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Bitcoin value disputes (2019) 11 - The decline of Bitcoin








The Bitcoin system has been receiving much attention since its birth in January 2009. Due to the complexity of the Bitcoin phenomenon, people have many different opinions on the token BTC in the Bitcoin system. Both the value and price of BTC are controversial. Some people think that BTC is a big bubble and worthless and its price is now supported only by lies and stupidity of many people. On the other hand, Some people think that the Bitcoin system is an advanced monetary system of the future and will be well accepted as a better worldwide currency than legal currencies and the price of BTC can reach hundreds of thousands dollars in the near future. This article is the conversation of two token operators who have been trading all kinds of bittokens for a long time. One of them thinks that the Bitcoin system is deeply misunderstood by most people and the price of BTC will go down in the long run. The other one thinks that the Bitcoin system brings a prosperous bittoken industry to human society, and a bright future of BTC is expected. They all have their own reasons. Who do you think will win this BTC value dispute? Tips: this article only states opinions of all kinds of people, and its content is NOT guaranteed to be correct, thus should never be considered as an investment advice or suggestion.

Yes, I can't fully confirm whether BTC has no other uses. If there is any, then these "other uses" are too inconspicuous, so that we even don't know their existence. Of course, for some uses such as gambling, hype, pyramid schemes hide assets and so on, people now have better choices than BTC. In short, if there are still other uses, remember to tell me, I also hope that the Bitcoin network will continue, so the prosperity of the currency will be more durable because of the BTC.
Do you know? In 2017, at that time, USDT was not issued on ETH network. I didn't know why GUSD, USDC, TUSD, PAX, DGX and other stable-value tokens have been widely distributed on the ETH network. Why was USDT not distributed in the ETH network? At that time, I thought that the Bitcoin network may really have something special functions that I didn't know yet, so that USDT was only issued in the Bitcoin network instead of any other blockchain networks. I thought that maybe an increasingly and large amount of assets like USDT had to be transfered on the Bitcoin network instead of the ETH network. Until there came the ERC20 version of USDT issued on the ETH network later on and the ERC20 version of USDT became more and more popular, I was then convinced that there is nothing special of the Bitcoin network and, yes, as I expected before, the ETH network is better than the Bitcoin network: for security, the fact that safely carrying thousands of ERC20 tokens running so far without any wrong has proved that the ETH network is safe enough; For transfer efficiency, the ETH network directly crushes the Bitcoin network. If the value of the ETH network is estimated according to the "Metcalf Valuation Model" mentioned above, the market cap of ETH should be at least 10 times of the Bitcoin network in terms of the number of active users and the total amount of trades in the network. The irony fact is that the market cap of BTC is still more than twice the market cap of ETH. So we can see that how blind the investors in the crypto world are, and how large the number of people are successfully brainwashed by so called Bitcoin consensus from all kinds of medias.
The market cap should not be understood as you I think, the market value is still a future expectation. And the fact that the current market cap of the Bitcoin network is more than twice the market cap of ETH, may be related to the limited total amount of BTC. Every year, ETH has a large amount of new coins produced, and there is no end to it. Naturally, there are not many people who are willing to hold ETH, resulting in a smaller market cap. But for BTC, it has the best reputation because of its limited amount, more people are willing to hold BTC, so the market cap of BTC will be high. Regardless, I think the analysis of you makes sense. For the big market cap of BTC, there is indeed a huge bubble in BTC.
You make sense. Ok, the above is the three stages of BTC. Do you have any thoughts or questions?
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USDT(ERC20):   0x290e5c...f8e6854b         

USDT(TRON):   TXTcxGR3...MBsMuiCw         

USDT(OMNI):   16KE6p6Y...ru1XgvZR         

ETH:   0x290e5c...f8e6854b         

XMR:   46C5cBvQ...eMhCbFsh         

USDT(ERC20):   0x290e5c...f8e6854b    

USDT(TRON):   TXTcxGR3...MBsMuiCw    

USDT(OMNI):   16KE6p6Y...ru1XgvZR    

ETH:   0x290e5c...f8e6854b    

XMR:   46C5cBvQ...eMhCbFsh    

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