Economist Jeffrey Tucker: If Bitcoin was scaled, its price would be very different

Jeffrey Tucker, the editor-in-chief of the American Economic Research Institute, re-ignited the long-running Bitcoin scaling debate during the day with a tweet.

The economist, who has long been known as a Bitcoin (BTC) advocate, suggested that the current price is lower than it should be because the technology underlying the crypto asset is “not scaling properly”.

I’m not unimpressed by a $ 6K price of BTC. I was blown away when the thing reached $ 30.00. But can you imagine the price today if the thing had properly scaled?

– Jeffrey A Tucker (@jeffreyatucker) March 30, 2020

Tucker’s twiti continued with statements from his panel discussion with Bitcoin enemy Peter Schiff earlier this month. During the discussion, he said that a lot of time was spent on this “nonsense scaling problem” that prevented the asset from being adopted by the mainstream.

“The adoption was not at the desired level and was not presented to consumer use as it should be, but the business would have changed if scaling. Now we are experiencing what happens when Bitcoin is not scaled properly. ”

Tucker said that Bitcoin was designed to evolve at times like the current financial crisis, and that the current situation is not due to the scaling issue:

“Bitcoin was developed to be a safe haven at times like this. So why don’t we see Bitcoin as a safe haven, as it was developed and for several years? “

Response from Vitalik Buterin and Blockstream to Tucker

Bitcoin’s scaling issue has been one of the hottest discussions in the cryptocurrency to date. Base layer network transactions cannot process quickly enough to ensure their adoption as a large scale mainstream currency. As a solution, discussions about increasing the block size ultimately led to the Bitcoin Cash (BCH) and Bitcoin SV (BSV) forks, while Bitcoin adopted the Lightning Network as a scaling solution.

The tweet that Tucker made on March 31 started a discussion among the leading names in the crypto community on Twitter. Vitalik Buterin, co-founder of Ethereum (ETH), should take a look at Tucker’s long-awaited Ethereum 2.0, which will be released this year. told He pointed out that Buterine Ethereum 2.0 has high scalability, but not centralization, which is based only on the increase in block size.

On this twit, Bitcoin development company Blockstream CEO Adam Back wrote “Lols,” while CSO Samson Mow sent a laugh emoji.

“Scaling has nothing to do with price”

Blockchain analyst Willy Woo stated that scaling has nothing to do with price or market value, suggesting gold as an example:

“How many transactions does gold do per second? In other words, I am talking about the transfer between cases. This is the BTC main chain. The swaps we make on ETFs and derivatives are like the 2nd layer of gold. When this is scaled, Lightning Network, the 2nd layer of BTC, will also scale. ”

Bitcoin Advisory founder Pierre Rochard said that the price will be the same for scaling, saying “there is no foothold before adoption”.

Bitcoin supporter Vijay Boyapati argued that it is not necessary to imagine a “properly scaled” Bitcoin, as in Bitcoin Cash: “In such a case, as with the BCash price, the BTC price would be $ 200; the market doesn’t care about your “proper scaling” as much as you think, but it gives great importance to invariance. ” said.

Investor and writer Tuur Demeester also stated that he was angry with Tucker’s tweet and said, “Scaling Bitcoin is fine”.

Tucker finally challenged: “Let’s get off Twitter and discuss this with a gentleman.” he said and took the discussion to a different point.