Warren Buffet once referred to Bitcoin as "Rat Poison Squared."
I'm beginning to think that he is right , though not in the context he was using.
Bitcoin is coupled with nearly every altcoin out there , and on many exchanges is a NECESSARY medium for the exchange and trade of these altcoins , as many have not been made into base currencies directly correlated with Fiat.
While many of these altcoins have verified use cases , and some have Dapp's , Bitcoin transactions take a long time relative to nearly every other coin , clocking in at 20-60 minutes. On blockchain.com , a popular wallet service , the transfer speed can be sped up for a FEE.
Using an analogy , Bitcoin is very much like the first version of a new car model from a new car company. It has cool features , but smart money doesn't buy that first model. Other, faster , more useful iterations have emerged - that could in theory boom if they are not sucked under the water as Bitcoin finally goes under. IF bitcoin survives at a price higher than a few hundred dollars , I would be convinced at that point of market manipulation. It's worth is HIGHLY overestimated.
Bitcoin mining is bad for the ecosystem , demands tremendous amounts of energy from a world in an energy crisis , and is good for what exactly??
The coupling of Bitcoin with these other , useable currencies creates an effect where the direction of Bitcoin becomes the direction of the market, and it is arguable that Bitcoin is in a place from which it cannot return. Mining power has become increasingly consolidated , which is a move towards the very centralization it was intended to avoid.
Prevailing theory seems to be that the value of Bitcoin is overvalued at 3k , and is determined solely by investment speculation.
If Bitcoin is not to take the entire concept of digital currency down , decoupling cannot happen soon enough. One could argue that it's best use case is as a parasite.
Caveat Emptor.
I'm beginning to think that he is right , though not in the context he was using.
Bitcoin is coupled with nearly every altcoin out there , and on many exchanges is a NECESSARY medium for the exchange and trade of these altcoins , as many have not been made into base currencies directly correlated with Fiat.
While many of these altcoins have verified use cases , and some have Dapp's , Bitcoin transactions take a long time relative to nearly every other coin , clocking in at 20-60 minutes. On blockchain.com , a popular wallet service , the transfer speed can be sped up for a FEE.
Using an analogy , Bitcoin is very much like the first version of a new car model from a new car company. It has cool features , but smart money doesn't buy that first model. Other, faster , more useful iterations have emerged - that could in theory boom if they are not sucked under the water as Bitcoin finally goes under. IF bitcoin survives at a price higher than a few hundred dollars , I would be convinced at that point of market manipulation. It's worth is HIGHLY overestimated.
Bitcoin mining is bad for the ecosystem , demands tremendous amounts of energy from a world in an energy crisis , and is good for what exactly??
The coupling of Bitcoin with these other , useable currencies creates an effect where the direction of Bitcoin becomes the direction of the market, and it is arguable that Bitcoin is in a place from which it cannot return. Mining power has become increasingly consolidated , which is a move towards the very centralization it was intended to avoid.
Prevailing theory seems to be that the value of Bitcoin is overvalued at 3k , and is determined solely by investment speculation.
If Bitcoin is not to take the entire concept of digital currency down , decoupling cannot happen soon enough. One could argue that it's best use case is as a parasite.
Caveat Emptor.