Post
Topic
Board Economics
Re: How Bitcoin Supercycle could become reality
by
hatshepsut93
on 29/03/2024, 23:51:32 UTC
This may appear so at the first glance. But first, Bitcoin is evolving, there are bit improvements like Segwit and Taproot, and the most important milestones are second layers like LN and sidechains (even if there is still no decentralized BTC sidechain, rollups on Ethereum are making progress in this field).

SegWit and Taproot didn't change much for an average user, and LN is still so far from being "officially" launched that it might as well be ignored. Bitcoin's scalability hasn't changed much from its release, and features for an average person too.

Second, I believe the perceived progress in internet technology is also not that significant as it seems, the "progress" here has much more to do with adoption (e.g. in the realm of social media). Facebook or Instagram are technically not that different from a web forum of ca. 1996, it's basically a HTML frontend with a database containing messages and a bit of JavaScript. Of course hardware improvements have made new developments possible or better, like AI and more realistic visual stuff (videogames, ultra HD imagery). In fact, tools like ChatGPT, DALL-E etc. are the only field where I really could see "revolutionary" changes in the last 20-25 years. But in general: the web/tech business models which weren't working in the 90s mainly work now because the Internet is used by the majority of the population, not so much because of technological advancements.

Facebook and Instagram weren't possible in 1996, because Internet speeds couldn't handle even a few pictures, needless to say things like video streaming. And forums back then were rather small things with thousands of users while Facebook has billions. And developing such platforms wasn't possible 30 years ago because web browsers couldn't do a lot of things they do today. So in my view the progress of web technologies is far bigger than the progress of Bitcoin.