MicroStrategy CEO Michael Saylor knows about Bitcoin Cash
"Now you wanna buy a pizza or coffee, Would I use Bitcoin Cash? No, I would use Apple Pay... Am I gonna use a crypto network? Probably not"
He would rather use whatever fiat currency is available in the jurisdiction he happens to be at any moment in time.
So he knows Bitcoin Cash exists and he knows that Bitcoin Cash is and works as a peer to peer currency, but he doesn't need it as currency because his dollars in his pocket can buy whatever he needs. He is buying Bitcoin Core because he think that he will need an store of value because he wants his money to retain its purchasing value, what a great contradiction.
What he is trying to say in my opinion is: I don't need a crypto currency because my fiat currency still has value, but I want to preserve that value so I need a store of value in case inflation hits my current fiat currency.
Either he doesn't understand and is clueless, or he is secretly buying altcoins that may work as currency like Bitcoin Cash, but saying you don't need bitcoin to be a currency but only store of value or digital gold is in itself a contradiction, it is putting the carriot before the horse.
Store of value means you are saving your money for future usa, but if that vehicle where you are putting your value can't handle current market needs, what makes you think that you will be able to use Bitcoin Core when you need it the most. Today you have to pay around $2 to $10 to use Bitcoin, in the case of a inflation scenario or any other need by the masses and all of those who where putting their money on BTC as a store of value need to actually use their stored value what will the fees be at that point?
Let me put it this way, you buy BTC thinking is store of value, and everyone else does the same, well at some point in the future the black swamp event happens, and you and many others need to get their money out of BTC, what would you think the fees will be at the moment?
In Venezuela hyperinflation is something that is affecting everyone at the same time, so that will mean that everyone that uses Bitcoin BTC will be competing with everyone else outside and inside that country for their transaction to be included in the next block.
You will only know it is an actual store of value when you get in a crisis situation because store of value means you will use it when probably everyone else will be using it as well, as such fees will be higher than even eth in satoshi level.
If a hyperinflation scenario happens in USA, you can bet that Bitcoin fees could reach 0.10 btc or even more, MicroStrategy CEO has enough money to pay that fee and to exchange into whatever else has value at that time, but everyone else will be holding the bags and probably won't be able to get out, and it is not about getting out is about having your money available when you need it, nor a minute later.
He knows that Bitcoin Cash is the real peer to peer currency, but he thinks that for everyday purchases he will be using his fiat currency until the end of times or that even if BTC fees go to the roof he will still be able to afford such fees. But you the regular worker, employee, person need to put attention you and I need an store of value that in the moment of need it can be use and it can be use fast without to many fees or without higher fees.
The store of value for those who understand you need to be currency to become store of value it exists Bitcoin Cash.
Bitcoin lightning network would not help you either because you will need to pay the fees to open and reserve the fees to close your channels as well, let say you open a channel a long time ago for 0.005 to wallet of satoshi node, but today on-chain fees are 0.003, you open node won't have any available funds because all will be put into reserve fee, meaning you will need at least 0.01 to use LN if fees are 0.003. I do think that if we have a hyperinflation world where the dollar is dying BTC fees could go as high as 0.10 btc. At that point Bitcoin could be very valuable but you will need at least 0.3 to open one channel in LN. So Bitcoin Core won't help you in a hyperinflation world, but you will need to know that before hand you like me would have to know the trap that Bitcoin Core is in a inflation world. I know about routing fees, reserve fees, and on-chain fees because I have used Bitcoin Core before and that is why I decided to hold Bitcoin Cash instead.
Before you attack me or think that I am just chilling for BCH try to use Bitcoin Core LN, by to way Wallet of Satoshi, Phoenix, or Strike is not using lightning network it is using custodian services nothing more, using those services is like using Coinbase, Gemini Exchange or any exchange for that matter. The only apps where you will use the real LN is LND for windows or linux and eclair mobile for android.
I will end my article by saying that if you are saving your value today you need a store of value that is also a peer to peer currency today and that it will be continue to be tomorrow, the first currency to achieve that is Bitcoin, Bitcoin Cash that is, because I will tell you the real spirit of the satoshi's white paper lives on Bitcoin Cash.
Bitcoin Cash not only the first store of value but also a peer to peer currency as describe in the white paper.
[link] [comments]