Story - Record Breaking BTC Stats
First a disclaimer, I hold 22% of my portfolio in Bitcoin.
So just bear that in mind as we go.
Bitcoin goes up over $2,000 in a single day.
The price has almost triple in 30 days.
https://www.coinigy.com/main/markets/BITF/BTC/USD
Meanwhile 140 MB in the mempool.
https://btc.com/
Steam gaming platform pulls Bitcoin as a payment method.
https://www.coindesk.com/steam-drops-bitcoin-payments-citing-high-fees-price-volatility/
You know I say one of the best things I like about Dash is that it operates like a business?
Well I would not at all be surprised if the business developers over at Dash capitalise on this news and contact Valve in an effort to convince them to switch to Dash.
https://twitter.com/ChrisConeyInt/status/938084325005975552
- ChrisConeyInt
You may have noticed yesterday I Tweeted out that Dash had been added to Uphold, creating yet another direct gateway from fiat to Dash.
Disclaimer, I hold 36% of my portfolio in Dash.
Back to Bitcoin.
The danger here is that Bitcoin’s price is going up at the exact same time that adoption is moving backwards. That’s not sustainable because then there really is nothing but speculation supporting the price.
Watch this video from Crypto Investor:
In which he cites research from:
https://seekingalpha.com/author/paulo-santos/
Which suggests that only a tiny tiny fraction of Bitcoin transactions are being used for commerce.
And look, I get it, no one wants to hear this because it threatens the massive paper gains we’ve experienced with Bitcoin.
But denial of reality is a sign of emotional immaturity.
If we spent our lives running from reality and avoiding it then we never give ourselves the opportunity to engage with it.
Until we engage with the world in the way that it actually works, rather than how we want it to work, we have no power or control over our own lives.
Story - Update on IOTA
Turns out that there was some specific news that caused IOTA to go from $1 to $5.50.
https://www.coinigy.com/main/markets/BITF/IOT/USD
While the news didn’t come up in the search I did of my RSS feeds I never worry too much about this because I have 6,000 people per day watching the show so if I miss something I know I can always count on the community to fill me in.
That’s what I love about doing these videos. I especially love how kind and supportive people are when they inform me of something I’ve missed.
It’s always done with positivity and optimism and always causes me to pause and appreciate the quality of character we have in the crypto community.
It’s always nice to see that so many are still in touch with their inner child. So thank you all for that.
https://cointelegraph.com/news/iota-price-explodes-after-agreement
The news story was basically that IOTA is going to be working with Microsoft, Fujitsu and some other companies on a market for buying and selling data.
This is perfect for IOTA since it’s designed for the Internet of Things which will be sharing massive amounts of data between an almost unimaginable number of smart devices.
Story - Couple Of CryptoKitties Updates
Disclaimer, I hold 4% of my crypto portfolio in EOS tokens so bear that in mind.
http://kittysales.herokuapp.com/
It didn’t take long for someone to build a site curating metics.
So if you want to keep track of the most valuable CryptoKitties and perhaps try and spot what common traits make the Kitties most valuable this would be the place to begin that analysis.
Also further to what I said yesterday about this being a perfect example of how I think EOS adoption will catch up with, overtake and then dwarf Ethereum, check out this post from the Steemit team:
https://steemit.com/steem/@steemitblog/digital-kitties-on-steem-how-would-the-steem-blockchain-handle-700-000-transactions-per-day
In it, they state that the Ethereum network is current at 100% capacity with a backlog of unconfirmed transactions to boot.
It then links out of blocktivity.info a site that suggest that market is cap is not what we should be looking at in terms of a blockchains value.
What we should be looking at is how much it is being used by real users.
When you look at The Cryptoverse from this perspective here is what you see.
Disclaimer, I hold 3% of my crypto portfolio in Steem.
The Steem blockchain is the most used blockchain with a 7 day average of 822,000 transactions per day vs Ethereum’s 756,000.
Where it gets really interesting is when you look at how much of the total processing capacity is being consumed.
Those 756,000 Ethereum daily Ethereum transactions are completely maxing out the network, so beyond 100% capacity.
Those 822,000 transactions per day on the Steem network account for 0.3% of the total processing capacity.
Yes, you heard me, less than one third, of one percent.
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