Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
The $28-Billion Challenge: Can Ethereum Scale to Meet Demand?
For all the recent successes, this much is clear: ethereum is still far from becoming the "world computer" its engineers originally envisioned.
The best example of ethereum's in-progress status arguably occurred earlier this month, when the world's second largest blockchain by investment saw record-high transaction activity thanks in part to a single popular initial coin offering (ICO). The sale, which saw users compete to purchase a new token for an application called Status, ended up affecting the entire network, now valued at more than $28bn, causing it to run more slowly for all users.
Due in part to how the specific ICO was engineered, users struggled to get transactions and contract updates processed, while a group of exchanges temporarily shuttered ether trades to deal with the congestion.
In response, the cryptocurrency world was abuzz.
Full story at http://bit.ly/2scDk2l
Source: CoinDesk
How Bitcoin Does Versus Gold, Fiat and All World's Money
In order to put into perspective what Bitcoin represents amongst all of the world’s money, Howmuch has produced a visualization full of insights.
Since 2009, Bitcoin has made a long road and has overcome many obstacles on its journey. The Bitcoin price has grown exponentially, and its market cap is at the time of writing over $41 bln, which is the same net worth of Google’s co-founder, Larry Page.
Bill Gates, the richest man on earth with a net worth of $86 bln, has approximately the net worth of Larry Page and Bitcoin combined.
Full story at http://bit.ly/2scG4wN
Source: CoinTelegraph
Coinbase Co-Founder: Ethereum Needs Off-Chain Scaling Solutions to Scale
Fred Ehrsam, former Goldman Sachs trader and co-founder of the bln dollar Bitcoin startup Coinbase, laid out several scaling issues of Ethereum and the necessity of off-chain scaling solutions to scale the Ethereum network.
According to Ehrsam, seven major scaling solutions exist that are being developed by Ethereum developers, which will be launched by late 2018. The migration from Bitcoin’s proof of work consensus protocol to proof of stake protocol is the largest alteration to the Ethereum network Ethereum co-founder Vitalik Buterin has revealed to date.
Although the Ethereum network prioritizes flexibility to provide an efficient ecosystem for decentralized applications (Dapps) and decentralized autonomous organizations (DAOs), Ehrsam noted that in order for Ethereum to support large-scale Dapps with one to 10 million users, it will need a scaling solution that will demonstrate a 100x improvement in the Ethereum protocol by 2018.
Full story at http://bit.ly/2scsJES
Source: CoinTelegraph
Billionaire Fortress Investor: Cryptocurrencies Will Be Worth $5 Trillion by 2022
nvestment legend Michael Novogratz, the $3.2 bln investor and former manager of the multi-billion dollar investment firm Fortress, recently stated that the cryptocurrency market will be worth $5 trillion by 2022.
Over the past two years, Novogratz has expressed his optimism towards cryptocurrencies such as Bitcoin and Ethereum that have been leading the $100 bln cryptocurrency market. Previously, Novogratz revealed that 10 percent of his net worth, at least hundreds of millions of dollars, are invested in a diverse portfolio of cryptocurrencies including Bitcoin, Ethereum and Litecoin.
Bitcoin has transformed into a global phenomenon within a period of years due to its decentralized and transparent nature that have made Bitcoin an efficient store of value, digital currency and safe haven asset for the vast majority of users, traders and investors.
Other successful cryptocurrencies such as Ethereum, Litecoin and Ethereum Classic have gained interest from both individual and institutional investors with their distinctive strategies, philosophies, monetary policies and purpose.
Full story at http://bit.ly/2scP9pi
Source: CoinTelegraph
There are at least three ways, though only one of them looks rational today. First, you could mine your own bitcoins. Second, you could buy some from an exchange. Third, you could buy shares in a fund that has invested in bitcoins.
Please note that answering your question is not a recommendation, and I am not qualified to give advice on investments. However, as electronic payments expert Dave Birch put it to me on Twitter: “one doesn’t invest in bitcoin, one gambles on bitcoin”.
The problem is that people can make money by buying things that are essentially worthless, such as used postage stamps, Beanie Babies, and (historically) tulip bulbs. Tulipmania operated on the “bigger fool” theory, also known among stock traders as “momentum investing”. For example, tulip bulb prices may be insane but they keep going up. I may be a fool to buy them, but I expect a bigger fool to buy them from me. Simply replace “buy low, sell high” with “buy high, sell higher”. This works until you run out of fools.
However, you can buy things that don’t depend on bigger fools appearing, such as land and gold. Their prices may vary dramatically, but over the long term, they retain real value. When tulip bulb prices were tumbling, everyone wanted to sell. When gold prices tumble, people with money look forward to an “investment opportunity”.
Full story at http://bit.ly/2tpx3En
Source: The Guardian
Centralized State Digital Tokens ‘Can’t Compete With Bitcoin’: Max Keiser
Banks’ centralized digital tokens have come under fresh criticism from cryptocurrency experts and Max Keiser.
In a Twitter exchange yesterday, Keiser praised the perspective of computer scientist and Bitcoin enthusiast Datavetaren, who reiterated the vulnerabilities non-decentralized schemes face.
Datavetaren’s hacking example “demonstrates why centralization (single point of failure) prevents state actors from effectively competing with Bitcoin,” Keiser said.
Central banks in several countries have expressed particular interest in creating controlled digital tokens for a variety of uses.
Full story at http://bit.ly/2tpWfKW
Source: CoinTelegraph
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