Is it time to dump BTC to buy something better? That's what Steven Englander, head of strategy at New York-based Rafiki Capital, thinks crypto holders might be trying to decide.
My conjecture is that cryptocurrency holders are trying to decide whether to abandon Bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.
http://metro.co.uk/2018/01/17/bitcoin-ethereum-ripple-prices-plunge-cryptocurrency-meltdown-7235810/
Of course, I personally "dumped" BTC long ago in favor of better prospects, and I haven't done bad at all.
In fact, I've now dumped all legacy crypto altogether, and have no intention to ever get involved in it ever again.
It's only cutting edge, state-of-the-art, 3rd generation crypto for me.
To be fair bitcoin has many flaws it's tx are way to slow and it's mining consumes huge amount of electricity too and man it's fees are so high not many can afford the fees of btc and to me the best crypto right now on the internet is steem it is super fast like rocket it has no fees and it consumes very very little electricity too and what more it can be mined with the proof of brain and proof of stake and it has zero scalability problem, it's wallet is also super secure, if for x reason we lost our steem wallet key steem give us option to recover it too, steem blockchain continuously developing and new interesting platforms are building on top of steem blockchain regularly, so to me steem is the future crypto and we surely see more growth in steem soon, thanks for sharing your nice thoughts with us, Stay blessed
Absolutely correct in everything you say. I would just add that the BTC electricity use is, to my mind, probably its biggest negative and most evident way of understanding just how unsustainable it is and just how close it already is to actually hitting the proverbial diminishing returns cement wall.
Sell after a major pullback or in general?
I have lightened my load in the big three and rolled it into both STEEM and BTS. At this point, I am inclined to keep the BTC and ETH that I have since it is a minimal amount relatively speaking to the rest of my portfolio. I am overweight LTC which I will unload the next run up (I should have followed Charlie Lee on that one).
Right now the only other two that interest me are BTS and STEEM. PRS caught my attention but it is early in that game so I am not sure how that one will work out (havent put any money into it yet).
EOS is another consideration but am I too much @dan if I add that?
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NEVER AFTER A MAJOR PULLBACK!!!
In general the idea would be to move out of legacy crypto by selling rallies and restructuring your portfolio. The premise is that this is what might have been what has helped to bring BTC down, and what might also keep a cap on it in the future while other, much better prospects do their respective 10x, 100x, and 1000x.
I would say that instead of buying the dip on old legacy crytpo, it's now time to sell the rips. 😈
Seeing as how BTS has gone down to its previous major peak and BTC has recovered slightly, took this opportunity to move another 50% of my remaining BTC into BTS. The remaining 50% has been laddered into limit orders for BTS ;)
Thanks HR, let's hope the market becomes rational and recognises the worth of DEX!
Sounds like a very reasonable and sound plan. 😎
In early December 2017, some pirates stole 4700 Bitcoins worth $ 80 million from NiceHash, the crypto-currency platform. This is the last of a long list of similar events, accessed by hackers who can access accounts and make large amounts of money.
Hackers own Bitcoin, a treasure that speaks their own language, a treasure they can use to capture their fortune. According to Kaspersky, 2018 will be the year of malicious code that misses accountability. Capturing millions of computers without permission and using them to dig in crypto may be something we will hear next year.
2018 also offers a challenge to Bitcoin's infrastructure. The difficulty of handling crypto-currency platforms with traffic summers spreads a little distrust between buyers and sellers who witnessed the hours lasting for hours even though orders were not triggered.
I took my BTC investments for these reasons. The best option for me now is steem. Due to the current fluctuations, the price is low. Most importantly, we already know the true value of Steemit users. I steem and trust myself. I would recommend the same to you. @cyrptographic
@cryptographic -
Of course, I personally "dumped" BTC long ago in favor of better prospects, and I haven't done bad at all.Sir you always take right decision at the right time... Not only today, in previous articles what you predicted about this high fluctuation market & behaviors of coins worked well... Therefore, I think you took right decision Sir... 3rd generation coins are the future of the world...Nice article Sir... Thank you for sharing this valuable advice...
+W+
hey friend @cryptographic you are right , i fully agreed with you. always love to visit your post and Commented for your fair and supportive work.
Well substantiated information, definately going to be investing in bitcoin and steem now! thanks for sharing.
upvoted and restem
Its a tempting proposition. I've been rebalancing for a while, but keeping some BTC in my portfolio roughly in accordance with its market dominance.
Technically speaking, its a dinosaur, but its still the most valuable crypto out there, and has some great developers working on it and a very large community. If things like Lightening network, side-chains, and even bridges through tech like ARK are successfully implemented, BTC could still have a lot of a room to grow.
Its a long way from Satoshi's original vision in its current state, but has gained something as a (highly volatile!) store of value. Its also the main way into the crypto market for most. If you want to buy alts, you need some BTC. Short -term, this should keep its value high.
And everything you say is true, and it's just a shame to see so much talent and effort go to waste. 😉
And I'm confident that we'll get some better, more direct onboarding going on BitShares sometime not to far from now too. 😬
@cryptographic,
Yeah 1st and 2nd generation crypto already gone! BTC is in it's last era and ETH will be the next!
STEEM, EOS, BTS this is the future! I also following your theory and I am not regretting about my decision too! Great post friend, thank you very much for sharing your great crypto strategies with us. it's truly valuable to build our future as well!
Cheers~
I am pretty much in agreement, BTC is fun to trade and for now is an o.k. medium of purchase for Alts, but it is a very technologically inferior product to most everything out there. BCH is much better and would serve as a better medium on Bittrex as its faster, cheaper and all around superior. BTC is holding on do the name brand recognition as there really is nothing special about it in terms of cost or performance. Many others can do the same job and better.. Sooner or later investors will figure this out and it will either go into the dirt, or just end up as a somewhat stagnant store of value.
Yeah, but I'm not nearly that clear about BCH either. A hack-job clone of BTC? What's its energy consumption limit going to be? Cause we know it's there, somewhere, eventually, down the line. So why even get on it if it's on a dead end street?
Excellent point.. I think the BTC or BCH or BCG or whatever just needs to be happy to limit itself as a store of value and medium for the purchase of Alt/Next Gen Coins.. In regards to power consumption it is relative in the grand scheme of things and I wrote an article about the specifics on that last month. Long and short of it is that so much is made about the power consumption of BTC but the reality is that mining consumes around 1 percent of the same amount of energy consumed by devices in the US currently sitting in standby mode. Its costly for the miners, but as far as bringing down the world grid; that is not a possibility.
I dont think it is a dead end, but it is a better option than slow and expensive BTC..
No matter what, in the end the newer coin will experience the same problem as BTC. It's the nature of blockchain. It grows larger slowing transactions. Even ETH experienced this with cryptokitties. Miners and nodes couldn't handle the load. Add more miners and modes wouldn't help because the entire blockchain has to be copied and distributed on every transaction. More nodes just worsens the problem because it floods the network with more traffic increasing the slowness.
This is what every cryptocurrency is going to face. A new trend of lighter cryptocurrencies exists where the blockchain is lighterweight, but again...it's a half measure. Eventually, the blockchain reaches a size that it's untenable.
Personally, I think ZenCash with its node design and infrastructure design is very sustainable.
At some point BTC will get so slow, that BCH will start to experience more pumping/dumping. At that point, we'll start to think
It's been said before. I'll say it again. Betamax vs. VHS
That said, even as BCH is a better alternative to BTC, it's not the end or the solution. This may be what's holding it back. There is no immediate need to switch from BTC. Even during the recent market freefall, BTC held its own with a drop less than 20% while alt coins dropped over 30% making it a prime time to purchase altcoins destined for a bounce. Then repurchase your BTC again because after the market retreat, it still hasn't really come back. It just reinforced people's sentiments about BTC.
I look at BCH as a stopgap. The real solution to BTC is a segwit2x, but who knows if we'll ever see that since the faceplant it made in November.
Check this out: https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw
Sounds reasonable to me, what do you think?
Wow. That is one lengthy read. It'll take me a few to get through that. Thanks for it though. @modprobe LOL. That's almost as pretentious as @r351574nc3
Solid comment and you may be right...
I think the market has space for a number of successful projects. I agree that other assets will have better gains than the legacy assets in the longer run but remember that a lot of the assets out there will also fail. I would bet that 60-70% of the assets out there will ultimately fail and will not capture adoption. This will lead to a shift into quality name which will include the legacy assets as they improve their networks (i.e. lightning, sharing, etc.). They have too much on the line to not improve. We all should hope they do so as well as increased adoption will help all assets whether legacy, 2nd, 3rd gen or even some whom have not even started yet.
Great thought to ponder! I'd contend there's still some long-term value in legacy crypto but it's a much messier picture these days. The influx of capital into legacy crypto from speculators and institutional investors, plus the introduction of futures trading contracts, has created a market environment that's at risk of straying from the legacy crypto's "true" market value. Folks are also monitoring legacy cryptos that their tends to be an overcorrection with every technical movement.
I'm admittedly still long in ETH because I see some business value in the product, but have also started to spread my portfolio amongst the new, shinier alt coins.
Bitcoin is old tech now..its good to dump bitcoin ....we should move to new tech cryptos like steem ...very fast transaction ...no fees & earn steem without investment ...no negative point at all... Thanks for information
upvoted.
With in the crypto market, some other altcoin will come very very strong and will challenge BTC and even it may so happen that it could surpass BTC in terms of its valuation.
BTC is always over congested in terms of transaction and block confirmation and it is fast and this is the major issue with BTC and people are even opting for second channel to transfer their cryptos from exchange to exchange or to their wallet.
Like if someone wants to buy BTC from an exchange and want to tranger it to another, then he is buying some other altcoin which is fast in transaction and fees and then transferring it to the desired location and gain doing the conversion to get BTC back.
This is what most of people including me are doing owing to much more waiting time in transaction and also high fees of BTC
So we may see other altcoin like ETH or EOS which are quite capable to take the place of BTC.
Thank you @cryptographic and Have a great day.
Oh, yes, you are absolutely right, the outdated cryptography is already taking a back seat and the fact that more modern technologies come to replace them that have a number of advantages, this is a fact! For example, if we consider the STEEM, then the lack of commissions and better bandwidth makes it the best currency for calculations and use as an investment. On this side, you can also consider a few more coins for investing. I, too, strive to get rid of old technologies, supporting newer and more reliable ones, so the STEEM becomes the best alternative for me! Thank you @cryptographic
Hello @cryptographic,
Extraordinary good decision, Dump BTC is a good decision & the world is moving to 3rd Gen crypto world by using Steem, Bts & Eos. Incredible decision you took & this decision will make you millionaire at the end of this year.
~@mywhale
Thanks for sharing your valuable content..especially thanks for discuss about crypto..cause i gain knowledge to your post in trading.
I think it is good decision to dump BTC and buy something better altcoins like steem bitshares eos etc. otherwise you know about cryptos better than me.
Thankyou
upvoted & resteemed.
btc will be down until they don't solve the network problem so much congestion and they keep forking it ..will go up but the main problem is in the core
I agree with you about dumping old crypto in favor of the new ones (3'rd generation maybe). I think that PoW mining has many chances that soon will be obsolete...
I wonder if they can do something about the unconfirmed transactions like they planned before and about the high fees. There are much better blockchains out there we all know that.
@cryptographic I think this is the correct approach to the matter. I also don't have any Bitcoin or ETH, a lot better projects are on the way, no reason to hold them, just to hold them.
After the recent drop in prices, did you buy more of your favorite projects ,or you don't buy the dip ?
actually sir the problem is bitcoin's price changing made it difficult for all newbies !!
@cryptographic I totally agree with you! Steem and Bitshares at the dreamteam of cryptos! They are faster than any other networks, in the case of steem zero transaction costs, they have a reliable and capable blockchain to expand! The biggest transfer of well will come anytime.
Regards, @gold84
The rapid rise in price does not mean a new bubble hero hero Queen. The false increase in value will lead to a sudden correction correction that will destroy the new bubble. The choices based on individual human actions by hundreds of thousands of participants in the market are the cause of price volatility, as the market is looking for price discovery. Losses that may result in a change in the sentiment towards a bit of coinage include a loss of confidence in the bitwise or a large discrepancy between the real value and the price does not depend on the rules of the economy or the increasing media coverage that raises the demand for speculation or fear of uncertainty or unreasonable amplification conventional It or greed. Thank for sharing. @cryptographic
Yeah...agreed..03rd generations cryptos will be gain in future. ETH, EOS, BTC and steem will be next top currencies. BTC dump and maybe remove from market then next BTC will be ETH.
ETH seems best market capitalization and good looking trend. Price come to near $1 and best way to transfer and hodl some coins. Not only trust BTC and try to use new currency.
But market had dump fact, try to buy cryptos.
I followed your opinions.
This is valuable post and very useful information. thanks for sharing.
wish this is a time for buying BTC and then HODL
Thanks @cryptographic
Have a great day.
A debt of gratitude is in order for giving extraordinary data us. Yep...Currently BTC has some dump as all acknowledge it. Inside a week ago Korean 02 trades destinations restricted from government. Likewise nowadays observe China new year them. You know South Korea and China has immense market volume for cryptographic money. Truth be told cryptos goes down.
As my desire this is a period for purchasing BTC and afterward HODL. Cost will begin increment can be offer and after that get numerous advantages. I wish ETH and EOS same way going. Better token them two in future.
Because of Interesting to peruse post.
when we have fiber optic technology to transfer data, we won't use copper cables anymore. the same theory applies here. you choose fiber optic instead of copper cables & world is moving there. end result demand on coin will go high & you made a worthy investment. impressive post & valuable information. thank you & nice sharing @cryptographic
@resteemia
reteemed & upvoted & commented & followed
sir @cryptographic
Thanks for sharing your valuable content..especially thanks for discuss about crypto..cause i gain knowledge to your post in trading.
All of crypto is still in the early stages, especially BTC and STEEM. Lots more to be done in the future, but it will happen with time..well done.
upvoted // resteem
@cryptographic... based on the bitcoin present there are above 100 cryptocurrency are there and also day by day some coins closes their market and some are trade in market..bit coin is a old and trusted one to ours because in the eyes of ours the coin value raises and all were get the profit ..present it is in ending stage because of most of the bitcoin traders from chaina and uk are stop tradinds so present the cost of all the coins were down and the next generation coin is ripple and ethurium ..in this the ripple coin is operated by centralised bank of america..and most of few coins trusted and gives some profits to us...thank you for sharing with us..
Maybe the opposite is possible.
It's silence. Can there be silence before the storm begins? @cryptographic
valuable content..thanks for interesting post. actually currently BTC has some dump as all acknowledge .
100% like and resteem
Perhaps the inverse is conceivable.
It's quiet. Could there be hush before the tempest starts? @cryptographic
when we have fiber optic technology to transfer data, we won't use copper cables anymore. the same theory applies here. you choose fiber optic instead of copper cables & world is moving there. end result demand on coin will go high & you made a worthy investment. impressive post & valuable information. thank you & nice sharing @cryptographic
@resteemia
reteemed & upvoted & commented & followed
Yes buy steem! :)
https://steemit.com/steem/@mysearchisover/steem-is-beating-bitcoin
will it be totally beter or will it come?
@cryptographic, Thanks for giving great information us. Yep...Currently BTC has some dump as all accept it. Within last week Korean 02 exchanges sites banned from government. Also these days celebrate China new year them. You know South Korea and China has huge market volume for cryptocurrency. In fact cryptos goes down.
As my wish this is a time for buying ETH, EOS and then HODL. Price will start increase can be sell and then get multiple benefits. I wish ETH and EOS same way going. Better token both of them in future.
Thanks to Interesting to read post.
@cryptographic I hope the crypto money will survive it and the get rising.
That's valuable conversation you fine some good answers @cryptographic. BTC has old now and expired technology indeed. But young generation have moved to new cryptos now and if see that, please looks to market cap and market volume. XRP, EOS, ETH shown better market cap currently. So I approve above coins. Its has new technological system.
Also steem will be gaining token. Its fast and no more fees to investment and zero transactions indeed. I trust about steem more.
This time get try to buy tokens.
After hold and best occasion we can sell out.
I think he is wise enough and knows what is right to do now. Everything is changing all we must understand this.
I hope BTC will rise soon
why do you want to dump cripto bitcoin, but bitcoin crypto can bring us a lot of money.
You did the right thing buddy there as the alts era have begun :)
Hey my friend...do you use discord or steemit.chat? I hate to keep spamming your posts with BTS info....although it might be better that way...get your followers excited about it too...
Here is something that was posted about Arise....all good stuff it seems.
https://steemit.com/bitshares/@docmastery/forget-the-word-partnership-jared-rice-sr-to-bitshares
It think sending some of my LTC to BTS could be a good idea.
collecting some great coins from the alt coin discount sale ;)
possibilities are endless specially in crypto but what ever move we make should be great
Wow! What'a great post. You're right, I agreed with you.
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