Saturday, March 17, 2018

0.002 BTC per person in the world. How many do you have?


As much as I used to shit on BTC in the past for being a slow and expensive blockchain, you really cannot deny that it is insanely secure and still a significant improvement over the traditional banking system as the perfect Swiss bank account with 24/7 access to transfer value P2P. Yes, you can send money after bank hours and over the weekend.

Well, my criticisms of BTC has dropped drastically due to pretty empty mempool right now.

The graph shows the transactions fees of BTC, and it is very CHEAP right now

You can force your transaction into the next block for just $0.33 USD.
Or you can be a cheapo and wait 8 hours and pay just $0.03 USD.
Contrast this to just 3 months ago when fees were pushing $30-40 USD per transaction, and you'll understand why this is significant.

The narrative for BTC already looks really rosy just like that, but wait, there is more.

Notable investors in Lightning Labs?

Twitter and Square CEO Jack Dorsey
Former PayPal COO David Sacks
Robinhood co-founder Vlad Tenev
Litecoin creator / former Coinbase Director of Engineering Charlie Lee

While I recently bashed Litecoin, I can actually see it making a comeback with the Lightning Network. But, it's too premature to say. In fact, if the BTC LN is up and running smoothly, whats the need for LTC? This also weakens the investment thesis for Nano by a lot. Though (in my opinion), Nano is technologically superior, BTC does have the massive network effects on all 3 fronts - users, developers and businesses. The space for transfer of value is an interesting one and will definitely require close monitoring and more thinking as development takes place. For store of value though, I think we only have a handful of candidates.

Anyway, an interesting reddit thread from 2013 about a time traveller from the future. Real or fake, who knows?

All I know is that I have more than 1 BTC. How about you?

1 comment:

Observe the house rules.