WTF is now wrong, all cryptos down?

[369]

the bitcoin standard by ammous.
https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861


if this would be the case, why did it not happen in 16 years and counting? Lindy effect at play here as S curve model of adoption.
Also liquidity is becoming more fragmented outside bitcoin. So less likely for anything new to succeed.

We have by now a gazillion of these new shiny fast super hyper tangle hyperloop unlimited transaction staking blockchain projects. None of it delivers anything significant.
We are left with stablecoins (and generating yield from them, aka lending/borrowing), gambling and Bitcoin.

no you have BRICS implementing a virtual currency backed by gold and western countries implementing virtual money backed by nothing including BTC.
Guess who will win the battle ?People don't understand what it means for western countries having to pay the surplus of export from BRICS via physical gold.

 

[369]

Can you name a few of these superior tech projects your implying here?

new shiny tech is moot as its not a predictor of successful adoption by any means.
Theres countless example in adoption history having inferior tech winning.

A truly decentralized currency can only be invented once, and it has been done in the form of bitcoin.
No other project can ever replicate this decentralized organic slow growth ever, no matter what is being claimed. It would be instantly killed, coopted etc.
Its like with the wheel, it can only be invented one time only.

Next future form of money might be coming way later down the road maybe 100s of years after our time, when humans are an interplanetary species etc.

what a bunch of nonsense.

 

[369]

Price of gold in BTC.

View attachment 8677

nice chart and the main winner against BTC in next round will be silver

 

[TheCryptoAnt]

 

[thomasparra]

no you have BRICS implementing a virtual currency backed by gold and western countries implementing virtual money backed by nothing including BTC.
Guess who will win the battle ?People don't understand what it means for western countries having to pay the surplus of export from BRICS via physical gold.

According to official data, US alone holds almost 2x more gold than China and Russia combined. The West (or Europe alone) as a bloc holds way more gold reserves than Russia and China.

I am sure China and Russia have much more reserves than disclosed, besides it does not not account for individual gold ownership and we know that Asians are heavy gold holders but at the end of the day I highly doubt that the the balance is in the favor of the BRICS.

 

[cherry]

Can you name a few of these superior tech projects your implying here?

new shiny tech is moot as its not a predictor of successful adoption by any means.
Theres countless example in adoption history having inferior tech winning.

A truly decentralized currency can only be invented once, and it has been done in the form of bitcoin.
No other project can ever replicate this decentralized organic slow growth ever, no matter what is being claimed. It would be instantly killed, coopted etc.
Its like with the wheel, it can only be invented one time only.

Next future form of money might be coming way later down the road maybe 100s of years after our time, when humans are an interplanetary species etc.

Lots of them, not a few. Ethereum, Cardano, Solana, Cosmos, Monero. In fact, many shitcoins are technologically better than BTC.

Adoption is not a solid premise to call BTC a hard currency or digital gold, because a new angle or gimmick can make people drop BTC and adopt the next shiny thing.

Say Amazon starts accepting cryptocurrencies for payment. But they only accept Solana. Well a lot of Amazon buyers will then get Solana for the first time, the speculators would watch SOL moon and they'll jump on the new bandwagon. So that's one possible scenario where BTC is usurped. But it can happen in all sorts of ways.

Unlike gold, which is a natural resource found across the universe for 7 billion years*, not a piece of code written by a human that will be old fashioned like the radio in no time. BTC code already looks old and it's only been a dozen years or so. Technology is a bad platform to use as a store of value. And a store of value is not what BTC was designed to be.

Yes a truly decentralized currency can only be invented once, but that doesn't mean the BTC as the first can't be usurped. Social media can only be invented once, but where is MySpace now? Even Facebook looks vulnerable to getting surpassed by competitors these days.

*Even gold looks precarious, lab grown diamonds have caused the price of diamonds to drop in value, and there is talk of lab-grown gold coming. Something to watch out for.

 

[JackAlabama]

Lots of them, not a few. Ethereum, Cardano, Solana, Cosmos, Monero. In fact, many shitcoins are technologically better than BTC.

the market doesnt agree so far and most likely wont in the future.
You claim "technologically better" but in what areas? ex monero, all are in search of a problem and have a bad product market fit. Monero has a use case but its use case being integrated into bitcoin (lightning, fedi, cashu) etc etc.
again circling back to the layer thing akin the internet layer.

Adoption is not a solid premise to call BTC a hard currency or digital gold, because a new angle or gimmick can make people drop BTC and adopt the next shiny thing.

No, its as strong as ever. The lindy effect confirms it to stay.

Say Amazon starts accepting cryptocurrencies for payment. But they only accept Solana. Well a lot of Amazon buyers will then get Solana for the first time, the speculators would watch SOL moon and they'll jump on the new bandwagon. So that's one possible scenario where BTC is usurped. But it can happen in all sorts of ways.

they accept all kind of shitcoin (local fiat currency by cards).
But theyd be braindead to accept a non-working chain like solana.

Unlike gold, which is a natural resource found across the universe for 7 billion years*, not a piece of code written by a human that will be old fashioned like the radio in no time. BTC code already looks old and it's only been a dozen years or so. Technology is a bad platform to use as a store of value. And a store of value is not what BTC was designed to be.

its not in a digital (prison) world, in which we are moving into.

Yes a truly decentralized currency can only be invented once, but that doesn't mean the BTC as the first can't be usurped. Social media can only be invented once, but where is MySpace now? Even Facebook looks vulnerable to getting surpassed by competitors these days.

These are products. Bitcoin is the base layer of money and more akin to smtp, https and such.

*Even gold looks precarious, lab grown diamonds have caused the price of diamonds to drop in value, and there is talk of lab-grown gold coming. Something to watch out for.

diamonds are a bad thing anyway, its not good money at all it has serious shortcomings being fungible, recognizable. Debeers might disagree. They should point on durability tho, also they are not rare so much either.

 

[JackAlabama]

According to official data, US alone holds almost 2x more gold than China and Russia combined. The West (or Europe alone) as a bloc holds way more gold reserves than Russia and China.

I am sure China and Russia have much more reserves than disclosed, besides it does not not account for individual gold ownership and we know that Asians are heavy gold holders but at the end of the day I highly doubt that the the balance is in the favor of the BRICS.

View attachment 8681

we cant know if thats true at all. Theres no way to verify this.
So id say they are just bluffin.

Another use case where bitcoin shines. Its very easy for everyone to see and verify holdings. (an underappreciated use case as of today).