Excited About Lightning Network
Segwit has been a great success, and now that major exchanges are finally implementing it, it can only go even further.
Storm a Brewing
I haven't tried Lightning yet. And I think I'll leave the current testing phase to the professionals.
But I'm still excited for it to get here. And I believe it may be the catalyst that cryptocurrency needs to go ballistic.
Why do I think this?
Well, cryptocurrencies (and Bitcoin in particular) have a singular Achilles' Heel that keeps them from fundamentally transforming society. And that weakness is factionalism.
Too often are great currencies riven apart, forked, or reinvented in an attempt to please every errant idea of what they should be. In Bitcoin, the big debate has always been whether it is to be used for payments or as a store of value. This civil war has been the only thing that even came close to destroying Bitcoin.
And with Segwit + Lightning, that argument becomes completely redundant. Bitcoin can be used both as a payment channel and as an asset that stores value. Thus we close the biggest of Bitcoin's holes.
The effect is going to be dramatic, though it will still be some time before it fully kicks in. Still, I find myself more hopeful today than I have been in weeks.
On the Cusp
Everything is settling down. The FUD that was rampant for the past several weeks is dying off. There are no huge developments at the moment, but people are starting to get comfortable with the idea of Bitcoin again.
And if you've followed Bitcoin at all, then you know that these are the moments that always precede something BIG.
When people aren't in a frenzy to buy, but also aren't pitching a fit about how scary this futuristic technology is. These are the best moments, when people just act like people, and slowly they begin to understand the normality of this new paradigm. The future's going to be great. No need to drool over it or run screaming from it.
Pay attention in the coming weeks. You may just see a miracle.
You are correct and most of the bitcoin haters here are just talking their books
I'm for one not a bitcoin fan, but even I can see that small incremental changes to reduce avg fees below $5 (just see litecoin lightning example of keeping its fee below $0.5....most I have seen is $0.04 in my usage to buy Steem) will justify the notion for mainstream investors & funds to keep adoption of btc as a symbolic digital gold as store of value...it's very-very hard to fight >100 billion investment in bitcoin, don't perilously make the mistake of doubting it
Note: btc may or may not thrive but it will continue to grow once the future sellers can shake all the weak hands who bought btc futures at peak and cash in a few tens of billions on their initial dump & pump game (ironically it's illegal to pump&dump but perfectly legal for the billionaire corporations to do the exact thing in reverse order)
Anyone with keynasian & economic knowledge can argue that at max long term inflation of Steem of a mere 1% (dropping 0.5% each year from 9.5%) is not just justifiable as a people's currency but a necessity for stability, if you don't believe then believe this, critical mass adoption is key and about to happen here as we open up more than 10K accounts each and every day and that number is increasing
when Steem hits 1million users, then 5million, then 10millon, what would stop Steem from taking away transactional value & preferrence from other day to day crypto like litecoin & dogecoin & every other popular trade-transactional crypto in the top 25?
When Steem show we can scale from 14,000 transactions/s to 100K/s, and we can seemslessly support ICO as good or even better, what would stop Steem SMT from taking away future market share from Eth(current mere 27transact/second with raiden&casper minimum 10x?), much like what EOS (also 100K/s) would do likewise?
If Steem hits 50-100Million users what would stop Steem competing with the banks and rendering ripple market share static even retracting like discover card is to visa-mc partnership?
look into the future and you can easily see Steem at $100 near term, $1000 when critical mass arrives at full steam (pun unintentional) shortly after the turn of the next decade, $10,000 long term and I suspect way before we hit half a billion accounts
get at least 1000 (everyone can with dedicated effort) TO (and If you can afford so) 10,000 Steem if you don't have it already, your grandkids will pay homage to your wisdom someday
Your prediction depends on several checkpoints being hit. Still, I agree with the bulk of it.
Steem fills a different ecological niche than Bitcoin, allowing the two to coexist. And Steem has the capacity to fill its niche at least as much as Bitcoin has the capacity to fill its own. Perhaps even more so, since Steem lacks any real competitors in this arena so far (Yours Network and other experiments are not even in the same ballpark).
They're the only two cryptos I'm invested in at the moment, so I am of course biased. Still, Steemit has proven to be made of stronger stuff than I had anticipated. For a long time, I worried that it would fade, and yet its future is now brighter than ever.
wise choices @talanhorne
note this just over 11 months ago there was 2 days in that month that zero accounts were signed up on Steemit, then in September2017 I read we went from 1000signup a day to peak at 3K/day, last month it was 7K to 12K/day, critical mass is just around the corner after that there is little we can do to stop it rolling bigger and faster...it's like physics for behavioural psychology
keep it up sir @dj123
great job,,
Welcome to Steem @rahmanmdriad
@talanhorne,
Personally I am anti-BTC thinker! They talk about Lightening networks and so on. But in STEEM we got one of the fastest block times and of course this is totally fee free :D So, I think this is the future and BTC is outdated!
Cheers~
I love Steemit, but Steem will never replace Bitcoin.
The current amount of Steem is already an order of magnitude greater than the maximum Bitcoin circulation. And that number will only increase ad infinitum. It is a great reward for blogging, but will never be more valuable than Bitcoin.
@talanhorne,
Exactly STEEM price can't compete with BTC price. But market capital can do!
Cheers~
hey @theguruasia you might get something from my reply to @talanhorne, go take a read and grow your belief to hodl when we go past all previous records in the next few years
(1) Some people are saying some other crypto will take the place of BTC, but they are forgetting that the ecosystem of crypto market is highly influenced by the health of bitcoin. So one should not just write of BTC just because of FUD.
(2) There may be better technologies, better blockchains but one thing that should be kept in mind is that bitcoin was the first cryptocurrency and the crypto market in overall is not yet adopted to full scale in society, so I must say it is still in early stage and bitcoin will continue to remain as the king.
(3) While talking about bitcoin, one should also consider the limited supply which is the main fundamentals of bitcoin, so this is the right time to buy BTC.
Thank you.
Bitcoin is one of the largest currencies in the world, Hopefully it will last forever.
I completely agree with you, the time of lightning and storm will soon come and Bitcoin will rise again with a new strength. After that, all cryptography will come to life like a flower in the spring! Thank you @talanhorne for the positive post!
very good post my friend .. I like the same post you friend
Hello @talanhorne,
Extraordinary good market update. More than 70% of crypto investors have investments in BTC. If BTC dev team can build this Lightening network, it'll rise BTC price & as you said it'll minimize FUD attempts. Incredible article & excellent post about it.
~@mywhale
posts that attract friends, and became the subject of conversation, and within a few days btc up a few percent
bitcoin a very large and global currency.
That's pretty interesting post @talanhone. I'm glad to see it.