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Total Economy: 0.01 USD
I really have no idea how BSV will be able to switch the public's perception of what is the "real" Bitcoin. This pandemic and the actions (or weak inactions pending your perspective) has opened the audience to bitcoin (read: BTC) massively in the last 5-6 weeks. Store of value narrative will only propel BTC higher for some time I imagine - not sure how the public will recognize the "issues" until the masses get farther down the road and try to actually use it vs just HODL.
It is possible that the store of value narrative has hit critical mass and BTC will stay as digital gold. Why would they need to ever use it except to exchange it for fiat later on?
musiq replied:
The "store of value" narrative is risky because technically Bitcoin is really not uncensorable. if bitcoin were actually uncensorable it may have made sense, but as we can see from the TikTok example, anything is censorable if the government really needs to push for it. The U.S. censoring an app is something that used to be unthinkable but now it's the reality, and I assume this kind of censorship will only accelerate. In case of Bitcoin it's even more so because most normal people don't care about Bitcoin as they don't use it. If the entire BTC crashes, it will only hurt some "get rich quick" people from first world countries and those people won't be enough to get governments to reconsider banning or disincentivizing BTC as store of value. However if bitcoin is being used at scale by everyday people, that's a different story because by shutting down bitcoin, the governments will have to risk their own economy collapsing through butterfly effect.
benjamin replied:
I have the same thoughts. But most BSVers would point it lacks other fundamental elements of "money" and that eventually, it will, therefore, fall to nothing. @musiq's thoughts are also valid about lack of use leading to potentially fewer barriers for manipulation/control. Although gold has value beyond "money" - it's not really enough to support the value ascribed to it. It has value because people think it has value. It has value because of Newton. BTC may have value based on perception as store... just not sure how long that will last. But, again, better than BSV right now. If BSV can get use case to explode where real marketplace activity (vs $15 from a #1 Streaminity hit) takes place... then we'll see. But, again, do no despise small beginnings I suppose. Think big, start small, scale fast!
musiq tipped:
0.01 USD
1 year ago
musiq replied:
Yeah I agree with a lot of what you said. In fact I think a lot of BSV supporters are very naive about all this, and if anything this will be the main reason for the downfall of BSV if it ever happens. Too many people seem to think BSV will somehow automatically work because "it scales". Segway was a great piece of technology but nobody wanted to use it because it looks funny among many other reasons, and it failed completely. Thanks for sharing your thoughts. We need more of us who question things.
benjamin tipped:
0.01 USD
1 year ago
> This pandemic and the actions (or weak inactions pending your perspective) Can you explain a bit more?
benjamin replied:
Sorry... incomplete sentence -- "actions (or weak inactions pending your perspective) of the central banking authorities." Meaning, fringe trendy fiscal conservatives (think George Gammon types) are freaking out about the Fed's "printing press" and potentially paving the way for a Venezuelan-esque hyperinflation shortly... Whereas other folks (think Jeff Snider) are thinking the Fed is inept, sure, but also impotent to really influence things... and then other folks (think Jeff Booth types) don't really know/care about the short-term because they see a fundamental break in society driven by technology. Either way, the "masses" are very uneasy about fiat for the first time in a long time. Perfect opportunity for ecash inflection point... BSV just isn't on the right side of timing/perception. IF Craig could actually prove he's Satoshi and move some coins, etc. - that would be a huge boon to at least get attention. But, he's too self-motivated to preserve his narratives/interest in the Kleiman case to do so (again, if he's controlling interest of Satoshi and if he can).