A couple of people asked me about this thread.
Tbh it's one of the dumbest takes I've seen in recent years but I'll address it.
Tbh it's one of the dumbest takes I've seen in recent years but I'll address it.
First of all: Dominance is one the dumbest indicators in this industry. It's easily manipulated and we currently have 5500 "cryptocurrencies" (tokens & stablecoins)
If I buy 1 coin with 1 billion supply for $1, I just created a billion dollar marketcap coin.
If I buy 1 coin with 1 billion supply for $1, I just created a billion dollar marketcap coin.
He forgot BCash here as copycat altcoin, which is the coin he's actually pushing if you know his history.
That's because Bitcoin works. It doesn't need to move fast because if you move fast you break things all the time. Just look at $ETH.
Every change can mean breaking something else. Slow progress is actually a good thing.
Every change can mean breaking something else. Slow progress is actually a good thing.
Vitalik never wanted to build on top of Bitcoin. He wouldn't have been able to raise that much money which was his goal. He wanted full control of the network.
If you're talking smart contracts, there are a lot of superior options available.
If you're talking smart contracts, there are a lot of superior options available.
Imagine mentioning Dash and ZCash when it comes to privacy right after the Chainanalysis announcement. He's mentioning them for engagement.
Default privacy will be a battle though with all regulators/exchanges which potentially have an issue with it.
Default privacy will be a battle though with all regulators/exchanges which potentially have an issue with it.
A lot of progress has been made (Coinjoin, Samourai, Wasabi,...)
PoW works. Miners are just employees, they get paid to verify transactions/mine blocks. They're not in control of the network, UASF worked as intended.
PoW works. Miners are just employees, they get paid to verify transactions/mine blocks. They're not in control of the network, UASF worked as intended.
Blocks are still not full. 1 sat/byte transactions still go through. We should develop a fee market soon to actually keep the security of the network high.
All the clueless people forked off and the free market showed who was right.
All the clueless people forked off and the free market showed who was right.
LN works fine. Just like with any new tech there are a few hiccups here and there but it's constantly growing and there is some really cool stuff being developed. You should go to the Lightning conference to educate yourself
Don't like liquid? Don't use it
Don't like liquid? Don't use it
The $50 happened once a couple of years ago. Even with the congestion, slow blocks and lower hash rate after halving we haven't seen that. Exchanges play a big part in this. Batching, supporting segwit and layer 2 development should be a top priority.
So this "UX problem" does exist, but block space is intentionally kept a scarce resource. Use it wisely. Stop supporting exchanges that don't know what they're doing.
It's also proven to be seizure-resistant and censorship-resistant with a capped supply.
It's also proven to be seizure-resistant and censorship-resistant with a capped supply.
Personal problems like "money printer go brr", capital controls, remittance fees,... are all problems Bitcoin solves.
They buy Bitcoin because it has proven to be a solid store of value and hard money.
They buy Bitcoin because it has proven to be a solid store of value and hard money.
They have heard the name "Bitcoin" but often have no idea what it is. They also often heard about it in the context of drugs and other crimes.
Makes no sense. See first post. More and more coins are created and added so of course dominance goes down.
We've seen a big increase in users actually. Just look at the numbers $GBTC is doing every week.
We've seen a big increase in users actually. Just look at the numbers $GBTC is doing every week.
Developer doesn't understand economics. People dumped all risky investments during the big dump. Not just Bitcoin, since then there has been a huge new interest. Again, just look at $GBTC.
Again a dumb take since the industry grew a lot and you had a lot of scammers selling their tokens during the ICO peak. Dominance is a dumb metric that no one should ever take serious.
Another dumb take: No there will be no rush for 32 ETH. Sure some people might buy ETH but truth is that PoS is actually going to centralize coins even more on exchanges since all exchanges now use staking services which are way easier to use for users.
No one is running $ETH nodes now, you really think that's going to change with PoS. No. Binance will control 25% of the market Coinbase 20%, Coinbase, Kraken 20%, Bitfinex 15%. Why? Because it's easier. Oh and if you wonder how this will impact the coin, look at STEEM.
Here he just got too high to even think clearly.
If the most decentralized coin with the cleanest inception and first movers advantage loses its first spot. It's game over for all cryptocurrencies. End of story.
Also Bitcoin is TCP/IP not altavista.
If the most decentralized coin with the cleanest inception and first movers advantage loses its first spot. It's game over for all cryptocurrencies. End of story.
Also Bitcoin is TCP/IP not altavista.
He's right about one point though. Dominance will fall for 2 reasons:
1. Still more coins and tokens will launch.
2. People have this weird idea that after Bitcoin pumps they don't want to buy it since it already went up a lot. They'll buy shitcoins. Yes. Altseason.
1. Still more coins and tokens will launch.
2. People have this weird idea that after Bitcoin pumps they don't want to buy it since it already went up a lot. They'll buy shitcoins. Yes. Altseason.
Once altseason is over the shitcoins die again and Bitcoin's dominance will go up again. That's how this market works. Bitcoin will fall in price, but not 90-95% like your favorite shitcoin. 🤷♂️
Bitcoin's real dominance is being number 1 in marktecap. Not Bitcoin vs all shitcoins.
Bitcoin's real dominance is being number 1 in marktecap. Not Bitcoin vs all shitcoins.
