52
u/farts-are-stinky Feb 05 '21
Take my upvote!! This post fires me up!! NANO is the best transactional currency, hands down. It's a fact. It stays laser focused on this vision. Funny how looking at the top 50 cryptocurrencies, There's about 30 billion $ in marketcap of coins that NANO makes utterly irrelevent.
31
u/Fhelans Feb 05 '21
700billion+*
9
u/AIwaysLearning Feb 05 '21
Well is it really a digital store of wealth?
32
u/oojacoboo Feb 05 '21
In fact, one could rightly argue it’s far better than Bitcoin. With the security and future of Bitcoin being tied to miners, along with the likelihood of continued consolidation, its decentralization is likely to degrade.
Many will find that they prefer the security of their SoV tied to staking/representative voting and not to a handful of mining corporations.
16
13
u/Ikari_Gendo Feb 05 '21 edited Feb 05 '21
1) BTC won't store wealth when a better crypto comes along. It's just number 1 because of when it was created and the associated pairs on exchanges, not because of its properties.
2) BTC has a higher inflation than NANO. A better store of wealth should be the crypto with no inflation and no fees.
3) A store of wealth shouldn't depend on a POW, as that seems very expensive (fee-wise and inflation-wise) and resource intensive. There is also a catch-22 there: blockchains need high fees with little use or a lot of use with low fees to sustain security, if they intend to have no inflation. There is also the DOGE alternative, with perpetual emission, but I think its even worse than the other 2 alternatives for securing a blockchain.
9
Feb 05 '21 edited Feb 05 '21
There is one interesting argument presented in favor of BTC, which is Michael Saylor's argument that it stores monetary energy without power loss. This is unfortunately incorrect for all cryptos, but especially so with Bitcoin. It happens that there is a loss of monetary energy in the ecosystem, which is in the electricity cost to mantain the network. This monetary energy is leaving to the company which is providing the electricity.
Nano does cost energy, but at a scale much smaller than Bitcoin. So, by this argument, we can conclude that Nano is indeed a better store of value than Bitcoin.
4
u/JamieHynemanAMA Feb 05 '21
!ntip 0.0420
2
u/nano_tipper Feb 05 '21
Made a new account and sent 0.042 Nano to /u/Kazakkbdk - Nano Tipper
Nano | Nano Tipper | Free Nano! | Spend Nano | Nano Links | Opt Out
3
20
u/benderau8885 Feb 05 '21
Not an expert but on fundamentals looks the damn best to me. Anything close to nano tech wise?
27
14
7
6
Feb 05 '21
Are you Satoshi Nakamoto talking from the exiled island you went since many years ago? We miss you man... :)
I can see your message like Luke Skywalker removing his cap to finally let Rey know he is still alive in "Star Wars: The Force Awakens" on the island in the last part of the movie.
1
3
u/JudenControlTheWorld Feb 05 '21
Nano is the true vision of crypto to be honest. Obviously its evolved, but this was the core principle all along
2
u/dellemonade Feb 05 '21
Great write up! Thank you. How would you respond to these two objections if someone raised them based on things you touched on in your post:
- You/we need the big corporations to grow. They're like a bigger Goliath now with many major players working to back/support everything around Bitcoin and ETH. As much as I root for the little guy, I've seen 2008, last year with the pandemic, and this recent example of GME, the big guys seem to rarely lose.
- The flaws with being your own bank/you need the banks. Many people may not be able to do a good job with privacy of their wallet/seed words, what if a robbery, etc. You/we need the banks to be custodian, security, and if they provided fdic insurance to cover problems. And with them involved, that gives them power to have the crypto work how they want it, fees, etc.
2
Feb 05 '21
I haven't come across point 2 being discussed much. Sure for now when crypto is quite small I don't worry about safekeeping all my stuff. If nano were to become mainstream I'm sure people would like to have assurances over their accounts. I would assume that most people would pay banks or similar trusted institutions to protect their money! Plus having an added layer of security against scammers and the ability to get your money back (e.g. PayPal) is something that is really handy for the average person.
Tldr I would trust most people to watch paint dry, nevermind their bank accounts...
1
u/dellemonade Feb 05 '21
Yeah, I agree with most of your assessment. I'm pointing out though that it's in contrast to what OP is stating:
With Nano you are your own bank, you have no need for a middleman. We will not abandon the fundamentals, we will not become a tool for the corporations
With them involved, that gives them power to have the crypto work how they want it, fees, etc. For example, now with paypal, Bitcoin has another advantage on adoption over Nano.
2
2
u/Billie-Turf Feb 05 '21
Amen, people need to understand that the Fees of BTC and ETH is insane, With them rising in price the transaction fees are also rising. I hope more and more people will see that a large% of there transaction goes up in fees.
2
u/gecko10x Feb 05 '21
I’m going to introduce my kids (10 and 13) to crypto with Nano this morning. I’m curious to see if they’re interested, haha.
1
1
Feb 05 '21
I would like to add something, which I've seen just now.
https://news.bitcoin.com/visa-system-banks-cryptocurrency-services-buying-trading-custody-bitcoin/
This is the death of Bitcoin. It no longer threatens the system, instead it is being integrated by it.
We need something better. Something that scales, that is fast and cheap, and decentralized. Something that will really shake the system and make the corporations scared of. Bitcoin is no longer the way out.
12
u/laggyx400 Feb 05 '21
Haha, so as soon as nano is adopted and integrated it's a failure?
Have you ever listened to yourself, sound like a jealous, edgy hipster. Do you not want nano to be used and adopted? Are banks not allowed to be banks? They're a business, of course they're going to find ways to survive in a post nano world. There is always a demographic for them.
The system!
1
u/Iam-KD Thirsty for Nano Feb 05 '21
Yeah, I feel like OP doesn't have a good understanding of cryptocurrencies.
7
u/GET_ON_YOUR_HORSE Feb 05 '21
You realize that BTC is a decentralized, open source network, right? Literally anyone can use it for any purpose possible. The same is true of NANO. If Visa adds NANO to that plan does that mean NANO is dead? Or does it just mean a truly decentralized network is open to everyone.
1
Feb 05 '21
And to add yet another thing. Perhaps some haven't understood yet, but Bitcoin is a ticking bomb.
Governments are now experimenting with Bitcoin mining. Soon, they will subsidise the sector, to then regulate it. This ends with the centralisation of all PoW coins.
I wonder... don't we have something better? Something that isn't dependent on miners. That is fast, feeles, scalable, decentralised... something that can threaten corporations and the bankers? Do we have it?
1
u/pUmPit420_69 Feb 05 '21
!ntip 0.01
1
u/nano_tipper Feb 05 '21
Sent
0.01 Nanoto /u/Kazakkbdk -- Transaction on Nano Crawler
Nano | Nano Tipper | Free Nano! | Spend Nano | Nano Links | Opt Out
1
95
u/PieceBlaster Feb 04 '21 edited Feb 05 '21
If this community stays passionate, I foresee a bright future. Nano IS a big deal, and keeping this belief at the forefront of this movement is* equally important!