Bitcoin : There is no scaling problem, there’s only a BTC problem
Crypto currencies can scale horizontally to handle all of the world’s current and future transactions (more cryptos = more scale). All of the promise of crypto is available to us today if we just stop picking teams and lying to each other that one blockchain (which is inherently linear) can scale to handle every transaction. Even if my prior sentence were wrong, what really matters is that one blockchain doesn’t need to scale for everything.
BTC is an unstable atomic weapon against crypto currencies with 50% dominance (and by extension the world). If the ETF is approved for Bitcoin-only then even more value might flood into something that is going to collapse when the mainstream tries to use it. This could have a huge, lasting negative impact on everyday people. I support a crypto-index ETF (many cryptos) but we don’t need it; however, I am adamantly against a BTC-only ETF.
Furthermore, if BTC doesn’t collapse what was accomplished? You’ll have to store your BTC in banks and transact in BTC coupons. Then those banks will legally lend out your BTC with 33x leverage (the “safe” number), those borrowed BTC coupons will end up in another bank and they’ll lend it out again, ad infinitum. This is inflation. Transactions will be censored. This is banking all over again. What exactly was accomplished?
If you’re buying BTC in the hopes that it’ll somehow magically be able to do all of the world’s transactions you’re just unknowingly throwing your money into a big Ponzi scheme. And no, LN cannot scale just like Bitconnect couldn’t have operated a bot that guarantees a ROI. Has anything been learned from Bitconnect?
Buy more crypto currencies, sell BTC (at least until its market share is low & therefore more stable).
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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