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123 sats \ 9 replies \ @patrick1 13 Oct 2023 \ on: Drivechains: A Detailed Analysis by Perter Todd bitcoin
The history of Bitcoin and altcoins has shown that the overwhelming, long-term, non-speculative, market demand is for the straightforward use-cases of secure store-of-value and cheap and convenient medium-of-exchange, along with a smaller niche occupied by Monero’s enforced privacy5 use-case.
He completely skips over the market demand for smart contracts/defi. There's clearly demand and product/market fit there, whether most bitcoiners like it or not.
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101 sats \ 6 replies \ @petertodd 13 Oct 2023
There is demand for all those things. But there hasn't been much consistent, long term, demand. What there has been is a lot of hype that tends to die down as people move onto the next thing.
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35 sats \ 4 replies \ @patrick1 13 Oct 2023
It's very often the case that Uniswap alone collects more fees than bitcoin itself:
https://cryptofees.info/
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100 sats \ 1 reply \ @petertodd 13 Oct 2023
...and uniswap is a market for defi stuff on Ethereum. That isn't closely related to the problem drivechains is trying to solve, as it's about many different currencies/tokens rather than a single common currency.
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42 sats \ 0 replies \ @patrick1 13 Oct 2023
I'm just pointing out that there is clearly a lot of demand for defi/smart contracts.
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0 sats \ 1 reply \ @2bithits 13 Oct 2023
What are these charts based on? Is it the rolling average over a month?
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50 sats \ 0 replies \ @patrick1 14 Oct 2023
It's just the last 24 hours and the the seven day average.
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10 sats \ 0 replies \ @llamabyte 13 Oct 2023
"Why would anyone want paved roads with stop lights ? The history of transportation shows an overwhelming demand for mud trails and horse ties."
  • Peter Todd.
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0 sats \ 1 reply \ @tomlaies 14 Oct 2023
I'm on Peter Todds side on this.
I don't think this demand is organic - at least largely. The demand is inorganic in a sense that people use it as a gimmick for the sake of using it as a gimmick.
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0 sats \ 0 replies \ @patrick1 14 Oct 2023
And yet during a bear market there are smart contracts that can collect more in fees than bitcoin itself on a daily basis.
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