Final Answer: When Will Bitcoin Lightning Network Launch? ⚡
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On today's episode:
We’re going to take a look where the markets are at
We’re going to follow up on yesterday's video regarding the market on GDAX where Bitcoin is trading against Bitcoin Cash
And I’m going to response to the popular question of when the Bitcoin lightning network is going to launch
Story - Where Are The Markets At? 0:48
https://coinmarketcap.com/charts/
Well after hitting a bottom of 417b yesterday after 3:30 in the afternoon we have now recovered to 548b.
So let’s see what that looks like on the Bitcoin chart:
https://www.coinigy.com/main/markets/BITF/BTC/USD
Anyone who says technical analysis isn’t useful is wrong.
It’s not perfect because it’s not an exact science, but neither is it useless.
You can look back at my past videos and see that these fibonacci retracement lines were there long before this recent market crash.
And now we see how the intersection of $11,000 and the 61% fib line provided support to the price.
The fact that these two candles for today and yesterday have small bodies indicates indecision in the market, it means there’s caution on both sides.
Out of all the positions that I’ve taken over the last 48 hours my LiteCoin position has performed the best.
https://www.coinigy.com/main/markets/BITF/LTC/USD
LiteCoin dipped below $145 here and is now above $185.
That means it’s added around 30% since it hit bottom.
Bitcoin has added around 17% since it hit bottom.
I was telling my patrons about this yesterday as it was happening but Bitcoin is actually my worst performing position.
LiteCoin is number 1, Dash is number 2 and Ethereum is number 3.
All of those positions are in profit while Bitcoin remains in a loss position.
On the face of it, it looks like the crash is over, however that doesn’t mean much since our eye didn’t tell us the crash was coming the first time did they?
So the market could decide at any moment to take another dive.
Those are the risks that come with the territory, so when you invest, be prepared to lose all of it in an instant, because yesterday some people did.
Story - A Follow Up On Yesterday 4:32
I want to do a quick follow up on the response to yesterday's video.
Based on what I read in the comments, there’s seems to be a major flaw in their logic.
Take a look at those 58 dislikes, that’s a lot relative to how many I normally get, and I know why, it’s because I talked about some Bitcoin Cash news.
The news was that GDAX were about to launch their new market allowing people to trade directly between Bitcoin and Bitcoin Cash.
The people getting upset in the comments were clearly Bitcoin Cash haters.
What’s illogical is why they would be upset at this news.
This news means that it makes it easier for everyone to sell off their Bitcoin Cash for Bitcoin, how is that a bad thing if you are a Bitcoin Cash hater?
Surely the Bitcoin Cash haters want more markets like this? More opportunities for people to get rid of their Bitcoin Cash in exchange for real Bitcoin?
I just wanted to clear that up.
That market has now fully opened and so far over 2,800 Bitcoin Cash has been traded and the price relative to Bitcoin is down 10%.
So right now, a Bitcoin Cash is worth around 15% of a Bitcoin.
Story - When Will Bitcoin Lightning Network Launch? 6:27
https://explorer.acinq.co/#/
In a recent episode, I spoke about the most anticipated developments to allow Bitcoin to handle many more transactions than it can today.
It’s called the Lightning network and is a separate network that will sit on top of Bitcoin, which is why it’s referred to as a second layer.
In that episode I shared with you this visualisation of the lightning network that is provided by Acinq, a French company who are contributing to the development of the lightning technology.
You see here there are 828 nodes and 3048 channels open.
However, this is all happening on the Bitcoin testnet so there’s no real money changing hands, and none of this is lifting the burden on the main Bitcoin network.
Following that episode many of you asked when exactly the Lightning network would launch.
In order to answer that I need to draw a paralel.
Bear with me on this one because it’ll be clear why I’m taking you down this road.
Think about the political debate about abortion.
The fundamental point that whole debate rests on is when life is created. The reason we need to agree on that is because if an abortion is performanced after that point, it’s killing a person vs simply ending a biological process.
Is life created at the very point of conception?
Is life created when the baby is actually born?
Is it somewhere in between? If so, where?
The goal being to figure out the point at which the baby came to life.
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totally agree @marketingmonk , current fees and processing times is suffocating bitcoin. bring on the new layer.
nice information you shared sir but according to my prediction Ripple will go up and have a good future for the small investors after teh Bitcoin and Ethereum
and as every one is worry about market but in my opinion from next week it will touch the to the highest level beacuse every boom have a recession and every recession have a boom
second thing is china and korea will show the relex mood in next week which will definitly leave the good effect on market :) HOPE FOR THE BEST :)
KEEP SMILING AND SHARE GOOD CONTENT LIKE THIS AND I ALSO FOLLOWED YOU :)
We have been waiting for Lightning network for toooo long. Could it save Bitcoin and the crypto world after it successfully launch?Thanks for the info
Is there adoption risk for the lighting network? I was initially excited about Segwit, but the vast majority of transactions are not using it. Do we have another potential improvement to BTC only to see it not adopted by wallet/payment providers leaving BTC in the same slow transaction and high fee environment of today. Is there currently too much financial incentive to hold the status quo?
Blame Coinbase for not adopting segwit addresses!
That's true, I also don't think a lot of the exchanges have used Segwit making any transfers off also on the legacy address.
I like the way you can describe things to people in simple terms, you have that talent.
I'm collecting and hodling BTC because when the Lightening Network becomes more mainstream there will be no stopping BTC and the value will soar.
That's my opinion, i'm not a financial adviser etc etc...
I've been listening to your podcast for a while now (it's one of the ones I listen to during my workout) so I was so glad to find you here on Steemit as well! Thank you for teaching us so much! My son might be taking one of your classes soon as well. Thank you for all the great info you put out and a lovely day to you!
I'm really excited to see how the lightning network continues to grow. Seems like they have created a plugin that will allow websites to integrate lightning payments pretty easily. 2018 will be a big year for interoperability and instant payments with lightning.
chrish has given the best analogy to explain the lightning network, i think am gonna have to use it, brilliant.
I could not read the entire post due to time issue , please tell me how many months till we get lightning network ?
It's already here, we just have to wait for it to be adopted by the masses now :)
I think the lighting network will be rushed due to the current situation with many alts gaining much more than Bitcoin and a few even threatening to overtake Bitcoin.
I think if they were in a rush, it would be out already. The Bitcoin devs get criticized for taking too long, can't really have it both ways.
I think the devs wanted to make Bitcoin a store of value like gold but are realizing it might not work due to transaction costs and such.
Interesting video, thank you. Does someone think, bitcoin will have a comeback?
Not just a comeback, New Ath’s probably around Mid February from what I’ve been researching :) perfect time to stack some more btc
This is so exciting 😁 Increasing Bitcoin's usability and scalability is the key to its success.
As usual thank you for all the hard work you put in to bring us great content!
Peace! ✌
@chiren
Ahah the example of the conception of a child is genius!
Now that the lightning network have been conceived I guess a big increment in Bitcoin trust from a lot of people (also as a mean of payment).
Do you think that the belief in Bitcoin cash is going to go down? Most of the reasons of his creation are going to be solved by the LN!
I do not think Bitcoin Cash is going to go down. There are many hard core supporters who have already made their mind up and are not open to new information that may change their beliefs.
Hey @marketingmonk, I loved your analogy with the philosophical problem of abortion (or the emergence of life). Thoughtful of you, as usual. Just two questions: is the abortion of the lightning network morally wrong? Or, more complicated, is it ethically mandatory to take care to guarantee its healthy growth? Keep up with this great work.
Top Cryptocurrencies Pending Price Target and their due dates
https://steemit.com/cryptocurrencies/@salahuddin2004/top-cryptocurrencies-pending-price-target-and-their-due-dates
Wow, now you've taken it to an even deeper level. That would be a conversation we'd have to explore in person. It's a good one and requires richer communication than I can deliver here :)
Sure it is. Maybe one day we have such a conversation in person.
That was interesting about the lightning network. I've been tempted to get rid of my Bitcoin, because many of the altcoins seem more exciting but I'll keep hold of it. When the lightning network gets going properly, I'm sure a lot of the alts wont look as exciting as they do now.
Well done. When you started your comparison to pro-choice/pro-life, I thought Oh, NO! It is a very polarized topic that I try to avoid at all costs. But you made it all make sense BOTH for the pro-choice/pro-life issue AND for the Lightning Network "issue". You can actually follow this analogy to the human conception, birth, aging onto the Lightning Network. As the Network ages (grows more nodes) it will require more and more channels that could be more and more difficult to establish by individuals (at least that's the fear of some). Makes me think of the breakdown of the immune system (as well as other body systems) as humans age. The answer by some is that established (centralized) organizations will manage these channels for the Lightning Network. Just as a holistic (sort of a form of centralized) approach of building up body systems eases the aging of the human body instead of just managing symptoms as they arise. But at some point the aging process will end in death. Following this analogy then, I would hope that the eventual "death" of Lightning Network would mean that a decentralized method/technology develops so that there will never be a need for a trusted organization.
bitcoin cash haters
Welcome to the world, Bitcoin Lightning. I will be cheering both for BTC and BCH in 2018. And lots of token projects of course.
Great a new clip to watch when having breakfast ,keep up the terrific work ,thank you cryptonz
Very informative post thank you for the update , I still extremely bullish on electroneum at the moment and would love to see you do a video on your opinion on the the project at some point please? It is a british based crypto after all :) and has one of the best strategies to drive mass adoption of crypto currencies in general ! ETN, the sleeping giant while cryptopia has the monopoly over it :/
I know i could just look it up but just how fast is the new network going to be?
I disagree with your assertion that BCash listing on exchanges is good for bcash haters.
In the end of the day, listing on larger exchanges gives legitimises an illegitimate coin - Most coins value appreciate when getting listed on the larger exchanges.
The coins must be listed so the market can decide what is legit.
markets can be misled.
Awesome analogy, really put it in perspective. It got me thinking though, when was the blockchain snapshot done for LBTC and would Exchanges that supported the fork distribute coins based on how much BTC its patrons had at that time (conception) or a supposed official launch (birth)?
now it's the time for bitcoin and litecoin to go high, if you are crypto coin buyer it's a good oppertunity for you to buy some coins .
already subscribed to you channel brother on @dtube
good choice of content, very well explained. Thank you
When thinking about the motivation for establishing a lightning network channel, I’m not sure I see how at least initially that transaction pricing will drop much below fees being charged for on chain transactions. For example, if on chain fees average $20, why wouldn’t a LN channel operator set fees at $15 until there are enough channels competing to undercut each other on cost. There doesn’t seem to be a motivation to set fees at the really low levels that we used to see on the Bitcoin network. What am I missing?
What do you think of RaiBlocks and it's instant feeless transactions?
I think Bitcoin is like Internet Explorer, everyone knows that you only use IE to install Firefox (RaiBlocks) or Chrome (Steem). Lightning network is like the Microsoft Edge update to IE, far too late as FF and Chrome provide a far superior service.
great analogy on explaining the lightning network, thanks!
i lost lot of monet on bitcurex and etc-e and Cryptsy in 2014-2016.
How invest if traders stolen your money?????????
I really wanted to know the answer to when the lightning network launches...... instead of that, now I also want to know when life starts. :(