1/ Bloomberg published a piece today uncovering the fact that BCash has very little merchant adoption, despite @rogerkver's unrelenting effort to promote it to merchants as a low-fee payment rail. There's an economic reason for this. Let's explore... https://www.bloomberg.com/news/articles/2018-08-20/-bitcoin-jesus-having-a-hard-time-winning-over-true-believers

2/ The fundamental flaw in Ver and Jihan Wu's economic vision is that they assume that money is first and primarily a medium of exchange. They do not understand that all market based monies must evolve through a store of value phase first, before they can be suitable as a MoE.

3/ If a fixed-supply monetary good is widely adopted as a MoE its purchasing power per unit will be massively higher than when it is first created (and when no one is using it).

4/ @JihanWu has even stated that he thinks in 3-5 years BCash can reach $100,000 per BCash token.

5/ If you believed this to be true and you were the owner of BCash tokens, there would be a massive opportunity cost to spending your tokens in exchange, and certainly much greater than any expected savings to be had by transacting in it rather than a traditional payment rail.

6/ The people who used their bitcoins transactionally in the early days (like the guy who spent 10,000 BTC to buy two pizzas) understand this opportunity cost very well. Although some people, like Ver and Wu, have not learned the lesson.

7/ It is only when a fixed supply monetary good has become widely adopted that its purchasing power will stabilize and it it will become suitable for use as a medium of exchange.

8/ This explains why merchants aren't adopting cryptocurrencies as a payment rail: they don't see any consumer usage because token owners are more interested in HODLing than suffering the opportunity cost of relinquishing their coins in trade.

9/ #Bitcoin HODLers have grokked this fundamental economic lesson and by holding Bitcoin as it appreciates, they are actually hastening its eventual evolution to becoming a fully fledged global money.

Quotes taken from my article The Bullish Case for Bitcoin: https://twitter.com/real_vijay/status/969591986662424576