Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
Bitcoin will die or is dying... At some point, one of the altcoins will take center stage.
When will this point come? IDK. I am not a smart guy, I don't understand everything under the sun. I am just a simple man who loves technology and all the great things that come with it.
I also notice flaws in the world around me, and BTC has a major one. It is appeasing the hedge fund owners, the exchanges more than the average Joe who wants to pay and get paid via BTC.
Btc got too big for its own good. The worst part is, it got big as a commodity which was never the intended use. It derives its value from users like us, who are giving it value. Not because some exchange said its worth $10k.
So what if it is being treated as an investment?
With transactions fees ranging from $10-$60, it is simply not a good way to transact at all.
Think about this: You want to send me $100, with fees you end up paying $120.
Along come BTC devs who might have some awesome update that will speed up transaction time and reduce txn fees. What happens? They get a very cold response. Nobody wants major changes. They have hedgefunds and bigass exchanges who want to maintain the status quo for their own good.
Let's go back in time.
December 2010
Wikileaks just had it's bank accounts and donations seized. Julian Assange was mulling about using something like BTC to raise funds to keep Wikileaks live.
Satoshi Nakamoto had this to say on the bitcoin forum:
And he was right. That's exactly what happened, roughly. BTC got too big as a commodity for its own good. I know that's not exactly what Satoshi meant, but you get the point.
/rant
When will this point come? IDK. I am not a smart guy, I don't understand everything under the sun. I am just a simple man who loves technology and all the great things that come with it.
I also notice flaws in the world around me, and BTC has a major one. It is appeasing the hedge fund owners, the exchanges more than the average Joe who wants to pay and get paid via BTC.
Btc got too big for its own good. The worst part is, it got big as a commodity which was never the intended use. It derives its value from users like us, who are giving it value. Not because some exchange said its worth $10k.
So what if it is being treated as an investment?
With transactions fees ranging from $10-$60, it is simply not a good way to transact at all.
Think about this: You want to send me $100, with fees you end up paying $120.
Along come BTC devs who might have some awesome update that will speed up transaction time and reduce txn fees. What happens? They get a very cold response. Nobody wants major changes. They have hedgefunds and bigass exchanges who want to maintain the status quo for their own good.
Let's go back in time.
December 2010
Wikileaks just had it's bank accounts and donations seized. Julian Assange was mulling about using something like BTC to raise funds to keep Wikileaks live.
Satoshi Nakamoto had this to say on the bitcoin forum:
No, don’t ‘bring it on.’ The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.
And he was right. That's exactly what happened, roughly. BTC got too big as a commodity for its own good. I know that's not exactly what Satoshi meant, but you get the point.
/rant
nice try through.
