Crypto 360°

Living on Crypto In India

I decided to take up an experiment to live purely on crypto currency in India.

Safe to say the first day was hugely successful, read about how I spent the entire day living only on crypto, from breakfast to movies to cabs.

Living on Crypto In India - A Real Life Scenario

submitted by /u/Not_that_drunk404
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Recent developments in transaction volume on the Bitcoin network show very nicely how keeping the block size limit at 1MB was the correct decision.

https://www.blockchain.com/charts/n-transactions

Those two abrupt declines in volume were caused by the companies Veriblock and Coinbase respectively (I think this is the result of Coinbase batching, correct me if I'm wrong).

Whatever territory you give them, they will take. Veriblock will just spam the blockchain with its useless crap if it's cheap enough. There has to be a fee market, and those who use the blockchain inefficiently must be made to pay until they improve their practices. Otherwise why would they ever bother to do things better?

/u/luke-jr was probably right when he said the block size should actually be decreased. It could have hastened adoption by making running a node easier. But of course, consensus is the name of the game and neither he nor the big-blockers could get it.

NB: Technically the current limit with segwit is 4 MWU (million weight units), corresponding in practice to a usual limit of around ~2 MB.

submitted by /u/Mccawsleftfoot
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Cryptocurrency is an INTERMEDIATE store of value, but ONLY when it is used for payment

The value of any cryptocurrency is a product of its utility, its network effect, minus its cost of carry. Taken to the logical conclusions:

If you CAN'T use a coin, nobody wants it -> ZERO value
If nobody uses a coin, nobody wants it -> ZERO value.
If the cost of carry for a coin is too high, nobody wants it -> ZERO value.

Since cryptocurrency is not widely used and accepted (yet), when physical or virtual items are paid for with a cryptocurrency, the crypto acts as an intermediate store of value. The buyer puts in fiat to acquire the crypto, and the seller exits to fiat at some point after the transaction.

Simply holding or hoarding cryptocurrency adds no value and only stokes volatility/misery. Yes, you can reduce supply and play games with prices, but no additional value is created.

Discuss.

submitted by /u/wtfCraigwtf
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source https://www.reddit.com/r/btc/comments/fs7aui/cryptocurrency_is_an_intermediate_store_of_value/