Bitcoin Forum

Hi, when I first heard about Bitcoin it changed my life. I left my [successful] career as a lawyer, I started coding and I went into academia and completed my PhD about blockchain.

I’d like to share my concerns about the future of Bitcoin. About its value, not price. About its purpose and utility. As I was always a true believer of Bitcoin and its open competitive consensus.

I projected bitcoin’s market dominance - and it indicates it is going to lose at least half of its market value within the next 3-5 years. And probably sooner or later  will give ground to Ethereum.

Though the problem is more than that. It has been locked in a paradigm that does not work. It had to become a [global] peer-to-peer electronic cash. The title and abstract of Nakamoto’s paper clearly state these goals.

But who even uses it as cash? I am looking at the number of transactions and I see pure speculation.
When was the last time someone bought anything for bitcoin? (ok, maybe on this forum there are more chances to see these rare people, but ask anyone in your town). It is not money and will not become so in its true meaning.

If you take a look at Top 10 on coinmarketcap you will see only Bitcoin and Dogecoin - two pure cryptocurrencies that are left in this list. Others are application platforms.

I clearly realise that Bitcoin should change its strategy.

Bitcoin still has one fundamental advantage - it is the most secure digital repository that humankind has ever created. This should be leveraged in its transformation into a web3/dapp platform.

Unfortunately, this Turing-complete smart contract narrative completely misled people, and apps on Bitcoin-like systems and apps on them are perceived as flawed systems, which is not true.

Throughout years of my academic research I came across a number of techniques of application development on bitcoin-like ledgers. I can say with 100% certainty there is no lack of technologies and techniques of developing well-designed and functional applications on Bitcoin, including token-applications. It is a matter of the community and its leaders - where they want to direct Bitcoin.

Before anything dramatic happens, before irreversible processes begin, I’d put my efforts with other thinkers into Bitcoin’s greater future.


If you wish to hear more thoughts about it you’re welcome to watch my video and join the discussion down below.
https://youtu.be/b_mWdQSZgPU (https://youtu.be/b_mWdQSZgPU)


*********
UPDATE:
Since many folks perceived that I was talking about forking, changes in the core, or sidechaining, I should clarify that I was not. And I am not trying to raise money for anything.
I am referring to various techniques of app development using anchoring (publishing data on blockchain). Probably the most known is OMNI Layer. I came across different techniques of app dev on blockchains (not only Bitcoin) and realized that there are methods and techniques that are worth looking at. So, to mind nothing really limits app development on Bitcoin (including creation of digital assets). Of course, there could better conditions for that. For example, block size or better scripts for publishing data (more data), etc. But look at it from another perspective - Bitcoin as a resource is limited, it should be limited and expensive - it is what it is, and it is what it makes Bitcoin the most secure repository - a digital stronghold. So, I'd work with it. And I’m pretty sure there will others who'd like to enjoy such an infrastructure for their dApps. Combining best practices of app development is the right answer. In a while I’ll elaborate on that in the Tech section of the forum.

I don't care about marketcaps, this market is not rational, people don't invest in cryptocoins like they invest in stocks - no one cares if the tech is actually working, if it's a realistic idea or not, all what people want are to see a big pump, dump at the top and move on to the next coin.

If you want to compare coins, look how many real world entities are using them. How many real businesses are using smart contracts and decentralized applications. And I'm not talking about some crypto casinos or NFT games or decentralized exchanges - those all are not real but merely another part of a "bigger crypto fool" game.

No offense my dude, but when I read this part I don't think I should even continue further. Bitcoin's market dominance is pretty much guaranteed to drop with the release of new cryptocurrencies, and it's not necessarily a bad thing. And don't even get me started with trying to predict market value.

Ask El Salvadorian on how they uses Bitcoin as cash, or maybe Nigeria or Zimbabwe or Japan, so your argument is flawed in the beginning.

El Salvador make bitcoin legal tender there.


No offense mate, but Bitcoin and Dogecoin should not be in the same sentence. Dogecoin, is a meme coin for all we know. And coinmarketcap can't be used as a gauge, of course, Bitcoin will remain on top on the list, it's the prime mover and if ever there will be challenges for it at the top, it should happen in the first 10 years as there are crypto like ETH or even XRP that time that is like battling it out with BTC (remember the so called Flippening/Rippening)?

Congrats on your Ph.D., but with your discipline knowledge, you shouldn't doubt about the future, right?
You told bitcoin is perfect. but unperfect when you compared it with a new tech token, dapp or web3 platform. which I think is different thing when combined with currency. IMO, those all clearly cannot be combined, you must fork and make new token.

Look, I don't know how deep you understand the potential of blockchain based applications (generally speaking, including smart contracts specifically as a kind of blockchain based app). I spent four years 2016/20 conceptualizing a design of a blockchain based real estate registry. In 2021, I was invited to speak before the 'Fintech' Committee of the Australian Senate, and the results of my study were used as Committee's recommendation to the Federal Cabinet - to launch blockchain land registry pilot (see Sections 5.34 - 5.36, 7.59 of the Committee's Report - Link is here (https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Financial_Technology_and_Regulatory_Technology/FinancialRegulatoryTech/Second_Interim_Report))

My point here is that there are potentially many useful applications of these technologies - I say it as a researcher that spent years working on it. Nowadays, more people understand it.

The threat is in the substitution of concepts. DLT instead of THE blockchain.
When bureaucrats hear this 'disruption' narrative that comes from cryptocommunities they freak out and look into the direction of centralized (permissioned/private) surrogates.

I would never use permissioned DLT for the land registry - how on Earth a cartel DLT should become a better solution then a typical government maintained land registry system? I'd build it on Bitcoin or a bundle of creditable blockchains - Bitcoin, Ethereum, etc. using a cross-blockchain protocol. The problem is that the think that they should control the ledger. And I say, no the should control only their application (on top of the blockchain) while the blockchain should control no one -  And Bitcoin is the best candidate to provide the immutable storage that has never been compromised. 

So that's why I am appealing to the crypto community - it's time to stop 'disruption' narratives and start 'creation' narratives. Application narratives. Cryptocurrency is not money - it is a unit of account in the decentralized infrastructure for dApps.

You can create your own Bitcoin by using your strategy and different consensus, but it's not a real Bitcoin anymore since it's Bitcoin fork similar like BCH, BSV, etc.

People aren't using Bitcoin as a currency because they're not a Bitcoin holders, not want to reveal if they're a Bitcoin holders, or not many merchants are accept Bitcoin as an alternative payment, not to mention there are few countries are still ban Bitcoin.

I believe people will use Bitcoin as a currency when the price is already quite stable in the future when the price hit 1 Million and when Bitcoin is already normal for majority of peoples, just like how people heard someone have a lot cash.

Maybe if you are talking about the whole crypto, specially altcoins, yeah they could have been projects that has this one as use cases.

But as far as Bitcoin goes, it's narrative much have chance from P2P->money->investment. But still though nothing has change since it's inception and I doubt that we will see any upgrade on the core itself. Maybe other altcoin can fit that description that you are saying.

So if you are looking for many useful applications of blockchain or whatever will be the next wave, altcoin will be the best and not bitcoin, just saying.

Hey @OP, glad to see you get a cooper membership right on your first post. Seems like you understood much about the forum from the beginning itself (being a scholar yourself :P )

---

Correct, satoshi himself said that "the core design of bitcoin is set in stone for the rest of its lifetime since its invention". And this also gives us a satisfaction that it is so strong enough from the beginning that it doesnt require a change till date.

Yes, altcoin will be the best, but which one out of those tens of thousands of shtcoins? Bitcoin is still the safest bet I'd say for the next 10years.

Bitcoin has many big falls since 2009 but collapse (if you meant this) like Terra UST & Luna, FTX exchange and FTT token or many altcoins, stable coins, I am sure with you that my answer is true, Bitcoin has never been collapsed.

I can not say about future but with what Bitcoin has had and achieved since 2009, it has been growing very good and my belief is it will continue that path in future. With such belief of mine, I don't think Bitcoin will eventually collapse.

There are so many things wrong with this statement :D
First of all what you are looking at is not "market dominance" at all. It is "market capitalization ratio" where you divide bitcoin's market cap with sum of thousands of shitcoins' market cap.

Secondly market cap and its ratio has nothing to do with value at all. It is a product of price * supply and since shitcoins have huge supplies and there are thousands of them, the ratio is small and shrinking as new shitcoins are created or old shitcoins like ethereum with unlimited supply create more supply.

Finally a useless shitcoin that relies on being pumped such as ethereum is never going to be able to gain a value higher than bitcoin specially with unlimited supply and lack of real world applications. Just look at the charts from 2017 to 2023, this shitcoin has been dumping consistently ever since the ICO mania in 2017 where it reached about 0.15BTC and it is currently worth half of that since it's been dumping!

Wrong.
Bitcoin didn't "have to" do anything. Bitcoin is A Peer-to-Peer Electronic Cash System just like it was on day one. It is always an "option" for people seeking financial sovereignty and is not supposed to replace anything or dominate the world as a money.

Lots and lots of people. Just look at the number of merchants accepting bitcoin as payment, look at the payment processors that help many merchants receive payments, etc.

LOL bitcoin transactions don't have a "purpose" field attach to them for you to see their intention.

Every second of every day.
You want real world examples? Get out in the world and look around. For example there is a computer hardware shop near me that accepts bitcoin payments and last I asked them they said they receive a decent number of payments in bitcoin.

If you look at that website's history you see that the market capitalization sorted list is always updated with the new hype trend. For example in early days the hype was innovation and new ideas so we saw coins like Namecoin, Litecoin, etc. on top. Then it was copycat coins that could pump a lot so we saw a wave of them be on top. The most recent hype is token scam so the token platforms are hot and on top until a new hype comes along.

Nonsense. Bitcoin is a currency not a platform.

What you think you are doing is not new. Many years ago someone else tried corrupting bitcoin and making it irrelevant like other shitcoins by changing the protocol and introducing flaws into the system. He failed so he went on to creating his own shitcoin called ethereum that is known to be the ultimate scam, a platform for creating useless tokens that have only managed to attract scammers and gamblers and has been dying as the fever wears off.

Trying to pretend something different can lead to defeat. It is good that there are different options in crypto and if some of them will survive and develop then Nakamoto's work gave viable sprouts and it is good. Trying to compete with Ethereum or other tokenizable nets will hardly make bitcoin more competitive, it will make it the same like others. Being particular gives bitcoin his own reputation. Right, it should develop in some direction, but definitely not in direction on copying fancy tools.

Mr speculator, you are wrong. Also know that bitcoin is not here to compete with any altcoin. But indicating that bitcoin will lose half of its marketcap when its market cap went down from over $1 trillion to $464 billion now confirms how wrong you are. Be expecting bitcoin marketcap at $1 trillion again before the next 3 to 5 years.

You need to know that bitcoin is the true decentralized form of digital currencies.

I hate people not to know anything but coming up to take attention of people and posting rubbish because if the little he knows. Where did you see it that bitcoin is cash? Bitcoin is digitally created. Another of wrong in your post is that bitcoin is not money, who told you so? What is money? You will need to learn what money is to begin to know that bitcoin is money.

But bitcoin still remain the dominant among them all.

firstly OP calls himself a scholar.
this does not mean he is wise, old and well experienced. it means he is young and still learning
but is/recently was in some higher end educational system, where his life experience is mostly just that educational system

but lets delve into a few thoughts of the OP

1. value vs values
the singular is a economic number. the plural is a sentiment of desire, need, and utility/benefit

2. value(economic number)
value is not the market price. value sits below the market price. its the most efficient acquisition COST on the planet of bitcoin (lets call it the wholesale amount)
there are real costs to mine blocks. around the world these costs vary because different countries charge different costs for electric.
using the rational costs of the main countries that are mining at industrial(large asic farms) rate you can work out a base cost(value) of the most efficient mining cost AND also the inefficient residential(hobby) rate of the most inefficient expensive cost(premium) on the planet

the retail(market) moves within this value-premium zone
because no one wants to sell at a loss and no one wants to buy higher then the most innefficient cost

3. the 2024 halving
value($15k) premium($95k) (rates of q4 2022) .. will and does increase over time (hashrate increasing) the market will go up over time
when the btc reward per block halves this actually makes the work(hashrate) cost per btc double

yep its like if 2022 you can make 10 loaves of bread per hour. and min wage is $10 per hour means $1 a loaves labour cost
if in 2024 you can only make 5 loaves an hour. but labour cost rose to $12. then that is $2.40 a loaf labour cost a 2.4x increase

no one wants to sell bread/btc below costs meaning the wholesale rate will go UP by more then double which will affect the zone the market/retail rate moves within. thus giving more pressure/incentive for the market rate to go up

4. unless hashrate tumbles down to extremely lower amounts or hashrate stays at a certain level and asics get more efficient/cheaper to run by more then 2x. all signs are showing the value/cost rate will be higher in 2024 not lower due to the halving 2x factor of production vs cost

enjoy understanding those basic economic lessons of bitcoin. and take the time to understand and run scenarios based on that.

..
comparing that to ethereum
when ethereum was PoW it had a base value/cost of $850-$10k which is why the markets played inside that window (market played at 1k-$5k inside the value-premium window)

however now its PoS that cost/value went down to $40value-$480premium.
due to a few economic and technical reasons ethereum being staked got locked into staking and not released to be sold off. so the market correction to a lower market rate within that new lower window has not happened yet due to that lock. which caused the market to artificially stay at a now high speculative bubble amount .. but it will correct down

ethereum if you check the market rate is not doing its own "price discovery" inside the window. instead its stuck at a ~1:14 rate of btc where its just blindly following btc price movements due to the economics of btc arbitraging.

yep btc is holding ethereum up due to lack of ethereums own userbase involvement of ethereum users making their own orders to correct away from this
but,, it will happen once staking can be unlocked

in short expect ethereum to correct down. whilst bitcoins market goes up due to higher base costs of acquiring bitcoin

enjoy

This shows the flaws in the educational system and the "wrong knowledge" that people sometimes learn exiting that system. For example OP is so wrong that he is referring to the most centralized shitcoin with a massive premine, serious flaws in the protocol and worse of all a mutable blockchain a "creditable blockchain".

If someone with a "PhD in blockchain" has so little knowledge and is this misled, what can we expect from regular people with no background in the field who hand over their money to the very shitcoins that OP thinks are "credible" just because they were pumped by these newbies.

Why not both then?

Sure it's disrupting stuff, but it's rubbing off on people in he wrong way. Instead of using it as money they are using it as a sort of investment vehicle.

I don't know if any non-stablecoin crypto that has had a relatively steady price similar to currencies.

I think you can't be sure in anything in such financial things. But I hope and I analyze everything and look for benefits

We are actually tired of everyone coming with different approach and perception they feels about bitcoin in other to stop misleading others on what bitcoin represent, just as you've said on your statement here, of you truly believe in the consensus protocol and how the blockchain work together in achieving this.


How will you be making comparison between bitcoin and altcoins, they all have different protocols they follows even though they both fall under cryptocurrencies, bitcoin price can not be traded for other alts not to talk of it value, you know this when bitcoin rises they also follow and when it drops, they also fell drastically.

In other words, you want Bitcoin to become something that would suit you the most, and that would be some kind of endless creation of applications and tokens on which people like you would profit  - unless you left a lucrative job as a lawyer to become some new Satoshi or rather correct (according to you) his idea of Bitcoin as a currency?

If you think that your idea makes sense and that you will save Bitcoin, you have the option, like many others, to make a fork and convince people to follow you.

---

You Australians really have strange intentions when it comes to Bitcoin, I mean considering a so-called doctor from that same country claims to be Satoshi - are you perhaps in some kind of family or business relationship?

That's a pretty bold statement since money is a unit of exchange. It doesn't have to be globally accepted to be money. You can use an example of prison money where they use cigarettes and packs of instant noodles as money.

Bitcoin is money because it can be used to buy numerous things online. You can find a long list of stores that accept it. Over the years I used bitcoin to buy a lot of things. Not as many as I bought with fiat money but I'm trying to save my bitcoin and spend fiat.

Bitcoin isn't only for speculation. I'm a type of saver by nature and when there was no bitcoin I used to save foreign currencies in cash, jewelry, silver coins. Bitcoin is superior to all of these.

You've misunderstood Bitcoin then. Bitcoin is characterized by conservatism. Monetary conservatism to be precise. And, apparently, it works. People want financial conservatism, because it acts as ground to the potential flaws a progressive economy might have. You don't do experiments to Bitcoin on a protocol level, because they break this important part of the system.

The need for a decentralized cryptocurrency has become satisfied. If you've thought of anything beyond that, propose it / talk about it / implement it. The risk of messing up the world's reserve currency to bring some questionable progress isn't worth it.

It's cool that you have a blockchain degree and that Bitcoin changed your life so much. I hope it didn't bring you sadness, and you don't regret leaving the lawyer's career you had. But why do you believe Bitcoin will lose half of its market value (share of market capitalization?)? It's currently at 40%, and it was at 38% in 2017, more than 5 years ago. It fluctuates, but it's at record low level or anything, and it's the top market share that makes the coin #1. Ethereum was at 18% in 2018 and is currently at 17.2%, so again, it's not like it's gaining on Bitcoin. Bitcoin can lose some of its share, yes, but that doesn't mean that Ethereum won't lose any of its and would surpass Bitcoin.
Bitcoin is the strongest crypto out there, the leader by market capitalization. It is used in various ways, such as for trading, as money, for long-term investment, and I think it will continue to be used this way. Bitcoin seemed to be losing slowly against cryptos in 2017, but didn't. The bear market of 2018-2019 left many deeply disappointed in altcoins, various applications and promises they made. I don't see that sort of potential being regained by anything else, and I feel like Bitcoin is now standing more confidently as a king than it was years ago.

From this document it's absolutely not clear what kind of blockchain is being proposed. But basically there are two options and both are bad. Either you will create a private network owned and operated by the government, which would lack many of the benefits of decentralized blockchains, like censorship-free transactions; or you will try to put the database on public blockchain like Ethereum, which has problems with scalability and the total censorship resistance can be a downside for your use case, because it would be hard to undo errors or theft.

Blockchain hype has been around for 7 years. 7 years is more than enough time to show real results, real use cases - not talks about potential, pilots, trials, proposals.

I think it depends on what you are expecting from the coin that you are buying. If you are expecting it to make you rich, then bitcoin or doge or any other coin would work in that situation, you can buy whatever you want, because we do not know which ones will go up, just because there are only two "true" crypto currencies left, which I believe ethereum should be included, doesn't mean that it won't make you a profit if you buy something else, proven inevitably that it does work.

However, if we are talking about something that you want to "use"? In that case I agree that bitcoin is the only one I could trust, using and investing are totally different things in the end.

People Bitcoin investors do not think like this and if they do, I don't think they will be in the market again. There are different opportunity that are available in the market for people like us and if we handle the opportunity properly then we might become wise and make good profits from the market. If you are having doubt if Bitcoin will collapse, then that would not be now. There are so many events Bitcoin had gone through that would have make the market divide but still nothing happens. So many fake news just to make sure that limited persons invested in Bitcoin but still yet the effect was not seen.

OP I think you just have a flawed view of things. First off, Bitcoin and Crypto are two very different things, Bitcoin being decentralized money, Crypto being no-really-decentralized apps and tokens. Yes the space for apps will be huge (if any of them actually start taking off, but its already big just based on pure speculation). But the space for money is also huge. Bitcoin is money, and it will grow enormously in value in that use case. Doesn't matter what the app-Crypto world of smart contracts does because that is entirely separate. So whether Bitcoin's marketcap grows or shrinks in relation to Crypto it doesn't matter because they are doing two different things and not competing with each other.

The idea that Bitcoin is not money just because it currently isn't used for buying stuff in many places is just a false conclusion. It's a currency that started from a single person and has grown to be owned by 100 million or so people and will continue growing. But 100 million people spread around the world is not very much, it'll have to grow a lot more than that before it starts being used readily for purchases. Also it is up to governments and companies to make bitcoin payments available and easy to do and govts and companies are further behind the Bitcoin trend than people are. It's just way too early to expect Bitcoin to be used as payments on a large scale. So you are saying it has failed to be money simply because it's early in its adoption.

Take a breather. Wait a decade, or two decades. Bitcoin doesn't have to be adopted by the world today. It'll still be here in 10 years, in 50 years, in 100 years, etc. As a currency that is organically growing from 1 person it has spread very quickly, but it is still far too early in its adoption to be used as a transactional currency. Bitcoin is working and its value for humanity is immense. It definitely does not need to pivot from extremely valuable money to being just another smart contract app platform.

Bitcoin is succeeding in what it was designed to do. Claiming it has failed is like claiming in the mid-90s that the internet has failed to change the world and should pivot to be something else. From that point it took another 10-20 years for the internet to really reach its potential, and Bitcoin's course to being a widely used currency if anything should be slower than that. Just in the past few years it has started moving out of its speculation phase and started entering its store of value phase. It'll be plenty of years until it is even widely accepted as that, and only once it is can it really start to move into its transactional currency stage. People expecting Bitcoin to be all it will ever be by now or it has failed don't grasp that this is an organically growing monetary technology that will take decades to complete its journey. Nobody should be expecting it to even be close to that point in the 2020s, let alone by today. Hell, it's use as a transactional currency probably won't become super evident for another 20 years. So how about people stop trying to make a final announcement on Bitcoin's success or failure when 99% of the people in the world don't even yet know what's so valuable about it.

In tradition with other replies, let me start in the same way: No offens bro, but...

... but it doesn't matter what's written as a headline in the Bitcoin whitepaper or what Satoshi envisioned or didn't envision. Right now, Bitcoin serves mostly as a digital store of value, similar to gold. However with a bunch of massive advantages in comparison to gold.
There are lots of approaches to also add the "electronic cash" idea, such as the lightning network but that's still not it's main use-case. Your visions of a turing complete Bitcoin similar to Ethereum may become a reality. But not in the near future, and it is also not necessary at all right now.
The need for a decentralized, borderless and secure payment- and store-of-value system exceeds the need for a dApp-overflow that ETH and similar chains are experiencing - there is no majority that wants to risk Bitcoin's stability and security to implement these features.
Especially since these other chains run well and at least Ethereum does have some kind of real decentralization going on.

Exactly this.

Ok, got your idea. I wouldn't react on the market dominance too much either. My concern is that the crowd can. Secondly, I started with this argument but then noticed that it is not the main point.

What's your point of view on bitcoin's use and utility? I noticed that some folks here are trying to convince me that it is widely used as electronic cash, i.e., the purpose it has been introduced in the first place.
Even if we assume that there  are remarkably many people use it as electronic cash, I think the idea of Bitcoin as a platform is still valid taking into account that it does not require forking and changes in the core.
There are some techniques of app development on top of the blockchain. They are different but many of them have merits. For example, Tether used OMNI protocol to run USDT on Bitcoin Cash.
So, advancing these protocols and techniques, would let more people use Bitcoin's infrastructure.

---

El Salvador make bitcoin legal tender there.
[/quote]


I could not find figures. Is it used there? How many people, volume of btc payments, etc.


Dogecoin is in this list because it is in Top10 on Coinmarketcap, the only (beyond BTC) cryptocurrency not an application platform in this list. (and excepting stablecoins, like a said as their apps on platforms).

---

And the most important - I've never said about forking. Bitcoin has everything to become the app platform "as is".
OMNI Layer is the example. I don't think it is the state of the art technology though, I know even better techniques of app dev.

---

Some people understand the idea of Bitcoin-as-a-platform as the idea of forking or changes in its core. It doesn't.
There are well explored techniques of Turing-complete apps (while the crypto itself is not Turing complete though (I know it is confusing a bit).
OMNI Layer is one of the examples. Not the best one, I'd combined it with several other techniques. But it is another topic. I will elaborate on it soon in Tech Section of the forum.

---

Thanks for sharing your thoughts
Look, Forking is not the best way to do it. I noticed that some folks understood it as forking or changes in the core.
In the posts above I clarified there are different techniques of app development on top of Bitcoin. OMNI layer probably is a well-known tool for that. Not the best technique, to my opinion.

---

Thanks for your reply. I wrote it above. It is not about a fork or a change in the core.
But the use of techniques of app dev on top of Bitcoin. I think I should elaborate on that in the Tech section of the forum soon. I came across well-developed tech-s that can be used or combined.

---

- That would be great, mate!

What do you think if Bitcoin becomes an app platform (no forking needed)? More people will buy bitcoin for some purpose so to say. As to 'buy' a transaction in their application they need to spend some BTC, i.e., to pay it as a fee for a transaction in a Bitcoin-based app.

You looked for the wrong crowd on this forum to tell everyone that Bitcoin is useless in it's current form.  ::)  I see what you are saying and I agree that Bitcoin needs more use cases and applications to expand it's capabilities, but forking Bitcoin to do that is the wrong way to go... we saw what happened with the BCash wars.  ::)

I think the side-chain developments are enough for now.... but on-chain solutions should still be developed to increase on-chain transactions. As for Bitcoin being used as a currency, well that is being sabotaged by many governments.... not by the technology it self.  :P

- - I disagree. It is called " Major Cryptoassets By Percentage of Total Market Capitalization (Bitcoin Dominance Chart)"
 - "The […] graph shows the individual proportions of the largest ten cryptoassets relative to the total market capitalization of all assets."
The methodology is not the best (for example, they include stablecoins), but still indicative...
I am open to other methodologies if you came across any worth mentioning. Thanks!




- I couldn't say better.
Though I started with this argument but then noticed that it is not the main one.
So what is your opinion on that fact that it is not widely used as is meant to according to the initial purpose?
I finally, my point is – whatever – this is a digital stronghold that can be use a platform for apps. This is the bloody value.  And like I wrote above; it does not need forking. But using the known techniques of app development on top of Bitcoin






I disagree again. You would be so limited in options if one day you decided you want to live that sovereign life. How would you rent an apartment, about groceries? How'd you pay for public transport or gas? I heard those crazy stories that someone tried to.  Not many people want these hardships.
My point is that theoretically many things possible - practically btc did't not achieve that goal. Maybe will – but who knows….




- Can you publish a picture of a place in your neighborhood where you can a have meal for btc?
i mean it. I tried to find anything in my town - no options.



I suggest you can start your journey on exploring 'Bitcoin as a platform' from OMNI layer. Not because it is the best technique but it is on the surface and quite easy to grab the idea. You will be surprised, but literarily ALL platforms which don't belong to the branch of Ethereum-like platforms, USE fundamentally the same approach and technically can be separated on (1) cryptocurrency and (2) app platform on top that relies on cryptocurrency infrastructure.


--- I'm sorry you have the impassion that blockchain based apps are all scams. It is not true. Though I agree that on the surface we see plenty of scams.

I spent years on conceptualizing  a new generation land registry system as an app on blockchain with a title token as the main element of the app  ---- to eliminate bureaucracy, brokers, lawyers, registrars, notaries and so on. Why not use Bitcoin as an infrastructure for such applications?

Because people forking Bitcoin and create their forked coins not to create more use cases and applications for Bitcoin. They did that to create wealth for themselves by stealing Bitcoin from naive people who believe in their white paper, roadmap and bright future of those forks.

Unfortunately, those forks are dead altcoins and after a few years since 2017 fork year, very little Bitcoin forks still alive in 2023.

How Many Bitcoin Forks Are There? You will be surprised!!! (https://bitcointalk.org/index.php?topic=5221882.0)

Even not-dead-yet forks, they are far to call as successful projects. BCash is a failed project, not a successful project and it is a most famous Bitcoin fork.

- Well, stepping into the field of platforms Bitcoin could have its own stake.
Some needs smart contracts', someone speed. Bitcoin can offer greater security.

---

I didn't say it would lose half of its markecap. I'm sorry if you understood my statement. I my video was a bit more accurate though. The talk was about "dominance". The proportion of it cap among others.
Though it was just an opening argument. The point was about its utility and the use of Bitcoin as a platform (no need to fork or change its core).



Hatred is a very strong feeling. For example, I hate russians that invaded my home country last year and killed so many innocent people. I don't understand why you hate me and call it rubbish? You could be less toxic, couldn't you?

Where do I see bitcoin is cash? Right here:

https://bitcoin.org/bitcoin.pdf
Bitcoin: A Peer-to-Peer Electronic Cash System
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution...

---

I replied several times above showing the example of OMNI layer - a technique of app development on top of Bitcoin.
I came across other techniques. So, my point is that it does not need forking or a sidechaining.

---

How exactly premining in Ethereum compromised its security? Do you have any facts that you can refer to?

---

There is another option. With no forks or changes in the core.
I wrote above it and mentioned OMNI Layer - a technique of app development on top of Bitcoin  (I wrote about omni many times above, and now hate myself for it, as I don't want to promote it - but it is on the surface and easy to grab the idea.

Do you have anything againsts innovations if they bring value and their creators can earn?




I am Ukrainian.

---

- In my video (find the link in my post) there was an example with shell money. Broadly speaking, I completely agree with you, many things can be used as money.
It does not change the situation - Bitcoin has a very distinctive and undervalued feature – its scale and security. Which can be used as a platform for apps (no need to fork) - which will make bitcoins even more valuable.

---

- looks like where was one thing that I should have clarified. I wrote about the use of bitcoin as a platform. And it looks like a lot of people perceived that I am talking about yet another forking or any other intrusion in the core.

In further clarified that there are remarkable techniques of app development without forking. OMNI is probably one of the most famous. But it can be improved with other advanced (but less known) techniques.

---

Thanks for sharing your thoughts. As you might have noticed even though my projection is more pessimistic than yours in either scenario the extension of bitcoin utility will  strengthen its value.

Look, I wrote many times up there - I am not offering forking. But combining of various techniques of building apps on top of Bitcoin. I used OMNI layer as a well-known example (I am not promoting; it has merits though).
so, what do you think if more people start developing their applications on Bitcoin?
I myself spend a while developing a concept of a new generation land registry (with title tokens). It  can be created as a Bitcoin-based app. Like USDT run above Bitcoin Cash (among other chains…)

Will it be useful for bitcoin ecosystem if some high-profile projects are be hosted/anchored on bitcoin?

---

No private/permissioned chains. I wouldn't choose any of these surrogates. Because it is basically yet another centralized technology. Why it is better than any existing land registry system?
In my submission to the Australian Senate, I offered a bundle of blockchain to ensure market competition of blockchain technologies.
I didn't offer specific chains - as I think this would require a separate exercise.
I'd create a committee and invite credible experts to define criteria under which to choose chains in the bundle, how many chains should be in the bundle and criteria how and when chains are expelled, and new ones are accepted.

P.S. I impressed you read that document. Thanks.

---

Thanks for replying. I would name some other true crypto s which are far down in the list – disregarding their cap. Some remarkable technologies are just unlucky…
However, what do you think about using Bitcoin as platform? without forking it? I wrote about it several times above.

---

- there are different opinions about the future of bitcoin. In the rage of optimistic and pessimistic scenarios, the idea to use it as a platform is still valid, especially that no forking of changes in the core are needed.

---

Is it?
at the bottom of Ethereum is cryptocurrency. If we forget for a moment about "crypto" (e.g. smart contracts, tokens, etc.) what is left - Eth.
What I am trying to say bitcoin could be used as a platform for apps, it does not need forking or changes in the core. but techniques like omni, or more advanced. Thanks for sharing your thoughts!

---

Thanks for sharing your thoughts. What would you say if bitcoin could be become a platform conventionally not through a forking or core intervention?
Well, I have to apologize. I have been researching this topic for a while and when I wrote that post I didn't realize that it was not obvious for some other people. It appears idea to use bitcoin as a platform is perceived as yet another fork. I am yet another bloke that wants to raise some money…
I've clarified though in further posts that it does not need forking. But the use of  techniques of app development on top of Bitcoin. For example like Tether USDT uses OMNI protocol to run their tokens above Bitcoin Cash. Probable OMNI could be improved and advanced as I came across other technologies that are worthwhile.

---

Like  I clarified above, I didn't mean a fork, a sidechain or a core change.

There are techniques of app development of top of Bitcoin (or better to say Bitcoin-like system - if we are talking pure about technologies to develop apps on top of a blockchain).
It's a big topic....

---

Again, I have to clarify that i've never said forking or a sidechain or alt or else.
It is about known techniques of app development on top of Bitcoin.

I have nothing against innovation, but I do have something against Bitcoin changing in the way you suggest. No matter what your intentions are, the majority will not agree on such radical ideas, because that would be the end of Bitcoin as we have it today.


You mentioned giving speeches in front of the Australian Senate so I assumed you were from that country, but that doesn't really matter - it was written in the context of the fact that some people have really weird ideas when it comes to Bitcoin, so I linked it to CW Faketoshi.

---

@Oleksiiko, please try to use the multi-quote option instead of replying to each post in a new post - it's against the forum rules.

There is a coin for everybody's taste in the markets. If you are somehow not happy with bitcoin, you can always use ethereum or any other eth-like crypto where you can create tokens and do all other flashy stuff. Bitcoin is about making transactions only.

If any other coin don't amaze you and you also find them lacking features, then create your own crypto. Fill that empty space, be a hero and get rich!

Don't blame bitcoin for not having certain features.

Eth's founder Vitalik didn't like the state of bitcoin back in the day and he created his own blockchain and look how well he did.

What's stopping you?

When you are hurrying to get things better you can lose what good you already have. Bitcoin is a very respectable project which still holds reputation of entire crypto world in a major part. Of course we all know that it is changing with time and will do so further. But when we talk about how bitcoin should change we should IMO talk about solid time-tested ideas which will not hurt bitcoin in any sense. Trying to hurry to be everything is not that. It is good that in decentralized world of crypto different projects occupy their own niche, it is how decentralization works. The best decisions probably will be implemented into different projects in time, we'll see, but there's no rush.

Once the OP's account is archived, I hope he doesn't come back with his alt account and and responding to different users on the topic and make the same mistake. So I don't know the importance of us going into length and quoting him now that his account is archived.

Bitcoin will only get stronger, and in the future there will be many adoption cases expected from different countries. Bitcoin will not collapse without major problems, but because this technology was created by humans it is always possible to find better substitutes. We never know that, but intelligent people may be working on it.

Maybe you are partly right that Bitcoin has certainly had a significant impact on the world of finance and technology, but its original goals and purposes have not been fully realized. As you point out, it was intended to be a global peer-to-peer electronic cash, but it has not quite lived up to that vision.

It's true that Bitcoin's value and utility may need to evolve in order to remain relevant in the fast-changing world of cryptocurrencies and blockchain technology. Leveraging its security features and transitioning into a web3/dapp platform, as you suggest, could be a smart move.

You're also correct that there is no shortage of technologies and techniques for developing well-designed and functional applications on Bitcoin. The challenge is in getting the community and its leaders to recognize the potential of these approaches and embrace them.

There will always be possibilities. Not being acknoledged as a currency to many countries could already be a factor; perhaps countries prohibit its usage. How come people would be able to make use of it? Also, FUDs. The market value is simply dependent with demand. Also, demand is affected by many factors which make it prone to such instances. This industry is not as established still as it is supposed to. One proof is volatile market value wherein as a currency to be used on payments, it is definitely a down end. But as an asset for sure it has its advantage over other currencies. We would only know once we get there. Right now chances are low but not zero. So be cautious still and avoid being too optimistic.

It is not just not-the-best, it is wrong. When shitcoins can magically summon market cap out of thin air. For example 72 million eth is premined and is not all in circulation but contributes to its fake market cap value, that's about $115 billion of the total market cap (roughly 60% of this shitcoin's market cap) and that's just one shitcoin. Ripple foundation pulls supply in the billions out of their behind. eth classic doubled its supply to keep its rank up in the fake MC list, ...

Bitcoin adoption as a means of payment has always been growing consistently and that is the only thing that matters. The degree of that adoption is not.

When the first vehicle was invented, you couldn't use it to go everywhere. You couldn't travel between cities, you couldn't even go as fast a carriage with horses, etc. Not many people wanted that hardship either but that didn't mean the "car" had to be changed so that it can wash your dishes, iron your clothes, etc. to be adopted!
It's the same with the brand new innovation called Bitcoin. Just because it hasn't yet reached mass adoption where you can see every Joe in the streets using it, that doesn't mean we should add nonsense on top of it and fool ourselves into thinking we are helping its adoption.

If I convert a movie to hexadecimal and then start a topic on bitcointalk and post the raw bytes here in one or more posts would you continue calling bitcointalk a forum or a movie sharing platform? Would I have not [ab]used bitcointalk for something it is not meant for?

Not all blockchain based apps are scams but all of them are useless and all of them can be done in a much better way without the blockchain. The platform called ethereum and the project itself is a scam though.

If the law and regulations are broken you should fix that instead of trying to add more complications on top of it.
In other words there is nothing stopping the government from forcing you to go through all the same bureaucracy, brokers, .... even if you are using a 100% decentralized token on a 100% decentralized platform.

There's a financial law called the "Thomas Gresham law". Thomas Gresham states that "bad money drives out good". I've written multiple times about this in previous forum posts. Bitcoin is "good money" because it preserves value. Fiat money and almost all shitcoins are "bad money", because they lose value. This means that they have to be spent now, otherwise they will be worth less tomorrow. Bitcoin should NOT be spent now, because it will gain value tomorrow. I don't care about Bitcoin not being used as a normal currency on a daily basis. Gold is also "good money". Do you see any people using gold as a currency for daily purchases? Nope.
I couldn't care less about marketcaps, Bitcoin dominance or the altcoins, tokens, smart contracts, applications, etc.
It's a free market, if the people want tokens and smart contracts, let them buy what they want.