I have been coming across some interesting readings; from the recent way to breed digital kitties on Ethereum to a pretty interesting piece from Hackernoon, "Bitcoin's Final Boss".
So, the Ethereum network has been congested again. This time it isn't being congested by ICOs, instead, Digital Kittens (Cryptokitties) that look... nice(?).
Cryptokitties made up 11% of Ethereums traffic (12/05/2017). This is seen as problematic as new users continure to pile into the cryptocurrency space, and the problems of a congested network persist. This is problematic because this isn't just oddly adorable kittens unable to breed, this is people's money on the line.
Forgive me of my inability to adequately tell this next story, but know that I tried.
The last time that I had an experience with congestion (aside from all the times the coinbase app has crashed on me) I had a margin position open on Poloniex. In which I had gone long Ethereum, as it was ascending up towards it June 2017 peak, and short Ripple which had been in a downtrend since it peaked in the middle of May 2017.
Ethereum peaks in June 2017, and starts going down. Still up 400%, I try closing my position, but only to get "network error". Meanwhile, Ripple is continuing its downtrend, which is keeping both of my margin positions open. Now I am trying to exit both positions only to receive the same response, "network error". This continues for weeks until Ripple experiences a short squeeze, I get a margin call, and my positions are forced close.
The problem being that the congestion on the network made things go from amazing, to poor. Instead of being extremely right and profiting, I lost most of that money.
The next problem: lack of customer service. The only way to contact customer service is through a customer service ticket which I created, and let it sit untouched for over 90 days. Realizing that cryptocurrency is about more than money (right haha), I closed the ticket and moved on.
So, as more and more people jump into cryptos, be safe and don't expect a lot from exchanges. As well as understand that we are trying to create a system that can handle all the traffic, but that takes time. Until then, kitty breeding might take a bit longer.
The next thing to blog on is the piece from Hackernoon. The author brings up some great points.
1. Bitcoin is not digital gold, and the author is correct. Bitcoin isn't digital gold, it is a currency. However, calling Bitcoin "Digital Gold" shouldn't be looked down upon. After all, gold is a highly sought after precious metal, and has been basically since the dawn of man. So, if people want to call Bitcoin digital gold, then by all means call it digital gold.
2. Bitcoin's final boss battle hasn't been won. Governments and Banks still don't want Bitcoin and altcoins to stay. We all know this, even if we have just shrugged it aside. Central bankers and bankers have been crying "fraud" and "bubble" since the beginning of 2017. There is still a long journey ahead of us, and just because you can now hedge with futures, you can also short it.
So, the Ethereum network has been congested again. This time it isn't being congested by ICOs, instead, Digital Kittens (Cryptokitties) that look... nice(?).
Cryptokitties made up 11% of Ethereums traffic (12/05/2017). This is seen as problematic as new users continure to pile into the cryptocurrency space, and the problems of a congested network persist. This is problematic because this isn't just oddly adorable kittens unable to breed, this is people's money on the line.
Forgive me of my inability to adequately tell this next story, but know that I tried.
The last time that I had an experience with congestion (aside from all the times the coinbase app has crashed on me) I had a margin position open on Poloniex. In which I had gone long Ethereum, as it was ascending up towards it June 2017 peak, and short Ripple which had been in a downtrend since it peaked in the middle of May 2017.
Ethereum peaks in June 2017, and starts going down. Still up 400%, I try closing my position, but only to get "network error". Meanwhile, Ripple is continuing its downtrend, which is keeping both of my margin positions open. Now I am trying to exit both positions only to receive the same response, "network error". This continues for weeks until Ripple experiences a short squeeze, I get a margin call, and my positions are forced close.
The problem being that the congestion on the network made things go from amazing, to poor. Instead of being extremely right and profiting, I lost most of that money.
The next problem: lack of customer service. The only way to contact customer service is through a customer service ticket which I created, and let it sit untouched for over 90 days. Realizing that cryptocurrency is about more than money (right haha), I closed the ticket and moved on.
So, as more and more people jump into cryptos, be safe and don't expect a lot from exchanges. As well as understand that we are trying to create a system that can handle all the traffic, but that takes time. Until then, kitty breeding might take a bit longer.
The next thing to blog on is the piece from Hackernoon. The author brings up some great points.
1. Bitcoin is not digital gold, and the author is correct. Bitcoin isn't digital gold, it is a currency. However, calling Bitcoin "Digital Gold" shouldn't be looked down upon. After all, gold is a highly sought after precious metal, and has been basically since the dawn of man. So, if people want to call Bitcoin digital gold, then by all means call it digital gold.
2. Bitcoin's final boss battle hasn't been won. Governments and Banks still don't want Bitcoin and altcoins to stay. We all know this, even if we have just shrugged it aside. Central bankers and bankers have been crying "fraud" and "bubble" since the beginning of 2017. There is still a long journey ahead of us, and just because you can now hedge with futures, you can also short it.
Comments
Post a Comment