A Better Possibility?
Is it time to dump BTC to buy something better? That's what Steven Englander, head of strategy at New York-based Rafiki Capital, thinks crypto holders might be trying to decide.
My conjecture is that cryptocurrency holders are trying to decide whether to abandon Bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.
http://metro.co.uk/2018/01/17/bitcoin-ethereum-ripple-prices-plunge-cryptocurrency-meltdown-7235810/
Of course, I personally "dumped" BTC long ago in favor of better prospects, and I haven't done bad at all.
In fact, I've now dumped all legacy crypto altogether, and have no intention to ever get involved in it ever again.
It's only cutting edge, state-of-the-art, 3rd generation crypto for me.
To be fair bitcoin has many flaws it's tx are way to slow and it's mining consumes huge amount of electricity too and man it's fees are so high not many can afford the fees of btc and to me the best crypto right now on the internet is steem it is super fast like rocket it has no fees and it consumes very very little electricity too and what more it can be mined with the proof of brain and proof of stake and it has zero scalability problem, it's wallet is also super secure, if for x reason we lost our steem wallet key steem give us option to recover it too, steem blockchain continuously developing and new interesting platforms are building on top of steem blockchain regularly, so to me steem is the future crypto and we surely see more growth in steem soon, thanks for sharing your nice thoughts with us, Stay blessed
Absolutely correct in everything you say. I would just add that the BTC electricity use is, to my mind, probably its biggest negative and most evident way of understanding just how unsustainable it is and just how close it already is to actually hitting the proverbial diminishing returns cement wall.
Sell after a major pullback or in general?
I have lightened my load in the big three and rolled it into both STEEM and BTS. At this point, I am inclined to keep the BTC and ETH that I have since it is a minimal amount relatively speaking to the rest of my portfolio. I am overweight LTC which I will unload the next run up (I should have followed Charlie Lee on that one).
Right now the only other two that interest me are BTS and STEEM. PRS caught my attention but it is early in that game so I am not sure how that one will work out (havent put any money into it yet).
EOS is another consideration but am I too much @dan if I add that?
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NEVER AFTER A MAJOR PULLBACK!!!
In general the idea would be to move out of legacy crypto by selling rallies and restructuring your portfolio. The premise is that this is what might have been what has helped to bring BTC down, and what might also keep a cap on it in the future while other, much better prospects do their respective 10x, 100x, and 1000x.
I would say that instead of buying the dip on old legacy crytpo, it's now time to sell the rips. 😈
Seeing as how BTS has gone down to its previous major peak and BTC has recovered slightly, took this opportunity to move another 50% of my remaining BTC into BTS. The remaining 50% has been laddered into limit orders for BTS ;)
Thanks HR, let's hope the market becomes rational and recognises the worth of DEX!
Sounds like a very reasonable and sound plan. 😎
In early December 2017, some pirates stole 4700 Bitcoins worth $ 80 million from NiceHash, the crypto-currency platform. This is the last of a long list of similar events, accessed by hackers who can access accounts and make large amounts of money.
Hackers own Bitcoin, a treasure that speaks their own language, a treasure they can use to capture their fortune. According to Kaspersky, 2018 will be the year of malicious code that misses accountability. Capturing millions of computers without permission and using them to dig in crypto may be something we will hear next year.
2018 also offers a challenge to Bitcoin's infrastructure. The difficulty of handling crypto-currency platforms with traffic summers spreads a little distrust between buyers and sellers who witnessed the hours lasting for hours even though orders were not triggered.
I took my BTC investments for these reasons. The best option for me now is steem. Due to the current fluctuations, the price is low. Most importantly, we already know the true value of Steemit users. I steem and trust myself. I would recommend the same to you. @cyrptographic
@cryptographic -
Of course, I personally "dumped" BTC long ago in favor of better prospects, and I haven't done bad at all.Sir you always take right decision at the right time... Not only today, in previous articles what you predicted about this high fluctuation market & behaviors of coins worked well... Therefore, I think you took right decision Sir... 3rd generation coins are the future of the world...Nice article Sir... Thank you for sharing this valuable advice...
+W+
hey friend @cryptographic you are right , i fully agreed with you. always love to visit your post and Commented for your fair and supportive work.
Well substantiated information, definately going to be investing in bitcoin and steem now! thanks for sharing.
upvoted and restem
Its a tempting proposition. I've been rebalancing for a while, but keeping some BTC in my portfolio roughly in accordance with its market dominance.
Technically speaking, its a dinosaur, but its still the most valuable crypto out there, and has some great developers working on it and a very large community. If things like Lightening network, side-chains, and even bridges through tech like ARK are successfully implemented, BTC could still have a lot of a room to grow.
Its a long way from Satoshi's original vision in its current state, but has gained something as a (highly volatile!) store of value. Its also the main way into the crypto market for most. If you want to buy alts, you need some BTC. Short -term, this should keep its value high.
And everything you say is true, and it's just a shame to see so much talent and effort go to waste. 😉
And I'm confident that we'll get some better, more direct onboarding going on BitShares sometime not to far from now too. 😬
@cryptographic,
Yeah 1st and 2nd generation crypto already gone! BTC is in it's last era and ETH will be the next!
STEEM, EOS, BTS this is the future! I also following your theory and I am not regretting about my decision too! Great post friend, thank you very much for sharing your great crypto strategies with us. it's truly valuable to build our future as well!
Cheers~
I am pretty much in agreement, BTC is fun to trade and for now is an o.k. medium of purchase for Alts, but it is a very technologically inferior product to most everything out there. BCH is much better and would serve as a better medium on Bittrex as its faster, cheaper and all around superior. BTC is holding on do the name brand recognition as there really is nothing special about it in terms of cost or performance. Many others can do the same job and better.. Sooner or later investors will figure this out and it will either go into the dirt, or just end up as a somewhat stagnant store of value.
Yeah, but I'm not nearly that clear about BCH either. A hack-job clone of BTC? What's its energy consumption limit going to be? Cause we know it's there, somewhere, eventually, down the line. So why even get on it if it's on a dead end street?
Excellent point.. I think the BTC or BCH or BCG or whatever just needs to be happy to limit itself as a store of value and medium for the purchase of Alt/Next Gen Coins.. In regards to power consumption it is relative in the grand scheme of things and I wrote an article about the specifics on that last month. Long and short of it is that so much is made about the power consumption of BTC but the reality is that mining consumes around 1 percent of the same amount of energy consumed by devices in the US currently sitting in standby mode. Its costly for the miners, but as far as bringing down the world grid; that is not a possibility.
I dont think it is a dead end, but it is a better option than slow and expensive BTC..
No matter what, in the end the newer coin will experience the same problem as BTC. It's the nature of blockchain. It grows larger slowing transactions. Even ETH experienced this with cryptokitties. Miners and nodes couldn't handle the load. Add more miners and modes wouldn't help because the entire blockchain has to be copied and distributed on every transaction. More nodes just worsens the problem because it floods the network with more traffic increasing the slowness.
This is what every cryptocurrency is going to face. A new trend of lighter cryptocurrencies exists where the blockchain is lighterweight, but again...it's a half measure. Eventually, the blockchain reaches a size that it's untenable.
Personally, I think ZenCash with its node design and infrastructure design is very sustainable.
At some point BTC will get so slow, that BCH will start to experience more pumping/dumping. At that point, we'll start to think
It's been said before. I'll say it again. Betamax vs. VHS
That said, even as BCH is a better alternative to BTC, it's not the end or the solution. This may be what's holding it back. There is no immediate need to switch from BTC. Even during the recent market freefall, BTC held its own with a drop less than 20% while alt coins dropped over 30% making it a prime time to purchase altcoins destined for a bounce. Then repurchase your BTC again because after the market retreat, it still hasn't really come back. It just reinforced people's sentiments about BTC.
I look at BCH as a stopgap. The real solution to BTC is a segwit2x, but who knows if we'll ever see that since the faceplant it made in November.
Check this out: https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw
Sounds reasonable to me, what do you think?
Wow. That is one lengthy read. It'll take me a few to get through that. Thanks for it though. @modprobe LOL. That's almost as pretentious as @r351574nc3
Solid comment and you may be right...
I think the market has space for a number of successful projects. I agree that other assets will have better gains than the legacy assets in the longer run but remember that a lot of the assets out there will also fail. I would bet that 60-70% of the assets out there will ultimately fail and will not capture adoption. This will lead to a shift into quality name which will include the legacy assets as they improve their networks (i.e. lightning, sharing, etc.). They have too much on the line to not improve. We all should hope they do so as well as increased adoption will help all assets whether legacy, 2nd, 3rd gen or even some whom have not even started yet.