I do agree of all the cryptos bitcoin at this point has shown the most stability and we have to use that term loosely as we know its not stable lol. I will say that bitcoin has a habit of losing 50% of its value when most other cryptos have the tendency to lose around 90%.. So bitcoin is good in comparison to that.
Yea, i have no issue with people liking bitcoin i just think bitcoin is nothing like people make it sound. I think blockchain technology has a possibility of some logistical and authentication uses.. However beyond that we know bitcoin is a horrible currency.. That the only actual use of bitcoin is speculative. Nobody is using bitcoin in any way but speculation but there are a number of issues with this.
Even if we look back to what Elon Musk pulled recently he may have caused a significant drop in bitcoin. I'm not sure what rate he caused the drop, i'm sure it was other factors. However i do believe he caused a significant drop. That means bitcoin is based more on its brand effect than it's use. That's very dangerous in my opinion.
I think the reason i find some hope in stablecoins whereas i do agree with the idea its oxymoronic to use stable coins that are tethered to fiat currencies which we ourselves don't know if they are really stable lol. We know they are artificially controlled.
There are several versions of stablecoins not all based on fiat currencies like tether.. Now there are some uses of stablecoins i believe that may be a bit more reliable. Just for an example we i created a stable coin called bbd. That ties to social network value. I want get into all the parameters of it as it would take too much writing.. i will say that there may be an area of use in stablecoins that are useful to people. A branded cryptocurrency thats only reason for use is in the brand effect just doesn't make me feel secure in the slightest.
Yes its bitcoin today but i mean there are cryptocurrencies better designed to act as a store of value than btc. You must recall btc is more like an incidental or accidental store of value.. many don't believe it was created to be a store of value which partly created the first bitcoin fork. Some believe it was a venture capitalist marketing scheme to make money.
So things have to make sense in my mind. The more i think about bitcoin the more it becomes bitcoin could easily have a questionable changable future. It's 87% controlled by about 1% of the network. .who are these people and what are their intentions with numbers like that we don't know..Only thing they can hope to do is dump it on someone else. Bitcoin is a horrible transactional system and inferior in that even if i used it for commerce how would i do chargebacks? How would i get my money back?
So i see bitcoin as fun. .but i don't take it serious because not only do i question its store of value qualities.. it's lack of being a useful currency but also i question its decentralization. I dont think its the best decentralization model. As you said its no problemt to trade bitcoin if its for people. As long as people are as educated about it as possible.
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I understand where you coming from but what you’re talking about is a financial system thay onto 13% of the world get to enjoy.
For someone like me in south Africa BTC as “volitile” as it is now is still a better form of currency than my national currency and I am not the expection! G7 countries financial systems are NOT the norm for everyone
BTC for me works great in storing value that cannot be seized, it scales perfect well on lightning, charge backs can’t be done on ANY blockchain because charge backs are only available for assets where final settlement isn’t available
Sure handling your own money comes with it’s downsides but I feel it’s a worthwhile trade off not to be tethered to various local institutions
If tomorrow s&p downgrade my countries debt I’m fucked through no fault of mu own so having this asset offers me a lot of benefits
So what crypto in your opinion can/is doing it better and what governance model is superior to proof of work and why? Keen to see where you coming from with this?
LOL so you're banking on Charles Hoskinson, this was basically just an ad for buy cardano. How is Bitcoin slow when you have lightning that's instant? He actually mentions blockstream who has launched Liquid where you can do DEFI on and then there's also statechains and since they all connect to the base layer they are all soon to be interoperable with one another.
I find it hilarious he claims L2 is centralised, yes in certain points but how many people are running a ADA node how many are even running an ETH node? Lol all these projects are centralised and continue to get centralised as the bloat on chain continues to increase with all the computational space needed to run there shit coin assets
I think the mistake people make is believing these sales men in making this a purely technology play when its more than that, Bitcoin is the only system that protects its monetary system for all users, the rest will tweak it trying to sucker more people into their ecosystem
You're a money guy but I am a tech guy and I know his talking shit, its almost laughable the claims he makes if it wasn't so sad that people invest based on guys like this word