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No, you don't have to be an expert to voice observations, but my point is that you have probably not investigated Bitcoin long enough if you write BitCoin to be
by once_inc 4y ago
No, you don't have to be an expert to voice observations, but my point is that you have probably not investigated Bitcoin long enough if you write BitCoin to be able to see the nuances in most of the points you've made.
An example: The comparison between the two charts of Bitcoin and Apple stocks looks similar at first glance, but if you exclude the last week, most of that similarity is gone. Yes, Bitcoin is being invested/speculated with in mostly the same way that tech stocks are getting invested/speculated with, but that doesn't prove inflation resistance; that's a long-term trend, not a short-term trend.
Your points on stablecoins is fine; I agree that those networks tend to overpromise and underdeliver.
Regarding regulation: I don't see the direct relevance, because most cryptocurrency projects don't explicitly (or even implicitly) promise to be/remain unregulated. Anonymity isn't a thing on a public blockchain, and never was.
Your point on smart contracts is broadly correct, but I'd like to point out that most contracts were exploited because either the security was flawed (by human action mostly), the contract was poorly constructed and participants didn't care to actually read and understand it (also human action, though I do admit that most people on Earth won't ever (be able to) read a smart contract), or because of malicious actions of the smart contract creator (also human action).
I agree with your final conclusions. We do need a way to prevent rugpulls. The most straightforward way to do this is by realising that most altcoins are insecure or technically flawed in such a way that rugpulls aren't disincentivised. If you built smart contracts on Bitcoin (see: RSK) people will be a lot more hesitant, because Bitcoin is the only blockchain that is both secure, and thus digitally scarce. You can easily spot the difference in perception between Bitcoin and altcoins in the way people describe their interactions and goals for them: Bitcoin is a means to store wealth, altcoins are investment/speculation vehicles generally used to make more money with. You can nitpick about wether those definitions boil down to the same thing, but the perception and philosophy differs.