What will subdue BTC and sustain it lower?

Discussion in 'Crypto Assets' started by Overnight, Dec 7, 2017.

  1. algofy

    algofy

    Only 1 million? moon, remember.
     
    #11     Dec 8, 2017
  2. Cuddles

    Cuddles

    I think near 50k/coin it's where we get to the trillion market cap. I think this is unreasonable, but then again I was making 20k predictions for shits and giggles just a couple of weeks ago.
     
    #12     Dec 8, 2017
  3. Fileiro

    Fileiro

    As Jamie Dimon how he did it..
     
    #13     Dec 9, 2017
  4. USDJPY

    USDJPY

    Recession or popping of the tech bubble will start a rush for the exits
     
    #14     Dec 9, 2017
  5. fhl

    fhl

    or possibly this stuff...

    . "Tuesday afternoon, Eastern time, it cost around $19 to have a transaction processed in 10 minutes. By one estimate, paying a smaller fee of $3 would leave your transaction taking an estimated 24 hours. Paying a friend for pizza? Stick to Venmo."

    "Videogame marketplace Steam stopped accepting bitcoin last week, citing high fees. Erik Norland, senior economist at derivatives market company CME group, said early this month that high fees could be the thing that brings bitcoin’s current rally to a halt.


    Bitcoin’s transaction fees are so high because the peer-to-peer network that powers the currency has very limited capacity by the standards of modern digital infrastructure. Emin Gun Sirer, a Cornell professor who has studied bitcoin’s design, estimates that at best the bitcoin network could process seven transactions per second, but typically achieves 3.3. Visa reports processing 29.2 billion transactions in the three months through September, a rate of 317 million a day, or 3,674 a second."


    "Some bitcoin devotees who help maintain the currency’s network and code are thinking about ways to scale and achieve Nakamoto’s original vision. But Kasireddy cautions that there are no technically proven options implemented at scale. Even if there were, bitcoin lacks a clear mechanism for implementing upgrades, thanks to Nakamoto’s decentralized design. “There’s no real governance process,” she says. There’s a lot more to bitcoin than just the price."



    It just appears to cost too much to do transactions and the design of it precludes the possibility of fixing it, according to the article.
    https://www.wired.com/story/bitcoin-is-soaring-heres-why-its-not-ready-for-the-big-time/
     
    #15     Dec 12, 2017
    Pekelo and Clubber Lang like this.