#891 Who won the bet over Bitcoin?
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“This was a... very bad depiction of Bitcoin as a whole. One of the biggest misinterpretations of Bitcoin is that it will be used for daily payments by everyone - false. The fact that it supports <10 transactions per second is an intentional feature, not a bug. There are scaling technologies that are meant to make Bitcoin work for daily payments (look up layer two, Lightning network).
Bitcoin is trying to replace that ~$20trn that gets printed by governments (M0/base money). On top of that, you start layering up different monetary supply levels, which are funds used for various banking things - reserves, checking, savings accounts, etc. Yes, you can still use that printed fiat for regular payments, but the % of people paying $50k in cash for a car or anything is minuscule (in developed countries at least, developing ones may not be able to come up with such sums, but different topic), so credit cards, transfers, etc. exist for a reason - mainly to ease the burden of handling large sums of cash.
Bringing up ETH in this bet was a terrible shill for Ethereum, which isn’t even remotely competitive to what Bitcoin’s proposing as an alternative to base money (or maybe it wasn’t since it’s a good betting token, real money is safe). There will be Bitcoin and the rest of the digital assets will be valued in Bitcoin terms as they are even today (just look at cryptocurrency exchanges).
In the end, Bitcoin proposes a change to how we view and understand money, which comes with its tradeoffs. It will take time for people to get used to to having to think about what money represents and stop relying on those at the top for one of the most important discoveries in human history (money). It’s going to be harder at first and only the few will have to do the harder job of making Bitcoin work, but adoption curves are a thing for a reason.
Other than that, the show is great.”
nitramiz via Apple Podcasts ·
United States of America ·
02/04/19
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