Final Answer: When Will Bitcoin Lightning Network Launch? ⚡
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On today's episode:
We’re going to take a look where the markets are at
We’re going to follow up on yesterday's video regarding the market on GDAX where Bitcoin is trading against Bitcoin Cash
And I’m going to response to the popular question of when the Bitcoin lightning network is going to launch
Story - Where Are The Markets At? 0:48
https://coinmarketcap.com/charts/
Well after hitting a bottom of 417b yesterday after 3:30 in the afternoon we have now recovered to 548b.
So let’s see what that looks like on the Bitcoin chart:
https://www.coinigy.com/main/markets/BITF/BTC/USD
Anyone who says technical analysis isn’t useful is wrong.
It’s not perfect because it’s not an exact science, but neither is it useless.
You can look back at my past videos and see that these fibonacci retracement lines were there long before this recent market crash.
And now we see how the intersection of $11,000 and the 61% fib line provided support to the price.
The fact that these two candles for today and yesterday have small bodies indicates indecision in the market, it means there’s caution on both sides.
Out of all the positions that I’ve taken over the last 48 hours my LiteCoin position has performed the best.
https://www.coinigy.com/main/markets/BITF/LTC/USD
LiteCoin dipped below $145 here and is now above $185.
That means it’s added around 30% since it hit bottom.
Bitcoin has added around 17% since it hit bottom.
I was telling my patrons about this yesterday as it was happening but Bitcoin is actually my worst performing position.
LiteCoin is number 1, Dash is number 2 and Ethereum is number 3.
All of those positions are in profit while Bitcoin remains in a loss position.
On the face of it, it looks like the crash is over, however that doesn’t mean much since our eye didn’t tell us the crash was coming the first time did they?
So the market could decide at any moment to take another dive.
Those are the risks that come with the territory, so when you invest, be prepared to lose all of it in an instant, because yesterday some people did.
Story - A Follow Up On Yesterday 4:32
I want to do a quick follow up on the response to yesterday's video.
Based on what I read in the comments, there’s seems to be a major flaw in their logic.
Take a look at those 58 dislikes, that’s a lot relative to how many I normally get, and I know why, it’s because I talked about some Bitcoin Cash news.
The news was that GDAX were about to launch their new market allowing people to trade directly between Bitcoin and Bitcoin Cash.
The people getting upset in the comments were clearly Bitcoin Cash haters.
What’s illogical is why they would be upset at this news.
This news means that it makes it easier for everyone to sell off their Bitcoin Cash for Bitcoin, how is that a bad thing if you are a Bitcoin Cash hater?
Surely the Bitcoin Cash haters want more markets like this? More opportunities for people to get rid of their Bitcoin Cash in exchange for real Bitcoin?
I just wanted to clear that up.
That market has now fully opened and so far over 2,800 Bitcoin Cash has been traded and the price relative to Bitcoin is down 10%.
So right now, a Bitcoin Cash is worth around 15% of a Bitcoin.
Story - When Will Bitcoin Lightning Network Launch? 6:27
https://explorer.acinq.co/#/
In a recent episode, I spoke about the most anticipated developments to allow Bitcoin to handle many more transactions than it can today.
It’s called the Lightning network and is a separate network that will sit on top of Bitcoin, which is why it’s referred to as a second layer.
In that episode I shared with you this visualisation of the lightning network that is provided by Acinq, a French company who are contributing to the development of the lightning technology.
You see here there are 828 nodes and 3048 channels open.
However, this is all happening on the Bitcoin testnet so there’s no real money changing hands, and none of this is lifting the burden on the main Bitcoin network.
Following that episode many of you asked when exactly the Lightning network would launch.
In order to answer that I need to draw a paralel.
Bear with me on this one because it’ll be clear why I’m taking you down this road.
Think about the political debate about abortion.
The fundamental point that whole debate rests on is when life is created. The reason we need to agree on that is because if an abortion is performanced after that point, it’s killing a person vs simply ending a biological process.
Is life created at the very point of conception?
Is life created when the baby is actually born?
Is it somewhere in between? If so, where?
The goal being to figure out the point at which the baby came to life.
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bitcoin cash haters
Great a new clip to watch when having breakfast ,keep up the terrific work ,thank you cryptonz
Welcome to the world, Bitcoin Lightning. I will be cheering both for BTC and BCH in 2018. And lots of token projects of course.
Hey @marketingmonk, I loved your analogy with the philosophical problem of abortion (or the emergence of life). Thoughtful of you, as usual. Just two questions: is the abortion of the lightning network morally wrong? Or, more complicated, is it ethically mandatory to take care to guarantee its healthy growth? Keep up with this great work.
Wow, now you've taken it to an even deeper level. That would be a conversation we'd have to explore in person. It's a good one and requires richer communication than I can deliver here :)
Sure it is. Maybe one day we have such a conversation in person.
Top Cryptocurrencies Pending Price Target and their due dates
https://steemit.com/cryptocurrencies/@salahuddin2004/top-cryptocurrencies-pending-price-target-and-their-due-dates
I've been listening to your podcast for a while now (it's one of the ones I listen to during my workout) so I was so glad to find you here on Steemit as well! Thank you for teaching us so much! My son might be taking one of your classes soon as well. Thank you for all the great info you put out and a lovely day to you!
I'm really excited to see how the lightning network continues to grow. Seems like they have created a plugin that will allow websites to integrate lightning payments pretty easily. 2018 will be a big year for interoperability and instant payments with lightning.
Well done. When you started your comparison to pro-choice/pro-life, I thought Oh, NO! It is a very polarized topic that I try to avoid at all costs. But you made it all make sense BOTH for the pro-choice/pro-life issue AND for the Lightning Network "issue". You can actually follow this analogy to the human conception, birth, aging onto the Lightning Network. As the Network ages (grows more nodes) it will require more and more channels that could be more and more difficult to establish by individuals (at least that's the fear of some). Makes me think of the breakdown of the immune system (as well as other body systems) as humans age. The answer by some is that established (centralized) organizations will manage these channels for the Lightning Network. Just as a holistic (sort of a form of centralized) approach of building up body systems eases the aging of the human body instead of just managing symptoms as they arise. But at some point the aging process will end in death. Following this analogy then, I would hope that the eventual "death" of Lightning Network would mean that a decentralized method/technology develops so that there will never be a need for a trusted organization.
Ahah the example of the conception of a child is genius!
Now that the lightning network have been conceived I guess a big increment in Bitcoin trust from a lot of people (also as a mean of payment).
Do you think that the belief in Bitcoin cash is going to go down? Most of the reasons of his creation are going to be solved by the LN!
I do not think Bitcoin Cash is going to go down. There are many hard core supporters who have already made their mind up and are not open to new information that may change their beliefs.
This is so exciting 😁 Increasing Bitcoin's usability and scalability is the key to its success.
As usual thank you for all the hard work you put in to bring us great content!
Peace! ✌
@chiren
chrish has given the best analogy to explain the lightning network, i think am gonna have to use it, brilliant.