You are viewing a single comment's thread from:
RE: Death of BTC: Bitcoin Core Plans A Block Size Reduction from 1MB to 300KB
BTC will be $100k before its $10 we can make a steem wager if you'd like.
BTC will be $100k before its $10 we can make a steem wager if you'd like.
The reason bitcoin got to 20k was more than likely due to the teether printing press. The liquidity flows from fiat to BTC and finally to alts. The problem of running this POW dinosaur that is always at risk of being dumped for alts and fiat alike is stopping it from ever turning into Store Of Value as it leaps and bonds away from P2P money that it was pitched for 7 or so years. No chance that a store of value can sustain value when it uses arguably the most inefficient mechanism for maintaining the network integrity, plus the incentive of running this network constantly puts selling pressure on the network, and Holding it is all you can do, but that doesn't mean it holds value or is useful at all, because if you want to be taxed for using it you might as well use any other alt out there and eventually, when it's done being minted, the only reason to transact with it would be to outrageously tax the people, taxes which will likely still create the downward selling pressure as it has lost all utility of being valuable for exchange. The only reason you're holding is to exit out of the market down the road. The problem you don't seem to see is that you're betting on another fool to come in and buy it, but holding it otherwise has absolutely no meaning. If you want a finite resource to hold, you might as well hold onto something that cannot be doublespent as I outlined above. Yes all of the 'stores of value' might be completely crap once a large reserve is discovered, and even fine art can be masterfully faked. The only use case for BTC is for it to be a replacement for fiat. It has demonstrated to me, that it has zero ambitions about that, and it's proponents all seem to be in the delusion of "hodl".
About the only commodity that is limited in this sense is land. If zero-g/anti-gravity is finally disclosed, goodbye wars, scarcity and 'investing in land' as well.
Posted using Partiko Android