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RE: Will Etherium Fail due to its Scaling Issue?
I tried to invest in an ICO last week. Bittrex shut down their Ether transfers due to the network being clogged. "No problem I'll use a different wallet", I tell myself. AN HOUR AND A HALF LATER my transaction went through and I missed the ICO. Then I had to wait for my Ether to be returned.
Instead of Ether blaming ICO's, they need to use the ICO's as test cases for (hopefully) regular usage in the future of cryptos. There are a little over 3, 600,000 Ether Accounts. That's barely over 1% of the United States Population. What happens if a half of percent of the world decides to use Ether? We'll never see it if Ether can't even handle congestion from a few ICO's.
Good point, doing great
Have you seen the free fall in all cryptos today? see https://steemit.com/cryptocurrency/@charles1/the-fears-in-crypto-currencies-big-losses-in-steem-etherium-bitcoin-et-al
Yeah, today has been an interesting day. I'll check it out dude.
Great , hope you take advantage and get some steem power
Oh yeah you better believe it.
Haha , good one.
I think that's an unfair assesment of the network, ICOs would put pressure on any network because so many people try and get it the network is essentially suffers a DDOS attack. ETH is also fairly young but has the future mapped out. You can't expect technology to jump to the end goal instantly, it has to grow in a stable manner. So of course it's going to be clogged by the ridiculous number of ICOs at the moment, wait 6 months and once the releases have come it will be different.
I don't think it's an unfair assessment. It's not like the ICO's are not known. Many businesses fail because they don't properly plan for expansion. When their businesses start to grow massively they can't keep up with order demands or provide the customer service that customers demand. This is the same exact scenario here. While you and I may understand the growing pains of technology, the average tech user does not care about this. They want a properly working product and they want it now or they will go find a product that does work properly.
That may be the case, but no crypto can scale currently. Those that claim they can don't have the appeal to be tested. Plus, I don't think anyone expected the ICOs to be this 'successful', it just isn't logical. I understand the drive behind some, others are pure rubbish with a whitepaper.
Although I get your point regarding they must meet customer demands I think the market vast majority of the market (in terms of $$$) understand the issues and appreciate the attempts to solve them.
Good point