The price of Bitcoin is currently trading at $6,200, down 3.40% in the past 24 hours and almost -14% YTD.
In October 2017, it was the first time that Bitcoin price jumped to $6k, after 8 years. But for economist Jeffrey A Tucker, Bitcoin at $6,000 isn’t impressive. He argued that scalability would have done great things for the flagship cryptocurrency.
I'm not unimpressed by a $6K price of BTC. I was blown away when the thing reached $30.00. But can you imagine the price today if the thing had properly scaled?
— Jeffrey A Tucker (@jeffreyatucker) March 30, 2020
This tweet from Tucker came after last month, the AIER Editorial Director said, “Adoption hasn’t gone far enough and it hasn’t come into consumer use like it should and would have if it had been able to scale. Now we’re seeing what happens when Bitcoin was not properly scaled.”
Ether says Look at us
“High scalability but without the centralization that relying solely on increasing block sizes to a very high level would entail,” said Buterin.
But the community wasn’t really impressed with Buterin butting in with his scaling solution as Adamant Capital’s Tuur Demeester said, “I'll believe it when I see it. Sharding is an unproven invention that has been promised by the Ethereum founders since 2014.”
Buterin’s Ethereum prompt not only got the bitcoin community calling out “LOLs” and “April Fool’s” but BSV’s Calvin Ayre saw this is as an opportunity to voice his opinion that “Eth is a waste of time as it does not scale and is evolving towards being an illegal security with proof of Stake” and promoting BSV with “Original Bitcoin BSV is the only one that scales and is legal. There is NO centralization from on-chain scaling.”
Scaling doesn’t matter for price
While Tucker is of the opinion that scaling would push the Bitcoin price higher, Bitcoin enthusiasts pointed out how that isn’t the case, at all.
Well, gold is a good example as on-chain analyst Willy Woo said, “Gold is $9T. How many transactions per second does gold do? I mean shipping the underlying between vaults. That's BTC main chain. The swaps we do on ETFs and derivatives is Gold's layer 2. That shit scales, so will BTC's layer 2.”
When it comes to price, bitcoin is well on its way to new all-time highs as the stock-to-flow model depicts.
“Bitcoin has been scaling tremendously well, beyond my greatest expectations. I’m extremely fortunate to be alive to witness it, said Michael Goldstein, a bitcoin maximalist and President of the Nakamoto Institute.
It seems to be scaling right on schedule at $6k just as much as it was at $30.
Have you tried lowering your time preference? pic.twitter.com/ClHYRda5gd
— Michael Goldstein (@bitstein) March 31, 2020
Contrary to Tucker, Bitcoin core developer Luke Dashjr said, “Bitcoin may fail because we didn't reduce block sizes sooner. The longer we wait, the greater the danger.”
According to him, the market is already flooded with “pyrite,” fool’s gold.
Also, not to forget that the second layer on the Bitcoin network, Lightning Network already enables cheaper and fast transactions. But per Tucker, “it's just in practice hard to be “excited” for four years.”
Well, BCH has Scaling, look at it!
Well, Tucker doesn't need to imagine it as the community pointed him towards Bitcoin Cash (BCH) which got scaling but its price is around $200.
As per Vijay Boyapati, “the market massively discounts what you consider ‘proper scaling' and greatly values immutability, the most important property of Bitcoin.”
Also, “In 1 week, BCH block subsidy is going to be worth far less than BTC transaction fees (currently ~0.25 BTC). How does that make you feel?,” pointed out network engineer Melik Manukyan.
But according to Tucker Bitcoin cash never had the network that Bitcoin had and people need to “think dynamically not statically.”