC) Evening Update: $18,424 and then $20,467 Short Term Targets
The lightning network is not even a finished product yet, who knows how or if it will work.!
To me it seems like BTC has been hijacked by the banks, as they basically own the lightening network and is pushing for the development of it (from my understanding). They refuse to increase the block size, because it will limit their business opportunities for profiting of Bitcoin transactions...
BTC is practical for trading altcoins, and that is that IMHO. It is definitely not digital cash as it once was, and I dont imagine anyone buying coffee with BTC in the future. It is no longer digital cash, so whats the point of it really???
I guess It can (in theory) become "digital gold" with a store value. Which would make it practical for trading altcoins, but not for purchases and transactions between private individuals. So, if it just becomes something people hold and never use, will it have value? - My guess is no.
Is BTC today the bitcoin described in the original whitepaper? - NO
Is BTH today the bitcoin described in the original whitepaper? - YES
I agree with you.
The big banks and exchanges and miners will take advantage of the massive influx of fiat currency into crypto to extract fees. Today, the miners are essentially rate limiting, meaning they are taking those willing to pay higher fees into blocks as a priority. Every single movement costs.
I think there is room for an alt coin to win out over slow and expensive BTC. There is a lot of money coming into this market in 2018 and with no implementable solution, it's only going to get worse. I learned today that Coinbase is now taking 9 days for your BTC order to be processed. I see weeks in the near future. It's not at all a solution and it will never be used by regular people to buy regular stuff.
Good point about "Today, the miners are essentially rate limiting, meaning they are taking those willing to pay higher fees into blocks as a priority. Every single movement costs.", and this is some proper bullshit (them not you)! The whole point of BTC was to included everyone in a decentralized monetary system, not just those who can afford to pay, that system already exists, and it´s called banks!
And yes, it will get worst, seems like the BTC developers really have their heads up their asses. They claim that BTH is a fraud, I think that they are the fraudsters! In my country we have a saying "thieves think all men steal", this surely applies to the BTC developers who have currupted BTC at the highest level!
They call Roger Ver (@rogerkver) "bitcoin judas", I think that he is extremely brave for standing up for his beliefs and doing what needed to be done, fighting the good fight!
"The whole point of BTC was to included everyone in a decentralized monetary system, not just those who can afford to pay, that system already exists..."
By increasing the block size in BCC, you harm the ability of individuals to participate in mining, therefore you harm the decentralized state of the blockchain. If you want a weakened state of decentralization in the name of accommodating small transactions, why don't we all just use Ripple?
Really? You compare Ripple with Bitcoin Cash and claim they are centralized in the same manner?
And, which individuals?? Do you mean the mining farms in China or India? LOL
Of course there is centralized mining forces in the current Bitcoin ecosystem, but increasing the block size enables that centralization at the expense of individual mining even further.
The value of Bitcoin lies in its superior security - with a longer and better track record than any other crypto. It's not valuable as a store of value because of the volatility, and the fees make it not practical for small transactions. It is the most secure though, and no other cryptocurrency has yet been tested at the scale Bitcoin has. It doesn't matter what the whitepaper says - Bitcoin's security is what makes it revolutionary.
"It doesn't matter what the whitepaper says" - Just wow
My point is that much like a religious text, everyone has their interpretation. Claiming your preferred coin is "the true interpretation of the holy book," is worthless.