I don't even hate Bitcoin as a concept, aside from its blatant WEF underpinnings and privacy issues. If it was just one topic among many here, I could tolerate it. But it's nonstop, it's everywhere, and it's not even intelligent discussion. Just idiots spamming memes at each other.
Discussion
Yeah, the privacy issues concern me too. There are companies and I'm sure intelligence agencies devoted to tracking and figuring out who is doing what with Bitcoin. I have some affinity for Monero (though I don't own any), but I haven't studied it enough and it seems to lack the first mover advantage of Bitcoin. Unfortunately many of the Bitcoin memers and spanners are behaving as NPCs and probably don't even realize it (and I don't like to view people that way).
I'm not here to rain on people's parade, but I'm here to maybe get some neurons activated if it's possible. "Dollar bad" does not imply "Bitcoin good"--they can both be bad. If the people here really care about actual freedom, they'll address the issues directly instead of dodging them with memes. So far I haven't seen any of that, though.
https://youtu.be/ncPyMUfNyVM it doesn't matter who has 51% or more they would need to shut off all electric in the world to take my bitcoin soooooooooo I don't care who mines bitcoin my btc transaction will always be validated and I dont give a fuck about anything else you say your argument is straight trash compared to what I'm saying
We're not talking about a 51% attack. We're talking about the fact that every transaction is public, permanent, and traceable to you. It is a privacy nightmare.
Even tricks like using lightning nodes before committing transactions to the public blockchain can be thwarted by the right internet infrastructure (via packet capture and timing analysis).
I'm not sure how many people actually care about freedom, because on other issues they are most probably statists. It's probably just a variation on the love of money.
I saw this meme in my collection, and if you just replace the flag with the orange Bitcoin symbol...
I really like this, constant bitcoin good everything else bad is #cult
Good to see debate đź‘Ś
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Yeah, except there's no debate. I raised the issue of Bitcoin's inherent deflation (followed by the privacy issues, even with Lightning) and all I got in response were tired old meme reposts and insults. I'm still waiting for someone to address the points.
I'm happy to be wrong, but so far nobody has given me any reason to think that I am.
The often-quoted finite BTC supply faces a major sustainability issue. A basic principle for network security of the distributed ledger requires that mining remains profitable, while attackers need to be economically disincentivized.
In Bitcoin terms, this implies that a certain hash rate needs to be maintained, which corresponds to investment in equipment and energy.
Since resulting bills can
be assumed to be paid in fiat (money), the reward for mining a block needs to have a certain minimum value in traditional currency.
At the time of writing in 2022, the lion share of the reward originates from the coinbase transaction which amounts to 6.25 BTC.
In an order of magnitude calculation, this
equals to about 100,000 USD, and, for simplicity, we assume 2,000 transactions per block. This back-of-the-envelope calculation essentially suggests that, currently, a cost per transaction of about 50 USD.
As long as this amount is mainly covered by the coinbase reward, the actual transaction fees paid by the user remain much lower. However, this necessitates that the ratio of demand-to-supply for BTC
on exchanges stays sufficiently high; a dropping USD-BTC pair also lowers the hash rate, and thus network security.
Let’s consider two examples while neglecting inflation, which will most likely affect the BTC price and mining expenses in a similar manner.
By the early 2030s, the coinbase transaction
will have fallen below 1 BTC.
So, by then, one BTC must be traded at approximately 100,000 USD to
keep transaction costs fairly constant.
After 10 halving cycles, in the middle of the 21st century, less than 0.05 BTC will be newly issued per block, meaning that one BTC would have to sell at about 2 million USD at exchanges in order to restrict transaction fees to present levels.
Therefore, and in addition to the limited transaction throughput, Bitcoin can only meet the economic requirements of a micropayment system if the number of transactions that can be crammed into a single block is substantially increased, e.g., by layer-2 solutions such as the Lightning network.
As a layer 1 with the current block size and clock rate,
Bitcoin will, otherwise, inevitably become “Digital Gold” where high transaction fees (and comparatively low
throughputs) are acceptable in the market.
Interesting. So the bottom line, from what I gather, is that Bitcoin is inherently deflationary and nobody cares because that kills the vibe, man.
That's Jens Ducree's paper on Bitcoin