Just not feeling the predictions out there of $20K for BTC by the end of this year. There's absolutely no basis that I can see for this price level.
BTC is popular and pretty proven, but it's slow due to the process of mining.
Coincidentally, the open process can also lead to breaks in the system, which causes significant security concerns.
Transaction costs are up along with the volume of transactions on the network. So, clearly it's not as efficient and that presents challenges from a competition standpoint.
BTC will make it annoying for everyday consumers to complete transactions due to price fluctuations.
Only consumers will use coin because leaders in industry are developing systems that work on blockchain as a method of efficiency and transparency, not really as a store of value.
Despite these obstacles, the main problem that I have is this concept of "greater coin adoption" or whatever they like to paint. How is transactions being completed on blockchain automatically gonna lead to greater coin adoption? I mean, maybe it will, but then again there's not actual link that proves this will be true.
I'm still buying pretty decent amounts of crypto. I think that BTC has become overly centralized as it is controlled by Core and their Lightning Network scaling solution is unproven at best. BTC has moved away from the true vision of the BTC white paper which was to create a peer to peer digital cash system. Bitcoin Cash stays true to the original idea. While, I'm not selling my BTC I'm not buying anymore. I am increasing my Bitcoin Cash holdings.
I'm also still buying Ethereum, OmiseGo, Augur, and Monero. I think those cryptos will see meaningful growth over the coming years.
I think now is a smart time to buy instead of when all the idiots were buying near the peak in late 17 and early 18. We have seen this huge boom and bust cycle in the crypto space before and as network usage increases with the delivery of functional ICO projects I anticipate we will continue to see growth in the crypto space.
99% of the projects out there are trash, but the handful that are seeing true developer attention are worth following.
picklemonkey what exactly does “network usage increases” mean when you say that? It always sounds like you’re mixing blockchain technology together just because a coin’s ledger is based on blockchain. I get how this may make sense for ETH, but when you say this about any coin that way, it sounds just outright wrong.
Another thing, do you believe active blockchain usage will ultimately hold more upside than a traditional cash equity? Or is it just the interest towards accessibility versus private markets that is exciting to you?
By network usage, I mean transactions on the various cryptos' respective blockchains which could be simple peer to peer transactions, Dapp usage, or larger and more complex smart contract executions. I'm mainly saying that the number of smart contracts and general transactions on various blockchains have been increasing and will continue to do so as more applications are created. There has been a increased level of activity on the test nets, which in the past has been a leading indicator for additional activity of the mainnet in the next 3 - 6 months. I believe the value of these various blockchains will eventually be closely tied to the activity on that particular blockhain. I'm sorry that I did not make that clear in my previous comment, and that it took me so long to respond.
I'll be the first person to say I'm not sure how blockchain technology will ultimately change the world we live and work in, but I am confident it will have a significant impact that will evolve as the technology progresses (look at the internet from 1990 -2010). Cash is never going away, but if you can transfer funds faster, cheaper, and safer via the blockchain I don't see why that wouldn't eventually catch on to some degree. At the very least I believe that blockchain technology can replace or improve existing processes and reduce some operating costs.