Economist: BTC Needs Scaling to Have An ‘Impressive' Price; Market Says That’s BCH, Not ETH

The Market Is Already Flooded With Fool’s Gold

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.

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

Tucker’s comment prompted a response from the second-largest network Ethereum co-creator Vitalik Buterin who asked him to look into Ethereum 2.0’s sharding, a scaling feature.

“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.

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.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,438FansLike
2,795FollowersFollow
4,191FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Canada Regulates Crypto Exchanges & Companies as Money Service Providers

Canada is now legally recognizing cryptocurrency exchanges and payment processors as Money Service Businesses (MSB). The new regulation, which is the amendments to Proceeds of...

Ripple Execs, Led By CEO Brad Garlinghouse, Meet With Central Bank Of Brazil Officials in ‘Closed to the Press' Meeting

Ripple Inc.’s, Brad Garlinghouse held a ‘closed to the press’ meeting with Brazil’s Central Bank officials on May 30th to discuss “institutional matters” in...

Tezos (XTZ) Class-Action Securities Lawsuit for the $232M ICO Sees $25M Settlement Pending

A class-action lawsuit against Tezos during its 2017 ICO may end in a $25 million settlement. The lawsuit was filed against Tezos for the...

Two Top Cryptocurrencies with the Worst Serial Market Performance

After the crypto winter of 2018, digital assets started recovering last year and continued the behavior into 2020. Although still far from their all-time highs,...

Chainlink, IBM, ING, Microsoft, NASDAQ, and R3 Among First to Join InterWork Alliance to Set Tokenization Standards

Top financial and blockchain industry companies have formed the InterWork Alliance (IWA) in a bid to standardize the business and enterprise tokenization market. The alliance...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today