Topic: Is bitcoin slowly dying? - page 2. (Read 689 times)

I'm into crypto since 2013.
Since the beginning I've always seen cryptos as an instrument of liberation from government slavery and the tiranny of central banks and an empowering tool for the poorest.
Yes I'm glad BTC has become more valuable with time but I'm in firstly because I always intended it as an instrument to build a better world.
Above green candles I'm more glad when I see an interview with a poor guy from africa using btc for micropayment or a pakistani woman using it to free herself from a system that would otherwise repress her.
During all of these years I've been always skeptical about the different random guys shouting and putting themselves as great defender of btc from Peter McCormack, to bitcoinboy, from Tone Ways to any possible other person which acts as influencer.
When there was the blocksize war I put myself in the middle between Roger Ver and Jimmy Song but with time I've built a maximalist portfolio mainly with btc.
I also "hodl" eth and xmr.
Now that btc has gone mainstream it looks to be the time to newer big players and cryptos have become only as a way to make money from BlackRock to Microstrategy.
It looks everyone is forgiving where we are coming from. Not to mention people like trump who once called btc a scam.
The old ideals and the utopia for a better future are becoming only a rich scheme.
I've recently watched an interview with this new big idol Michael Saylor saying that 300k fee per transaction is ok and I'm losing my faith in btc.
I fear we are going into a direction where one day (if not even now) we'll be hostage of these big players overtaking the community ideals despite any decentralization.
These people are here to make money. They care zero about africans or privacy and they can dictate where the network has to go.
These people are not with us.
They are against us.
We are not the same.
What do you think about?

snip

I fear we are going into a direction where one day (if not even now) we'll be hostage of these big players overtaking the community ideals despite any decentralization.
These people are here to make money. They care zero about africans or privacy and they can dictate where the network has to go.
These people are not with us.
They are against us.
We are not the same.
What do you think about?

There's a reason why Bitcoin is referred to as digital gold and that is because it's price has surpassed silver and competing with gold and as it has become more expensive, it is better as a store of value or for long term investment plans.
One why also to show BTC isn't dying is that the success BTC has made in becoming a way paver for other cryptos and tokens in the decentralized space, made it allow other coins grow in usage and patronage and for everyday or anytime usage as payment , that's why altcoins are preferred for transactions rather than BTC which has huge fees.

Bitcoin isn't dying, infact Bitcoin needs that increased adoption it is getting now from both institutional investors  the government and individuals to keep it going. The only issue which has tend to become a challenge to Bitcoin serving as a digital currency which was originally intended by Satoshi is the issue of bitcoin transaction fees. OP's concerns are very valid.

I miss those days when I do boast of  bitcoin's low transaction fees and how it is way better than the traditional banks. But now, alot has changed and Satoshi's original vision of a p2p digital currency has shifted, people now prefer to use bitcoin as a store of value or an investment and not a currency for daily transactions as it was intended to be.

In spite of all these, Bitcoin still isn't dying. Bitcoin still has value which is attracting more people to it.

Bitcoin isn't dying, infact Bitcoin needs that increased adoption it is getting now from both institutional investors  the government and individuals to keep it going. The only issue which has tend to become a challenge to Bitcoin serving as a digital currency which was originally intended by Satoshi is the issue of bitcoin transaction fees. OP's concerns are very valid.

I miss those days when I do boast of  bitcoin's low transaction fees and how it is way better than the traditional banks. But now, alot has changed and Satoshi's original vision of a p2p digital currency has shifted, people now prefer to use bitcoin as a store of value or an investment and not a currency for daily transactions as it was intended to be.

In spite of all these, Bitcoin still isn't dying. Bitcoin still has value which is attracting more people to it.

It's true the fees is really cheap even though Bitcoin have made new ATH, however there was a time where Bitcoin fees went to 2.5K sat/vbyte due to runes. It's short time though and only happened for a day, so it doesn't affect to most people.

The existence of institutional investors by overall is bad for the long term, for now many people are benefited by them because they make Bitcoin price high without need to make the mempool congested.

But if they keep doing this, they might the one that own the most Bitcoin.

If I could recall correctly from this year started I have never paid up to 100 sat/vbyte while doing transaction, and the minimal I have paid is 5 sat/vbyte and it wasn't that much for paying for transaction fee. About institutional investors; well, I don't see this to be a thing to worry about because they are also part of the ecological system were they also need to explore the fast changing financial system by adopting to Bitcoin to their overall system through investment, and of course there should be changes and positive effects to overall growth of bitcoin and expedite its price to be more attractive to other investors who were missing the whole technology by not investing at the right time.

Spike in fee is not okay at all. Did you see when the fee got to 2000 sat/vbyte? Even getting to 500 sat/vbyte is not okay at all. It would be good if the fee is not going more than 10 sat/vbyte.

Also there is nothing to be worried about the institutional investors. If theyt do not get involved, that means bitcoin may not be significant as it is now. Institutions are after something that has promising future.

No one would be able to take the flow of BTC himself and change the sentiment on a whim - it's always multiple mechanical and other factors (in people's heads) that play out and change how the market behaves overall and BTC with it.
Nobody controls the flow of the minds - yet they can do what is in their power to lure those who use high leverage to get themselves liquidated.

Truly, I agree with you.
BTC can't stay in the shape in the minds of people that it was a year ago or a decade ago - it slightly follows the path of adoption in the world, and there are still obstacles to fight and look through to see it victorious.
It is still the most decentralized coin out there, and it still follows its core principles. Let it stay that way.

No one would be able to take the flow of BTC himself and change the sentiment on a whim - it's always multiple mechanical and other factors (in people's heads) that play out and change how the market behaves overall and BTC with it.
Nobody controls the flow of the minds - yet they can do what is in their power to lure those who use high leverage to get themselves liquidated 

I think that the biggest threats to bitcoin are not the central banks but the governments. Nowadays central banks are under governments' full control and do whatever the governments tell them.

I fear we are going into a direction where one day (if not even now) we'll be hostage of these big players overtaking the community ideals despite any decentralization.
These people are here to make money. They care zero about africans or privacy and they can dictate where the network has to go.
These people are not with us.
They are against us.
We are not the same.
What do you think about?

I'm into crypto since 2013.
Since the beginning I've always seen cryptos as an instrument of liberation from government slavery and the tiranny of central banks and an empowering tool for the poorest.
Yes I'm glad BTC has become more valuable with time but I'm in firstly because I always intended it as an instrument to build a better world.
Above green candles I'm more glad when I see an interview with a poor guy from africa using btc for micropayment or a pakistani woman using it to free herself from a system that would otherwise repress her.
During all of these years I've been always skeptical about the different random guys shouting and putting themselves as great defender of btc from Peter McCormack, to bitcoinboy, from Tone Ways to any possible other person which acts as influencer.
When there was the blocksize war I put myself in the middle between Roger Ver and Jimmy Song but with time I've built a maximalist portfolio mainly with btc.
I also "hodl" eth and xmr.
Now that btc has gone mainstream it looks to be the time to newer big players and cryptos have become only as a way to make money from BlackRock to Microstrategy.
It looks everyone is forgiving where we are coming from. Not to mention people like trump who once called btc a scam.
The old ideals and the utopia for a better future are becoming only a rich scheme.
I've recently watched an interview with this new big idol Michael Saylor saying that 300k fee per transaction is ok and I'm losing my faith in btc.
I fear we are going into a direction where one day (if not even now) we'll be hostage of these big players overtaking the community ideals despite any decentralization.
These people are here to make money. They care zero about africans or privacy and they can dictate where the network has to go.
These people are not with us.
They are against us.
We are not the same.
What do you think about?

My biggest worry would be a Bitcoin dominated by Central Banks which try to influence development. I have nothing against Bitcoin being used as a part of a small strategic reserve of different nations, but if the dominance of these actors is too high, then a distortion of the check and balances system is possible. Again, if the community stays alert probably even Central Banks can't change Bitcoin's character, but if the community's character changes, then the pressure to remain in line with cypherpunk ideals could weaken eventually.