English
Chinese
CCTV2 Covers BTC, BCC, ETH, XRP, LTC and Scaling Solutions BU VS Segwit
in
Reviews
16
32
3272
CCTV2 has launched a new series on the global investment trends regarding to bulk stock, cryptocurrencies, real estate and art market. The debut episode this Wednesday focuses on cryptocurrency.
The price of bitcoin hit a new record high of about $3500 this Tuesday. Chen Qian, a Singapore-based CNBC commentator analyzed the performance of such four cryptocurrencies as BTC, ETH, XRP and LTC.
The open price of bitcoin was $968.23 on the first day of 2017 and spiked to $3018 in June. Bitcoin price closed at $2873.83 on July 31.
“The cryptocurrency market has enjoyed a bull run over the past 7 months. Bitcoin price has increased by 197%, ETH 2338%, XRP 2517% and LTC 860%. Though price rallies, the hard fact is that the market cap of these four coins are still very low.”
But Charlie Lee, creator of Litecoin, believes that crypto coins stand a chance to be used for everyday payment.
“As the demand for application grows, cryptocurrency will end up being used as actual currency instead of being labelled as a speculation tool.”
According to coinmarketcap, there are over 1000 crypto coins on market now, will they all be used as currency?
“There will only be a handful of coins can be used as currency and the rest will be just for fun, kind of a token, like Dogecoin featuring a dog as its logo.”
The program also covers the topic of Bitcoin’s scaling solutions and makes a comparison between BU and Segwit.
|
BU |
Segwit |
|
miners |
developers |
|
Bigger blocks |
Off-chain two layer |
|
Centralization |
decentralization |
“Bitcoin Cash is a fork coin that has little or no relation to the future of bitcoin. It is the demand of big blockers, the outcome of higher number of transactions. But analysts believe that it has deviated from the original vision of bitcoin and it will find its place in the altcoin landscape.”
However, some Chinese big blockers argue that the government wants Segwit because they want to control bitcoin by simply supervising the operators of the off-chain.
Last month CCTV2 went to visit mining farms in Sichuan and questioned why bitcoin miners don’t pay taxes. And now the program says the miners side represent centralization. What does this indicate?
I have been living two lives. In one life, I am a news editor of 8btc. I translate news, interview bitcoiners and miners. In the other life, I am an AI bot programmed to .......Forget it! Who is gonna buy this BS! I'm just me, Cindy, nobody else.
COMMENTS(32)
Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom
Fun? FUN?!?!?
Does this look like the face of FUN?
Playtime is over chaps… it’s time to sniff ass and chew dentastix… and I’m all outta stix.
Not that I agree necessarily but I can see why someone would make that statement.
Whether it is true or not will be revealed in time.
I would say that there will be coins used as a store of value, coins used as currencies, coins used for nothing (or just for fun), and blockchain platforms.
I would say doge falls into the currency basket.
Buying goods and service on line and tipping friends is fun!
He did plug Dogecoin as an ‘entry level cryptocurrency’. Overall, his interview, shown on US financial news and replayed on Chinese financial news, was very positive to Dogecoin. Any publicity is good publicity.
Hurray for propaganda from my favorite state run news outlet, china central television! Yay!!!!!!!!!
Lol, dogecoin is as “fun” as the bitcoin itself - I bet you could read same “expert analysis” for bitcoin couple of years ago
No big difference at all except doge somehow tends to be a currency more than bitcoin is
(Still, neither of them is actual currency - they’re just stocks which people exchange - But it is possible that the cryptos could change the way we actually perceive the currency in its core)
Dogecoin is more of a currency than most as most currencies are Fiat and they tend to become devalued over time due to inflation. The rest are commodity coins with lower supply just like a commodity which would be used as a store of value like gold or silver. Basically every cryptocurrency investor right now is only interested in cryptocommodities and the limitless supply coins are seen as a bad investment because they are not a store of value, they are a means of exchange.
If I got it right - dogecoin still has a kind of limited supply of coins - there is 5 billion additional coins that can be mined each year however, with the time it will be harder and harder for the miners to get these coins mined
So, this makes doge only less not-a-currency than bitcoin
Also, if you think about how gold and diamonds and all other precious metals / stones are mined, no one can tell you for sure that there’s this or that amount of gold, silver etc. to be mined - there’s always a possibility to find them either on earth, moon, mars or somewhere but they don’t have an actual limited amount
And when you compare that with bitcoin and its very limited amount of 21 million of coins - that’s somehow very unnatural - also could make people soon chase for bitcoin unlike they did for anything else ever before
So doge coin is like a toweringly huge pile of pennies, and btc is like a nice crisp $100 bill. They’re both currency, but you need a whole lot more of one than the other to be useful in generic transactions.
It could fall into the currency bucket at some point. However, it is in the Fun basket at the moment.
That’s very true. Bitcoin could be more rare than even natural resources which means it could be the most valuable asset of all time. Craziness.
Actually the true value of diamonds is not that high. Debeers or whomever dominates the diamond market send basically controls how many are mined etc. They create an aritificial shortage so they can make more money on each diamond.
Gold and silver mines are a bit like this too. So is oil and everything minable when the miners can literally decide how much they want to mine.
Cryptos are a bit different in that the difficulty algorithm changes and the rate of coin mining is predetermined and steady.
Sounds good to me!
It’s lots of fun buying and selling things for Dogecoin :D)
But in this comparison, $100 in pennies can be exchanged faster than a $100 bill.
I’ve posted this before on a different post, but I’ll repeat it again.
Dogecoin is a currency, not an asset. It’s used for tipping pepole, buying things and donating to fundraisers. It’s smaller in value, so its easier to use and more appealing to beginners. The transactions are almost instant. Dogecoin is not the future of digital currency, it the future of currency.
Best reply I have seen in a while
it the future of currency
A currency based on fun and silliness is clearly not the future of currency.
I’ll be honest… I didn’t click that link at first because I thought it might be the new Goats.exCoin
It was made to be used for fun, so I’d say it’ll generally stay that way.
Yeah. I guess it is used as a currency already now, when using it for online purchases. But maybe you’re right, tipping is kind of a fun/generous thing. I think what we need are more merchants accepting doge. I don’t know how successful doge could be as a currency in brick-and-mortar stores, but it’s perfect for online shopping and microtranstactions.
why not?
Fun will not keep alive a merchant.
BTW there are only few places where you can actually spend Dogecoin. So it is not as much as fun as you say.
Totally agree. However any other created coin could take over.
So it is not the coin that counts it is the network.
And while Dogecoin has a certain community this is where it fails terribly. Its still there because of merged mining. Otherwise it would dead long ago.
https://www.reddit.com/r/dogecoin/comments/6t2f9u/so_here_is_business_who_is_listening_ama/dli7j72/
“But people just weren’t using it at the time.”
Without merged mining with LTC Dogecoin would be dead.
Using Dogecoin for fun is not enough.
Because it does not work. Nobody is using it. It is not enough. No relevant businesses and merchants are interested in a silly poor joke.
Without merged mining with Litecoin Dogecoin would be dead for long.
Maybe it’s not enough for you but it’s exactly what the developer and the community wants it to be, a fun coin which is easy to play around with. It’ll have its pumps and dumps but it’s not likely to go anywhere significant past being a fun coin.
Right. The community wants a coin they cannot use anywhere.
That is just plain stupid.
Depends on how high their overhead is, but yeah, I get your point.
It was made to make it easy for people to play with crypto currency. There’s nothing stupid about that.
It was made as a joke. And it is stupid to have a coin with low acceptance because people still believe it is a joke.
Please sign in first