 Show Posts
|
|
Pages: [1]
|
|
Interesting topic, first of all we have seen both 10k and 14k in 2019, that tells me that the price has come up alot since we saw 3k and there is still interest.
Depending what you describe as ”mainstream” but i don’t think 2017 was mainstream, for me mainstream is when Bitcoin/Cryptocurrencies is alot more known and used. Today we don’t have that and can’t see it either, partly because we can’t send transactions fast enough.
One very big problem in 2017 was slow transaction speeds and high fees, if you reed around the internet you see alot of threads/discussions talking about this problem. Today it’s probably a bit faster but not that much, this would mean that 20k today with the same ”bullrun” would cause the same problem, so you could argue that we can’t see 20k today because we haven’t fixed the problem we had 2017.
Another big problem was exchanges, in 2017 the exchanges couldn’t handle the traffic, this became a big problem, today we have stronger exchanges with alot better servers and staff, however the transaction speed and cost is still a problem. We also have alot of problems with exchanges get hacked, Decentralized exchanges is also something we need.
Can we see a new ATH? Yes, but probably not today and if we would see a new ATH anytime soon there is a big chance we see a crash as well, however with the upcoming halving no one knows where the price can go.
I think we nee to see a good scaling solution, maybe Lightning Network, which by the way have made big improvments this year. We have also seen alot of companies beginning to research blockchain and we have much more interest in the blockchain today compared to just a few years ago. I could say we have made alot of ATH in blockchain space but not in ”price”
2017 was a interesting year but also a very dangerous time, alot of new people entered crypto with the minset ”buy now before it is too late” when in fact it was already too late to invest. Now alot of peolpe are just waiting to get out. Crypto is not always a ”price” but have usecases.
Just my thoughts.
|
|
|
|
The community seems to agree that we will see bitcoin at 50-100k, people are predicting it, doesn’t matter if it’s an ”expert” or not. This rise in price is for the most part ”possible” because of the halving next year.
One major problem that no one is talking about is scalability, in 2017 we saw 250k transactions waiting to be sent and fees up to 100$ and as far as i know that problem isn’t solved. Sure we have a stronger Lignting network but it is not used by the majority of transactions and probably not ready for it.
With this problem still ”active” how can we see a the price everyone is predicting?
And what if we consider the fact that there are a lot of hodlers? For most of them tx fees aren't huge opportunity cause they rarely spend, well it means nothing btw. The reason we can see price that everyone predicts is that you already know halving reduces number of bitcoins mined per block which to translate means 1/2 of current reward. In order to keep mining and miners, we need high price to make mining profitable again. Halving just pushes us to rise price in order to keep mining. Also you mentioned correctly, because of lighting network (despite the fact that it's not used massively), people hope that they'll be able to spend bitcoin with low fees. Some LN users and some regular users in overall will cause normal rise in tx fees which won't be critical. It depends to be fair, obviously, a lot of the people using bitcoin nowadays are mostly in it to make large amounts of profit, and will likely not even sell their BTC until the profit is reached, and this makes the network easier to manage, ofc. But, when bitcoin does become more adopted and popular, we are 100 percent going to see more transactions, which means higher transaction costs and slower transaction confirmation - which can be easily countered, if we get more miners in the coming years where bitcoin makes it big. Yes of course, depending on when the profit is reached. Does the amount of miners matter when it comes to amount of transactions? Isn't the size per block an issue even if there will be more miners in the future? I believe that if we will see bitcoin at 50k+ without Lightning Network or an similar idea we need to do it slow, i don't believe we can reach that high in a few months. |
|
|
|
The community seems to agree that we will see bitcoin at 50-100k, people are predicting it, doesn’t matter if it’s an ”expert” or not. This rise in price is for the most part ”possible” because of the halving next year.
One major problem that no one is talking about is scalability, in 2017 we saw 250k transactions waiting to be sent and fees up to 100$ and as far as i know that problem isn’t solved. Sure we have a stronger Lignting network but it is not used by the majority of transactions and probably not ready for it.
With this problem still ”active” how can we see a the price everyone is predicting?
And what if we consider the fact that there are a lot of hodlers? For most of them tx fees aren't huge opportunity cause they rarely spend, well it means nothing btw. The reason we can see price that everyone predicts is that you already know halving reduces number of bitcoins mined per block which to translate means 1/2 of current reward. In order to keep mining and miners, we need high price to make mining profitable again. Halving just pushes us to rise price in order to keep mining. Also you mentioned correctly, because of lighting network (despite the fact that it's not used massively), people hope that they'll be able to spend bitcoin with low fees. Some LN users and some regular users in overall will cause normal rise in tx fees which won't be critical. So you are saying that the transaction problem that was an issue 2017 is not an issue if we see lets say bitcoin at 50k in 2020 because people don't sell? Then how is the price going up? |
|
|
|
|
The community seems to agree that we will see bitcoin at 50-100k, people are predicting it, doesn’t matter if it’s an ”expert” or not. This rise in price is for the most part ”possible” because of the halving next year.
One major problem that no one is talking about is scalability, in 2017 we saw 250k transactions waiting to be sent and fees up to 100$ and as far as i know that problem isn’t solved. Sure we have a stronger Lignting network but it is not used by the majority of transactions and probably not ready for it.
With this problem still ”active” how can we see a the price everyone is predicting?
|
|
|
|
|
