Connect with us

Bitcoin

Bitcoin’s Lightning Network solves problems created by BTC community: Roger Ver

Ketaki Dixit

Published

on

Bitcoin [BTC]s Lightning Network solves problems created by BTC community says Roger Ver
Source: Pixabay

During a conference, Roger Ver also referred to as the Bitcoin Jesus said that Bitcoin [BTC] had no scaling problem and ‘an intentional problem was created’. He says that the Lightning Network was created as a solution to the problem that was created by the Bitcoin [BTC] community in the first place.

A member of the audience questioned Roger Ver using his own experiences of running Lightning Network on the mainnet three weeks prior. On this, Roger Ver said:

“Im a big Harry Brown fan and he talks about the government and he said that the government is like somebody that like, breaks your legs and hands you a pair of crutches and says, ‘see if it wasn’t for the government, you wouldn’t be able to walk and the same is true about the lightning network.”

He said that there was no scaling problem on Bitcoin [BTC] at all and an intentional problem was created. He said:

“Oh! we’re going to create the lightning network to solve the problems that we created in the first place on Bitcoin.”

Roger, later on, by bringing up the drop in Bitcoin [BTC] share over the previous year from over 85% to 35%, continued to say that the Lightning Network is still not ready for the big time and that it is ‘too little and too late’. He further adds that if the Lightning Network is ready in the future then it will work better, faster, cheaper, and more reliably on Bitcoin Cash [BCH] than Bitcoin [BTC].

TotalBuzzKit, a Twitterati says:

“Just be careful not to burn yourself while carrying the torch.”

Buu Huu, another Twitterati says:

“sad little man…”

Roger Ver concluded by saying that ‘we have stunted the growth of cryptocurrencies by years as we did not allow it to keep up’. He said that he is not against Lightning Network but is hesitant to get involved with most of the developers behind it as they refuse to speak out in its favor and are not ready for an open discussion about ideas.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

Published

on

By

Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading