Post by twetch#21877
To play devil's advocate, BTC can have use as a base of monetary supply - like gold bars that are very rarely actually shipped around. It has the advantage of being encrypted gold, it can't be stolen (maybe). BSV is more like ethereum, but I'm new to it.
What the chain says
- Block
- 634 371
- Time
- 2020-05-11T03:50:15Z
- Signer
- 16SgJCRH7fB5ny6wCHabmiGaa6wcbve6WS
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#21877
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
16SgJCRH7fB5ny6wCHabmiGaa6wcbve6WS VerifiedReplies (8)
As block rewards shrink every 4 years by half (like this week), transactions must increase to cover the miners costs. The Digital gold concept can only destroy the network because it encourages hodl aka hoarding and not spending.
How often do people really ship real quantities of gold that matter? I think Nick Szabo sees it this way. If there is a demand for a gold standard, with a public that trusts the banks but thinks the government might seize the bank's gold, BTC would help.
Just to be clear, I have no strong opinion of BTC vs gold or BSV vs. Ether. But the pricetag on BTC doesn't have to be a bet on adoption by the layperson. Actually the value of bitcoin is not proportional to how many people buy pizza with it at all.
It makes sense for despots, kleptocrats, internationally wanted criminals and lunatic billionares to keep at least some percentage of their networth in crypto even if there is a high chance of network collapse. And it can work as a network for them.