I’ve been watching a lot of BTC maxi videos including Michael Saylor and I even read the book, The Bitcoin Standard.
I mean, I understand why it can be a store of value for all of humanity (haha), but I just don’t think BTC can scale enough to be the store of value for all billions of people in the world or that its value should be equal to everything on earth which is about 100 trillion dollars including every real estate, stocks, gold, silver, rare materials, etc. that’s just none sense and crazy.
First of all, why should it equal to 100 trillion dollars? Why should anyone give a damn about BTC?
Second of all, even if we all believe BTC is the mother of all investments and assets, how will it scale without costing arms and legs for a fee to move it for any average person? If their argument is to use proprietary lightening network, what happens if lightning fails or if a person wants to get his BTC out of lightning? He would still have to pay the BTC fee and that lightning network will have to be used by the other person whom he’s trading with. It’s not like Visa or Mastercard unless there will be only two or three proprietary lightning networks owned by mega corporations and banks.
Third, if we have to use the lightning networks owned and controlled by mega corps or governments like the one in El Salvador, what even was the point of starting Bitcoin in the first place? Wasn’t the whole point a peer to peer cash? This does not look like a peer to peer but just traditional banking system with a middle man.
Don’t get me wrong. I do believe that BTC and other cryptocurrencies can have some value in them, otherwise they wouldn’t worth anything. But to say that BTC should be or will be 100 trillion dollar asset, almost 100 times the size of Apple, Microsoft, and Google, and even bigger than the US government and private assets is just far fetching and ridiculous to me.
I guess my question is what compels the world to accept that BTC should worth that much if it’s too slow, costly, and does not work as it was originally intended without a middle man like traditional banking system?
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source https://www.reddit.com/r/btc/comments/s36b4k/i_am_still_not_convinced_of_the_store_of_value/
