I'm very closed-minded when it comes to Bitcoin I seek out echo chambers everywhere to support my Bitcoin love. I read books that reinforces my dedication to the Bitcoin ethos If Bitcoin was religion, I'd be a full blown cultist believer I LOVE Bitcoin!!
I came to the realization that currently there is no crypto that could handle being a worldwide currency. The so called Trilemma explains it. Out of the secure-decetralized-scalable problems they can only do 2. So I will be proved wrong when such crypto comes along, that is stable, fast, min. 10K TXs/sec, scalable, cheap TXs, non-energy wasting, non-deflationary. Somebody wake me up in a few years or so, when such thing exists... (and I don't want to hear about LN or ETH layers)
I think Bitcoin is loved due to its current price in USD. What will an investor prefer between owning BTC (at around $38000 and 50% volatility) or USD (10% volatility and soon receiving short term interest rate above 2% for the first time since 2012)?
So really nothing is going to change your mind ... everybody honestly knew that already. But Ill play I guess Crypto Trilemma - decentralization, security, and scalability Bitcoin definitely gets an A+ on decentralization and security. It is certainly the strongest crypto in those 2 areas. It gets dinged on scalability bc of the well-known speed/transactions per block issue. This is 100% solved tho via a layer 2 like the lightning network. Do you just disregard this because it isn't the base bitcoin blockchain? Its said a crypto can have 2 of the 3 in the trilemma. Bitcoin PURPOSEFULLY focused on being the best at decentralization and security and not scalability. The plan all along was a layer 2 for scalability/payments. And make no mistake this was the tradeoff. The whole reason WHY you can only fit a small amount of transaction/block on the base layer is so many can run full nodes (you dont need a super computer) aka increasing the decentralization. This was a design decision, history so far has said it was the right decision (bitcoin did go from a anonymous white paper worth $0 to a 800BB asset in 12 years).
I respectfully disagree with this one. Crypto people (for better or worse) expect way more return than 2%. I don't think 2% is going to dissuade them from investing.
What is wrong with you? That is not what I said. I stated the necessary features of a crypto that aims to be a worldwide currency. When you find one that has those characteristics, I am game. I also told you not to mention LN, that is shit. It is easier to design a new crypto from scratch than putting extra layers on obsolete ones. I understand your desperation (trying to save BTC), but start from scratch. And if you don't want BTC to be scalable that is fine, just forget about world dominancy.
Well I say that because your reason isn’t really a reason. It’s not a tangible thing that can happen, you’re just saying “once a perfect crypto exists in my view” I’ll be in. Cool So why exactly is lightning shit? And how is it easier to start a new one with no network effects as opposed to using the one that has an $800 billion market cap and millions of network participants?
What is the point of making shitty technologies when you can make if not perfect, but at least better ones? You guys are bitching about Visa, but its network can handle 45K/sec TXs. So why invent something that is not even in the same category? And stop the BS about anonymity, will you? I don't want anyone to know the content of my wallet. Also, market caps are irrelevant. The only reason you are sticking with BTC because you are invested in it. I am invested in embracing new and better technologies, forgive me. Read up on the shittiness of LN, by the way. So no, we don't need shitty cryptos when we already have much better payment networks in place. Now if you want to blackmail someone or launder money, I understand your position. Hey, you asked a question, I gave you an answer. You didn't like my answer, not my fault...