RE: Gird Your Loins: The Big Cryptocurrency Drop That's Going On Now
Good read, great analysis, and great job on the perfect sell timing! I hope you have/had a great vacation!
I think that the current fees are ruining Bitcoin at a key moment in regards to large scale adoption. Lots of people are buying in and finding that it costs them $15 to send $30-$40, and a large portion of the miners are either now supporting Bitcoin Cash or other more profitable coins. Since Bitcoin is the main attraction and the majority of markets are based around it, it's understandable that the alt coins are going down with it, though I think that will stabilize. However, I think this may be a huge drop until the large transaction fees and slow transaction times of Bitcoin are fixed... or at least until it starts going up again :-P.
Yes totally agree ... I hope that Bitcoin community does come together on consensus to get the fees to be lower and such. At moment, I'm glad I moved most of my Bitcoins to other alts, particularly to ETH and its ERC20 tokens as I believe they have great opportunity to fill in the problems that Bitcoin can't fix. That being said, I also think Bitcoin Cash and Litecoin won't necessarily be the answer as if their networks don't contend to high number of users, they too will have high transactions fees and slow wait times. We shall see what prevails and what happens.
Yes, hopefully. It would be nice if the people that were starting to invest would also start mining and help maintain the network. Though I know a lot of that is still way over most peoples heads. But with that said, mining is getting more and more user friendly every day.
I'm going big in IOTA because of these transaction fees. I'm believing in the Tangle.