Quote from: Mr.right85 on July 09, 2024, 09:54:05 PM

Quote from: mpoletiek on July 09, 2024, 07:28:11 PM

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BTC's longterm security depends on people paying extremely high TX fees which won't happen in a free market.
"

Is there a gaping hole in this argument?

What makes rarities or antiques valued the way they are in our everyday society?

To answer that I would say simply because they are hard to come by and someone somewhere is willing to pay an unbelievable amount just to own it.

You can say the same goes for Bitcoin. If you look at it, the fee isn’t always that high, depending on the amount your sending at any point in time. Also, the intent you wish to archive which wouldn’t be far from privacy wouldn’t keep you far away from the innovation.

It really isn’t up to the fees you know, the purpose for which you wish to archive with it. You can swiftly get a large some across and get things done from the comfort of your home without following any definite procedure or stands to be audited on a transaction. This too is okay to keep things going for Bitcoin.

Except that's not how it works in the crypto industry, at least as the trend suggests.

Even now bitcoin's slowly losing its grip as the number 1 coin on the ecosystem, with better and more scalable tokens slowly climbing up the ladder to take its place. And for good reason too. Cause why the hell am I gonna stick with a coin that gets congested every tuesdays when I can switch over to another crypto that could basically do everything for me for a buck fifty, including doing my taxes (a bit exaggerated but you get my point).

The concept of "antiques" or scarcity in this industry would only work if that is the intended purpose of the coin/token itself. If it is not, people will switch over to a much better coin that suits their needs and provides what they want. It's just that easy.

Scalability is a massive problem for bitcoin that if left untouched would literally cause its end. Right now we're seeing the signs, we don't need to wait for its dying throes before we actually start doing something.