Another person talking shit. I spend bitcoin all the time. Stop lying and spreading misinformation. Which third world countries are you talking about that have money that fluctuates like that?
You say you won't spend bitcoin because it will be worth more in the future? Then convert all your fiat into bitcoin because using fiat to buy something is the same as buying bitcoin with the fiat beforehand the only exception is that you are using a superior payment method instead of crappy fiat.
The fact that BTC can be used as a currency doesn't mean it'll ever be used as a widespread medium of exchange. That is what I took the OP's message as, that it won't catch on and be widespread. Of course BTC could buy 'something'. LTC can buy stuff too, and I expect Doge as well. I recall Beancash could be used to buy stuff if willing to jump through some payment hoops -- but I wouldn't exactly say it's going to be an everyday currency used by most people. If you feel otherwise, that's fine. I simply don't think the volatility issue will really ever be fixed. BTC as 'digital gold' is still good enough, that's at least a real world use. As for countries with currency issues, Venuzuela comes to mind. This is a clear explanation. I don't use Bitcoin for everyday transactions. I think the current transaction data is not showing signs of Bitcoin becoming a widespread medium of exchange. Conflating the medium of exchange story with store of value is either hype or spreading misinformation. |
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To me Bitcoin being a store of value is enough. As we know that that the oldest store of value is gold and it is very hard to digitalized it, so a digital asset like Bitcoin will be a worthy store of value in the 21st century.
That's enough for me too. It'll make a good return for Bitcoin holders. I think the Bitcoin community is trying too hard to sell the medium of exchange idea. It makes them look like a scam. The crypto story is incomplete. In order to cover the holes, people stretch their claims. |
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right now its can be used to buy stuff online. its a medium of exchange. right now one way to buy altcoins like ETH is to have BTC first. cryptocurrencies are medium of exchange it functions like fiat. its even in the forex market now just like a real fiat. you may not spend it but some people do. we keep trading it like currencies buying USDT with BTC. there is no good and bad money here what we have are bloodmoney.  Bitcoin is blood money. I'm sure people losing sleep over it. People go to prison because of it. I personally like sweat money. I think Bitcoin is sweat money too. Why bleed for money? I want to enjoy life. Forcing narrative too hard makes me look like a scam. I don't preach Bitcoin as everything money. |
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This argument could be valid in future if Bitcoin failed to gain market share and people just decided to use it for store of value, another thing to look at is the lighting network, the success of lighting network is going to determine if BTC is going to be use for medium of exchange because the transaction fees that people complained about that is high is going to be reduced significantly
Even in the world domination scenario, Bitcoin won't be a medium of exchange. The key is here: The Bitcoin supply is fixed. But its demand is unpredictable.Bitcoin will always be desirable because of its fixed supply. Other "bad" money will take it out of circulation. |
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This argument could be valid in future if Bitcoin failed to gain market share and people just decided to use it for store of value, another thing to look at is the lighting network, the success of lighting network is going to determine if BTC is going to be use for medium of exchange because the transaction fees that people complained about that is high is going to be reduced significantly
eventually this LN will be used in more wallets that we may not even need to create channel anymore but simply send to any address since by default all are using LN. BTC is meant to be spent, to buy products on stores that is why we do have QR codes for it. right now we can send fees already, its not just going to be SOV, it all depend to how you will use it. You should examine my last point: "Bad" money always exists to prevent "good" Bitcoin circulation. If Bitcoin is a Store of Value, it's desirable, people won't put it in circulation. |
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We've had a lot of tech innovations. Have you ever asked why tech stack innovations haven't done anything to drive crypto usage? Ethereum was the first major rebuild tech project. It came with a lot of promises. The tech stack innovation list is long: consensus, mining, cryptography, privacy. Recently, there're stacks that promise even more flexibility like Polkadot. There're a lot of experiments. Even within Bitcoin, there're a lot: big block, SegWit, Lightning Network, sidechain.
i haven't seen that much innovations to be honest. swapping SHA256 with Keccak256 and secp256k1 with secp256r1 is a change but not an innovation in usage of cryptography. and ethereum is not the first nor the biggest rebuild, not by a long shot. We're still stuck at speculative phase. We can try tech stack rebuild for the next ten years. Maybe, we'll figure out something. But I think developers are wasting time building solutions to imaginary problems. We have enough technology to solve crypto problems for the next 5-10 years.
that's the thing though, we already have the technology and implementation of it that is working well. that is why i believe that if someone new wants to come along it has to be innovative. The problem is in crypto economics. I'm not changing just supply cap and block interval. I want a chain that has inflation as its main feature.
i get your point and it is an interesting approach BUT the problem is that this was also tried... multiple times... many of the bitcoin fork (which is probably about 200 at this point) has tackled inflation in one way or another. economically such settings could not survive the long run. what inflation does to the price of a cryptocurrency is that it keeps decreasing it, and since traders nowadays know this already they won't touch such coins. having low price that keeps going down due to inflation means the chain could not be kept secure over the long run hence it could destined to fail from day one. Thanks for the reply. We digress from this topic. But I want to respond. I personally view that we've tried so many combination of technology. I've been following the tech. I'm not hopeful. I can't see how further technology experiment would move the needle. I guess nobody has any good idea so we follow Vitalik on his latest tech proposal. I know Ethereum, Dogecoin, Grin have tail emission. But they are constant emission and intended to support mining. They eventually will behave like zero supply. Stella has inflation but their inflation is distributed through a voting process built on top of Stella protocol. They have since abandoned inflation. They may succeed if they really stick with inflation. But I think their priority is to come up with something that matches USD for payment. I see the problem with dumping if supply inflates. So I design a reward schedule to prevent dumping. 0: 50 (supply: 10 million) 1: 25 (supply: 15 million) 2: 12.5 3: 6.25 (end of halving) 4: 6.56 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 (supply: 31 million) When inflation starts, the reward increases from 6.25 to 6.56. After 10 years, supply is 31 million. Supply will reach 100 million in between year 27-28. The chain has inflation. But it doesn't really mint that many tokens. Its supply is still restricted by inflation. There's a field of currency speculation. Fiat currencies have inflation. I don't worry that traders won't touch it because it has inflation. I think this reward schedule can bootstrap an inflating crypto. That's the new idea. |
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Bitcoin world domination does not reduce price volatility
To me, that is the biggest flaw with the idea of ever using btc as an everyday currency. And I see no real solution ever presenting itself. As a store of value, digital gold, sure, btc could work. But as a replacement for fiat, not really, outside of 3rd world nations with hyperinflation. And even there, BTC probably isn't the ideal crypto to use in place of fiat. For a crypto to catch on as a medium of exchange, first off it needs to be stable. Then it needs to charge less fees than credit cards do, and be just as fast. And consumers will need to be able to use this crypto seamlessly, as easy as other forms of payment, and ideally it'd have to be cheaper to use from a consumer standpoint than a credit card which typically offers 1-5% back. So.... umm... currently no cryptos really qualify, and btc certainly doesn't. I'm working on Bitflate, a crypto with constant inflation. I think inflation will make price stable and Bitflate token more suitable for transaction. We intentionally make a crypto less "good" so it'll circulate. Inflation discourages HODL behavior so people will put Bitflate token to use. It's an experiment. I'm not sure it'll be able to match fiat efficiency. But it has a chance to address the transaction use case. |
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There are a lot of tech stacks already for crypto. I don't think the problem is with the technology. I'm experimenting with monetary policy. I'm making a coin with inflation. I think Bitcoin model, Proof of Work, is good for making decentralized money. So I think building it out of Bitcoin model is a good choice. Another candidate for inflation fork would be Litecoin.
I designed the reward schedule to give early adopters more coins. But some users have asked me about wallet options. That is why I'm doing some research on this topic.
if there is user requests then it makes sense. as for the coin itself, if all that you are changing is the supply model (supply cap, block rewards, halvings, block intervals,...) then it is not going to be considered a new project. it will be yet another poor copy of bitcoin. i personally would value a coin that was created from scratch a lot more than a coin that simply copied bitcoin. i am sure others are like this too if you check out bitcoin copies prices! and there is a ton of things in bitcoin that could be changed to improve the result. from small things such as transaction structure and certain encodings (eg. DER for signatures) to more advanced topics such the cryptography (eg. usage of ECC and SHA-2) and scripting language. We've had a lot of tech innovations. Have you ever asked why tech stack innovations haven't done anything to drive crypto usage? Ethereum was the first major rebuild tech project. It came with a lot of promises. The tech stack innovation list is long: consensus, mining, cryptography, privacy. Recently, there're stacks that promise even more flexibility like Polkadot. There're a lot of experiments. Even within Bitcoin, there're a lot: big block, SegWit, Lightning Network, sidechain. We're still stuck at speculative phase. We can try tech stack rebuild for the next ten years. Maybe, we'll figure out something. But I think developers are wasting time building solutions to imaginary problems. We have enough technology to solve crypto problems for the next 5-10 years. The problem is in crypto economics. I'm not changing just supply cap and block interval. I want a chain that has inflation as its main feature. |
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Original Post: https://bitflate.org/post/2019/11/24/bitcoin-will-not-be-a-medium-of-exchange.htmlBitcoin is "good" money. It’s too good that "bad" money will crowd it out of circulation.Bitcoin is digital gold. It’s the number one Store of Value in cryptocurrency. But it doesn’t do much for us besides Store of Value. Some Bitcoin supporters argue HODL is a use case. More use cases will come. There is a narrative: Store of Value first, then Medium of Exchange. In this narrative, it’ll take time for Bitcoin to gain widespread adoption. Once it reaches critical mass, possibly hundreds of trillions of dollars, people will then use it as a currency. This narrative is convenient and used to justify Bitcoin ever rising price. Nobody knows exactly when Bitcoin will reach critical mass. I agree with Store of Value use case. But I don’t agree that Bitcoin will have other use cases. Bitcoin is currently worth more than 100 billion dollars. We see few indications that it is being used as a currency outside of crypto world. Bitcoin is a valuable commodity. It will not be used as a medium of exchange. Gresham’s law: bad money drives out good moneyThis principle states that more valuable commodity (good money) will gradually disappear from circulation. It will be replaced by less valuable commodity (bad money). For example, if people are currently using silver coins as money, the government decides to switch to copper coins. Government decrees that both coins have same value. In this situation, people will hold on to silver coins and use copper coins. They will spend the bad money (copper coin) and keep the good money (silver coin). Bitcoin supporters tout it as the good money, the "goodest" money. Hyperbitcoinization will eliminate all bad money. It is misleading to label money as good and bad. Any form of currency has some use if it is in circulation. Fiat money makes the good/bad distinction fuzzy. These bad currencies are in circulation because they are just easier to circulate. The good, sound, and hard money is simply harder to circulate. We should classify money as the desirable (good) money and the less desirable (bad) money. There is a spectrum between desirable and not desirable. In this spectrum, Bitcoin is highly desirable, gold is desirable, USD is desirable, Euro is next, Venezuela bolivar is not desirable. Gresham’s law continues to apply to the spectrum. The less desirable money will drive out the highly desirable money. Bitcoin world domination does not reduce price volatilityBitcoin needs to reach critical mass for world domination. This is a future outcome that Bitcoin supporters often pitch. In this future, Bitcoin price will become less volatile. It will be suitable as a medium of exchange. This argument derives from micro view of Bitcoin economics. If Bitcoin market cap is hundreds of trillions of dollars, a few hundred billions exchange will not affect price. The flaw of the argument is it assumes Bitcoin is micro and local. Bitcoin is permissionless and global. It is accessible by everyone. Bitcoin supply is fixed. But its demand is unpredictable. Humans are fallible. We may go into wars and induce recession. We may achieve productivity breakthrough and grow fast. The future is unpredictable. Another factor is high fee. When Bitcoin no longer gives out block reward, miners will need to raise fee. When a transaction has high fee, bitcoin owner will need to have substantial gain to justify high fee. Otherwise, he/she will do better by HODLing. Bitcoin price will continue to be volatile. Bitcoin will not be a medium of exchange because of price volatility."Bad" money always exists to prevent "good" Bitcoin circulationBitcoin is decentralized money. It exists because many of us believe it has value. It is unlikely that everyone on planet Earth will unify into one single belief. There will always be other kinds of money. These money won’t be as desirable as Bitcoin. Therefore, people will put them in circulation and keep their bitcoins. Bitcoin will be a Store of Value. We will use other "bad" money as currency.Bitflate is a cryptocurrency with constant inflation of 7% per year. |
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Everything that you described looks very interesting. I would like to see this when it will work. However, I do not fully understand the purpose of this experiment.
We don't know where inflation comes from. Economists generally agree that 2-3% inflation is healthy for economy. They don't have scientific evidence for it. Inflation seems to be an illusion to motivate us. I think inflation is a natural phenomenon. Even the physical universe inflates. When I look at cryptocurrency, its economics does not make sense. Everyone touts Austrian economics and deflationary supply. We end up just hoarding tokens. I think crypto economics is incomplete. The purpose of Bitflate experiment is to find a way to incorporate inflation into cryptocurrency. Bitflate introduces 2 new ideas: inflation and a reward schedule to bootstrap inflation. Bitflate has 7% inflation for transaction use case, Bitcoin has zero inflation for Store of Value use case. Together, we'll have 3.5% average. Maybe, they'll make an ideal pair of cryptocurrencies. |
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If he wants to create a new coin, he can. But claims are huge, and I understand from his ideas that he will make a coin with the limitless supply that everyone uses which better than ETH and BTC. But I have never heard about a valuable asset that has an unlimited supply in the economy.
I'm not making a claim that Bitflate is better than Bitcoin. I think Store of Value and Medium of Exchange are 2 different use cases. Bitcoin is Store of Value. We need a coin with inflation to make crypto work for transaction. I don't see Bitflate directly competing with existing Store of Value. Bitflate will have 7% inflation rate. But its coin supply is still limited by inflation rate. After the 1st year, we'll mine 10 million coins. But to get 30 million coins, it'll take 10 years. See reward schedule below: 0: 50 (supply: 10 million) 1: 25 (supply: 15 million) 2: 12.5 3: 6.25 (end of halving) 4: 6.56 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 (supply: 31 million) |
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If you launched your project in 2017, people will be in a hurry to support, join and invest in your project, they will sing hallelujah for creating a project like yours, but this is 2019, investors and bounty hunters are wiser now, they have seen enough, so many similar projects like yours, that failed investor's expectations, so many funds are invested in a non sense project, I doubt if your project is unique from all the project that come and go.
Bitflate dev here. I think if I launched in 2017, I wouldn't have been able to compete in ICO rush. People would have laughed at the idea of adding inflation into crypto. Many still do. Everyone was jumping on the next big platforms. Most of the coins were pumped and dumped. It'll be very hard to get my idea across. I propose running a parallel blockchain with inflation. It is fairly strange and weird. It is against the idea that made Bitcoin successful. But maybe, my idea is launched at the right time. In 2019, ICO rush is over. We've tried a lot of technology, platforms. Adding more layers to Ethereum won't make it better. Lightning Network isn't going to make Bitcoin more transactional and drive adoption. Will halving make price go up? Litecoin is showing us that it may not. There's less noise in the crypto market. It's time to revisit the core tenet of crypto: deflationary supply. We need another blockchain with inflationary supply for transaction. Bitflate introduces 2 new ideas: inflation and a reward schedule for early adopters to bootstrap inflation. They're both about economics, not tech. I think we've tried enough tech. I studied many blockchains. I decided that we only need these 2 changes. I need help with Core client and wallet development. If anyone is interested, please reach out. Join our Discord channel: https://discord.gg/utnEyp8. Bitflate is experimental. It's decentralized like Bitcoin. Anyone can mine, buy, sell the coin. I don't make any price prediction. I personally think it has potential. Not investment advice. Do your own research. |
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Bitflate seems like a very unique idea! Probably the most fresh idea in crypto market I have seen this year! I have seen majority of the token companies are building various platforms and products and 99% of them are failures because they try to solve problems that don't exist!
But this is the first time, I am seeing something fresh that directly functions with the economical parameters! However, utility is something that you shouldn't forget! Having a crypto which takes care of the inflation is good, but make sure you create platforms where people can utilize it! Otherwise the entire ecosystem will jeopardize!
Bitflate is going to stay close to Bitcoin platform. Its only difference is the monetary policy. It follows the latest release of Bitcoin Core, currently 0.18.1. I intend to keep it up to date. Bitcoin is Store of Value. Bitflate is transaction coin. I think Bitcoin platform has a lot of firepower. It's got SegWit and sidechain. We should be able to implement other layers on top of it. I anticipate Ethereum, Litecoin and other chains will launch their inflating parallel blockchains. It'll be exciting.  |
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Why create a cryptocurrency in 2019? well for me new coins are suppose to do better than old coins in terms of features and tech but this is not how i see things today, its now all about profits Tell me is bitflate you made mention not created for gains? lol Of course, Bitflate is there for making money. We need more experiment with monetary policy, not tech. For Bitflate, I believe the market needs an inflating cryptocurrency. I myself look forward to new ideas with monetary policy, not tech. |
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I've developed Bitflate, a cryptocurrency with constant inflation. It will inflate at 7% per year. I recently came across Ideal Money, an article from John Nash. https://www.jstor.org/stable/1061553?seq=1#page_scan_tab_contentsIn the article, there's a similar idea: "But, simply to improve the conditions under which agreements regarding long-term lending and borrowing would be made, a money would be more or less equivalently good if it had a completely steady and constant rate of inflation. Then this inflation rate could be added to all lending and borrowing contracts." John Nash lecture was in 2001, prior to cryptocurrency. This idea is similar to what I'm pursuing with Bitflate. But I think there's a difference between low rate and high rate. With low rate, a currency will behave like a Store of Value. This happens to gold and Bitcoin. With high rate, a currency will behave like transaction money. I wonder how we would interpret Nash's view in cryptocurrency context. |
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Original Post: https://bitflate.org/post/2019/11/20/why-create-a-cryptocurrency-in-2019.htmlBitflate is a cryptocurrency with constant inflation of 7% per year.It’s 2019. I’m pitching my idea of Bitflate, a cryptocurrency with constant inflation. I’ve got a lot of NO feedback. Investors tell me the age of tokens has passed. We don’t need more tokens. Crypto enthusiasts tell me I’m just forking Bitcoin. It’s been done so many times. There’s no new innovation. Bitcoin is the king of cryptocurrency. Ethereum is the king of token platform. Bitcoin has sidechain, Lightning Network. Ethereum has programmable blockchain. Everyone should start building on top of these platforms. We don’t need to reinvent the wheel. We don’t have the platforms we needWe have many platforms. I’m most familiar with Bitcoin and Ethereum. Their economics operate under the same assumption: limited supply. Supporters of these platforms value this property. Price rise is a big incentive to motivate communities. At market level, we can see token growth as a kind of inflation. As more projects launch, people have more tokens to choose. In 2019, the prevailing view is we have too many tokens. We need to innovate the technology. High profile investors continue to put money behind projects that experiment with technology. I’m a software engineer. I have seen smart and innovative technology in crypto market. In Bitcoin, we have Lightning Network for scaling, sidechain for launching derivatives. In Ethereum, we now have solutions building 3-4 layers on top of the main chain. There are other platforms improving components of Bitcoin and Ethereums. I have come to the conclusion that technology is not the problem, at least right now. We have enough technology to solve any problem in the next 5-10 years. We don’t need more solutions to solve imaginary problems. The real problem is our base layer is missing some economics. Bitcoin strength and weakness: limited supplyBitcoin has successfully bootstrapped using limited supply. Its limited supply and halving increase market price. I think Bitcoin would not survive if it didn’t have this property. There is economic and social movement built around Bitcoin. People promise liberation from the existing monetary system. Despite of the hype, the main use case of Bitcoin remains Store of Value. It remains and likely continues to be a speculative asset. With Bitcoin, we HODL. The feature that defines Bitcoin hinders its adoption. Its strength is also its weakness. Ethereum and other tokens face the same challenge. People in crypto don’t recognize this. If users don’t make transactions with tokens, there is no point building layers on top. Experiment with monetary policyI’m making the case for new experiment with monetary policy. With Bitcoin, we already solved the Store of Value use case. But we need to rethink limited supply. The world needs more than Store of Value. Life isn’t just work and stash. Crypto needs to grow up and accept reality. We need to stop preaching a limited supply money future. We need to create a cryptocurrency that people want to use. The missing platform: cryptocurrency with constant inflationBitflate is a cryptocurrency with constant inflation. It is experimental. My experiment is simple. I take what is working in Bitcoin and change monetary policy. I think it has the technology we need. Bitflate does reward halving until the 4th halving. Then it starts inflation of 7%. The reward schedule is as follows: 0: 50 (supply: 10 million) 1: 25 (supply: 15 million) 2: 12.5 3: 6.25 (end of halving) 4: 6.56 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 (supply: 31 million) Other tokens have constant tail emission. Bitflate has a percentage, exponential increase. Even with 7% inflation, Bitflate supply is still limited. This is an incentive for early adopters to acquire Bitflate tokens. I think an inflating crypto has different economics. It discourages HODL. It’s not a long-term Store of Value. When people transact more often, we will see crypto moving. The market needs an inflating cryptocurrency. This is why I create a cryptocurrency in 2019. Join Bitflate Discord community: https://discord.gg/utnEyp8 |
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I've created Bitflate, a crypto with constant inflation. Inflation discourages HODL. But that doesn't mean the coin will be worthless. Its supply is still limited by inflation. Bitcoin is Store of Value. Bitflate is transaction coin. I think the idea has potential. So far, it's been slow. Not many cares about it. Most people are scared away by "inflation." I think it'll take a long time for crypto to shake off their Austrian economics. Join Bitflate Discord community: https://discord.gg/utnEyp8 |
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Bitflate coin is added to CryptoCanary. Please add your review. https://cryptocanary.app/review/BitflateI want to highlight a recent review. "Anyone has the right to make his own tech project as long as they don't raise money with their coins with public sales and with misleading promises. So far Bitflate doesn't seem to be raising money and they don't seem to make any promises either (and being transparent about the fact that the coin is not secure and not for business application in its experimental phase). Seems like there is only 1 dev on this project, which has only a little github activity so far. Basically it's just a bitcoin fork with some tweaks, the most prominent one being the perpetual inflation of ultimately 7% per year (which means that over time any future bitflate economy would have to grow at least 7% per year for the prices not to fall). It also means that the supply would double each 10 years; I am afraid this will be a bit too much over the long term tbh for this coin to hold any value. I noticed the dev also posted a review, transparently and well identifying as such, so all well on that front. The information is rather limited on a very minimal site, no more elaborate whitepaper to make the case for this coin either. Interestingly enough the founder chose to use the old Dutch guilder logo/sign for his inflationary "stablecoin", however, although the old dutch guilder was indeed a stable currency, its monetary policy in the past was to be as low as possible with inflation. Just a side note. No hard feelings against this project and I wish the founder/dev good a lot of fun on their project, but personally I would not ever put any money in it tbh, all probably well meant intentions of the team aside." My reply: "Bitflate developer here. Thanks for writing this review. You really dig into Bitflate. The information is accurate. Bitflate is my research, personal project. I have been working on it since early 2019, almost a year now. I want to incorporate inflation in crypto. I see a lot of scam and hype in this space, including with Bitcoin BTC. I avoid making financial promise of Bitflate. I want people to come to their own conclusion about whether they want to hold the coin. I personally think it has potential. This is why I create it. Here is my personal take about its price prospect (not investment advice). Even though the coin will inflate at 7%, it won't create very many coins. For example, it'll take 10 years to create 30 million coins and almost 30 years to create 100 million coins. I partly keep reward halving to give more coins to early adopters. Inflation of 7% is still limited supply. If it succeeds, demand will likely be greater than inflation of 7%. Long-term, it is supposed to be a transaction coin. But that future is far away. In that future, I think we can reduce value loss through interest saving account. Its inflation is fixed. The operation cost is in mining and account service. Theoretically, we should be able to redistribute the new coins minus opex to existing holders. I think it's a fair tradeoff for a decentralized stablecoin. Bitflate is experimental. As always, please do your own research. I learn something new about Dutch guilder. I'm a software engineer. I put together the logo using Google Draw. I use a lower case f to emphasize inflation. I did not know about Dutch guilder, just coincidence." |
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There's a lot of confusion between ETH and BTC. It's hard to get a clear picture about the market. BTC fans are critical of ETH because they see scammy, changing narratives from ETH. ETH fans are critical of BTC maximalism. I think in the end, both chains want/need to achieve maximalism. Many ideas on ETH won't work if it doesn't achieve maximalism. For example, it always costs more to generate DAI stablecoin than just use Tether/USDC. DAI, if works, is very inefficient. The only way for DAI to work is people have all money in ETH. Then DAI can be competitive to pegged stablecoins. ETH fans often delude themselves or fail to see this maximalism assumption.
ETH is a monolithic, more centralized, platform. It competes using features. But BTC with its minion forks and stablecoins are more efficient.
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OP has a good point and base on the statement, there is some programming language that was ignored before then find it's use case after so many years which means that even Ethereum or other cryptocurrencies have a chance to grow since there's still room for improvement. I'm not a die-hard fan of Ethereum but because of their platform, a lot of opportunities were open for new projects whether it's legit or not.
Ruby is a rare exception. Thousands of languages fade into irrelevance. The chance of Ethereum finding a working use case is low. The media and hype about ETH actually hurts its development. If there is ever a working use case, other chains will immediately copy. I created a crypto with constant inflation, Bitflate. I decided to stay with Bitcoin-based. I think Bitcoin framework is better for money. There're also lots of other Bitcoin forks to choose from. It'll be hard to compete with specialized forks of Bitcoin. |
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