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Staying focused on the BCH mission

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Written by   604
3 months ago

Friday, September 18th, 2020

I just finished watching Anthony Pompliano's interview of Michael Saylor, the CEO of Microstrategy, aka the company that just purchased $425M of Bitcoin.

I found it to be an interesting interview and one that was worth watching. Saylor lays out his company's rationale for taking almost all the cash sitting on their balance sheet and using it to buy BTC. Throughout the hour and 20 minute discussion you hear expected phrases like wealth preservation, inflation hedge, digital gold.

He also makes a compelling case for why his company chose Bitcoin (BTC) as opposed to other cryptocurrencies like Ethereum or Bitcoin Cash. The reasons given are BTC's overall network effect and proven track record, as well as the BTC community's resistance to hardforking in any changes to the protocol. He says he could care less about high transaction fees, or smart contracts, because all he wants is a network that maintains a constant store of value.

That's all well and good, but for me personally, wealth preservation and simply creating yet another asset to diversify one's portfolio aren't what interests me about crypto.

To me the value proposition of crypto is the ability to transact with people all over the world, securely, privately, instantly, practically for free, as well as being a store of value. This is why I support the Bitcoin Cash mission of becoming the greatest form of money in the history of the world. Money that can do things never done before. Money that opens up new markets and new opportunities. Money that can both be a store of value and a medium of exchange.

Sure, BTC offers something you can't get with physical gold, but by limiting innovation and being unwilling to evolve, I think BTC's value proposition is capped much like its block size, and the magic has been lost.

To me it's more concerning that someone bought $425M of BTC and the price didn't move. What happens when there are no more buyers interested in using BTC as a store of value? What happens when you run out of greater fools?

I think Bitcoin was an amazing innovation, but its goal was never intended to only be a digital store of value. I believe Satoshi Nakamoto's invention was meant to lead to a paradigm shift. To change the way we interact and do business.

I couldn't help but notice that during the entire interview they didn't once mention the potential benefits of cryptocurrencies increasing economic freedom in the world, or taking power away from the state, or banking the unbanked.

It's why the baton has been passed to Bitcoin Cash to fulfill the original mission of creating the best money the world has ever seen. Money that isn't just intended to sit on some company's balance sheet for the next hundred years.

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Written by   604
3 months ago
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Comments

It's really nice that you came out with this article,I don't think we really know the potentials of cryptos and what we could do,if if we did then we can harness it to maximum and change our financial lives forever

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3 months ago

To everyone That's all well and good, but for me personally, wealth preservation and simply creating yet another asset to diversify one's portfolio aren't what interests me about crypto.

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3 months ago

To me it's more concerning that someone bought $425M of BTC and the price didn't move.

From this you can see that the prices have nothing to do with the value of a cryptocurrency. They are purely speculative prices.

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3 months ago

I appreciate your thinking, specially these point👉 Bitcoin was an amazing innovation, but its goal was never intended to only be a digital store of value. Satoshi Nakamoto's invention was meant to lead to a paradigm shift. To change the way we interact and do business.

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3 months ago

Focus,is one key factor I need to achieve my goals and I know something big is loading on BCH

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3 months ago

Informative work good

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3 months ago

Yes, I heard it yesterday. I knew it. Crypto currency have many advantage. The man who bye crypto currency as his Worth have any future plan. The crypto currency is gonna make a new revolution. Isn't it? Bye the way thanks for the update. Keep updating to us about this kind of interesting matter I subscribed you. I am waiting for the update.

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3 months ago

Even I don't really have enough knowledge about Cryptocurrency, I tried to read articles like this because I have a goal this year, to learn about it. I want to explore more about crypto especially I am using it this time, so I have to learn about this. Thanks for this article.

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3 months ago

What are you interested in learning about specifically?

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3 months ago

I really want to understand why there is cryptocurrency? I'm curious about everything, sorry this is the first time I use the BCH wallet in my whole life. I heard about trading, investing, I really don't have an idea about it.

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3 months ago

Think of it like any other technology. It was created to hopefully make our lives better. Crypto gives us another option besides government backed money. It gives us a chance to transact with one another without relying on third parties like banks and credit card companies. I can tip you a small amount even though you have no idea who I am, and even if I'm in another country. You can trade and invest in it, but I recommend using it first to try and learn more about what you're investing in.

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3 months ago

Thank you so much for replying to my comments. I don't expect this because I already asked this question to other users but no one answered me, this is my third time asking a question about crypto finally someone reacted thank you. I have been scammed already but just a little amount of $2, that was BTC I think, he said invest and it will become double but nothing arrived on my bitcoin balance and that's the time I got curious about crypto.

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3 months ago

Thank you! I'm gonna visit your articles for sure, and I'm so thankful for the tips I've got yesterday from you. 😊

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3 months ago