- Oct 19, 2004
Isn’t part of the problem that the transaction fee on these cryptos is x% of value. And as the value of the crypto goes up, so does the transaction fee.Bitcoin is pretty much garbage. It can't scale, the nonexistent except in people's minds lightning network is basically just a credit card network and offers exactly zero of the promised benefits of a cryptocurrency, it's a huge mania right now with all the maniacs posting right here, and worst of all you can't actually use this supposed currency as a currency.
The smart money has sold. This is the first dip in the classic mania graph. Bitcoin will now go up for a bit. Maybe even a year. And then all the smart people will have realized that a currency that you can't use to buy anything, that's crypto in exactly none of the promised ways *at all*, is next to worthless. At that point it will collapse.
A real working cryptocurrency is a great idea. I'd love to see one that can scale to credit card/(non existent) lightening network levels while still offering the benefits of a lack of traceability by the stationary bandits known as government. Bitcoin is not it.
Do enjoy the ride though guys.
A friend of mine bought 1200 redcoin today. I looked it up and called him dumb. It has a .001% transaction fee. That’ll never scale. That’s significantly higher than bitcoins transaction fees. Many of these currencies all have the same problem.