When commenting about the Bitcoin hitting the all-time high, Dan Held, BTC advocate stated that just like the last cycle there will be several dips in the current one.
CryptoWatch in the past predicted that according to the Bitcoin’s stock-to-flow model using an assumed 5% lost coins Bitcoin should reclaim a $10,000 valuation in mid July 2020, with price then ascending back to all-time highs of $20,000 by November of this year. They point to the monthly close was $19,708.
In response to the Edge Wallet advertisement that states, Bitcoin is made for $5 Coffee Payments in 2020 Dan Held opines that it is absolutely bizarre to see this level of cognitive dissonance to promoting BTC usage to pay for coffee.
Another user in response to the cognitive dissonance stated, if not bitcoin, then what crypto currency is made for $5 coffees? Has bitcoin lost all utility as a peer-to-peer pay system? If it has, what replaces it for daily, real-life transactions? Fiat money?
Dan Held took the discussion further by referring to the Satoshi Vision and states that it is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
When someone else supported the coffee propagation by stating, exactly what Bitcoin is good for – important, high value transactions like buying coffee for your sister in the U.S. Perfect use case for decentralized, censorship resistant, sound money which is slow and costly and incurs capital gains taxes. Brilliant!
It just looked like Dan Held got wild and stated “Don’t tell me what to do with my Bitcoin.” He also states, you’re free to waste Bitcoin as you see fit. But don’t start marketing Bitcoin as useful for that. Big difference. All completely evident and predictable through L1 transactions fees.
In this regard, Sydney Ifergan, crypto expert tweeted: “Bitcoin (BTC) is clearly going higher whether people will choose to pay it for Coffee or Gold is their personal choice.”
Bitcoin (BTC) Coffee Stunt
Some people tried to passify the conversation by stating, relax it’s just coffee, no need for insults. Ultimately, BTC is to buy things or it’s worthless
However, Dan Held is not ready to give up, he says It’s wrong to marketing spending Bitcoin as a use case because it’s intentionally misleading and will lead to a poor UX which hurts Bitcoin rather than helps.
Someone tried to take sides to Dan’s opinion stating that the last thing I need during a bull run is a reminder of the dumb things I spent bitcoin on when it was less than $1k. May be the argument is that people should not spend their BTC on coffee and regret later when the price goes high.
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