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I've only recently started to get to know the BSV community, and I want to share my thoughts on the wider space and why I am so excited by BSV in particular. BTC has become the monolithic asset in blockchain - but its got there by swooning over its flaws. Its become pretty good for nothing except hodling. And because of this its devs and users have no interest in becoming useful. Kinda amazing the way this works, with the price rise now drawing in institutions, that equally have no interest in it becoming useful. Ethereum is more fascinating from an innovation standpoint. Lots of incredibly capable devs have built a strong ecosystem of financial products. But when you look closely you kinda realise its just a casino. Price go up, future of finance. Price go down, scam! Rug pull! This isn't I think actually their fault. They have made a copy of the existing financial system, and guess what, the existing financial system is virtually indistinguishable from a casino! But what happens here is that gas prices rocket which means lots of other use cases are now uneconomic, because the only economic use case is speculation. Layer 2 is running yet none of the apps are moving yet. They're all busy being the future of finance. Just a quick comment on permissioned chains. There's alot going for them, they scale etc. But then you have a different problem, are your nodes genuinely independent? Have you just deployed the glorified database blockchain is mocked as? Because that's the thing about permissioned chains. If you don't start with a decentralized ecosystem, then you haven't built anything except the pretence of one. Are all the banks working together a decentralized ecosystem or are they the same folks who rigged LIBOR? This is where I get so optimistic about BSV. We've all heard that there's a blockchain trilemma regarding security, decentralization and scalability. And yet here's BSV, with proven capacity to do 360MB blocks...that at a 500bytes transaction size equates to 100 MILLION transactions a day. So we have a secure blockchain, with huge scalability...that is as decentralized as we make it. And then I heard about the Tuvalu working with Nchain to create a national distributed ledger infrastructure. One of the poorest countries in the world, with no digital banking system to speak of, is going to use BSV to shoot straight into the future with a national digital ID, immutable records and their own digital currency. This is what blockchain is about. Its not about getting rich quick. Its about making the world a better place, one use case at a time.
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Great article!
Thank you for sharing your thoughts, this was a very nice read!
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