1/This comment from @udiWertheimer in the recent @BanklessHQ interview needs to be addressed:
“Bitcoin’s payment system malfunctioning is not the same as the asset losing value.”
The #Bitcoin payment system (the engine) cannot exist without $BTC the asset. There would be no
“Bitcoin’s payment system malfunctioning is not the same as the asset losing value.”
The #Bitcoin payment system (the engine) cannot exist without $BTC the asset. There would be no
2/way to provide economic incentives for miners without bitcoin tokens, and miners would have nothing to process unless users have ownership of bitcoins. Conversely, the bitcoin asset cannot exist without the payment system because it is the only way users get to spend
3/their $BTC. A monetary asset that cannot be transacted would be completely worthless.
Bitcoin only exists within the context of its payment system. Therefore, the value of Bitcoin is entirely dependent on the soundness of the payment system because it is what guarantees
Bitcoin only exists within the context of its payment system. Therefore, the value of Bitcoin is entirely dependent on the soundness of the payment system because it is what guarantees
4/the ability to spend it. If the Bitcoin payment rail is disrupted, then the ability to spend/gift bitcoins is disrupted and the value of $BTC would be destroyed.
Link to the full interview👇
Link to the full interview👇
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