I technically called the bitcoin top 11 months ago in the following post if you count segwit as 2MB blocks:
The rationale for this post is that bitcoin doesn't actually function as a store of value. It's so called value is entirely based around flow and not stock. It cannot derive value from anything besides the utility it provides to facilitate turnover in commerce. I estimated the point at which bitcoin is forced to morph from a general commerce system to a mostly settlement layer, and that is the point at which the invisible hand of the market crushes it because there are far better stores of value to use as a settlement layer like gold and silver.
The purpose of a real settlement layer is to do things like store generational wealth without having to worry if the bottom dropped out of it over night. The value of things like gold and silver is NOT based entirely on flow like bitcoin. They can derive value more from stock, while bitcoin can't. If you stash away a pile of imaginary bitcoins for 10 years, you have no idea if the value will be higher, lower, or completely zero when you come back to them.
Technically, increasing the TPS of bitcoin is beneficial to price, but that's only if you can trick people into believing it's decentralized when it's not actually possible to create a decentralized digital currency. The only core reason for most of bitcoin's commerce right now is an attempt at regulatory arbitrage. Due to the extreme centralization of bitcoin, the govt will easily destroy that use case causing it's lack of fundamentals to be exposed, nullifying anything people attempt to do with TPS or propaganda claiming it's decentralized when it's really not.
Post where I made that prediction:
https://steemit.com/bitcoin/@r0achtheunsavory/the-roach-report-vol-10-why-bitcoin-is-currently-a-roach-motel
The rationale for this post is that bitcoin doesn't actually function as a store of value. It's so called value is entirely based around flow and not stock. It cannot derive value from anything besides the utility it provides to facilitate turnover in commerce. I estimated the point at which bitcoin is forced to morph from a general commerce system to a mostly settlement layer, and that is the point at which the invisible hand of the market crushes it because there are far better stores of value to use as a settlement layer like gold and silver.
The purpose of a real settlement layer is to do things like store generational wealth without having to worry if the bottom dropped out of it over night. The value of things like gold and silver is NOT based entirely on flow like bitcoin. They can derive value more from stock, while bitcoin can't. If you stash away a pile of imaginary bitcoins for 10 years, you have no idea if the value will be higher, lower, or completely zero when you come back to them.
Technically, increasing the TPS of bitcoin is beneficial to price, but that's only if you can trick people into believing it's decentralized when it's not actually possible to create a decentralized digital currency. The only core reason for most of bitcoin's commerce right now is an attempt at regulatory arbitrage. Due to the extreme centralization of bitcoin, the govt will easily destroy that use case causing it's lack of fundamentals to be exposed, nullifying anything people attempt to do with TPS or propaganda claiming it's decentralized when it's really not.
Post where I made that prediction:
https://steemit.com/bitcoin/@r0achtheunsavory/the-roach-report-vol-10-why-bitcoin-is-currently-a-roach-motel
If you call a top everyday eventually one of those calls will be right. /brokenclocktwiceadayorsomething
