If no one is willing to work on Litecoin and develop it then why should anyone invest in it?". But in the coming cryptocurrency economy, those transactions will be miniscule compared to the transactions that could be made with Bitcoin if it is not arrested by CBDC.). Read more about currencies on 10 Banknotes With Hidden Images And Symbols and 10 Strange Forms Of Ancient Currency. A company called Coinbase has gone public, and Wall Street seems excited. Litecoin was created back on 7th Oct 2011 by Charlie Lee, an ex-Google employee, who quit working in order to focus on Litecoin full time.Charlie is very active on Twitter. Reading about bitcoin. Photo by Andr Franois McKenzie via Unsplash. It is a common criticism made against the viability of Bitcoin . I believe investors are also placing their faith in the wrong asset. Some think that Bitcoin is a monetary revolution, there's still lots of valid scenarios that explain why Bitcoin will fall. When the price went to a predetermined point, the Kennedy pool would short the stock, pop the bubble by halting its wash sale trades, sell, and let the price collapse, cleaning up on their short positions. There are multiple benefits to governments from a Central Bank Digital Currency, CBDC, in managing monetary policy, enforcing tax compliance, and inhibiting criminal activity. Therefore, to simply answer the question of the tile, no, Bitcoin is not going to fall this year. The Mumbai collector building the city a blue- Bajaj Electricals bags 565 cr contract from Market likely to track global cues next week: Sale of gold jewellery hallmarked with 6-digit After Turkeys earthquakes, many families scra Elon Musks latest reveal? Blockchain can be used to reinvent supply-chain management and expedite overseas payments. could go about investing and why people invest and hodl or hold BTC as a store of value. Some hope that people will rise up and choose to go with Bitcoin instead of using traditional banks. Despite law enforcements best efforts, his true identity is still a mystery. When Bitcoin was launched, everyone was excited about the almost negligible transaction costs. A Tool for Central Bank Monetary Management. While I try to avoid bandwagons, the false confidence Bitcoin has gained aroused me to write an article on . The reason for this is that the market isnt rational most of the time. Why bitcoin will fail. This could prove somewhat accurate with the pandemic highlighting the potential for physical cash to be a carrier of harmful germs. Even if they could change everything in an instant, would they really be prepared to push the big red button to begin the end of the world? Litecoin Has Climbed More Than 1,700% Year-To-Date - Forbes. Both Buterin and Garlinghouse met with central banks and the Federal Reserve in October 2017, but Bitcoin did not have a seat, because there is no leader to represent them. Currency or commodity? You may have heard close to thousands of times now that Bitcoin will go down, burst, plummet to 0 or get outlawed by the government. (The same, of course, can be said of Gold and Silver, but one would find it hard to imagine those commodities would be completely worthless because of their commercial applications in manufacturing. Cryptocurrency is here to stay, but Bitcoin and its clones will be obsolete, probably within this decade. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I am not confident that this future will come based on the reasons above. 1. In short, blockchain is years away from being a mainstream technology. Like that time Elon Musk made a tweet about Signal and a completely unrelated company with a similar name jumped 1100%. (When critics complained about Franklin Roosevelt naming Kennedy first chair of the SEC, FDR justified his appointment using the phrase set a thief to catch a thief.). GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. Litecoin prices have declined sharply from their 2019 high, suffering significant lossesas the digital currency struggles with numerous challenges. "It threw everyone into a panic. WalletInvestor Litecoin price prediction for 2022, 2023, 2025, and 2030. "Bitcoin, however, will not go away, because it is actually decentralised and it is still very much in demand as a replacement for legacy money . Sounds like those bear predictions I was talking about earlier. Several of them also here on bitcointalk, but none of them provides technical evidence of why Litecoin should be better (or even comparable) to Bitcoins. You are just one step away from creating your watchlist! Over the years, bitcoin has enjoyed massive success both as an asset and as a blockchain asset. Third, Congress must authorize additional shares of Federal Reserve stock, currently owned by commercial banks, so that narrow banks can play a role in US monetary policy. Contrarily, I think the appeal of decentralized money, not controlled by big banks or the government, is the fuel of the crypto rally. Moh Hon Meng | Published on 04 Jun 2021 Facebook Twitter LinkedIn Email Whatsapp Whatsapp. Euromoney explains Blockchain in greater detail here. "We have seen a very strong correlation between tweet volumes and market cap of Litecoin," saidJoshua Frank, cofounder of TheTIE.io. Q&A / By . (Opinions here with respect to whether to buy, sell, or hold such companies, however, assume the company will not change its current practices). On a year-to-date basis, through Wednesday evening, Oct. 14, bitcoin was up just shy of 60%. One major cause that market observers cited wasprofit taking. Opinions expressed by Forbes Contributors are their own. They insisted that his father, a wealthy investor, pay 100 Bitcoin ($2.3m) for his son's return. Pretty nifty I would say. In fact, they have a public dossier of their educational materials given to law enforcement to help them understand what it is. Some are written from a management consulting perspective for companies that we believe to be under-performing and include strategies that we would recommend were the companies our clients. Even considering the fact that fractional token ownership exists, roughly 10 million to 11 million tokens in circulation aren't going to go very far. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Bitcoin isn't really scarce. Bitcoin et. However, we show that increasing the block capacity would be futile. The most well-known of these are Bitcoin and Ethereum, but there are 4,000 different kinds of . Bitcoin prices regularly dip and soar, making it impossible to predict whether it will be worth tomorrow what it is worth today. The sentiment surrounding litecoin has grown weak lately, according to data provided byTheTIE.io, which analyzes social media activity. Tell yourself you can check on your investments once a week, but not more. Bitcoin is commonly viewed as the "currency" of choice for criminal organizations. subscribe to DDIntel at https://ddintel.datadriveninvestor.com. Copyright 2022 HT Digital Streams Ltd All Right Reserved. Nonetheless, the appeal of not having a Big Brother government sniff through your transactions will still outweigh this shortcoming. Multiple sources are sure that the value is going to be between $10,000 . The most enthusiastic supporters of Bitcoin are revolutionaries. run on Blockchain technology that purports to be and likely is invulnerable to hacks because what amounts to an electronic ledger is shared instantaneously among all users. This implies there may not be any need for a made-up digital token to be used at all on blockchain networks. Transaction Costs are Too High. For instance, novice bitcoin investors may not understand the need to store their tokens in a digital wallet, thereby leaving them susceptible to theft by hackers. Can we really imagine the central banks of China, the US and the EU saying lets cancel our currencies and just use bitcoin, which no one can control"? Bitcoin is what is known as a first-generation blockchain, meaning that it was the first of its kind. The speed of transferring Bitcoin across the blockchain does not keep up with modern banking standards. Earlier this year, Charlie Lee, creator of litecoin, reportedly toldLitecoin Foundation directorFranklyn Richards that"no one is interested in working on Litecoin protocol development work, according toTrustnodes. As we saw with the GameStop (GME) short squeeze, a relatively small group of traders can manipulate pricing of any asset. For now, Bitcoin's value is based more on speculation than payment volume -i.e., people buy it because they believe other people are willing to buy it from them at a . Answer (1 of 19): Just to throw out a contrarian view - sure bitcoin can fail. Campaign collateral he developed for political campaigns has been used in university courses as an excellent example of persuasive campaign advertising. In October 2017, Bill Gates announced that he chose Ripple to run his project that will help alleviate poverty in developing nations, despite having promoted Bitcoin in the past.[5]. But while it's true narrow banking would disrupt commercial bank incumbents there should be no inherent protections for them any more than, say, Hersheys should be protected from a start-up confectionary with a better product. The second argument against Bitcoin is that the digital currency is too volatile to work as a reliable currency. The major company that runs the convention is called Society for Worldwide Interbank Financial Telecommunication (SWIFT). WHY BITCOIN WILL FAIL: foreword by Craig S Wrong For the most part, its just kids writing on the Internet about how they want the world to change, without a real plan on how to execute it. al., all fail as a reliable store of value or as a medium of exchange. As we have seen in recent days, China has banned bitcoin trading and mining. Email *. Hype and media attention are temporary, though. why litecoin will fail bitcoin futures ethereum futures cardano futures litecoin futures binance futures. It's a gigantic headache. Remove some to bookmark this image. For most businesses, its simply not worth the money, time, and effort to accept Bitcoin when so few people will actually use it in their stores.[4]. There is no clear business plan mapping out Bitcoins future. For context, global gross domestic product was $81 trillion in 2017. The one percent arent threatened by Ripple the way they are by Bitcoin. However, when one looks at the big picture, it becomes clear that Bitcoin will struggle to survive. Right now it is mostly a speculative asset - around 70% of BTC transactions are for speculation with 30% for transactions. Its predictions are invariably gloomy and usually correct, but I am quite used to that and they won't keep . Thats to say nothing of all the multiple schemes fraudsters use to clone your card. He decided not to write a book on the subject.[10]. Sort of like if one web page goes down, the Internet still exists. As borrowing became more expensive, the Fed's actions choked off the flow of money into the economy and the inflation rate is now cooling. A majority of crypto enthusiasts have always believed that Bitcoin is the only cryptocurrency that is truly worth investing in. why litecoin will fail. But with state backed currency of ones own nation, there is no issue of capital gain or loss. Unless Bitcoin can actually buy and sell things with bigger companies, they will never actually have very much of a purpose, since blockchain technology can exist without Bitcoin. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. His experience spans work for Fortune 100 companies, one of the former Big Eight international accounting firms, and client service for large middle-market public accounting firms. It was mostly fear of a mostly unknown virus that people were led to believe could infect surfaces. Feel free to do your own research, but from my experience, both blockchain technologies are also better suited for modern banking. Of course not. Blockchain technology drastically improves the speed, privacy, and security of sending money. But as good as bitcoin has been for investors in 2020, my blunt opinion is that it's a terrible investment. The massive amount of liquidity in the markets right now, from the monetary and fiscal policies of many governments to combat covid, is an important reason for the rise in the value in bitcoin. As soon as you release cryptocurrency, whether it's an ICO token or something else, there's a huge target out for you. why litecoin will fail. Just like any other speculative asset, no one really knows what is going to happen in the future. After that, a decline began, which accelerated on March 3. In the year Ive spent in locked-down Manhattan, I could count the number of times I have used paper currency on the fingers of both hands and still have a finger or two to scratch my head. Another, newer, better, cryptocurrency could displace it just as MySpace was replaced by Facebook (FB) and Google (GOOG) (GOOGL) displaced Yahoo. They Change The Rules. Ask a believer, and they'll tell you it's a bubble that will . His elective coursework included a number of political science courses, including International Politics, International Organizations, European Politics and other more basic political science courses. After all, the hype around Bitcoin will continue to persist for some time longer. In fact, the Reddit community message boards had to split into two totally separate Bitcoin groups, because opposing opinions wanted to continue to talk inside an echo chamber instead of getting along.[3]. "In a market where altcoins have consistently underperformed Bitcoin for about 18 months and given that we have been consolidating for some time, the move is probably more than just traders taking profits and rotating into assets with historically better yields, but rather due to investors cutting losses while they have the chance," he stated. Active revolutionaries who are pushing for a collapse are in short supply. So again, no, nobody is buying bitcoin because of its blockchain tech because there are better options available. An astute, data-driven observer of business, politics and economics, Mr. Collins has advised political candidates and public officials on campaign, political and policy matters for more than two decades, and has twice been a delegate to his political partys national quadrennial convention to nominate the American president.