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GM #plebs

This morning I started with a discussion.

A friend of mine keeps questioning Bitcoin, and I kinda have to admit that I can’t really blame him for doing so.

Today he was talking about how the last BTC will be mined in about a 100 years from now. But do they keep in mind that computers and chips and mining rigs will keep evolving and all that? Gotta say, that is the only thing that scares me about Bitcoin: quantum computers.

What if someone, or a group of people “invented” a new, better Bitcoin. Why would BTC stay the number 1 coin?

He compared that to a factory that designed 10.000 cars in 1960. Why would those cars be the better option than todays cars?

I kept telling him about how BTC is the best decentralized option, no one is in charge, it is calculated in scarcity, and best in scalability. Those are kind of the three arguments I could come up with. Plus it’s the biggest network to this day, would be very hard to overtake that.

So why can’t a newer, better Bitcoin be created nowadays?

Hard to admit, but I kinda get his arguments, tho I know that he is wrong, but I can’t really prove him wrong.

What are your arguments according to that?

#bitcoin #btc #scalability #plebchain #discussion #arguments #btconly

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Discussion

sms 2y ago

Why can’t a better internet protocol be invented nowadays than the TCP/IP the Internet uses already?

Was 14 years and tens of thousands of other blockchains and schemes not enough to invent the better Bitcoin?

Henry 2y ago

I think his points are valid to some degree too. Though his car analogy sucks if anything Bitcoin is the road rather than the cars. We have changed that a bit over time but not a great deal.

However it's easier to throw out problems rather than solutions. What is his current solution to the issue of fiat currency?

binsky 2y ago

Fair points indeed.

He doesn’t have a solution to the fiat problem. He just sees #bitcoin as a technology. And since technology keeps evolving so fast, why wouldn’t someone create a better #btc technology?

Henry 2y ago

Does he just see the internet as a technology and since technology keeps evolving so fast why wouldn't someone create a better internet technology?

Presumably because it's better to build on a stable foundation that's already there!

Enrico 2y ago

Bitcoin is not a piece of software or a product like a car or a "Facebook", Bitcoin is a protocol and more importantly an idea: the idea of digital scarcity. You cannot improve absolute digital scarcity because that's already *the* thing. The software we run is just a means to achieving such absolute digital scarcity and certainly can be improved and that's why we have development happening and new ideas coming up. Those are "new" bitcoins that by social consensus become "Bitcoin", the Schelling point in game-theory terms. But your friend refers to a different, incompatible token I guess. How would it be better? Faster? Cheaper? More secure? Well these all could fall in the "improvement" category but the real question would be "would it more absolutely scarce?", I believe it could not be "more" scarce, so at best it would be "as scarce as" so it would simply candidate to be the next evolution of Bitcoin and at that point it will be the market deciding it's faith, would bitcoiners elige this "equivalently scarce" token as the replacement to Bitcoin? I doubt, they wouldn't have the incentive for that. So it would need to be the non-bitcoiners jumping on that bandwagon to build more critical mass than Bitcoin but can you imagine that happening with all the network effect, projects, investments, brand recognition and deeply committed people that Bitcoin has? And for something that's at best as scarce as? That's a very remote chance, that's how I see it, you decide for yourself like everyone: self responsibility about your future and your wealth

binsky 2y ago

Two days ago, this hit me.

Wasn’t that the reason why LTC was brought to life? To be a better version of #btc ?

Am I wrong?

#bitcoinonly #btc #litecoin #stacksats