Why I do believe we will see in the coming decade or 15 years a market cap of $1T, what do you think ?
I see $11B is really nothing and it's just a warm up.
I see $11B is really nothing and it's just a warm up.
About 2 years ago I really thought Bitcoin would be superseded. I hedged a bit a bit into Peercoin because I thought that would overtake it due to its optimised design for "trunk capacity" i.e. the way the fees and the algo were structured were specifically to drive it into the role of a "financial backbone" as its designer had envisaged a multi-layered financial cryptocurrency system well before the lightning network even got started.
Then came the flotilla of "alts", none of which even made a dent in Bitcoin's marketcap despite being much more advanced technologically in many areas.
So then I realised that monetary roles and technological roles are very distinct priorities and in many ways in conflict and that was why Bitcoin had succeeded against expectations when all these alts arrived. Events since then have only confirmed this view. Even Ethereum, for all its technological vastness, hasn't done much relatively speaking.
Although I still believe we'll see a diversity of assets (I hold about 60% BTC, 40% alts) I think it's clear that Bitcoin is only consolidating its position, especially having fought off all that competition without even having had any of the large infrastructure developments that are now coming its way. That probably also goes for the few top alt coins that have shared much of the journey.
To me it's now a no brainer. The banks are bluffing with their "blockchain" nonsense. They've no use for a blockchain and haven't got the hashpower anyway. Once they start to discover that there'll come a tipping point (maybe already here) where eveyone switches from ignoring/attacking bitcoin to scrambling to be the first to support it with new banking business models along the lines of the Coinbase one.
As far as ultimate marketcap goes - think of a number. It's only going to get harder for anyone to compete as time goes on. The hashrate that the bitcoin network now has is phenomenal. It even needs its own unit of measurement it's so huge. (Go on coinwarz and do a page find, Command-F, for "PH/S" and see how many hits you get
)Most people in industry still don't get it. It's a sleeping elephant just as the world wide web was. Nobody really remembers the point at which email became indispensable or when they stopped using a high street travel agent to book a flight. It was like the tide coming in - a slow, subtle but unstoppable change. I suspect the coming revolution will be a bit more volatile though because the world financial system is just so flakey right now that there's bound to be a few avalanches here and there along the way.
Really? It's captured almost 13% of Bitcoin's market cap in less than a year.
Mining it is really profitable, and accessible to the avg user, unlike the megawatt warehouses of the decentralized BTC.
To add insult to injury... it's rallying harder than the coin that is actually having its inflation halved:
The mindset that BTC's inertia is insurmountable is a dangerous one. Especially when its dev team is committed to crippling it in favor of as-yet-non-existent payment channels (channels that have huge incentives for centralization into monolithic hubs btw).
Pffffft, what am I thinking? Let's moon this biotch!
