Bitcoin Breaks Records / IOTA’s 500% Gain On News / How CryptoKitties Takeover Could’ve Been Avoided

Story – Record Breaking BTC Stats
First a disclaimer, I hold 22% of my portfolio in Bitcoin.
So just bear that in mind as we go.

Bitcoin goes up over $2,000 in a single day.
The price has almost triple in 30 days.

Meanwhile 140 MB in the mempool.

Steam gaming platform pulls Bitcoin as a payment method.

You know I say one of the best things I like about Dash is that it operates like a business?

Well I would not at all be surprised if the business developers over at Dash capitalise on this news and contact Valve in an effort to convince them to switch to Dash.

You may have noticed yesterday I Tweeted out that Dash had been added to Uphold, creating yet another direct gateway from fiat to Dash.

Disclaimer, I hold 36% of my portfolio in Dash.

Back to Bitcoin.
The danger here is that Bitcoin’s price is going up at the exact same time that adoption is moving backwards. That’s not sustainable because then there really is nothing but speculation supporting the price.

Watch this video from Crypto Investor:

In which he cites research from:

Which suggests that only a tiny tiny fraction of Bitcoin transactions are being used for commerce.

And look, I get it, no one wants to hear this because it threatens the massive paper gains we’ve experienced with Bitcoin.

But denial of reality is a sign of emotional immaturity.

If we spent our lives running from reality and avoiding it then we never give ourselves the opportunity to engage with it.

Until we engage with the world in the way that it actually works, rather than how we want it to work, we have no power or control over our own lives.

Story – Update on IOTA
Turns out that there was some specific news that caused IOTA to go from $1 to $5.50.

While the news didn’t come up in the search I did of my RSS feeds I never worry too much about this because I have 6,000 people per day watching the show so if I miss something I know I can always count on the community to fill me in.

That’s what I love about doing these videos. I especially love how kind and supportive people are when they inform me of something I’ve missed.

It’s always done with positivity and optimism and always causes me to pause and appreciate the quality of character we have in the crypto community.

It’s always nice to see that so many are still in touch with their inner child. So thank you all for that.

The news story was basically that IOTA is going to be working with Microsoft, Fujitsu and some other companies on a market for buying and selling data.

This is perfect for IOTA since it’s designed for the Internet of Things which will be sharing massive amounts of data between an almost unimaginable number of smart devices.

Story – Couple Of CryptoKitties Updates
Disclaimer, I hold 4% of my crypto portfolio in EOS tokens so bear that in mind.

It didn’t take long for someone to build a site curating metics.

So if you want to keep track of the most valuable CryptoKitties and perhaps try and spot what common traits make the Kitties most valuable this would be the place to begin that analysis.

Also further to what I said yesterday about this being a perfect example of how I think EOS adoption will catch up with, overtake and then dwarf Ethereum, check out this post from the Steemit team:

In it, they state that the Ethereum network is current at 100% capacity with a backlog of unconfirmed transactions to boot.

It then links out of a site that suggest that market is cap is not what we should be looking at in terms of a blockchains value.

What we should be looking at is how much it is being used by real users.

When you look at The Cryptoverse from this perspective here is what you see.

Disclaimer, I hold 3% of my crypto portfolio in Steem.

The Steem blockchain is the most used blockchain with a 7 day average of 822,000 transactions per day vs Ethereum’s 756,000.

Where it gets really interesting is when you look at how much of the total processing capacity is being consumed.

Those 756,000 Ethereum daily Ethereum transactions are completely maxing out the network, so beyond 100% capacity.

Those 822,000 transactions per day on the Steem network account for 0.3% of the total processing capacity.

Yes, you heard me, less than one third, of one percent.

*Reached the 5,000 character limit of the YouTube description.*

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Written by frances

Lawyer, Believer, Idea Agent, Database Wrangler, Human Casserole. I want to see your peacock.


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  1. Good point about EOS capacity but will ETH not have probably solved a lot of their capability by then or others come along as equal competitors? I can see that it is a PR problem now but they have a huge team and still feel that it has a great future ahead.

    Point about DASH is very true and backed by by the site.

    I do not have any BTC as I feel that it is an argumentative community that does not really have a clear future use case except store of value (whilst greater fool theory lasts) and direction but I have paid dearly for my principled stance so far.

  2. How big is the Steem blockchain? I can't find any information. Accepting more transactions per second might bloat the blockchain and therefore lead to centralization. Even at 10 tps, the ethereum blockchain is already very big. I can't imagine what it would be like if it processed 1000 tps.

  3. 1:03 BTC goes up 2000% it a single day… wow 😀 to be fair you correct it few sec later 😉 Anyway great content, keep up your good work

  4. You make a good point. When you say less people are using bitcoin and the price keeps going up. Can you look at gold as the same thing. No one really buys and sells with gold. (Security transport etc,) But the value of gold has gone up. It can be said they both are a hedge against inflation. a store of value. In the digital world it could be said bitcoin would be better then gold. Easier to exchange etc,

  5. lol i theres anyone here with some brain leftovers, do Your reserch about dash its obvioys scam, thumb down for You paid shill 🙂

  6. Most people I know are not selling any BTC until 2022 or later. It's no surprise to me there is very little traffic in terms of commerce.

  7. BTC is the King and the only decentralized coin that is not under a company or government control. By using Segwit wallet the transaction fees are very low. BTC Lightning is under testing now, it will make Bitcoin BTC transaction fees the most cheapest with lightning speed. Dash is owned by a company and has no fundamental value.

  8. Really enjoy your mix of personal opinion and abstract information…and I think you are very right to keep looking at these charts of growth as adoption rate graphs, rather than price growth in a mature economy style product

  9. Also…let's not forget that actual gold (and most other stores of value throughout history) have always been slow and hard to move. Have always been expensive in time and effort to protect security wise.

    I think BTC believers really need to stop trying to have BTC function as both cash cash and also super store of value….and as is observed by leading thinker in the space, BTC is actually internet of money itself (and likely voting) …so of course cash cash (dash dash??lol) will be different from BTC

  10. Ok…I really really do not think that people who buy BTC everyday these days are buying to use to transact…they are buying to (1) protect savings or (2) finally find some yield.

    I would argue that the adoption rate in the sense of owning BTC is growing like bacteria…at least here in Bermuda…the 'regular' folk are more of less all about to or have just bought some….as Hodl-ers and Traders…not transactors

  11. Chris, great stuff, as ever

    Many months ago I quit trying to get people wised up to the train wreck ahead & started looking for ways to profit from the public's gullibility.
    Looks like cryptokitties is a bell-ringer.

  12. I think steam discontinued because of small amount of transactions in bitcoin making it more of a hassle than a benefit to their company. Of a million times more importance to bitcoin value is the CME and CBOE starting future trading.

  13. You called the EOS/Steem advantages over Ether months ago… And boxmining is trying to get his cryptokitty out of the Ether network. Weirdest indicator, ever. But it says everything.

  14. THEN! Isn't Ltc the ONLY real alternative to Btc? Gold is plummeting I think its due to people dumping for Btc. The system is only going to overload worse than ever now. I would think stacking Ltc might be the smartest thing a person could be doing right now!

  15. When talking about high transaction fees you go straight to an Alt coin as the solution instead of how the major wallets are being slow to adopt Segwit? I just paid $13 to send BTC to GDAX because THEY don't have Segwit addresses yet…

  16. Regarding Bitcoin being dropped by steam, there's obviously layer 2 scaling solutions coming such as lightning network which will enable fast transactions, businesses will probably adopt bitcoin at that point. This is analogous to how the Internet developed. In the early days it only had it's base layer, which was slow, so people complained it would never scale. Eventually extra layers were built on top which enabled video streaming etc.

  17. Great video man and great information, bitcoin and Ethereum are not generalisable mediums as they currently are. IOTA Steem TenX

  18. The fact that Steam is dropping Bitcoin is massively bearish news for the "currency". It doesn't even function as a currency anymore, just a vehicle to speculate on future gains… And the fact these news are largely ignored by most people is a strong indication that we're fully into bubble territory when it comes to Bitcoin… It literally sucks for anything other than capital appreciation..

  19. Vitalik would tell you that Steemit and EOS are way too centralized, especially compared to Ethereum. Is this a problem? time will tell…

  20. Steam could just use an altcoin! There are over 1100 other cryptos to choose from with low transaction fees and fast confirmation times. Their inaction makes no sense.

  21. Kudos Chris! You gave credit to your viewers' comments for the IOTA info. You are a class act! Thanks also for your insightful videos 🙂

  22. I usually love your stuff, but adoption is not moving backwards. I don't care if steam drops btc. They'll be back. If not, it doesn't matter that much. Bitcoin will not be stopped. Thousands of more merchants preparing for btc adoption

  23. This is clearly because of bitcoin futures coming up in a couple days. We'll see another crazy spike tomorrow I believe. I was watching this today and seeing $1000 spikes in a matter of seconds. Would love to increase my position but I'm not about to chase this dragon.

  24. What percentage of Dash is actually used for Commerce? If you're going to make that claim about Bitcoin not used for commercial purposes then turn that argue ment around and ask the same question of Dash I mean let's get back to reality here. If the main use of Bitcoin is store value what's wrong with that

  25. Wrote something similar about 30 hrs ago on Steemit — I have called it the Dan Larimer Effect for awhile now — all his projects WORK and then some like Bitshares (also close to top on your list there) and Steemit. I expect EOS to be even smarter, better and faster. In Dan We Trust — as I also like to say LOL

  26. BitCoin will settle and if it's useful as a currency it will be traded like a currency with regulations and paid miners.

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