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Bitcoin’s Lightning Network is an ‘overhyped vapourware product:’ Roger Ver

Biraajmaan Tamuly

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Source: Pixabay

Bitcoin Cash’s network received a lot of unwanted attention this week after it was reported that a single miner was able to mine over 24 blocks in 2 hours. Questions were raised about BCH’s credibility from a security standpoint again, with many crypto-personalities surprised as to how it was possible for such a breach to happen.

However, the incident failed to faze Roger Ver, as the Bitcoin Cash proponent continued to assert that Bitcoin Cash was indeed the better form of Bitcoin.

In a recent interview with Trader Cobb, Ver claimed that a massive shift within Bitcoin took place well before Bitcoin Cash existed. According to Ver, a massive ‘censorship campaign’ took place within the Bitcoin space in 2015-16, one which stifled contrary opinions and deleted comments which disagreed with a majority of the community.

Ver also said that before the shift, Bitcoin’s primary utility was as a form of money. However later, the narrative changed and people started arguing that Bitcoin is supposed to be used as a store-of-value. He added,

“Cryptocurrencies, in general, is supposed to be, you know, free speech and free expansion and free trade and suddenly the biggest cryptocurrencies community, Bitcoin is engaged in this massive censorship campaign. And that’s why I love Bitcoin Cash so much at this point.”

Speaking out about BCH’s major competitors in the space, Ver said that Bitcoin’s Lightning Network is nowhere near successful, terming it as an “overhyped vapourware product.” According to him, BTC’s Lightning has been in the industry for almost 5 years, but substantial improvement is yet to surface from its developers’ community.

Additionally, Ver claimed that it is a smart investment move to open, large positions in Bitcoin Cash, rather than Bitcoin as BCH will be a future ‘hot stock.’ He said,

“If you look at Bitcoin cash, all this adoption, all this passion from the early adopters that made Bitcoin popular, to begin with, the vast majority of them are busy focusing on Bitcoin cash at this point.”

Biraajmaan is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Bitcoin

Bitcoin can reach $25K if usage crosses 1M people: Thomas Lee

Manu Naik

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Source: Unsplash

Managing Partner and Head of Research at Fundstrat Global Advisors, Tom Lee, recently made an appearance on CNBC‘s ‘Street Signs Asia‘ segment to talk about Bitcoin price movements in the future. Lee also spoke about why he thinks Bitcoin will touch $25K by 2022.

According to Lee, for an industry that’s over a decade old, these are still early days for digital assets. However, as time passes, it will become very institutional, he said. Fundstrat’s Lee added,

“Over time, it’s going to become an asset class, and once we hit that it’s actually another hockey stick.”

When asked about his prediction for the king coin’s price, Lee said that it had been established back in 2017 as a five-year prediction. According to him, the predicted goal would be easy to achieve due to cryptocurrencies being network value assets — the more people that hold it, the greater its value.

“In fact, it’s a log function, so if you double the users you get a quadrupling of value, and to go to $25,000 you essentially need a 4x rise (a little bit less than that) which means you need to double the number of people who hold Bitcoin.”

According to Lee’s estimates, there are under half a million people in the world who own and use Bitcoin widely today. He also compared Bitcoin to Internet stocks such as FAANG and attributed 70% of their returns since the IPOs to the growth of the Internet over that period of time.

“So in other words, it was a log function of the Internet growth, and that’s how cryptocurrencies are going to work. That’s just saying if you take it to a million users, you could get to $25,000.”

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.