Just thinking out loud!
Some would say that is impossible because we are not in a bear market anymore ;p
I have no doubt we will be at some point…but just about every project is projecting themselves in the top 10…and not everyone can be in the top 10. Competition is fierce.
I could expect a cryptic answer about crypto! Lol I believe!
I don’t think BTC is sustainable with the mining costs and speed. Something will take it over and that something could be ETN. BTC mining is a major environment concern with the power consumption. Not sure how ETN compares to BTC in that regard though.
ETN will not be in a different boat. Both use ASICs and require electricity. But the cost of mining is all relative to the difficulty level and electricity costs. Most of the electricity being used to mine BTC comes from renewable energy, which is something most people simply do not understand. So it is sustainable and the cost for mining is lowers as more ASICs go offline. That’s not really an issue at all and ETN is no different except for the fact that is has MUCH less hash mining it.
cool - I haven’t seen anything about renewable energy around btc. I recall one article that Iceland was trying to setup renewable but didn’t think it had progressed very far. I think all the ETN will be mined a lot faster than BTC as well right?
Yeah, thats right, btc mining is really not an issue of envoirment as of now. There is far other things to start looking at. Even normal Gold mining is an ocean of shait for envoirment compared, and really isnt a very needed metal today.
All btc mining in norway, iceland is water power, or geothermal
yeah true there are worse things. I guess any change will be based on use case which ETN should have a massive advantage over other crypto.
If norway wants, we have enough unbuildt waterfalls/power to take on all btc mining alone.
Also, new tech, chips will lead to better, more efficient mining. Btc mining actually is sort of a tech boosting. Like War is for tech. Stribe is a key of new tech. Without WW2 we would not be on moon, no Jetplanes, no Radar etc etc etc,
You would probably not sit with an mobilephone yet, if not for the Wars.
I worked out that too that it will be all in circulation soon but I could be wrong!!
I think i heard something like 10 years for all ETN to be mined and BTC will be still going next century.
Unfortunately Human Psychology will prevent this happening in the foreseeable future. People in the Cryptosphere would have to have completely lost all faith in Big daddy Bitcoin.
For example: lets pretend ETN somehow made its value $100 and bitcoin was at $2000. When people first Invested in Bitcoin when it was for example $15,000 and Electroneum was $0.10. If they first Invested for example $5000 in ETN (which at the time would have got them one third of a BTC) and they got 50k ETN. Once that ETN hit a set price of say, £100 each they would quickly realise that for their 50k etn they could instead now trade it for BTC and receive 2500ish BTC which would suppress the ETN price and drive up BTC. I just used a start point and then a end poi t in this example but ofc there would be many people doi g this throughout the drive up in price so it wouldn’t be such a noticeable event like in my example but hopefully im making sense. People have much more faith in BTC’s future prospects than any other Coin, and rightfully so since it has more history than any other to base a judgement on.
IMO Bitcoin will always be in pole possition, but that isnt a problem because as it continues to rise over time we will get dragged up with it.
Try not want to take over the whole reason why CC exists in the first place, what we should be focusing on is rising with the gravitational tide that bitcoin creates. And if Electroneum can increase in sats along the way…thats great!
I heard 2045 or something like that but could be wrong many be 100 years!
Very good reasoning I just wanted thoughts. It’s very interesting, I know the daddy is king but what if was my reasoning… what if was a good question I believe could it be and if so what would happen!?
I never ruled it out, as in it could never happen. However peoples opinions would have to drastically change for it to become a possible reality and that will take time, possibly a lot of time, possibly never… we just dont know.
All i am pointing out the underlying factors that will give major resistance.
@ColinSTE I think that you are concerned with 1% and not 99% to be honest and to this globally it will have an effect if just 1-2% Hop on board!! Your thoughts
I am talking about people in general, not the 1%
I didnt really want to delve too deep into this tbh, was hoping a short take would have been enough. But, if someone aquires 2000etn from the MM who is even new to crypto and if etn becomes really valuable it is natural for them to want to diversify their holdings and if they can get for example 20btc, chances are they may exchange some IF at that time bitcoin is still in peoples opinion the big daddy.
Stop imagining the most irrational idealic situations where ETN stomps on bitcoin and takes over the world. Because when someone points out a reason why it wont happen logically it is like they have to make a negative post to correct it. Not my intention BTW!!! If ETN does what you are proposing, im living on my tropical island!!! But lets keep it real. And not set any unrealistic scenarios.
If i were to take 2hrs and write a detailed explanation i feel you would probably see where im coming from, but i dont have time. However i will throw you a bone andexplain just one tiny reason why it wont happen anytime soon.
Look at what the mini g rewards are right now per block. Every 2 minutes ASICs are mining well over 8000 etn. Most of which get insta dumped and liquidated into btc and some sold for fiat so the mining companys can pay their electric bill next month. Now if 7million approx are dumped every 24hrs, then just to keep the price at a steady $100 there would need to be a trading volume of $700m every day of fresh money coming into ETN just to stay at that lvl. Thats not including anyone else in the world taking any profits…thats just the ASIC miners. The block rewards will have to come way down before any overtaking of the No1 Crypto can even be a remote possibility. In a few years when the block rewRd is one tenth what it is now, lets revisit this topic and since the numbers required will be less, my opinion may be different. Until then, keep it real