Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JayJuanGee (1)
of course they are here to stay. But in no way is btc technologically crippled. You've been drinking the alt kool aid on that one.
it does not support any realtime service protocol and so can never deliver native API services
it can only support a deflationary monetary system, no inflationary ones and so is useless as a trading currency
it has no native fungibility maintenance
governance is by contention only, which has already lead to forks in the community as well as the chain itself
it's one of the most centralised assets in the financial universe with 98% of the supply being held by less than 0.1% of the world population
it's slow at confirmation (a good thing IMO, but if you're trying to top up your credit card when the shop's closing in 10 minutes, forget it)
the Lightning network will not fix this as it only works for off-chain transactions plus...this
I'd better stop there for now cos my "koolaid" tank seems to keep topping itself up and I might get a bit sick
- No realtime service protocol? No native API services? No ice cream dispensers? Worst crypto ever!
- Yes, that's the basic monetary system of bitcoin. Useless as a trading currency? You spelled too precious wrong
- Not yet! Confidential Transactions are in the works.
- Yes, that's how decentralized systems work. What's your point?
- Sure, that's not good. But I'm unsure how to solve this by creating an altcoin...
- That's what LN is for. It's meant for small and fast payments. Being off-chain is what enables the whole thing anyway. Plus: https://medium.com/@thecryptoconomy/dont-count-your-fud-before-the-lightning-strikes-15-claims-against-lightning-answered-9671d4a663a9