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Old 01-10-2018, 08:26 AM   #920
Michael Bay Fanboi
Join Date: Oct 2005
Location: I-90 Homeless Camp, Seattle, WA
Posts: 9,283
What to do about bitcoin?

Bitcoin is starting to crumble under the weight of its own unaddressed limitations now. What was once one of its biggest selling points of super low transaction fees has become a thing of the past. Instead of costing a few cents to transfer money it has become so popular transactions have been mobbing the system.

One person attempting to show how transactions worked tried to move one dollar. It cost almost $20 in fees because how congested the system is.

While I am still holding on to most of my bitcoin hoping they figure out and implement their "Lightening" system to solve this problem I've started stretching out. Ethereum and Ripple both have shown themselves to be stable, fast and scalable.

Eth has seen great growth over the last year and Ripple has been gaining good ground in the last month as word has been getting out.

Bitcoin has stabilized in the $14,000-$17,000 range but if Lightening doesn't come online by May this could signal the peak. It won't go away because it's the "Levi's" of crypto and still the most universal but with $20 transaction fees it will become untenable for small dollar transactions and price itself out of the day-to-day market.

My next step is to see if I can get my bitcoin cash and bitcoin gold. Supposedly if I import my bitcoin into the right wallets and into the right exchanges it will retroactively apply balances to my accounts. I don't know if there was an expiration or not on it but it can't hurt.

I think Bitcoin cash is probably going to do better than Bitcoin short term but their solution of increasing transaction volume from 1MB updates to 8MB updates seems like it is still going to hit a theoretical threshold.

As a note, I was amazed at the number of people who called, emailed, or hit me up at work asking me to help them navigate exchanges and crypto, buying and selling over the last month or so. Seems like this is really hitting mainstream.
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