Bitcoin

Bitcoin: The Immovable Object?


Here’s a thought, as I close out the day.

I’ve read and listened. Yes, it’s obvious that Bitcoin is becoming too expensive to use — to move — for the average investor.

For big investors, not such a big deal. Moving large amounts of digital fiats is also not cheap.

However, the vast majority are now trading to Litecoin (LTC) to move value. I know I do. Why pay a premium for slow service? But this does not convince me to buy Bitcoin Cash (BCH). This convinces me to look elsewhere.

It is rumored, as I and many have mentioned, that Ripple (XRP’s) could be slated to go on sale at Coinbase in the near future. And certainly, if this happened, it should boost prices.

Ripple XRP’s are also cheaper to move — to transfer. They would eat Bitcoin’s lunch in that department. Probably Litecoin and Ethereum (ETH) as well, with other benefits…except for one. You can’t, as of yet, hold XRP’s in your own wallet. They are slaved to the XRP servers.

Hey, does it really matter if XRP’s can earn you a tidy profit?

So, if Coinbase had XRP’s, they would allow you to buy them, right? I submit, in a sense, you will only “control” them. That is great for the supplier — for Ripple and Company — but not so great for the average citizen on other levels. No warm and fuzzy XRP’s to hold at night…in your “paper wallet?”

It will also be great for the regulators. You forget to pay any taxes and you will find out the hard way that you no longer own or control you favored altcoins…if you keep them on a regulated exchange.

Savvy? Why do you think bitcoins (altcoins) became so valuable? At least one good reason? Capital Controls.

Coinbase is on American soil. They must comply. So is Bittrex. So are others.

Bitcoin, in my opinion, is becoming immovable. Still very valuable, but figuratively heavier than gold, when you apply the fees.

What does this mean?

To me, it means bitcoins will sit. And as they sit, they will be found or at least become more vulnerable. More security will be required.

It also means that cryptocurrency exchanges will need to adopt newer cryptocurrencies in order to survive. And adapt to the changing regulatory environment in the U.S. and elsewhere, to carry on.

Maybe, as a result of these changes, if bitcoin remains the lumbering golden beast, we will be able to profit on the coming spikes in other cryptocurrencies. But in the long run, as these substitute altcoins attempt to bear the weight, won’t they also become overburdened?

Whether the privacy coins (Monero etc.) will win out, is a mystery to me, but I thought Vitalik Buterin’s (of Ethereum fame) hint about a Mesh based internet was curious. It could be a potential solution to the Net Neutrality issue and to ISP censorship in general. But a Mesh based internet would also lend itself to a more secure cryptocurrency network, even for the more public ones, designed like bitcoin.

At present, Mesh systems are in their infancy and any crypto running on them would need to be lean and mean…like Cardano (ADA)? Or Buterin’s new PoS idea that is pending for Ethereum? But bitcoin?

I’m waiting to buy my Mesh Device — that’s not app on my cell phone. But won’t they be illegal if Uncle Sam can’t spy on them?

Didn’t we see sci-fi shows about these devices decades ago? I know I did. A guy on the street paying a bill with his ‘device’ while holding it up to the other guy’s gizmo. I think they were mesh wallets!


jgs

 

 

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