Guy asks me if he should sell his 1 full BTC: "The only us…

Guy asks me if he should sell his 1 full BTC:

"The only useful thing BTC bitcoin does is Nothing. It's entire price is built on people buying it to hold. It's price was further pushed up by being the trading pair with other crypto "defi" (that wasn't decentralized, and carried liability they pretended didn't exist) that was Leveraged and now many of those projects are dead, and that type of leverage may not exist again.

Further, the major purchases of BTC in the past (driving up price hugely) were done with USDT-tether and other (now broken) "stable coins" like UST(Terra/luna) algorithmically tied to USDollar and those are dead. And there are new laws and regulations making it hard on "stable coins", and the fact that tether can't even prove a fraction of their reserves of ~70$billion is troubling, though they defended their 1$ USDT to USD peg in recent times, for now.

Since the only reason 99% of the crypto buyers buy is because they think the price is going up, and the price is not looking like it does go up, and many of those buyers were burnt or tapped out, it's hard to see it going up significantly anytime soon, and even if it repeated the past (unlikely since defi and stable coin fractional reserve magic are going to be harder to swing in future) then it's a two year wait.

The only logical and useful productive outcome from "crypto" is blockchain use, wherein actual data of value is time-stamped on a global public ledger to provide uncontestable verifications, and providing the internet with micro transactions inbuilt, like IPV6 integration, correcting one of the early missing pieces of the internet that relegated today's internet to the horrible ad based model it abuses users through. Those are real uses with real value propositions. When or if that's ever built out, it would create an informational commodity money for the first time in the world, as the use of the blockchain requires the payment of a fraction of a fraction of a penny worth of that blockchain's token (being a token based use system). And there will end with only 1 public blockchain, just as everybody ended up on 1 internet network today. That blockchain and it's token pieces (SATs) would be worth a derived valuation of the world's data-of-value, if it becomes used.

The Bitcoin protocol IS blockchain. Currently the functional blockchain is only carrying a minimal speculative valuation. The only way to accomplish that global Use technically is with a Functioning version of Bitcoin that's scaled up for global use levels of transactions. Further, the only way that even works is with the SPV finished out. SPV is simplified payment verification, Satoshi wrote it into the bitcoin white paper originally but never finished building it out. Without that no blockchain's able to scale for real uses, which is why BTC literally can't scale for actual use. The company that fixed that problem of scaling with Terranode roll out on BSV and SPV is nChain, and the entire crypto market hates them and their Chief Scientist Craig Wright as they own numerous key patents that are now granted and about to be going to court over next year or two (they say). SPV is possible now, fixed and in use, even Keevo wallet started using a form of it when their BSV block explorer quit and they had no choice. The guy who ran my bitcoin meet up in Chicago was involved in getting that running for them with his mining group.

So that plus a number of other items demonstrate that it does in fact work, but it's only on certain technically capable blockchain bitcoin version, and the value of that today is also still mostly based on speculation, rather than actual blockchain's Use-demand for the bitcoin SATs (the smallest denomination in bitcoin). So for myself, the only thing I'll hold longer term is this actual functional version that has any chance at a useful future, despite the speculative market denigrating it in the past (why wouldn't they, it's success ends their speculative gambling). Personally I've no stress since I've held it since the beginning after the bitcoin "hashwar" (Roger Ver, Craig Wright Calvin Ayre, was even in Tokyo in the immediate aftermath chatting with the Bitcoin dot com guys) and am pretty much where I started, but it's not even one months worth of income for me since I keep my speculative assets in check and my income is rather high.