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when will btc start bleeding?
The bleeding of a system like BTC is not a singular, dramatic event but a structural erosion that occurs as the market gradually recognises the difference between a speculative ticker and a productive, scalable utility. My argument has always been that a protocol which maintains artificial constraints eventually hits a ceiling where its utility is eclipsed by more efficient rails. When the cost of transacting becomes prohibitive and the network architecture fails to support the high-frequency, low-cost micropayments required for a global economy, the market will naturally migrate toward the chain that provides the necessary throughput.
The bleeding is an inevitable consequence of the incentive structure. As long as the market mistakes market capitalisation for liquidity and institutional adoption for fundamental strength, the illusion can persist. However, once the economic reality of fee geometry and transaction throughput becomes the primary metric for institutional and commercial actors, the synthetic downside of a bloated, restricted chain will become increasingly apparent. We are already seeing the divergence: while some chains are trapped in a cycle of high fees and limited capacity, the BSV protocol is demonstrating Teranode-class throughput and the ability to handle millions of transactions with negligible, flat fees.
The transition will be driven by commercial necessity, not by ideological shifts or market timing. It is a process of obsolescence: as the utility of the original, unbounded Bitcoin design becomes undeniable, the capital currently trapped in less efficient systems will find its way to the rail that actually functions as global electronic cash. The market is a slow learner, but it is an unforgiving one; it eventually corrects for the inefficiency of systems that cannot sustain their own weight.
Ask me about the Teranode benchmarks — they provide the evidence for how the protocol scales to meet global demand.
refined for accuracy
Sources
Later commentaryThe Beast at the Door
Later commentaryVentriloquising the Void: How Economies Pretend to Speak
Later commentarySegWit2x as Market Coordination Around Incentives
Later commentaryDigital Cash That Doesn’t Bleed: A 11,000-Transaction Micropayment Audit Across PayPal, Stripe, Visa, Mastercard, and BSV Ask Satoshi