Does anyone else think this hype/pump is too good to be true? We're just not ready yet.
I love Lightning, but most of the devs agree it's still years away from being useable.
Meanwhile fees are steadily climbing. Personally, I might pay $2-$3 fees to open Lightning channels, but not much else. (What about $5-10?)
Why would non-enthusiasts use Flexa/SPEDN/Moon over Google/Apple Pay/etc? They're all trusted services, so what is even the point? All these new merchants "accepting Bitcoin" likely wont ever touch it, or know you're paying with it. For now it's just another way for them to receive fiat.
Also, buying anything with crypto can be a taxable event if the price increased since you bought it.
For remittance, why wouldn't people use stablecoins, or any fast/cheap shitcoin so they can convert it instantly at the receiving exchange? Not much volatility can happen in 1-5mins.
Important things like private key security are still too complex/expensive for 99% people. HW Wallet prices need to drop ASAP.
Fungibility is still pretty bad, people get their accounts closed if they deposit/spend crypto the exchange doesnt approve of.
Not to mention Tether looming over the market, FacebookCoin coming soon, the 95% fake volume, and the constant exchange hacks that everyone sees in their timelines. (Did your friends/family message you about Quadriga? Mine too)
To top it all off, it's not even a hedge against inflating fiat currencies yet. Bitcoin's current inflation rate is 3.7%, so it's only a better hold if demand keeps accelerating. $8000 x 12.5 x 144 blocks/day = $14,000,000 of selling pressure every day.
TL:DR Bitcoin has great potential, but in its current state is only really useable with custodial services, defeating the purpose of it, especially with all the added complexity.
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