Remove your avatar. I was eating and lost my appetite 
I suppose you are not one of those who enjoy crunchy deep-fried roaches as snack.
Topic: Why Bitcoin is currently a roach motel (Read 977 times)
I suppose you are not one of those who enjoy crunchy deep-fried roaches as snack.
You provide zero reasoning, for anything you've said. This is all 100% assertion. No, I'm not reading your steemit article.
r0ach can't help it , if logic and reason can not penetrate that BTC Shrill Brain of yours CB.
Remove your avatar. I was eating and lost my appetite
Yeh, I seen onea them bitches hidin' up in mah shoe the otha day. Smashed his little ass down inta jelly 'fore he could jump on outta there. No offense ta OP of course. You speak upon bitcoin's weaknesses an' you git croosified like christy-boy was nailed up till he was good'n'dead. Nobody heah wants ta heah tha troof. They jist wanna git they campaign earnins. Haffa them gorillaz cain't even SPELL 'campaign'.I see
Remove your avatar. I was eating and lost my appetite
Yeh, I seen onea them bitches hidin' up in mah shoe the otha day. Smashed his little ass down inta jelly 'fore he could jump on outta there. No offense ta OP of course. You speak upon bitcoin's weaknesses an' you git croosified like christy-boy was nailed up till he was good'n'dead. Nobody heah wants ta heah tha troof. They jist wanna git they campaign earnins. Haffa them gorillaz cain't even SPELL 'campaign'. Great click-bait title that does not explain to me why bitcoin is a roach motel...
I already posted the TLDR version for people who don't get it:
A settlement layer has to compete with or beat gold as a store of value. Bitcoin cannot accomplish that task so it has to do something else besides being a settlement layer or there is no point!
Great click-bait title that does not explain to me why bitcoin is a roach motel...
I don't think anyone serious about bitcoin would dispute your claims. But this digital currency has never claimed to be backed by anything physical - and to me that is perhaps something deliberately avoided.
How do you "free money" in a world where the wealth, including gold, is already owned? Some of us figure bitcoin (tried) to address that.
I don't think anyone serious about bitcoin would dispute your claims. But this digital currency has never claimed to be backed by anything physical - and to me that is perhaps something deliberately avoided.
How do you "free money" in a world where the wealth, including gold, is already owned? Some of us figure bitcoin (tried) to address that.
Remove your avatar. I was eating and lost my appetite
That doesn't sound very invincible.
Remove your avatar. I was eating and lost my appetite
You provide zero reasoning, for anything you've said. This is all 100% assertion. No, I'm not reading your steemit article.
Oh for fucks sake, I've already covered this before. It and the site "Medium" are both monetized so there is no difference. Nobody even makes money on Steemit anymore in the first place! The payouts are equivalent to money you find on the floor of your car. I don't have a medium or "blogspot" account so I just posted stuff on there instead.
I don't think my conclusion is really subjective. A settlement layer has to compete with or beat gold as a store of value. Bitcoin cannot accomplish that task so it has to do something else besides being a settlement layer or there is no point!
I think you are being dishonest if you claim this is not sound reasoning.
You provide zero reasoning, for anything you've said. This is all 100% assertion. No, I'm not reading your steemit article.
The problem with Bitcoin is that without a 2nd tier layer or block size increase you have a serious problem and I will describe that problem below. I also have a lot of doubts about LN working due to probably needing to place all channel closings in a common, centralized queue. The problem is Bitcoin's value is based around transaction flow and artificial block size scarcity as I explain here:
https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand
This means Bitcoin doesn't really function as a store of value, yet it's small load bearing capability delegates it to only functioning as a settlement layer in which being a store of value is key. Do you see the completely conflicting traits here? Anything that functions only as a settlement layer HAS to function as a store of value, otherwise there's no point in using it as a settlement layer. Speculators have given Bitcoin the illusion that it functions as a store of value, but I think this will break down once Bitcoin hits a growth wall.
What will happen is, transaction fees will go sky high while the price per coin also increases at the same time. This will make it so nearly everyone is booted off of the chain except for settlement purposes. Now here is where you reach your problem. Typically objects used in settlement (like gold) can sit in one place for a long time and never move. They don't have to, but often times that is the case. The invisible hand of the market will then decide that far better, more anti-fragile options exist to just sit in place to store value than Bitcoin (like gold).
That is when the Bitcoin downward spiral begins and why Bitcoin is doomed without vastly increasing it's TPS. I used to think ~50 TPS (8 MB + Schnorr sigs) would be enough to prevent this, but now I'm not too sure and you might require an order of magnitude or two above that. So, as you can see, my current thesis is that Bitcoin is doomed without a functional Lightning Network, but I'm not super confident they can even make LN work in a decentralized manner.
The "wall" has not yet been reached, but I think it would likely occur somewhere around $10k per coin and 1 MB blocks.
https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-vol-7-bitcoin-is-not-an-actual-store-of-value-because-there-is-no-real-price-floor-or-inelastic-demand
This means Bitcoin doesn't really function as a store of value, yet it's small load bearing capability delegates it to only functioning as a settlement layer in which being a store of value is key. Do you see the completely conflicting traits here? Anything that functions only as a settlement layer HAS to function as a store of value, otherwise there's no point in using it as a settlement layer. Speculators have given Bitcoin the illusion that it functions as a store of value, but I think this will break down once Bitcoin hits a growth wall.
What will happen is, transaction fees will go sky high while the price per coin also increases at the same time. This will make it so nearly everyone is booted off of the chain except for settlement purposes. Now here is where you reach your problem. Typically objects used in settlement (like gold) can sit in one place for a long time and never move. They don't have to, but often times that is the case. The invisible hand of the market will then decide that far better, more anti-fragile options exist to just sit in place to store value than Bitcoin (like gold).
That is when the Bitcoin downward spiral begins and why Bitcoin is doomed without vastly increasing it's TPS. I used to think ~50 TPS (8 MB + Schnorr sigs) would be enough to prevent this, but now I'm not too sure and you might require an order of magnitude or two above that. So, as you can see, my current thesis is that Bitcoin is doomed without a functional Lightning Network, but I'm not super confident they can even make LN work in a decentralized manner.
The "wall" has not yet been reached, but I think it would likely occur somewhere around $10k per coin and 1 MB blocks.
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