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RE: Shorting on Bitcoin: how we could have another number one crypto

in #bitcoin7 years ago

The thing that most people neglect to realize is that Bitcoin is not a static technology. It evolves constantly and makes improvements from time to time through software upgrades. Network consensus decides its fate and has caused it to shift quite radically and will continue to push its evolution over time.

Sure Bitcoin in its current state is not fit to be a truly effective means of value transfer or currency but in the future maybe it won't necessarily have to be (bear with me). They could hypothetically create another settlement layer on top using Bitcoin ghost contracts similarly to how they do paper silver and gold contracts. The prospective coins to be mined could be either pre-sold or used as a remittance layer on top of the network through the use of tokenization (possibly on the ETH or EOS network). Remember that the whole point of Bitcoin's first use case is to be a means of value transfer.

If you can relegate that responsibility to a secondary pathway through cross-chain compatibility then you would lighten the load and possibly not even have to transact the BTC at all.

For example there is a civilization that would use giant boulder-like stones as a form of value transfer. Such a stone would be worth a house on the island perhaps or a whole herd of animals. The transfer of ownership of the stone would signify a transfer of value, however the stone would never have to move. Knowledge of such ownership would be passed on throughout the community.

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Very well said @hotsauceislethal, upgrades on Bitcoin are possible, but we all saw how the last upgrade result was a split of chain. Cross chain interaction are for sure a mark to rethink the role of each crypto in the market.