Hey, Bitcoiners! Steelman the arguments for why bitcoin will fail. I'm interested in hearing some of the reasons that orange coin is not going to succeed at becoming a common medium of exchange and/or unit of account from some psychopaths.
Discussion
Your steelman:
You cant see the success of the incumbent system?
The combination of noise, confusion injected into avenues of information along with financial shocks targeted directly at the normie women and men who were hopeful by dipping into the "revolution" got their faces ripped off and financial lives ruined.
They were successful at instilling APATHY in the general populace at a global level.
Sure, you see those influencers on youtube and those movers & shakers who command headlines and cut & slice at Bitcoin from every angle, people like Ver, Buterin, Voorhees, Wright, O'Leary, Cuban, Hearn.
But imagine the hundreds non-english speaking equivelents of Ver, Voorhees, and Buterin co-opted to identify, infiltrate, confuse all the normies. They were successful to stop and distract away from what is now known as the FAILED revolution.
Any one of the host of three letter agencies have shut down with violence any representation of an alternate currency or market enabling freedom for participants in the past with a long persistent history of doing so. The three letter agencies had to scramble quick in 2011/2012 to dampen this Bitcoin which resulted in following decades long plan which is proving successful;
1) attack adoption (and fiat) on-ramps, create thousands of mt gox like scenarios gloabally in perpetuity
2) orient chip manufacturers to create ASIC and have chinese mining operations to mine and dump BTC. successful and check...added bonus, move these operations to the USA.
3) attack protocol with network attacks, denial of services, infiltrate BIPs
4) create the industry - fund creation of endless more-centralized altcoins, reorient around blockchain technology and benefits of crypto and distract away from counterparty-destroying self sovereign Bitcoin use. Have Big 4 accounting firms push this narrative and thinking globally
5) social attack; pay and use defectors & influencers to distract & proclaim failure of Bitcoin (youtubers, search engines, Mike Hearn, Roger Ver, Elon Musk, Larry Fink, Mark Cuban)
6) Identify, attack and remove from power or assissinate globally political leaders in office supporting Bitcoin
7) Remove stability, using #4 above also pair with planned operations of liquidity attacks, mainly for dumping but also for pumping to pressure out partcipants
One big argument is that bitcoins security model will fail as miners rewards go down to nothing.
Take a look at this Twitter account: I think he has some valid points:
https://twitter.com/justin_bons/status/1635999496273375233?s=46&t=qOLQLqpQ9WSeRIM3gD4ssw
Let's say bitcoin gets to $1M a coin in 2140 after all block rewards have been exhausted. The current fees we're seeing now are .2 btc (one recent block just had 3+ btc in fees). At $1M per coin, the $200k reward would be substantial more than the 6.25 + .2 (~$175k) that the reward is today. I don't think BTC's price going to $1M per coin is outlandish by any means. In fact, it's probable in my opinion. So, I understand the security budget concerns, I just don't necessarily put that much stock into them.