The Bitcoin Killer, CEX killer, and NFT killers on Discord
Billionaire CEO of American hedge fund Citadel Kenneth Griffin has weighed in his thoughts about cryptocurrencies. During a recent seminar, he was quizzed about if he has missed the crypto train and he replied that the train is still at the station, thus indicating that we're still at the early stage of adoption.
He went further to highlight certain issues he has with cryptocurrency, citing fraud, global warming, and the cost of transactions in Bitcoin as some of the problems.
In his response that was covered by Cointelegraph, he mentioned how Bitcoin's huge CO2 footprint and lack of development in the network indicates a possibility of being replaced by an Ethereum based asset.
The billionaire CEO who is a known crypto skeptic stated that the transition to Eth 2.0 and further developments on the Ethereum network will make it a more secure and fast network for transactions.
That's an interesting point he's making because, on the surface, it's easy to see why he feels that way. Although it's still left to be known how the upgrade will affect scalability, sharding has been mentioned as a possible solution.
For the general population though, Ethereum is still out of reach and if you don't have serious operations to conduct, there's really no reason to actually use Ethereum.
I don't think there's going to be one single replacement for Bitcoin. However, assuming Ethereum manages to sort out their absurd gas fees and congestions issues, then it's very possible that we'll see a number of layer 2 projects making strides in this regard.
I think one error a lot of people also make is that they assume there are only two blockchains. In reality, the amount of development in different networks will in some way ensure some competition for market share and activities.
So in essence, there won't be one Bitcoin Killer. In fact, it's safe to say that there will never be a Bitcoin Killer, instead, all the coins will coexist together and jostle for market share in a healthy competitive environment.
DEXes are CEX killers?
While we're on the topic of killers, further data has shown that there has been a growing interest in the development and use of DEXes by crypto investors.
This is obviously due to the huge interest in AMMs and liquidity mining on these platforms.
After my recent debacle, I intend to stay away until I have the necessary security. However, the allure of DEXes is also due to their easy access nature due to not requiring any form of KYC registration.
As time goes on and P2P transactions become more popular, the reliance on Central exchanges will certainly drop. That's going to be a very long time in the future though.
Data shows that while new central exchanges aren't springing up every day like DEXes, the number of visitors to central exchanges hasn't dropped.
There's been a lot of regulatory attacks at central exchanges, so it's easy to see why newer companies aren't springing up. However, the companies like Binance, Huobi, Kucoin, and the likes have become household names that retain their large following, and patronage.
It's going to take something special for DEXes to actually replace Cexes. Central exchanges offer a more "trusted" approach with the KYC and everything, making people get a sense of safety even though their crypto is no longer in their wallets.
DEXes on the other hand don't offer that type of protection, and users have to protect themselves. This is appealing on its own because if it's not your keys then it's not your coins.
Discord drop Ethereum NFTs but Hive is still open
Another interesting development that I thought I'd share was the fact that discord users were vehemently against introducing NFTs to the platform.
There were already plans to connect metamask and one other Ethereum wallet to discord but users claimed that NFTs are a scam that should not be added to their platform.
They also claimed that there's no point in allowing climate-destroying jpegs into their beautiful application. Many users threatened to cancel Nitro subscriptions in the process.
It's a rather interesting scenario because I've often thought that the gaming community would be more open to cryptocurrency. Then again, I can understand why they feel that way about NFT jpegs since they tend to be too expensive and often smell like money laundering.
On the other hand, I think NFT games will be more appreciated in that space. When Splinterlands expands and invests in even more robust gameplay, the interest will potentially rise.
Note that, unlike Ethereum, Splinterlands runs on Hive that is more energy effective and less damaging to the climate. If we can place hive in the right light, we could actually steal a march on Ethereum, and instead, get Hive keychain plug-in on Discord.
A move like that could potentially lead to even more growth on hive. We just need to find a way to circumvent the crypto bias of the people and hive could actually get on the platform. It's a long shot but it's worth a shot.
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