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RE: Death of BTC: Bitcoin Core Plans A Block Size Reduction from 1MB to 300KB
Lol Lincoln was a tyrant and the worst president most likely in American history. I hope you're wrong about BTC. I'm no maximalist but think it's still important for the long run success of crypto.
Why? You think crypto is hinged on one project? In the long run you envision BTC? Because it's so ahead of the curve? What's the advantage of BTC over almost any other crypto?
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From a technical standpoint its not ahead of the curve anymore but it was at one point. That's why its so important to the success of the space, just look at the marketcap of it compared to the other projects. Many still haven't even really heard of Bitcoin, then there's those that have and can't name another cryptocurrency. I believe the media will portray a BTC failure as a crypto failure in whole. You just have to watch mainstream media clips on here or youtube and how they mix the language of the two up consistently, they use Bitcoin and cryptocurrency interchangeably. Ten years tried and tested and it still is leading the pack, if people want a store of value cryptocurrency I believe it's important that's Bitcoin.
Market cap doesn't mean anything AFAIK, since the space is over saturated with back and forth bot trading for 0.02% profits at a time. Soon enough that liquidity will jump ship because there is nothing innovative and lightning network was a step in the wrong direction. The only reason that it's still around is because the majority are ignorant to it's deficiency, especially compared to almost every single crypto out there. The reason it's "a store of value" (not taking into account the last 14 months) is because the sentiment that it's valuable hasn't been eroded all the way yet. If and when it's value stars dropping (one or two wallets selling could trigger it) and the mining difficulty is adjusted so that running the incredibly inefficient network is still profitable it will quickly escalate to a race of minting the last few coins, until we will see bitcoin for <10$ and possibly to completely die probably through brute force 51% attacks on the network doublespending or simply by being an obscure relic, much like 90% of projects that didn't survive the dotcom bubble. At that point, as is already happening, the monopoly (>75%) on on-boarding of fiat to crypto that it held for a decade will be a thing of the past and the liquidity will move into much more competitive and healthier projects, that will be recognized despite the PTB and Media's frantic fight to denounce crypto.
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.
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