Topic: Bitcoin doesn't work and Bitcoin Cash is a fantasy (Read 154 times)
People do not spend bitcoin, because now there are very few places where it can be spent, and most do not know how to do it. The Skycoin coin you are talking about will not be in demand, as it is subject to inflation and people do not need it.
Bitcoin doesn't work, it brought to the world a great tech but it obviously doesn't work. In 2017 Bitcoin transitioned from being a currency into being an asset, digital gold. It was intended for it to be used as a trustless peer-to-peer cash system but due to it's deflationary nature it failed to be one. Instead of spending Bitcoins on goods and services people would rather hold their speculative asset in the expectation of getting ROI. Bitcoin Cash and especially Roger Ver has been hammering away at Bitcoin's flaws ever since the hardfork. Accusing Bitcoin's failure as a cash system due to high fee's and technology that doesn't scale. Now Bitcoin and Bitcoin Cash are both involved in an endless technological debate lashing out at eachother and why one is superior to the other. Although the different paths both coins took are interesting developments and it's yet to see what the future is for both, they are forgetting the essence of the problem. It isn't that BTC had temporary high fees that it failed as a trustless cash system and Bitcoin Cash promising bigger blocks can't solve that. The problem is that people have been treating Bitcoin as a speculative asset instead of a currency. People even look at you funny when you say you're using Bitcoin as a payment system and I can't see Bitcoin Cash doing anything different as it increases in value and attracts more ''investors''. The problem with both Bitcoin and Bitcoin Cash is also one of the reasons people we're excited about in the first place, it is deflationary, no more banking cartels ruling the supply and printing money as they please. But whatever you say it is, it doesn't mean people will use it for that purpose. Therefore Bitcoin has proven to not work, to have failed as a trustless cash system and has been dubbed digital gold instead, Bitcoin Cash pretends it has the solution whilst it clearly doesn't see the writing on the wall that eventually, it will suffer the exact same fate as Bitcoin. Why spend something that will keep rising in value?
Skycoin is trying to learn from the mistakes of Bitcoin and I believe it has found a proper solution to the problem. Skycoin which is a decentralized, trustless cash system that is deflationary also generates CoinHours, which is an inflationary coin, each Skycoin generates 1 Coinhour per hour, there's no cap, since coinhours technically won't increase in value forever due to it's lack of scarcity and inflationary nature it is the perfect spending tool used for goods and services. We take the best from both worlds and combine a deflationary coin with an inflationary coin that just like we are used to in cryptocurrency can't be manipulated or controlled, it's output is mathmatically determined ( 1 Coinhour per Skycoin, per hour). Although Skycoin has a lot more to offer it is just this that I want to focus on. Skycoin is the only cryptocurrency on the market right now that has an economic model that makes sense as opposed to all the other coins that will only be hoarded and can't function as a currency.
Bitcoin doesn't work and Bitcoin Cash saying it can solve all the issues of BTC is a fantasy untill they realize what the real problem is, why people aren't using BTC as a currency but as an asset. It wasn't untill I realized this that I figured out that the whole debate between Bitcoin and Bitcoin Cash which everyone is so tired of is flawed to its core.
With Skycoin and coinhours, inflation is set at a fixed rate, encouraging spending instead of hoarding, people can hoard Skycoin all they want but their coinhours are technically going to decrease in value over time which is why it won't matter to people if they spend it. With Bitcoin and Bitcoin Cash there's no economic incentive to spend, only to hoard.
I think this is very important to realize, I think Bitcoin can function as digital gold, the idea that people have something to fall back on when all else fails (governments, banks) is powerfull and shouldn't be neglected but it obviously doesn't work for what it was intended to be. Not to forget this is all highly experimental, results are not guarranteed and we could see a breakdown in Bitcoin when no more people want to join it's network simply because they see no added value in buying a speculative asset and hoping for the price to rise. Cause that is all that is happening right now, nothing more. Still it is a powerfull threat to the establishment and can always serve as a protest when people feel they aren't being listened to.
Skycoin is trying to learn from the mistakes of Bitcoin and I believe it has found a proper solution to the problem. Skycoin which is a decentralized, trustless cash system that is deflationary also generates CoinHours, which is an inflationary coin, each Skycoin generates 1 Coinhour per hour, there's no cap, since coinhours technically won't increase in value forever due to it's lack of scarcity and inflationary nature it is the perfect spending tool used for goods and services. We take the best from both worlds and combine a deflationary coin with an inflationary coin that just like we are used to in cryptocurrency can't be manipulated or controlled, it's output is mathmatically determined ( 1 Coinhour per Skycoin, per hour). Although Skycoin has a lot more to offer it is just this that I want to focus on. Skycoin is the only cryptocurrency on the market right now that has an economic model that makes sense as opposed to all the other coins that will only be hoarded and can't function as a currency.
Bitcoin doesn't work and Bitcoin Cash saying it can solve all the issues of BTC is a fantasy untill they realize what the real problem is, why people aren't using BTC as a currency but as an asset. It wasn't untill I realized this that I figured out that the whole debate between Bitcoin and Bitcoin Cash which everyone is so tired of is flawed to its core.
With Skycoin and coinhours, inflation is set at a fixed rate, encouraging spending instead of hoarding, people can hoard Skycoin all they want but their coinhours are technically going to decrease in value over time which is why it won't matter to people if they spend it. With Bitcoin and Bitcoin Cash there's no economic incentive to spend, only to hoard.
I think this is very important to realize, I think Bitcoin can function as digital gold, the idea that people have something to fall back on when all else fails (governments, banks) is powerfull and shouldn't be neglected but it obviously doesn't work for what it was intended to be. Not to forget this is all highly experimental, results are not guarranteed and we could see a breakdown in Bitcoin when no more people want to join it's network simply because they see no added value in buying a speculative asset and hoping for the price to rise. Cause that is all that is happening right now, nothing more. Still it is a powerfull threat to the establishment and can always serve as a protest when people feel they aren't being listened to.
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