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RE: The Argument Over Bitcoins Value

in LeoFinance4 months ago

Nice write up - I agree 100% that BTC is better than fiat, but one main observation:

FIAT might be printably by central banks, but surely it's just as easy to print new crypto on new blockchains - doesn't that have a similar deflationary effect on the value of all crypto, just that we haven't realised this yet because the space is so new so why Bitcoin in particular?

I'm convinced part of the reason the price of Hive is so stagnant is because we've doubled the supply - to investors, Steem and Hive are basically the same I'm sure and Steem probably looks a lot more attractive to the Asian market.

I'm not sure btc is monetesing the power of the internet - other tokens are more set to do that and will probably eat into BTCs value, I'm sure we're all banking on Hive to be one of those - but ETH seems to be a good candidate too.

All in all though this is a nice write up, certainly a good choice of question!

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The way I see it is all these other tokens can't have economies without BTC. If you tried to launch STEEM without BTC and try to build fiat to steem payment rails it would be almost impossible with such a tiny network, BTC has laid the foundation and value flows through it.

All alts are Tethered to BTC and are to me basically rehypothecation of BTC, if I sold all my HIVE today, there wouldn't be enough liquidity to give me the value it claims to have tokens are great experimentation and are needed and yes we will tokenise a lot of things but it will always be tethered to BTC

BTC will also have smart contracts, and tokens we see OMNI and RGB launching soon and BTC's second layer will grow to absorb more value. The bigger BTC becomes the more capital can flow into things like lightning.

I don't doubt there will be niche tokens in the future just like there are millions of websites, but there are only a few important sites that really matter to the world, same with BTC

Posted Using LeoFinance Beta

I've heard of OMNI and the prospect of more stuff being built on BTC, but don't know very much about it TBH - but isn't ETH kind of streaks ahead there?

Also I would have thought that the more crypto I can buy for FIAT the less dominant bTC comes - I can buy and sell Hive for dollars on Huobi already, and so many other cryptos too.

I'm certainly glad I've bought into BTC - having diversified with my Steem shitcoin money - but I'm sceptical!

I'm still learning however!

Posted Using LeoFinance Beta

Yes you are right ETH is miles ahead, that's their use case, I think BTC is like a stick to alts, so if ETH and alts create something the market wants, BTC will absorb it, then it becomes the standard, so the alt needs to continue to innovate, chasing a new carrot, giving us more options and BTC is just the floor that keeps rising

I don't see them as competing I see the entire market working together in competition with each other, its weird but it works.