Comments by "SAL" (@SAL-fs1mr) on "Bitcoin Could Go to $50,000 by End of 2020, Says Nexo’s Trenchev" video.

  1. Like gold, bitcoin doesn't need another asset "backing it".
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  2. Libra is just a Centralized coin that will not be finite in supply. Only stupid people would drop bitcoin for a new coin that can be endlessly created.
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  3. It increased over 100% in price in 2019. Next year or two will be wild.
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  4. It is possible you are right about 2020, but my bet is that Bitcoin will hit new all time highs by the end of 2021 by analyzing the stock-to-flow model.
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  5. Expand your thinking, we are living in the information age now.
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  6. Society and economic activity gravitate to a select few forms of money.
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  7. It doesn't take $10 trillion to move a market to $10 trillion.
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  8.  @MarcinCebula  I was talking about how markets work. If I have 100% of my new company, and then sold 1% for $1,000, then the marketcap of my company is $100,000. As you can see, it didn't take $100,000 for my company to be worth $100,000. This is just an extreme example to illustrate the point that your conceptualization about how markets work is wrong.
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  9.  @MarcinCebula  of course, I just gave a simplified example to point out that you don't need X amount bought to equal X valuation, you can't disagree with that.
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  10.  @MarcinCebula  I'm just describing valuations in general.
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  11. The majority of the world's population doesn't have access to those apps. Bitcoin protocol is available to just about everyone the world over and it is scaling now with the lightning network.
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  12.  @mantality312  the base bitcoin blockchain protocol can remain decentralized, and the scaling protocols can be built on top of that (lightning network being a prime example). We are nearly at a point where most smartphones can maintain a full bitcoin node, so we are likely going to have a future where anyone who wants to run a full node will be able to. Wallets don't have to be managed by companies, plenty of open source wallet options are available.
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  13.  @mantality312  lightning network already enables instant bitcoin transactions with practically negligible fees and enhanced privacy, making pretty much all of the altcoins pointless. From personally using lightning regularly, I can say it makes a tremendous difference. It is possible to prune old blockchain data after verification, needing only to keep less than 10 gigs of blockchain data on the phone, check out ABcore project to learn more. Open source can most definitely mean non-custodial.
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  14.  @mantality312  transactions on the lightning network don't have anywhere near the same level of burden as a blockchain transactions. You can have just one on-chain transaction confirmed to enable a channel that could do tens of thousands of transactions that never have to be recorded on the blockchain. Or soon with schnorr signatures enabled, it will be possible to open multiple lightning channels all relying on a single on-chain signature. You point out Coinbase being a problem, but it is very possible to avoid using them completely, hold your bitcoin yourself, and stick with using bitcoin in a peer to peer manner.
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  15. It would depend on Bitcoin's price movements.
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