If the world is to flee into a digital asset, Bitcoin just isn’t going to cut it. Bitcoin is difficult to transact. It’s difficult to trade without a third party taking custody. Mining is energy intensive and physical centralized. It hardly suffices for that role at this time.
It’s also too concentrated. It would result in more wealth disparity than what already exists.
If this were to happen over night, probably BTC and ETH. With greater flows to ETH/SOL/L2s over time- faster txs, smart contracts, deep dev communities. BTC would be around as a stable coin or bond type asset at that point.
I quite agree. But many people are looking at it as a substitute for gold, which is even more difficult to transact, energy intensive etc there is a perception that it is the most decentralized and secure. I don't know if that is true
If we get anywhere near a real banking/tradfi failure, we'll actually need a full credibly neutral, decentralized, permissionless financial *system* (DEXs, lending, capital formation, notary, etc) Ethereum is the complete escape hatch.
ppl been transacting for goods with BTC since the early days, that itself is easy the hard part is USD conversion which wouldn't be a problem at that point we also saw mining undergo an extreme stress event w/ China ban two years ago if that didn't kill mining not sure what would stop it now
Yet it has the most memetic value to replace USD, so far
Agreed. The world fully embracing bitcoin would further incentivize mining and accelerate its environmental impact. We need to do better.
Energy will become cheaper especially for geography-independent uses. Doesn’t slowness make it more secure?
This perspective is always a foreign concept to me. Bitcoin provides an always on pricing reference. This function to a network of value is = to the timing function provide by an atomic clock to a data network The lack of features is true of course, but that itself is a feature not a bug
In a true meltdown we’ll probably see ~3 chains emerge as schelling points for different needs Btc for security and stability despite drawbacks. Eth for complexity and best balance of all worlds. Some high throughput shitcoin for coffee.
imo, bitcoin isn't supposed to be transacted as frequent as the dollar, its a store of value but you swap it for your local currency when you need to use it
is holding/ transacting WBTC on ethereum a more practical solution?not sure how WBTC pegged to BTC tho
Do you think that in the case of Bitcoin or any other crypto replacing paper money, governments will not try to touch internet providers? Would love to know how difficult would be to transact if govs intervine network providers. We don't have a decentralized web without big corps right now unfortunately.
None of those prohibits it from being a sizable, alternative sanctuary for the extremely wealthy, though. Not a BTC maxi but I do find the value prop compelling, and will always own *some*
I wouldn’t recommend it to friends and family who’ll be exit liquidity if they bought in.
It’s the most immutable chain we have, from speculative reasons that is why it might become the digital version of store of value, if you believe that narrative. I am on the fence but to be honest I haven’t seen a better asset in crypto for long term value proposition.
