NOTHING IS ABOVE BITCOIN

[CryptoBry]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

Many sweet sentences circulate about the potential of BTC, but I want to know how the world adopts them simultaneously. The bitcoin-blockchain solution for verbal justice looks real, but bureaucracy is very complex. If bitcoin is used in political power, prices can be manipulated worse than before. this would be an economic apocalypse worse than fiat.

Unfortunately, we need more that sweet words for people to really adopt Bitcoin. After more than 10 years of existence, we are still wondering where is that massive adoption of Bitcoin can be coming from. Lately, the news coming from China caused some sparks all over the cryptocurrency market though it was just another Made-in-China falsehood as we now realized. Maybe we are looking at the possibility that if the government of China will approve of Bitcoin then there will be a massive adoption of cryptocurrency in that hugely populated country. But why look at China, in the first place? Is it not because in other countries we are beginning to see dull moments with Bitcoin? I am a strong supporter of Bitcoin, but we have to face the facts and realities so that we can be able to rectify and do something about these potential game-changing situations. Sweet words will never lead Bitcoin to where it should be and can in effect even be masking the real problems.

[blckhawk]

He said nothing is above Bitcoin in the context that (1) nothing governs Bitcoin, (2) other altcoins that is decentralized is still no match to what Bitcoin already achieved, (3) it could also be considered above stablecoins since such coins are manipulated/controlled, and (4) all those blockchain-powered applications are non-sense if they aren't going to be transparent. Transparency brings the power back to the people, wherein secrecy is difficult to achieve and therefore, corrupt practices are lessen and easily traced in whatever application it is applied to.

[goaldigger]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

This is why banks are threatened and most of them are doing their best to prevent Bitcoin from hitting the main market while some other banks are open about the adoption. Bitcoin is the king not because of its value alone but also because of its technology. We may down right now, but the future is still bright and good for bitcoin we will see the mass adoption very soon and at the right time for us.

[wildan88]

That is 100% truth and there is no single cryptocurrency over the Bitcoin in all the aspects because many people giving attention to Bitcoin only more than any cryptocurrencies so as a service person for investor everyone will love to to invest on Bitcoin and utilise Bitcoin more than anyone.

of course bitcoin number 1, the others are only an alternative to fix or substitute if there is at least a lack of components owned by bitcoin.

[BitcoinsGreat]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

What Adam is saying is technically correct! However, we need to look at the reality! The benefit of bitcoin is actually its biggest enemy to gain adoption. If bitcoin were not pseudo anonymous and easily trackable, governments around the world would have adopted it into the mainstream economy! Governments are protesting the inclusion only because they know that, its beyond their reach to control bitcoin!

So Adam is right technically, but the reality is somewhat different!

This reality which you are taking about will change one day. No one wants governments to take control of the financial system and no one want to pay heavy taxes. Governments cannot forever control this system and if people decide to use bitcoins and keep their saving in bitcoins (and not in banks), the banking sector will fail. Its just a matter of time when people will know the benefits of bitcoin and will use it in their day to day transactions.

[Darooghe]

Bitcoin is a decentralized, deflationary, censorship resistant and alternative to fiat controlled by governments. why would you want a centrally controlled crypto that's pegged to the very thing that bitcoin is trying to disrupt? Stablecoins are an antithesis to most of what crypto stands for. they exist today simply because the cryptocurrency market is young and volatile and many crypto exchanges don't want to deal with the hassle of supporting the regulatory requirements around supporting fiat currencies. over time as the liquidity grows the volatility will die down. thereby the more time passes, the less we need stablecoins.

[pooya87]

Quantum computers are.
'Quantum computers will surprise the Bitcoin community.'

true, but only half of the bitcoin community. the half that thinks quantum computers mean the end of bitcoin. they will be surprised to see that first we are very far away from it being any danger and then when it became one many years from now they will be surprised as bitcoin will have had upgraded to resistant algorithms!
unfortunately at this point there is a lot of misinformation about quantum computers around that has made a lot of people think they are magical computers that can break anything you want with a press of a button!

[Kakmakr]

Stable coins were developed to give traditional traders a familiar and safe trading tool, not for people who wants to risk, doing something out of the ordinary. They also developed Stable coins to please the regulators <SEC> to see if they could get this into the hands of the institutional investors with the big pockets. 

Bitcoin was developed by Satoshi Nakamoto to disrupt the traditional currencies and commodities in the market and to replace them. In the end it boils down to trust and you have to decide if you want to trust centralized coins like Stable coins. 

[btc78]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

and this is all we need to see and learn,news like this helps the moral boosting for all the affected investors of Fuds here in forum.

sometimes we almost deny to read thread because of those Fudders so having thread like this is really uplifting and giving us more confidence for future.

i totally agreed on what he says.

[bounceback]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

yes that's true, especially if we see now that bitcoin has become a trend for people to adopt and bitcoin investment is now increasing which is likely because investors are now very interested in bitcoin to be used as protection for their assets because some of them are very confident that bitcoin will give them more profit compared to fiat currency, and now fiat currency investment has faded slowly because they are bored with governments that always collect taxes when they get a little money from investing in fiat money.

[amishmanish]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

Stablecoins actually gained popularity. Why? Simply because having stablecoins eliminates the risks of volatility through assets like bitcoin. Along with that, not everyone(or probably even majority) don't even care about decentralization and security in the first place! This is the exact reason why for some reason people still "invest" in other cryptocurrencies like XRP, and other worse shitcoins.

I am not sure if Tether and TUSD with their unsubstantiated claims of "fiat backing" can be considered stablecoin. Though something like MAKR DAI does seem like a stablecoin because of the locked cryptocurrency that backs them.

Also, the popularity of these seems more likely a result of low bank interest rates as well as the negative interest rates that the banks have enforced in developed countries. Anybody would be better off earning interest from staked collateral as an alternative investment. This is not so applicable to the retail investors in developing countries because the interest rates at similar instruments hasn't reached similar abysmal levels yet.

[Murat]

It's not any exception issue, It's very simple that Bitcoin is the best crypto so far, you can't compare any other cryptocurrency with Bitcoin in terms of popularity, acceptability. or even monetary value. so it's obviously above from the other coin, still many people know Bitcoin is the cryptocurrency, they hardly know about the other cryptocurrency, it doesn't matter at the current moment that Bitcoin's mass adoption but from all the other aspect, Bitcoin is the master of this system so it's obviously in a better position, and that's why other cryptocurrencies haven't gained much space in the current market.

[Ucy]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

The stablecoins especially libra could actually gain alot of popularity, only that they are backed by fiat currencies which are dangerously centralized. Am a bit comfortable with decentralized stablecoins that aren't entirely backed by fiat.
Hopefully we will have "stablecoin" backed by things like food(nutrients rich food) with long-shelf life. Food prices are usually stable.

[SaShiRaJaVu]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

Everyone can have their narrative of a coin and some prefer fiat and some prefer other forms of payment and then there is bitcoin which is new in the market and not everyone can understand the full concept of bitcoin and it will take a long time for everyone to understand the real concept of having a decentralized currency, any digital currency will be below bitcoin and there is no second opinion about that but we need to go a long distance as this market is new compared to the others.

[auntyjmary]

It is not really necessary to compare bitcoin or any other cryptocurrency to other digital cryptocurrencies. Cryptocurrencies without the frequent volatility or price fluctuations would be like the usual fiat currency we have around. Bitcoin has been unique with this main characteristic and essentially blockchain technology that makes it distinct from any other digital currency.

[jostorres]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

That's for sure, there are no other coins in the market that are better than Bitcoin, though I have seen a lot of them that claims to be better. Bitcoin is safe and it's not just meant for one purpose, but many. You can use Bitcoin for whatever purpose you want - there are people that would prefer to just be investing in it, while some are using it for transactions and it's always a better option than banks.. I have seen a lot of companies lately that are making use of Bitcoin to make payments, most of them are companies with remote workers ( people that are around the world and working for the company online.) they easily send payments to them without having to undergo the long processes that are being used in banks.

[makolz26]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

That's for sure, there are no other coins in the market that are better than Bitcoin, though I have seen a lot of them that claims to be better. Bitcoin is safe and it's not just meant for one purpose, but many. You can use Bitcoin for whatever purpose you want - there are people that would prefer to just be investing in it, while some are using it for transactions and it's always a better option than banks.. I have seen a lot of companies lately that are making use of Bitcoin to make payments, most of them are companies with remote workers ( people that are around the world and working for the company online.) they easily send payments to them without having to undergo the long processes that are being used in banks.

For now yes, we all agree with the statement that still up to this date Bitcoin cannot replace yet as the king of crypto and as the number one of all time, but we can't predict the future and we don't handle other people, there might have been cooking something that will compete Bitcoin, maybe not yet in the market and will just launch soon, we don't know yet so we'll need to watch out for this.

[sapnu]

Bitcoin will be Bitcoin. It has been already a decade and it is still being discussed to how long will it stay on top. Some people tend to claim that ETH will replace Bitcoin. It is like between the one that stayed at top against the one that climbed from the bottom.
Regardless of what happens, Bitcoin will surely be adopted the most in every country. If it wasn't meant to be that, it should already have been replaced or had died long time ago.

We can all see that bitcoin dominated any other altcoins, maybe because it is the most used cryptocurrency since it was started because come to think of it, in some projects, they are only receiving bitcoin as payment or support for them, and also in some gambling sites, they are only using bitcoin as their primary money as bet, but there are some gambling sites that are using different altcoin but they first bought bitcoin and just converted it into altcoin. We can see that bitcoin dominated any other altcoin in terms of price and volume.

[Leonardo7]

I have the feeling that some big banks most have secretly been backing some altcoin to possibly defeat the bitcoin, they have since realise that bitcoin is bitcoin and ripple is ripple no matter how you try to market XRP, bitcoin remains their king. It's a matter of time before they will realize they have toy with real technology.

[xiboothrezi]

This is the era of digitization. Stable coins whose intrinsic value represents a certain fiat, are often used to make payment transactions that are felt to be more effective, I'm also confused why not just use fiat? I think it's simpler. Yes, but no one forbids using it, making their respective decisions, and yet it is also effective to apply in cryptocurrency trading if there is a price change that is not in accordance with the analysis.