I share similar concerns about Bitcoin. The other day, I heard Trace Mayer say something along the lines of high fees are a good thing because it shows that people are willing to pay to use the network. He also strongly supports these so-called "core developers" and he called all other developers the "JV team."

I find statements like these by Trace to be highly suspicious. It sounds like something you wouldn't say in normal discourse...unless you have ulterior motives.

High fees are NOT a good thing. High fees render almost every use case for BTC obsolete. So why are people willing to pay so much to use the Bitcoin network? I'd argue it's because they want a piece of the action. The price is going up almost every day, and they want to make a quick buck.

What happens when the price stops going up? What if it crashes 80 or 90% like it has several times in the past? If this happens (which I think it will), we'll have high fees (probably lower than they are now, though), far fewer people with faith in Bitcoin, and still only able to process 7 transactions per second.

The community has been at an impasse for years now regarding scaling, and I think it's going to take a major crash before they come to an agreement. Even then, I believe it will only be like putting duct tape on a broken engine, not a permanent solution. It seems to me that Bitcoin isn't going to win the crypto race.

I'm extremely optimistic about cryptocurrencies in the medium to long term, but I'm very wary about them now. I'm bearish on Bitcoin in the short term, and since the altcoins are traded in Bitcoin, a crash in Bitcoin will likely bring the alts down with it.

If you purchased Bitcoin at $2500 today, in 10 years, I think you'd have a significant gain. But I believe we'll have another opportunity to buy Bitcoin under $500.

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