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Yes, they did, which is one of the reasons BitCoin is approximately 0.00% percent of the world financial markets.

Well that is one way to minimize the reality of Bitcoin. On the otherhand the Bitcoin market cap is 50%> than Tesla for example. That may not seem like much, until you realize Bitcoin has a bigger market cap than any US car manufacturer.

Farmland in southern Asia is worth a lot more than that, and just as easy to use for everyday transactions as Bitcoin is.

I have never heard this analogy, and it so clearly refutes what drives me crazy about these Bitcoin :: Tesla|whatever comparisons.

It does not matter whether it seems like much or not, because approximately none of that market cap is coming from using BitCoin for payments, it comes almost entirely from using BitCoin as a speculative asset.

All attempts to use it for non-crime-related payments have failed so far, because of its slow speed and huge transaction costs.

And in a spectacular turn of events, it may be a worse polluter than any single American car company as well. I bet Satoshi Nakamoto didn't plan for this one, eh?

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