Bitcoin Lighting Network- Will Destroy All Altcoins/ Weiss Report

Hey you, welcome back to the channel. And guys, today we want to talk about the Bitcoin Lightning Network, and we want to talk about why it may be the end of just about every altcoin there is. Uh, in a post from the Weiss Cryptocurrency Rating System, they're supposed to be this independent rating system, this kind of worthy, I guess you could say, to rate many of these cryptocurrencies. Part of the article states many cryptocurrencies are going to disappear for the simple reason they bring virtually nothing new to the table. Even among the top 10 by market capitalization, several fit this description, including Bitcoin Cash, Bitcoin Satoshi's Vision, and Litecoin. There is no innovative use case for them. They're likely to fade away over time. And so guys, I've kind of been thinking this way all along. What does the Bitcoin Lightning Network mean for over 90% of these altcoins? Well, Bitcoin is the most secure developed network. It has the brand effect. Now you're talking about a more faster, efficient Bitcoin. Now every token out there talks about being used as a money, being a way to exchange its value. You know, interesting enough, I post some of my content to Steemit.com. Even the CEO of Steemit, Ned Scott, talked about the durability of Steemit being a money itself. But the problem, guys, is if Bitcoin itself becomes this super fast money also a store of value, also the most trusted, also the blockchain with the, the best infrastructure, with billions more going into it for 2019 as well. If we couple that with the institutions coming in, they're gonna be buying Bitcoin, they're not gonna be buying all these altcoins, then you're looking at a a situation where many of these altcoins don't even need to exist. We could simply just use Bitcoin itself as the money to spread around the world at faster speeds and get money to the people who need it. Many of these altcoins that are attempting to be a money, uh, would simply just become non-existent. Now Some kind of would, you know, argue with the Weiss Cryptocurrency Ratings Report. You know, somebody could have them in the pocket because they're kind of bullish on a few coins. Like, they speak about— they speak good about Ripple, but I would think Ripple would, you know, uh, face a similar problem if, you know, uh, as far as being this transactional money. Um, now there's some things I like about Ripple. But if I'm being factual and honest about it, uh, you know, some of the components that, you know, they speak of Ripple as far as, um, um, like getting some of these banking deals, and that's going to be significant. Well, what I understand about banks is banks don't like volatility. So by switching to like a token that's, uh, getting these great percentages of fluctuation, even though they could potentially, uh, make some money if the price goes up. Banks don't generally operate at a loss. So what happens when the market goes down on these tokens? So, uh, I don't know if that's a great banking solution for traditional banks to use a cryptocurrency. Um, And I think they also mentioned Ethereum and, or I'm sorry, Stellar and Cardano. But my take would be this: if we're looking at Bitcoin as this store of value, now this super fast coin, it's very efficient money. Excuse me, this efficient money, uh, then the only thing I really would see that would be necessary then for Bitcoin would be, uh, something more similar to, uh, a decentralized exchange. Because you're always going to need a way— people are going to always want to cash out and exchange this value across exchanges. And so I, I would believe that decentralized exchanges, uh, those coins would probably be some of the lasting coins, um, because you would then need, you know, Bitcoin. You people would want to trade it. And I, and I really think the future of centralized exchanges are going to the dumps. I believe a lot of these centralized exchanges are going to go to the well too much one of these times, and people are just gonna probably— a lot of people are gonna stop using them, you know, as— and I don't mean right now. I think they kind of exist now because we're kind of still in the infancy of doing transactions. People still want to talk to somebody and, um, you know, deal with some type of customer service in that regard. But I believe as we get more advanced in cryptocurrency, meaning a lot more people come in and we get used to using cryptocurrency every day to the point people are just able to, uh, use cryptocurrency and they aren't, uh, they're very familiar with it. I guess that's the term I'm looking for. Uh, I think they will choose decentralized exchanges over centralized exchanges because centralized exchanges don't make a whole lot of sense in the cryptocurrency space, in my opinion. And, um, So, you know, again, the report has a few, you know, has some of the real big juggernauts like EOS, Cardano, talks a little bit about Holochain. But some speculate that, you know, again, that, you know, maybe they, you know, maybe they have some kind of vested conflict of interest, if you will, in relationship to these few coins that they did pick. Um, uh, however, just looking at this from a demand standpoint and a very practical standpoint, it doesn't make sense that if my coin is doing the same thing your coin is doing, but you're doing it better, that I would want to use your coin, uh, and use it on an inferior network. Um, even if you take something like Bitcoin Cash It only has about 6% the hash power what Bitcoin has, right? So it's like a million miles away from, from Bitcoin. Um, so what about my coin that I'm involved with, Bitcoin MYK? Shouldn't it be on the list and shouldn't it fade away with the rest? Well, normally I would agree with that. However, BitcoinMYK operates a little bit different than many of these other coins, uh, meaning that as more people mine Bitcoin, as you mine more Bitcoin, you actually receive, uh, your balance adjusts over on the BitcoinMYK site, which means that now you're, you're able to move your Bitcoin across the network. Uh, you have value there. And, uh, so it's almost just like mirroring Bitcoin. So it's a different from just being an entire different coin. This, it almost works like a companion to Bitcoin. So I, I think Bitcoin NYK would be able to survive that. But in addition to that, I think what makes Bitcoin NYK, what'll make it, you know, uh, more survivable, um, as we deal with 80% of the globe, uh, in fear of, uh, um, uh, unemployment from, uh, job loss to artificial intelligence and just the condition of our economic systems today, uh, things like universal basic income. With BitcoinNYK, we use features of this to distribute to these people. So I would gather that the demand for BitcoinNYK will be very high going into over the next 10 years or so. I would think that we would be, just how it's set up, be one of excuse me, the tokens that survive, as well as decentralized exchanges. But unfortunately, guys, you know, looking at this for what it is, uh, with the Bitcoin Lightning Network, I don't see why many of these other tokens would need to exist. Now, even with like EOS, um, its features and scalability, uh, running these decentralized applications on them. Many of these decentralized applications, guys, uh, the reality of them are they just aren't being used. I don't think they will ever be used, many of them. And I say that because unfortunately we can— many of the applications that run on the internet now, like decentralized game, um, Decentralized game applications. Um, um, you know, I just don't really see why you would need to decentralize gameplay so much. I don't think that's going to be that important, you know, to people, uh, in the future, you know, going forward. Uh, you know, right now many of the applications that are being placed on the blockchain are just way better used off the blockchain. The only thing that really, really works well on the blockchain is when you use, um, uh, basically it as a, uh, being a consensus, uh, across the ledger, uh, and a monetary— uses of money, a monetary system. And when you get outside of that, uh, you know, that's, that's when I think you run into a lot of problems. And that's what a lot of coins and tokens have been doing, and it has shown us that they don't have the demand at all. Uh, and even going back to what Ned Scott said over at Steemit, what I found very interesting, you know, you know, even, even, even he wanted to go back to being Steem being this transactional money. But in my opinion, Steem doesn't even have a demand to be a transactional money outside of it just being this social network that, uh, on Steemit, Steemit being a clear distinction between Steemit and Steem. However, I don't think you can separate Steemit from Steam, but when I look at the Steam blockchain, all I see is like this big social network that, that gives people likes for blog posts, and then these likes are valuable in some, in some way to people. But that's not really a money, that's not really a transactional money. And, um, you know, because of that, uh, if it does attempt to be a money then it falls right back into the situation we're, we're getting with Bitcoin Lightning Network and many of these other altcoins. But anyway, that's all I wanted to say about it, guys. Tell me what you think. Tell me what altcoins you think will survive after Bitcoin Lightning and why. Uh, guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.