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Comment by janandonly | Hacker News Reader

# There are a bunch of metrics that are very positive for bitcoin:

1. With the fall of FTX/Alameda, and previously 3AC and Celsius, more users are realizing that an old rallying cry for bitcoin still holds true: not your keys, not your coins. Every new 'generation' of users (bitcoin is in its eternal September) has to learn the same lessons as others learned before. So, you would expect to see more self custody of coins, and that is precisely what the on-chain metrics show. See also https://buybitcoinworldwide.com/mt-gox-hack/

2. Real-world adoption is growing with great products like Strike build on top of the fast and cheap Lightning network (one of the various second layers build on top of L1 Bitcoin). See https://bitcoinist.com/watch-jack-mallers-send-free-instant-...

3. More people realize the long view, and buy and hold for multiple years. See also https://bitcoinmagazine.com/markets/the-hodl-model

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The speculative adventure of this industry full of scams has been hilarious to watch, and once hard regulations kick in all of it will go to zero.

There is no legitimate real world use case for all of this. Full stop.

Good luck safely store your money being Russian or Iranian (or other citizen of any fascist regime who is considered not a human by both his own country and westerns). Not a legitimate case, I suppose.

I use bitcoin to buy things all the time. Full stop. I've made a bunch of money from that investment too. Full stop. Having a currency that is not bound to a state can very possibly be a good thing. Full stop. Scams exist in many industries and in crypto it is rampant due to its lax regulations but that doesn't mean the industry is a scam by definition. Full stop.

I wonder if this is what telegrams read like.

What about instantly sending money to Africa very cheaply?

Why do you need crypto to send money to Africa when Wise and Wave exists for this for less fees?

Using the lightning network is faster and cheaper

The lightning network doesn't work at all and is known to be centralised anyway, it's only cheap because nobody is using it.

There isn't any point in the lightning network when the current financial system works better without people losing their life savings.

Mpesa, UPI and Pix work way better than whatever broken system the bitcoin / lightning network has.

There are many avenues to transact moneys. Crypto is one of them. It has a handful of really good use cases. I agree that there are often (usually?) better ways, but cryptographic blockchains that house value to the tune of billions of USD and never goes down or breaks is quite powerful and should be respected as such rather than being seen as purely inferior.

> nobody is using it

87M in liquidity on network, 15k active channels, mmmkay

https://1ml.com/

2. Real-world adoption is growing.

Real-world adoption is shrinking.

Do you have stats for that?

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