El Salvador - Bitcoin

this is a dumb exercise but OK

1. People generally don't use crypto for payment. So they don't use any particular crypto either.

hold on what? isn't one of your arguments that bitcoin isn't good at payments, since there are better cryptos? Now nobody uses crypto for payments? which is it?

2. Martket caps are irrelevant and useless measuring tool. I can create a crypto with 100B market cap in an hour. It only need 1 trade to establish market cap.

Market cap is a marker for adoption and use. of course it matters. does the market cap of a stocks matter? of course it does. Please try to do the above ridiculous example with the extra 100BB you have laying around, let me know how it works out.

3. Because people are not adopting it for all the wrong reasons? Because there are technologically even better cryptos? (I just picked it for your sake) Because idiots like the Salvadorian pre... I mean dictator don't pick it for payment? Because nobody is into cryptos for the technology, only for the profits?

So the point stands then. If there are technically better cryptos than bitcoin (and bitcoin cash for that matter)... why aren't they used more then? Why are most of the value still in bitcoin and smart contract platforms like Ethereum (which is a different use case)?


What do you think about my network comments? Do you just dismiss this too?
 
MarkBrown said:
i am thinking of going heavy into bitcoin cash actually - did my research and like what i see.

any thoughts?
More...

Interesting Mark, I'd love to hear your reasoning.

I have a mental model that bitcoin cash is a failed bitcoin fork I shouldn't touch, but I very much respect you and would love to hear what you are seeing there...
 
BCH became so popular a while ago because of several improvements in size and fees, so that made it more attractive to the community, but at some point it failed to catch up with the main coin.

upload_2022-4-27_17-3-49.png


I don't think that it is on its best moment
 
MarkBrown said:
i am thinking of going heavy into bitcoin cash actually - did my research and like what i see.

any thoughts?
More...

I used to think that eventually the best coin would win the price war. Just shows how naive I was. :)

I don't really follow the individual coins they pretty much all move together, except the occasional pump and dump parts. I guess you could look up which coin has a higher beta than BTC and trade that.
 
GlobalMacro90 said:
using the BTC network and not the asset?
Can you see the value of using the BTC network/rails, even if you never own or pay for anything with it?
More...

Sure, but why not use a network that is faster and you don't have to worry about clogging up the network when too many TXs are happening? 7 per second is really ridiculous for something that is aiming worldwide domination. And it is so easy to fix, LTC improved it like 10 years ago, up to 56. BCash, 112.

If you wonder what the need would be:

"Mastercard processed an average of 33 billion transactions per quarter over the past year, or 366 million per day."

That is 4236 TXs per second. And if we throw in VISA's numbers, they processed 60% more, so that is 11K transaction per second. Now imagine if the whole world would switch to BTC tomorrow, and you would have to wait a few years for confirmation? :)

Unless you are using a crypto with the ability of 2-3K TX per second, you are not even trying...
 
Last edited:
Pekelo said:
Sure, but why not use a network that is faster and you don't have to worry about clogging up the network when too many TXs are happening? 7 per second is really ridiculous for something that is aiming worldwide domination. And it is so easy to fix, LTC improved it like 10 years ago, up to 56. BCash, 112.

If you wonder what the need would be:

"Mastercard processed an average of 33 billion transactions per quarter over the past year, or 366 million per day."

That is 4236 TXs per second. And if we throw in VISA's numbers, they processed 60% more, so that is 11K transaction per second. Now imagine if the whole world would switch to BTC tomorrow, and you would have to wait a few years for confirmation? :)

Unless you are using a crypto with the ability of 2-3K TX per second, you are not even trying...
More...


I understand your position and respect it.

It's my view that BTC is the only truly decentralized crypto, and as such is the only one that nobody can control/influence and has rock-solid security.

I think this is what matters in the long term. The small amount of tx per block was a design decision to promote decentralization (so you don't need a supercomputer to run a node). The tx per second thing can easily be solved with a level 2 like lightning.

Bitcoin is way more than a Venmo/cashapp/pay pal alternative. This is the box you keep trying to put it in.

I am just trying to tell you that, objectively, the market is not rewarding what you think is important. If it was, bitcoin-like cryptos that are faster (bitcoin cash, lite coin, bitcoin SV) or that have more privacy (monero, z cash) would have more value ... but they don't. They have way way less value.

This should tell you that you are missing something here.
 
You must log in or register to reply here.
Back
Top