Quote from: r0ach on March 01, 2017, 11:23:22 PM

Quote from: tabnloz on March 01, 2017, 01:43:14 AM

As btc nears gold parity the gold bugs have come out against btc hard.

The so called "gold bugs" have been right all along, just none of those guys know enough about bitcoin to articulate why. The fact is, bitcoin does NOT function as a store of value, period. The way bitcoin is designed pigeonholes it into acting as a settlement layer, and what is the #1 attribute needed for being a settlement layer? ...being a store of value. This makes it kind of inherently designed to fail at what it's supposed to do because bitcoin does not exist in a vacuum, it has to compete against the noble metals. The noble metals are orders of magnitude better in anti-fragility, store of value, and even decentralization than bitcoin is.

As I said before:

Quote from: r0ach on January 22, 2017, 10:04:51 AM

A settlement layer has to compete with or beat gold as a store of value. Bitcoin cannot accomplish that task so it has to do something else besides being a settlement layer or there is no point!

This means bitcoin's value has to be floated by raw transaction flow instead of people hoarding it for no reason as a store of value. It is my estimate that you would need something like 5000 TPS in order for bitcoin to function as a raw transaction handler instead of a store of value. And the following post explains why bitcoin isn't a store of value in the first place:

https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand

I actually agree that you need very high adoption and TPS to achieve any lasting system with crypto. What do you think I am working on!