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I have met a lot of people who switched from BTC to BCH, but I have never seen a BCH user go back to the BTC community. Discuss!
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17 comments
Let's be honest, we'd all be better off if we had bet on BTC instead of BCH . There's value in a protocol that never changes. I have high hopes for BCH, but I can't ignore the reality of the situation today.
You do realise that the Bitcoin protocol has changed several times since 2009?
Yes, but it feels like the protocol has become hardened. At this point even if the core devs invented some amazing new feature I'm not sure they'd ever be allowed to implement it.
In fact, the protocol has not been changed in recent years. All the worse for the coin. The protocol is not keeping pace with developments and BTC is falling further and further behind technologically.
I agree with this; however, if you look at BTC with a wider scope you might still find some value in it. Software changes always come with some measure of risk and I think big money is super hesitant to throw billions into a protocol that promises frequent changes.
Can you explain me the "wide scope" of BTC?
I mean looking at the wider scope of all asset classes. The bond market has become a joke with inflation easily outpacing interest rates (and negative rates in some places). Stocks are overpriced by CAPE ratio, but with nowhere else for capital to flow, stock markets have been booming amidst a global pandemic. The collectables world is on fire as well as real estate. People are desperately looking to put their money somewhere before it gets inflated away. We might think BTC is ridiculous in comparison to other cryptos but the whole investment world has become ridiculous. https://www.cryptovantage.com/news/why-investors-are-using-bitcoin-as-a-bond-replacement/
This is not a scope. This is an illusion that Core developers have sold under the codename SoV. Real application is offered by such blochckains as Ethereum and soon Bitcoin Cash (with SmartBCH). More and more money is flowing there because there will be real use. Never in the history of the world has anything worked permanently as a store of value that has no use. Gold and silver were useful because they were used to make jewellery. That is why gold and silver have become a store of value over time. There is a lot of money now and many don't know how to invest it, that's why they invest in cryptocurrencies. At the moment, BTC is still ahead, but look at the dominance. It is falling and will continue to fall. BTC will probably be replaced by ETH soon. Then less and less money will flow into BTC. At some point the coin will die because it is not useful. It is like a dinosaur.
I agree with you on the eventual trajectory of BTC, but you can't say that BTC has no use. People are obviously still using it. Banks and nations don't care about $5 fees when they are moving millions. And BTC is still king when it comes to liquidity too. If a billionaire in Russia or Iran needs to circumvent sanctions he can't use BCH without dramatically affecting the market price. But with BTC he can do it. These aren't crazy maxi/core conspiracies, they are just reality for now.
Yes, that's right. BTC can still be used for large amounts. Whether it is really used is another matter. But the price of cryptos will rise. I am not talking about today. I think in the long term. The prices of cryptocurrencies will rise. If the price of BTC goes up to half a million and the usage goes up, the transaction fee will not be 10$ but 1000$. That will be too much even for rich people. Besides, why should rich people invest their money in BTC in the future, which will be less profitable and more expensive than other cryptos? No one will do that. Everyone, especially the rich, invests in what brings better returns and that will not be BTC. Don't think in yesterday's thinking patterns. Think in terms of the future. BTC has its best days behind it.
Obviously, I hope you are right with regard to the future of both BTC and BCH. But from an investment perspective we have been wrong for the past few years. We could easily stay wrong for another few years. We can't know the future for sure, all we can do is hedge our bets.
I hope that BTC doesn't collapse too quickly, because that would sink the whole market. Only if another coin, probably ETH, overtakes BTC will there not be a big dislocation.
Look at the current trading volume. ETH and XRP is not far from BTC. And there have been days when ETH has been above BTC. It won't be long now and BTC will often have less trading volume than ETH.
You want to look at market cap when trying to determine real liquidity. Those volume stats are easily manipulated for every coin.
The market capitalisation is also manipulated. It is calculated by multiplying the current price by the total supply. The problem is that with BTC, for example, far fewer coins are actually in use than indicated. Very many coins are lost forever. The true market capitalisation of BTC is much, much lower. Don't let CMC fool you.
Naw. I can't just bet on things based on price. Especially when fighting against those that print money and manipulate the markets. I will continue to fight for what I think serves the world the best, not just the one being pumped by the financial industry.
Fight for it, yes, I'm right there with you, but hedge your bets. The world might someday get a globally accepted p2p non-state cash, but it might not be BCH.