Ok, I'd like to ask a question.
In many ways this is off topic (I apologise Smooth... at a pinch I could probably make a tenuous XMR link) but I want to ask this question here, rather than BTC speculation because that board is well....full of knobs. And conversely, this thread isn't (well Adolf and that duck character apart).
So....what is going on with BTC?
Everything I have read recently is negative with regard to 'fundamentals' and market confidence and all the blocksize squabbles. In fact, I saw a quote recently along the lines of "anyone who knows anything about BTC would not be investing now." But the price keeps going up.
Is this a wave of FOMO? Are whales manipulating the market so they can get a good exit price? Does someone know something most don't? Have a pile of rich drunken idiots discovered crypto? Is this linked to dodgy exchanges and money 'trapped' in the eco-system?
I'd be interested in your sincere and serious thoughts (or stupid if you prefer but if I'd have wanted cultist dictates or 'honeybadger' comments, I'd have gone to aforementioned board).
I think, for most people who are actual *users* of bitcoin the scaling debate is mainly about the rising miner fees.
The thing that made me realize that maybe the fear and doom over the scaling debate was overdone was the realization a while back that, suppose bitcoin value went up by a factor of 1,000 so we were looking at $1 Million per bitcoin BUT the fee for transacting also went up by 1000X so it'd cost still 0.0005 bitcoin (currently about 74 cents) or in that case $740.00 to make a transaction.
If you could snap your fingers and magically make that happen, would you do it? $1 Million per bitcoin IF it cost $740 to move it around?
Being honest, I'd have to say HELL YEAH I'd still take that deal, LOL. Of course I'd make a lot less transactions but I'd still make it happen.
Now, granted, in that scenario it's a huge open question IF bitcoin as-is could still actually continue as a viable ongoing project OR if the economics of it in that vastly revised scenario would lead to the entire project totally failing, eventually, since if there's little *usage* in fact it's doubtful (?) that the value would persist.
But I think most people can't think it thru that deeply.
Seems like as long at the price is going up but the fees are relatively the same even if also going up... nothing may change.
Of course in this scenario also I'd expect another crypto coin (ahem, Monero) to have a solid shot at taking over the actual *transactions* once BTC is only a store of value and so expensive to move. So, again having a hedged position in XMR it'd be just fine with me if $1 Million BTC had $740 miner fees, if the world was in that situation using Monero for transactions in place of what Bitcoin's doing today (but XMR was at $1000+ where BTC is today, with about $0.74 transaction fee)
