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> BTC can support c. 7 transactions/sec. Ethereum c. 20. This is a scam. In 2022, US mined only 5.4gram of Gold per sec[1]. This is a scam. Or not. Weighing B

> BTC can support c. 7 transactions/sec. Ethereum c. 20. This is a scam. In 2022, US mined only 5.4gram of Gold per sec[1]. This is a scam. Or not. Weighing BTC's utility based on how many transactions it supports per second is as pointless as measuring Gold's utility based on how much of it is mined per second. [1] https://www.statista.com/statistics/238405/us-gold-production-since-2005/ https://www.statista.com/statistics/238405/us-gold-productio...

Gigachad 3y ago
Go away. Crypto chuds have been pushing the "currency" angle for a decade. But whenever you point out it doesn't work as a currency, the goalposts move and now its a store of value. But it's not even good at that.
- RestlessMind 3y ago
  I don't know any serious crypto user pushing BTC as a "currency" anymore, apart from Satoshi's original whitepaper. And I have been in crypto for many years. Everyone views BTC as digital Gold - an asset immune to government censorship.
- danlugo92 3y ago
  Couldn't act further from your username. Lightning supports unlimited transactions per second.
- lowkey 3y ago
  The original Bitcoin Whitepaper laid out multiple use cases: * digital cash * peer to peer transactions * digital gold * censorship resistant transactions * hard money with fixed monetery policy and capped supply * highly-decentralized with no single point of failure Never did it promise to be a high throughput alternative to Visa for buying coffee Nevertheless the Lightning Network has innovated in the space such that buying a coffee is now trivial using Bitcoin. I am a crypto “chud” and I believe eventually Bitcoin will become a viable currency and a stable unit of account. It isn’t that today as it is still a highly volatile asset class with rapidly growing adoption but we are still early. For now it provides dissidents a viable option that is apolitical and cannot be easily censored. It offers a hard-money alternative to fiat-money which can be arbitrarily inflated/diluted in value by centralized powers. It offers a digital asset that is highly liquid, difficult to confiscate, and easy to access for the billions of unbanked throughout the world. You may not see the use case for Bitcoin but that speaks more to your individual privilege as a citizen of a first world nation than it does for Bitcoin’s usefulness to millions or potentially billions of people around the world.
RhysU 3y ago
Gold is valuable when mined at 0 grams/second. Is Bitcoin valuable at 0 transactions/second? If not, how much slower than 7 transactions/second is acceptable? Why?

Gigachad 3y ago

Go away. Crypto chuds have been pushing the "currency" angle for a decade. But whenever you point out it doesn't work as a currency, the goalposts move and now its a store of value. But it's not even good at that.

RestlessMind 3y ago
I don't know any serious crypto user pushing BTC as a "currency" anymore, apart from Satoshi's original whitepaper. And I have been in crypto for many years. Everyone views BTC as digital Gold - an asset immune to government censorship.
danlugo92 3y ago
Couldn't act further from your username. Lightning supports unlimited transactions per second.
lowkey 3y ago
The original Bitcoin Whitepaper laid out multiple use cases: * digital cash * peer to peer transactions * digital gold * censorship resistant transactions * hard money with fixed monetery policy and capped supply * highly-decentralized with no single point of failure Never did it promise to be a high throughput alternative to Visa for buying coffee Nevertheless the Lightning Network has innovated in the space such that buying a coffee is now trivial using Bitcoin. I am a crypto “chud” and I believe eventually Bitcoin will become a viable currency and a stable unit of account. It isn’t that today as it is still a highly volatile asset class with rapidly growing adoption but we are still early. For now it provides dissidents a viable option that is apolitical and cannot be easily censored. It offers a hard-money alternative to fiat-money which can be arbitrarily inflated/diluted in value by centralized powers. It offers a digital asset that is highly liquid, difficult to confiscate, and easy to access for the billions of unbanked throughout the world. You may not see the use case for Bitcoin but that speaks more to your individual privilege as a citizen of a first world nation than it does for Bitcoin’s usefulness to millions or potentially billions of people around the world.

RhysU 3y ago

Gold is valuable when mined at 0 grams/second. Is Bitcoin valuable at 0 transactions/second? If not, how much slower than 7 transactions/second is acceptable? Why?