Michael Saylor, CEO of MicroStrategy, responded to a tweet that said the days of Bitcoin are numbered. In it, the poster compared the leading cryptocurrency with MySpace. Saylor responded that the BTC trading volume equals the peak MySpace has every few hours.
With some now referring to Bitcoin as “Boomer Crypto” because it is relatively unexciting compared to the others, is there any truth in the MySpace allegations?
Will Bitcoin Become Crypto’s MySpace?
According to Saylor, the leading cryptocurrency has grown faster than any other company in history. He added that Bitcoin tops MySpace in terms of valuation.
“In its prime, MySpace was valued less than 0.06% of #Bitcoin in a single private transaction for a day, which has grown to a larger market cap faster than any company in the history of the world. We trade MySpace for a living in $ BTC every few hours. ”
MySpace was the first social network to reach a global audience. It was the dominant platform between 2005 and 2008, serving 100 million users a month.
By May 2009, the number of monthly Facebook users exceeded that of MySpace for the first time. That was the beginning of the end, and the number of users continued to decline despite several site overhauls. Nevertheless, it continues to this day with around 7 million users per month. In comparison, Facebook attracts 2.7 billion users a month.
According to Lifewire, MySpace’s demise was due to several factors, but its failure to innovate and keep up with competing platforms was one of the main reasons.
“One argument was that the company never figured out how to innovate well enough to keep up with the competition.”
While Saylor may argue that the BTC trading volume is sizeable compared to MySpace, some would say that he failed to address the point of the argument. Bitcoin is often accused of being an innovation graveyard.
Taproot upgrade already in-game
The last major Bitcoin innovation came in 2017 with the SegWit soft fork, which allows transactions to be broken down into blocks by separating signatures. SegWit should avoid accidental transactions and run the network faster and more efficiently.
Earlier this week, developers merged Bitcoin’s Taproot upgrade with the source code. This makes multi-signature bitcoin transactions cheaper, more private, and easier to deploy.
“It is supposed to increase the fungibility of Bitcoin, improve the functionality of smart contracts and improve privacy by making all transactions look the same to outsiders.”
Miners approving the upgrade can signal their support by including certain data called “signal bits” in their mined blocks. If 90% of the mined blocks contain the taproot signal up to the August 11 limit, the upgrade will be blocked from activation in November.
The majority of mining basins have already signaled their approval for Taproot. When it comes to crypto innovations, some would say that Taproot is still a relatively conservative innovation.
Source: BTCUSD on TradingView.com