Re:MasterCard to open up network to cryptocurrencies
by EGreg on Thursday February 11, 2021 @11:18AM
(#26103308)
False. It will never be a mainstream medium of exchange because its block size can only handle 10 transactions per second.
It will be a reserve asset, used to back actual payment systems.
And eventually other newer technologies will supplant it, as long as there are “synthetic bitcoins” that can be on that new network, crypto collateralized.
If that new network launches as a sidechain though, then free unstaked BTC will be a perpetually dwindling amount of coins, and perpetually going up in price like collectibles or gold. With no other thing giving them value other than everyone else wanting it, and the miners / HODLers shilling it. It is a perfect investmen vehicle, it can go to $50 Billion a free coin once most coins are staked in other things. So, ironically, competitors better in every way will drive up the price for those who don’t switch and keeo HODLing for decades. And mining rewards will be worth so much that electricity will be wasted on a bigger and bigger scale until people can’t afford to power their homes since bitcoin mining makes more $. It’s sad... but where is the flaw in the logic
It will be a reserve asset, used to back actual payment systems.
And eventually other newer technologies will supplant it, as long as there are “synthetic bitcoins” that can be on that new network, crypto collateralized.
If that new network launches as a sidechain though, then free unstaked BTC will be a perpetually dwindling amount of coins, and perpetually going up in price like collectibles or gold. With no other thing giving them value other than everyone else wanting it, and the miners / HODLers shilling it. It is a perfect investmen vehicle, it can go to $50 Billion a free coin once most coins are staked in other things. So, ironically, competitors better in every way will drive up the price for those who don’t switch and keeo HODLing for decades. And mining rewards will be worth so much that electricity will be wasted on a bigger and bigger scale until people can’t afford to power their homes since bitcoin mining makes more $. It’s sad... but where is the flaw in the logic