Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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
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
Your criticisms are all the strengths of the current fiat digital monetary system. Enjoy, you have it today.
Which is why bitcoin is not about to replace it. There are many "alts" already doing so instead.
Bitcoin may replace the gold sitting idly in vaults.
Bitcoin's main strength is not its speed, not its block time or size, not its mining algo, suppy cap... I am not saying bitcoin is an outdated tech though. It has the highest dev activity out there. Most of the altcoin devs are still copying core's work to create their own blockchain and that's a good thing. What iam saying is Its main strength is its immutability. Everybody knows once its on the block chain, it is done. There isn't a way to undo it.
In other words, bitcoin is the true decentralized/leaderless blockchain. (unlike eth or bcash or almost any other shitcoin out there)
Bitcoin didn't do partnerships, satoshi didn't buy google ads or hired shills to promote bitcoin... Everything happened because... bitcoin was good, people thought bitcoin was above partnerships, CEOs, leaders, corporates. People bought it and exchanges had to list it, businesses had to accept it as a payment method. Nobody signed nothing. That's why it is not going anywhere (nowhere bad) as long as it stays that way.