Dethroning BTC

I have been in the position of holding too much in crypto, and while watching it rise, suddenly in just hours my crypto wealth going down by a 50%. This made me not thinking clearly and often decline to see the truth.

I often write against BTC and this is not going to change. BTC is damaging the crypto industry. It takes funds that could otherwise flow into projects that differentiate and develop instead of the BTC speculative bubble.

BTC's developments stagnation is promoted as the right move by its community. And the high fees are celebrated by Blockstream/AXA-funded devs.

The conditions of BTC absorbing most of the funding entering the crypto space are a result of crypto fund managers actions that are all of them ex-bankers, mostly coming from Goldman Sachs.

The original revolutionary content Bitcoin was based upon is now about evolving on how to extract more funding from the Wall Street wealth, and how to lobby successfully the US government for the approval of a "Bitcoin ETF".

Modern BTC investors and the "Hodl" Gang

Prove me wrong if what I will explain next is not the regular case for new retail investors in Bitcoin.

• Watched price growing and bought at price between $40k-$60k

• Newscasters in Bloomberg, CNBC, etc, lured most of them in BTC

• New investors research sources are Twitter and Youtube

• 99% are followers of Saylor while unfollowed Musk in May

• Invested higher than they should, have zero knowledge in investing

• Most believe that BTC will go to a million dollars

Even if some of these facts are not exact, all of them together explain the mindset of many Bitcoin investors.

Somehow they also think that BTC is a revolutionary technology that is going to change everything like possibly destroy the banks and take over the financial system.

The problem is not just the beginners but all those bumptious individuals that bought BTC at $1k in 2013 and still hodl. Congrats on buying the top of the 2013 bubble, and for the long hodl that proved you right, however, you didn't do anything difficult. The difficulties were for those that invested before 2013 when BTC was crashing to zero every month.

Moreover, they are in it just for the money. These bitcoiners, that still haven't made enough to stand down and relax, but have perfected the art of deceit when discussing Bitcoin.

What these guys do, is create accounts with fake credential, visit profiles of content creators with an interest in making a mess, and create comments trying to divert attention.

The same happened with one of my articles when suddenly a supposed concerned BTC enthusiast wrote some comments on Medium and asked for a reply.

Recent Reaction

This is the article I've written exclusively for Medium. It was written with an approach to explain exactly how I feel about cryptocurrencies in these five years I am investing and researching.

"Why Bitcoin Will Eventually Be Dethroned" (friendly link to read free of charge)

These are the stats from my Medium from last month and the stats of the story in question below:

The total stats are not that great for a medium author, and while I had some very good days with 1K viewers, lately the views returned to the mean again. The 9 fans is a good number considering that my top articles have only 11 fans. This also means a lot to me. Probably too many have been fed up with the empty BTC promises and the boom-bust cycles that create countless problems to developing projects.

This article is going well so far and I'm hoping it will be one that will have high numbers for some time.

I was expecting negative comments from maxis that could be answered within normal parameters and received a few. But I didn't expect a BTC maximalist to go to such lengths to create a comment that can't possibly be replied to in the comment section of Medium.

This is the comment that only makes me think the commentator has no clear knowledge where he exactly invested:

I would agree with one of the comment here:

no revolutionary thought on this article. Statements about some cryptocurrencies dethroning bitcoin ? well, which ones ? and why ? why would ETH dethrone bitcoin ? for which specific reasons ? the article is very vague on this, and it would be worth to go into details.

Regarding bitcoin cash... well, the market decided that it rather wants a store of value optimising on decentralisation and security (bitcoin), rather than a fork optimising on other things (bitcoin cash, litecoin...) The market caps speak for themselves.

Sure, bitcoin has some issues (privacy is the biggest one) but this article does not mention it. is it a problem for its success ? then please explain why...

you mention that there is no network effect in bitcoin ? nobody is using it ? well, bring on data to prove this matter. so far, the number of users is growing exponentially: https://michael-levin.medium.com/part-1-the-dual-adoption-curves-of-bitcoin-2ffafbc5d5e7

Please be specific, use numbers, reliable sources, onchain data... etc

Source: Medium

There are so many questions raised in one comment and looks that the intention was to just create an impression or perhaps even troll the author.

This Medium user asks me to reply about topics that require pages of explanation. For this reason, I explained to him that I would try to reply on read.cash and I will link to this post here, as my final reply to his comment on Medium.

Where to begin and where to end, anyway I didn't have something better to write about today, but I've also read other useless comments in Reddit probably from the same BTC maxi, so I hope he will join Read Cash to give a response next.

First of all, I was curious who this person was that commented like that and as expected by the profile this is not a writer and probably just a fresh made-up account.

Here is the profile of a person that gave this comment:

farges nicolas

Not a constructive comment since immediately resorts to ad hominem. I could also assume that the other comment quoted in this one was coming from another account also from the same person.

Well, this article wasn't meant to bring any revolutionary ideas. It is well known that BTC is a massive failure and Blockstream is the reason it failed.

Anyway, it is sad to see that there are so many individuals with limited financial and technincal knowledge invested more than they can handle in BTC.

well, which ones ? and why ? why would ETH dethrone bitcoin ?

I didn't write that Ethereum will dethrone BTC in my article, but it requires some thinking and research to understand why I didn't.

I've also read other arguments in Reddit, probably from the same person, about Ethereum and how it was premined. I never said it wasn't.

Secondly, the DAO incident (which probably you guys never heard of) was the final straw for me another reason that pulled me away from this project early.

Skipping all of this and moving on.

Despite the premine, I can't deny that whatever it was that Ethereum created is an amazing technology and will eventually shape the future of finance. Not just in the new digital decentralized finance that is expected to keep rising, but will also be a decisive factor for changes in the traditional finance ruled today by the banking sector.

Banks are watching and are evolving, maybe the crypto world doesn't notice, but those that have ties to banks do. Nothing from the 80s traditional banking will stay the same. And it is currently Ethereum that runs this show. What Ethereum has to offer is above anything the BTC maximalist narratives discuss for the moment.

for which specific reasons ?

I can't recognize if this question refers to ETH or not. The reasons are all given in the article though. The whole article I wrote explains the specific reasons BTC is useless.

the article is very vague on this, and it would be worth to go into details.

The article is clear. BTC is not going to last. It is now breathing on a respirator. There is nothing vague, I explained exactly why BTC failed.

Regarding bitcoin cash... well, the market decided that it rather wants a store of value optimising on decentralisation and security (bitcoin), rather than a fork optimising on other things (bitcoin cash, litecoin...)

The market decides temporarily. The market decisions will not last forever. Understanding the market is an advantage when investing.

The market decided the market will also undecide.

Maybe I should have made it clear for some people that with limited investing experience or understanding of Bitcoin. Alright for this and only this one instance the answer is this:

Tether decided, not the market. The Willy-Bot 2.0 decided to pump BTC to the moon, again. Tether hasn't printed for two months and BTC has dropped by 50%, dragging together cryptocurrencies that are innovating.

The market caps speak for themselves.

Since this is so, then the dominance of BTC is thining and soon will be irrelevant as I explain in the article. Again double standards for BTC maxis. An argument that invalidates itself.

Sure, bitcoin has some issues (privacy is the biggest one) but this article does not mention it.

And this is why I explained this person hasn't done extensive research on BTC and is either someone that bought just a couple of months ago, or one of the "hodlers" from 2013 that have no real interest in understanding Bitcoin, but just want their bags pumped to the moon.

When was Bitcoin ever about privacy? It was never about privacy but you were misled by the media to think that Bitcoin had privacy features.

Why should I mention that Bitcoin has a faulty privacy issue when this is basically a feature. Did Satoshi lie to us in any instance telling us that we will have privacy with Bitcoin? Let's find out:

The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous.

...

Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner.

The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner.

Bitcoin: A Peer-to-Peer Electronic Cash System - By Satoshi Nakamoto

If this person is claiming that Satoshi lied about Bitcoin's privacy, he didn't.

you mention that there is no network effect in bitcoin ? nobody is using it ? well, bring on data to prove this matter. so far, the number of users is growing exponentially: https://michael-levin.medium.com/part-1-the-dual-adoption-curves-of-bitcoin-2ffafbc5d5e7

Please be specific, use numbers, reliable sources, onchain data... etc

I mentioned this because I have previously extensively demonstrated that BTC is losing in network effect and it is also common knowledge.

Since this comentator wants to see the data it is here:

Chart from Bitinfocharts

BTC daily transactions are declining. Moreover, every time users try to use BTC on-chain, the chain breaks apart and fees reach $50. And then as usual BTC price crashes since it was only used for speculation. BTC is broken technology.

Conclusion

Please be specific, use numbers, reliable sources, onchain data... etc

I have written hundreds of articles and all contain reliable sources and on-chain data. When I write an article with data, I explain everything, when there is something that is common knowledge and you can research on your own, you don't need to be spoon-fed with this information.

Basically, in the context of that article on Medium, any kind of specific numbers, sources, and data given, would have broken the flow of the article.

The only detail I should have added and I admit that it was a mistake, was to provide references in the end.

BTC maximalism is a disease, the sooner you find out, the better person you will become.

When a BTC maximalist troll going by the name "DietUnicornFarts" comments on your work with such an intelligent remark, you know your approach is the correct one.

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