Analyst: Bitcoin's Lightning Network renders "99.85% of altcoins obsolete"

16 Jun, 2019
by Will Heasman
Opinion
Analyst: Bitcoin's Lightning Network renders 99.85% of altcoins obsolete

Many altcoins were created as simple iterations of Bitcoin, often designed to override a certain perceived fault within Bitcoin's original architecture such as scaling, or faster transactions or in some iterations, add an entirely new use case. However, one analyst and software engineer now believes that the incipient Lightning Network will make 99.85% of all altcoins completely obsolete.

The man in question is Igor Korsakov a software engineer and creator of Blue wallet - a lightning based Bitcoin wallet.

According to Korsakov who recently spoke at the unchain 2019 conference. The lightning network renders 99.85% of all altcoins useless…

While the exact math behind the estimation is lacking this wouldn’t be the first time that someone augured the death of altcoins.

Altcoins must die

A massive exodus of a myriad of cryptocurrencies has been predicted for many years, and even hoped for.

Sebastian Markowsky Director of GP Bullhound, authored a report in May of last year, on this exact theory, prophesying that a “heavy correction” could lead to the mass wipe-out of cryptocurrencies; continuing to state that the fallout of this would set the wheat from the chaff and that survivors growth potential would be “unprecedented”

Furthermore, Matt Hougan, global head of research at Bitwise asset management stated back in February that nearly all cryptocurrencies will die, and that it might be a good thing…

“There are 2,000 cryptocurrencies out there, 95 percent of them are useless and will die a painful and deserved death, the sooner that happens, the better,” said Hougan

Broadcaster and Bitcoin bull, Max Keiser, also noted this in an interview with Chepicap last month stating that all altcoins will ultimately die off:

“There’s nothing any altcoin can do that bitcoin can’t do now, or won't be able to do in the near future, so there’s no need for them, they add nothing to the market, so the market will reject them.” 

Do you think altcoins will be rendered useless because of multilayer protocols? Let us know your thoughts in the comments below!

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