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Author Topic: whats the future of crypto?  (Read 1303 times)
thecodebear
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June 11, 2017, 01:58:39 AM
 #1

So we've got bitcoin, which is great as a deflationary digital gold type of thing, and great for buying very expensive things or moving large amounts of money around, and great for just in general sending large amounts of money. And we've got ethereum whose decentralized network of apps may or may not become a reality.

But one piece missing, a widely used blockchain coin with near instant transaction confirmation and very low fees. Bitcoin is fine for buying something online when neither party cares that it'll take an hour or so to complete the transaction, but how buying other things with bitcoin....it is entirely unsuitable. Lightning Network I guess could solve this but I'm not totally sold on the Lightning Network. Wouldn't its only use be for when you are a repeat buyer somewhere, whether it be Amazon, or Starbucks, or whatever, because you have to tie up a certain amount of bitcoin with that other client. Or is the idea that everyone would eventually be on this totally interconnected lightning network and it would end up working seamlessly? I've read explanations of Lightning Network but not really sure I fully understand how useful it would be. I mean wouldn't most transactions be one-off transactions and therefore not use the Lightning Network (also has me wondering how much scalability it would actually provide).

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.


Thoughts, opinions? Can bitcoin handle these things after Lightning Network and scalability is solved? What about bitcoin being wayyy too slow for lots of types of purchases? Will bitcoin be relegated to digital gold and another crypto takes the mantle of an actual currency? Do you think there will be other major use cases for cryptos that will see more than 2 or 3 coins emerge as globally successful?
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June 11, 2017, 02:03:33 AM
 #2

We already have that kind of cryptocurrency with almost instant transactions and low fees,we are already using it,bitcoins is it,there are just few problems on the network which cause this fees high and transactions slower

 
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June 11, 2017, 02:19:31 AM
 #3

but it is nowhere near fast. it takes up to 10 minutes a block and you need several confirmations. I'm talking about 5 seconds to complete a transaction, not 30-60 minutes
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June 11, 2017, 03:25:14 AM
 #4

but it is nowhere near fast. it takes up to 10 minutes a block and you need several confirmations. I'm talking about 5 seconds to complete a transaction, not 30-60 minutes

well do you have any proposals? we will hear them if you have any good ones.

in my experience there is no difference between an altcoin with some seconds to a minute block generation time and bitcoin's 10 minute because when i make a deposit with that altcoin in an exchange wallet they usually want some ridiculously high number of confirmation (understandable number though). and that will take the same amount of time for full confirmation!

and that is if their network is not attacked and forked during that time!

Buying the dip...
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June 11, 2017, 03:29:33 AM
 #5

A lot of places accept 0 confirmation transactions.

The logic is that in order for you to go through and try to double spend on that coffee you bought, you would have to have over 50% hashing power. Makes no sense to try and do that.

For other things in higher value 1 or 2 or 3 confirmations is more secure and should be used.

From what I have seen from others, 0 confirmations work almost instantly. Just need to get fees a bit lower.

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June 11, 2017, 03:33:31 AM
 #6

I stopped reading after you said Ethereum was decentralized. I think a lot of people have been fooled into thinking it is, but the dev has full control. The future will be more technologies and businesses coming in to crypto land to fix centralization issues with other tech
A lot of places accept 0 confirmation transactions.

The logic is that in order for you to go through and try to double spend on that coffee you bought, you would have to have over 50% hashing power. Makes no sense to try and do that.

For other things in higher value 1 or 2 or 3 confirmations is more secure and should be used.

From what I have seen from others, 0 confirmations work almost instantly. Just need to get fees a bit lower.

Not true at all. If I send a fee of 29 sats/byte, go home and send the same tx but with 400 sats/byte I just double spent on them and I didn't need to do a 51% attack. There are different types of double spends.
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June 11, 2017, 03:38:03 AM
 #7

So we've got bitcoin, which is great as a deflationary digital gold type of thing, and great for buying very expensive things or moving large amounts of money around, and great for just in general sending large amounts of money. And we've got ethereum whose decentralized network of apps may or may not become a reality.

But one piece missing, a widely used blockchain coin with near instant transaction confirmation and very low fees. Bitcoin is fine for buying something online when neither party cares that it'll take an hour or so to complete the transaction, but how buying other things with bitcoin....it is entirely unsuitable. Lightning Network I guess could solve this but I'm not totally sold on the Lightning Network. Wouldn't its only use be for when you are a repeat buyer somewhere, whether it be Amazon, or Starbucks, or whatever, because you have to tie up a certain amount of bitcoin with that other client. Or is the idea that everyone would eventually be on this totally interconnected lightning network and it would end up working seamlessly? I've read explanations of Lightning Network but not really sure I fully understand how useful it would be. I mean wouldn't most transactions be one-off transactions and therefore not use the Lightning Network (also has me wondering how much scalability it would actually provide).

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.


Thoughts, opinions? Can bitcoin handle these things after Lightning Network and scalability is solved? What about bitcoin being wayyy too slow for lots of types of purchases? Will bitcoin be relegated to digital gold and another crypto takes the mantle of an actual currency? Do you think there will be other major use cases for cryptos that will see more than 2 or 3 coins emerge as globally successful?

First of all, it's disinflation not deflation. Bitcoin is disinflationary. There is a difference between them.

We already see a few altcoins as being real competitors of bitcoin but I just don't think that they are going to be that successful. The major issue that we have to deal with right now is confirmation times and transaction fees. Personally I'm fine with having ten minutes block retarder times. I think that this is a good amount of time, but if it can go lower then it's better although it would mean drastically higher disinflation rates which isn't necessarily a good thing. Also it'll require a hard fork to so this...

I think that the future of crypto will see bitcoin as the reigning MVP still until something really crappy happens which I doubt we will see. It's the first crypto and has never been number two.
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June 11, 2017, 03:40:11 AM
 #8

in 10 years I give it 70% chance of bad future.

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June 11, 2017, 03:48:31 AM
 #9

A lot of places accept 0 confirmation transactions.

The logic is that in order for you to go through and try to double spend on that coffee you bought, you would have to have over 50% hashing power. Makes no sense to try and do that.

For other things in higher value 1 or 2 or 3 confirmations is more secure and should be used.

From what I have seen from others, 0 confirmations work almost instantly. Just need to get fees a bit lower.

it is not just about having the 51% hash power it is the risk assessment that these services do. and if they find the risk low enough they accept it.
usually i have seen them use blockcypher's confidence factor for their services. it is not that complicated either. you can read more about it on their documentations here if you are interested: https://www.blockcypher.com/dev/bitcoin/#confidence-factor

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June 11, 2017, 03:51:54 AM
 #10

When the term crypto is heard first everything seems to be different, but when days pass on people easily understand it's potential. At the beginning something took place with bitcoin. Now name itself adds value to it. One of the user quoted that cryptocurrencies have 70% bad future. I believe the cryptocurrency network will outlaw such speculations.

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June 11, 2017, 04:07:14 AM
 #11

So we've got bitcoin, which is great as a deflationary digital gold type of thing, and great for buying very expensive things or moving large amounts of money around, and great for just in general sending large amounts of money. And we've got ethereum whose decentralized network of apps may or may not become a reality.

But one piece missing, a widely used blockchain coin with near instant transaction confirmation and very low fees. Bitcoin is fine for buying something online when neither party cares that it'll take an hour or so to complete the transaction, but how buying other things with bitcoin....it is entirely unsuitable. Lightning Network I guess could solve this but I'm not totally sold on the Lightning Network. Wouldn't its only use be for when you are a repeat buyer somewhere, whether it be Amazon, or Starbucks, or whatever, because you have to tie up a certain amount of bitcoin with that other client. Or is the idea that everyone would eventually be on this totally interconnected lightning network and it would end up working seamlessly? I've read explanations of Lightning Network but not really sure I fully understand how useful it would be. I mean wouldn't most transactions be one-off transactions and therefore not use the Lightning Network (also has me wondering how much scalability it would actually provide).

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.


Thoughts, opinions? Can bitcoin handle these things after Lightning Network and scalability is solved? What about bitcoin being wayyy too slow for lots of types of purchases? Will bitcoin be relegated to digital gold and another crypto takes the mantle of an actual currency? Do you think there will be other major use cases for cryptos that will see more than 2 or 3 coins emerge as globally successful?
Here the cryptocurrency the features like the Bitcoin  because in case of the Bitcoin we need the 2-3 confirmation for the transaction to confirm permanently ( in the most cases only one) that take about 10-15 minutes according to the fee paid during the transaction but in case of the cryptocurrency we don't much need for the to pay high fee but still the confirmation take much time , no doubts that confirmation for single take only minutes but for the surity of the transaction we need many confirmation like 10-15 .
So time taken in the both cases is same but the fee in case of the Bitcoin is high and in case of the cryptocurrency is very very low ( about free ) .
So here in my opinion if we have more and more trust with the cryptocurrency then surely we will use crypto. More in comparison of the Bitcoin and this will grow the future of cryptocurrency .
But beside of the transaction fee , if the fee is reduced in the Bitcoin then ofcourse cryptocurrency will be use only for the trading purpose .

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June 11, 2017, 04:23:16 AM
 #12

Right now, there is a dark cloud hanging on Bitcoin because of the scaling problem which affected the speed of transactions which is kanda ironic because Bitcoin is supposed to be an answer to the slow transfer of money which traditional institutions are offering. And instead of the Bitcoin stakeholders sitting together and unitedly come up with an acceptable solution, they instead chose to ignore each other and even backbiting one another all to the detriment of Bitcoin.

Hopefully, this problem can be solved soon even if not totally. Once this problem can get eased then we can see the full potential of Bitcoin unleashed and also its value to rapidly go upwards.
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June 11, 2017, 04:40:04 AM
 #13

Crypto and it's life depends on us uppity how much level we can take it hoye far we can progress in it and how far we could excel in this field. We can take it to mountain high and we can dump it to bottom of the sea it all depends on our generation and next generation will encounter the technology and changes that we will make in our times. By the high time for development and progess instead to encouraging the technology government are banning the technology because of their selfishness and government if particular county want to see their currency as international currency so they might ban bitcoin like Cryptocurrency. They don't understand that crypto will rule the world after few decades and we should take it to next level instead of banning it. So the good guys in crypto world we do something for next gen and we will have a better planet of crypto in very near future. So let's make the changes now itself til it gets very late.
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June 11, 2017, 08:04:19 AM
 #14

Crypto will have a good future as long as we have internet and we don't need a license to access our computer in private.

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June 11, 2017, 08:11:06 AM
 #15

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.

This is not the main issue.  The main issue for a crypto to be considered a currency, is that it has a stable value ("ideal money" of Nash type).  Such a crypto must have a value-regulating mechanism, and not an "amount-of-coins" regulating mechanism.  If you simply know that the amount of coins that you obtained to sell a car today, will be buying you such a car 2 months from now, not 3 cars, and not half a car, you have a reliable currency.  No "diminishing emission" coin can do so, because all of them are desiring "increase in value" and hence, speculation, hodling, and volatility (and end up becoming greater fool games, rather than currencies).

The confirmation time stuff is a detail compared to this.  In fact, the time you need to wait for most crypto to confirm, implies already potentially a serious value fluctuation.  DASH has an instant confirmation mechanism, but I'm not sure it is actually secure.  It is more a kind of gentleman's agreement between master nodes and miners; after all, miners can always decide not to accept the master node confirmed transactions ; but at least, a miner doing so is modifying the protocol.

The technicalities of transaction confirmation and so on, are only second-order.   The principal reason why bitcoin and most other crypto cannot become a good currency, is because they have emission curves that turns them into highly speculative assets, which a good currency isn't.

That said, speculative assets DO have a bright future (until they cause a financial crisis, which they always end up doing).
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June 11, 2017, 08:20:41 AM
 #16

Right now, there is a dark cloud hanging on Bitcoin because of the scaling problem which affected the speed of transactions which is kanda ironic because Bitcoin is supposed to be an answer to the slow transfer of money which traditional institutions are offering. And instead of the Bitcoin stakeholders sitting together and unitedly come up with an acceptable solution, they instead chose to ignore each other and even backbiting one another all to the detriment of Bitcoin.

Hopefully, this problem can be solved soon even if not totally. Once this problem can get eased then we can see the full potential of Bitcoin unleashed and also its value to rapidly go upwards.
I can't stand almost half an hour of confirmation Cry
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June 11, 2017, 08:29:30 AM
Last edit: June 13, 2017, 05:21:59 AM by Gaaara
 #17

but it is nowhere near fast. it takes up to 10 minutes a block and you need several confirmations. I'm talking about 5 seconds to complete a transaction, not 30-60 minutes

That was a big words, we currently have bitcoin to do that but of course there are some unnecessary things like having a high value which cause high payments for each transaction, and the other thing is the confirmation problems around blocks. Instead of having another cryptocurrency that can overcome bitcoin, maybe we should just wait for bitcoins to upgrade and go further into a different level, but for that to happen several things should be done.

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June 11, 2017, 08:29:39 AM
 #18

Over the past year we've seen a dramatic amount of growth in cryptocurrency. Considering that the value and the healthy cash flow of cryptocurrency that just tells you that the value of cryptocurrency will keep growing and the future will see lots of cryptocurrency adoption.

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June 11, 2017, 08:30:44 AM
 #19

bitcoin means the end of credit unless agreed peer to peer - no more banks
it is up to you how much coin you keep on your moneycard for your day to day expenses

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June 11, 2017, 08:36:28 AM
 #20

I know many people are considering to not use crypto currency due to the high fees transactions lately. And also about the pending confirmation. But everyone can't doubt that cryptocurrencies is the real future of payment. Even these day the problem of unconfirmed and high fees transactions not solved yet,  I believe next some smart people will find away to solve its. Even if the answer is not bitcoin anymore, maybe some altcoins will be the answer.
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