Post
Topic
Board Economics
Re: Bitcoin can never become a currency. Part 2: reward distribution.
by
Petryakov
on 27/06/2020, 14:27:17 UTC
All right, I am not saying you have invalid points. But, to cut the story short, is this "Bitcoin can never become a currency" series going to end up with an alternate cryptocurrency which is, as has been claimed by thousands of other altcoins, much better than Bitcoin itself?

I have only read little portions of altcoin ANN threads and altcoin whitepapers and I can remember albeit vaguely that a great many of them seem to start with Bitcoin's flaw, imperfection, shortcoming, lack, or, in other words, with what Bitcoin is not. And they leverage on this and get themselves busy selling just that as though they have a much greater battle than providing the people an alternative to the crumbling fiat.

Much better than Bitcoin as a value storage or a hedging asset? No. In fact, an absolute crap in this role. Much better for investors, who will gain x100 in the first year? No. In fact, a poor investment in long terms. Much better as a currency? Yes, and that's the point. Not only an altcoin itself, but a novel economic model that can be implemented elsewhere, given that the required technical properties are also met.

You see, the problem of altcoins is that they are, as you say, busy selling themselves, instead of trying to solve real problems. It's easy to provide better speed or scalability than Bitcoin, which is why everybody claims "we have 1000 TPS instead of 7" or "finality in 1 minute instead of 60". The quintessence of shitcoin ideology was TON with its ridiculous 1 million TPS and 1,7 billion USD raised for, in fact, an inept Polkadot rip-off with unknown purpose.

I didn’t see any adequate project that was devoted to embodying the initial ideas of Satoshi and creating a cryptocurrency that could actually be used for payments on the consumer level instead of granting x100 to investors.