[Cryptography] Standards Trolls: Re: Bitcoin is a disaster.
John Levine
johnl at iecc.com
Sun Jan 10 21:45:40 EST 2021
In article <k8Xs4OmgTnp3mBteCXbBK7ybTDydlMwrADBjpILj5K07GGhMXLvHMr8K7rX_b15ph8CTRzSEvFqrjcNUnd7Oakkv-Ust_3fDbD8AQNm9oT0=@protonmail.ch> you write:
>It is inevitable that sooner or later a crypto currency will replace the US$. Bitcoin is already making a significant dent in it. We
Reality check: the total value of all bitcoins at today's stupendous
price is about $700 billion although estimates say at least 20% of
that has been lost, and most of the rest is in large wallets that make
no transactions. There is about $2 trillion in US cash, and $17
trillion in US bank deposits.
Bitcoin as we all know is limited to 10tps. Credit card networks
handle about 11000tps all day every day. It's three orders of magnitude
higher.
>will need a crypto coin than enables seven billion people to buy a lollipop.
No kidding. I'm not holding my breath, although in Africa M-Pesa comes surprisingly close.
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