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RE: 📝 3 Reasons Why Bitcoin will Come to Fall (From an Utility Perspective 🛠)
BTC won't survive for 10 more years. But it will be replaced by alternatives where trust is high.
There are legacy issues with bitshares that cause trust to be a major concern.
Trust is like virginity. Once it's gone, you'll never get it back. The legacy trust issues with bitshares make it unlikely that bitshares will be the replacement for BTC.
I am not sure of what legacy issues you're speaking, could you elaborate? Bitshares is highly outweighing a lot of its competitors when it comes to software, and has a solid community behind it. Besides that its utility capabilities don't require it to be a replacement for Bitcoin in order to be succesful.
coincheckup.com
Xapo CEO Foresees A Single Blockchain To Move All Value, ‘Most Likely’ Bitcoin’s
During a Facebook Live interview between Xapo CEO and Paypal board member Wences Casares and PayPal CEO Dan Schulman on Jan. 12, Casares explained his vision of a single “robust” Blockchain to move value globally, saying Bitcoin (BTC)’s Blockchain would likely play this role.
He also predicted that BTC could become an apolitical standard of value.
Casares, who grew up in Patagonia, Argentina, explained during the interview that he had seen his family lose everything three times during his childhood due to banking failures and hyperinflation. He, like many tech pundits, compares the creation of Blockchain technology to the creation of the Internet in terms of its innovative potential.
Earlier this year, Casares had predicted that the price of Bitcoin would eventually reach $1 mln. During the Jan. 12 interview, Casares repeated the same prediction, but in a modified form, calling Bitcoin and crypto in general an “interesting experiment” and predicting BTC’s $1 mln price if that experiment should succeed:
“I also think that there is a higher than 50% chance that this experiment succeeds...If that happens the world is going to look very very different... I happen to believe that if it succeeds that one bitcoin is going to be worth one million dollars.”
He also said he thinks there is an “at least a 20 percent chance that this experiment fails”.
Casares’s optimistic views on the digital currency, however, are bigger than price gains:
“I can imagine a world in which bitcoin becomes a global standard of value — it’s the first global and non-political standard of value — coupled with the first global and non-political standard of settlement [...] It would be the biggest leap forward in the democratization of money we’ve ever seen.”
According to Casares, the future of crypto lies in the cooperation around a singular, robust Blockchain, and in his opinion Bitcoin’s is the most likely to be the Blockchain of choice:
“There is a huge incentive to have one very, very robust blockchain. At least for any process that, in the end, will be moving value of any kind [...] There may be other use cases that do not entail value that may merit a different blockchain, but in terms of value, it’s most likely, in my opinion, that we’re going to have one. And right now, the most likely one seems to be the Bitcoin blockchain.”
Casares’s focus on Bitcoin underlines the importance of miners being able to successfully rely on transaction fees as incentives to replace block rewards, once the 21 mln Bitcoin mining cap is reached. 80 percent of bitcoins had already been mined on Jan. 13, leaving 4.2 mln coins left until the supply cap.
https://cointelegraph.com/news/xapo-ceo-foresees-a-single-blockchain-to-move-all-value-most-likely-bitcoins
The economics of the BTC blockchain are obviously broken, if you look at transaction fees and time to settle.
What exactly do you see happening that will change the gridlock that has happened to BTC?
I agree that there will be very few surviving blockchains. Perhaps only one.
I promise with certainty that the blockchain surviving 10 years from now WONT be BTC.
The early mover in a new industry, very very rarely has the insights, stamina, and dedication to be the long term survivor.
And BTC is looking very old, fragile, lethargic, and paralyzed in terms of development initiatives.
You have been reading a cointelegraph article. Bitcoin could be technically better off with a few future changes, it would be better off if segwit2x had gone through but that magically didn't happen for a reason last year, and immediately after the cancellation a dedicated attack by BCH followed.
This and what followed demonstrates there are focused interests at work that only use technicalities as arguments to motivate the sheeple in and out of certain coins, given that I won't waste time following tendentious arguments like 'it's lookingvery old, fragile, lethargic and paralyzed.
It's an oxymoron insofar as BCH, as a completely random example isn't much better, less secure and centralized like hell, and in the face of the fact that your argument about old coins not being future-resistant bodes badly for most of the ones existing today. All of them, in fact, even the entire ETH universe. But people like the exchange-centralized coins as they are so symbolic... nobody out there even KNOWS BTS.
The attackers of Bitcoin have managed to damage the brand and bottom the market, but little else as by now everybody accepts Bitcoin as a store of value, while transactions are obviously going the Ripple, Lumens and decentralized exchange way.
And the way of the institutions and states, who will soon all have coins of their own.
Nothing to gain here folks. Move on.
As to Bitshares, my only objection is that better platforms will be coming along that will make it obsolete, like steemit is becoming obsolete, or that its acceptance will just not be happening as institutions won't globally accept it and regulators cut it down.
Which is basically the same argument as the one about Bitcoin.
Not even Ripple is going to be used by the institutions in the long run, they're going to have their own system and the masses will follow and use them as they need to have someone making decisions for them.
Decentralized thinking is just not what a majority of the human herd is capable of or interested in.
You do realize that if Bitcoin were to be worth a million dollars (and therefore picked up globally), its fees could exceed 100's of dollars per transaction. The transaction time would take days, if not weeks to send over. And the energy consumed would at least be half of the worlds population. Pretty much all the points I addressed on this article why it can not happen...
Nobody I know is using Bitcoin for transactions.
We all own many coins and are switching between them, so there isn't any need to send actual Bitcoins anywhere at all except for hodling them inside a hardware wallet. ETH, LTC and Dash are the transactional coins.
The most superfluous coin on the market today is Bitcoin Cash - though many see it like an interesting short-term investment when it's pumping.
A lot like BTC, though not quite as it's totally lacking the nimbus and its propagators are unsavoury.
If you are having any issues with details and opinions mentioned in the cointelegaph article I posted, please take them up with the people who authored it.
You do realize I mainly posted it to relativize what I saw as concentrated FUD on this thread - it's however enlightening that the FUD isn't this time being spread by haters and Roger Ver minions but by folks who hope to be visionaries - I'm inclined to call that a positive development.
So true