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WHY BITCOIN WILL FAIL.

atjack or the jackstr, posted this:

Satoshi: “Bitcoin: A Peer-to-Peer Electronic Cash System”

Governments: “Bitcoin: Digital Gold”

March 7th, 2025, 4:04AM

(A 4AM J/Hack.). Ok, so first of all, no reason really for me to wade into this debate. I’m not accomplished in any of these fields so there is no logical reason for you, dear reader, to value my thoughts. *DISCLAIMER*

My theory is that Bitcoin was/is a government project same as the creation of the Internet. Satoshi Nakamoto is not one person but 2-3. Two main ones: the programmer guy (the jackster), one second theoretician/programmer (who wrote the white paper), and a third half—timer. Just intuition tells me this, I have NO insider information AT ALL nor any solid evidence. I am not connected to any of these people nor am I deeply involved in these industries. It is a theory. It lines up with pro and con arguments recently posted.

Now, the Jackster—or if we write in NOSTR parlance—the Jackstr, is posting the above as if the two concepts are in opposition or represent different & opposing meanings to Bitcoin. They do not! They are STAGES.

STAGE ONE: The West/Northern Economies Generate Bitcoin & Hoard It (Digital Gold)

STAGE TWO: Get the Global South to Accept Bitcoin Payments (Electronic Cash)

STAGE THREE: West/North Buys Up Resources in the Global South

That’s the Game, my friends. If you know your dollar system is going to fail, and you try to set up another one in advance of the collapse but you have an economic problem that you have very little to sell and you need resources this is what you do.

The reason it won’t work is because…debts still have to be paid. You can’t merely erase debts by abandoning one monetary system and put into place a globalized digital system, especially when you have nothing to sell. You just want to buy. And it will be very challenging to convince the Global South, who’ve already been down the colonial and post-colonial and neo-colonial road and also are watching the West/North collapse in real time, to convince them to exchange real goods in your reboot currency. They have no incentive to do so.

Additionally, a payment system should work online and offline and at least from what I see so far—the online tech is not there yet. There are too many points of failure regarding the internet (like a channel needing an always online internet connection) for this purchasing system to be practical in the Global South. At least not for many years. We’ve got satellites that black out flying through the South Atlantic Anomaly. So, you’ve also got a problem with ionizing radiation and electromagnetic flux that will impact internet availability, satellite communications, and electronic transactions. The sun basically can cause data loss! I don’t see much on this topic, and there should be at least some, because if a flash from the sun erases data and money is data that is a problem.

My time spent listening to people active in the Bitcoin community is that I find very little real theorizing & deep thinking. They basically jump up and down based on whatever the current dollar value is of Bitcoin (if it’s low they cheer time to buy, if it’s high they just cheer). That should tell you something. If you are valuing your new digital currency using a metric of an old currency that you are saying needs to be replaced with the one you are promoting…you see the problem. They should be jumping up and down when they can buy a loaf of rye (see my poem, “bitty bitty bitcoin…”). The one prominent #propstr thought leader in the space thinks this economic “war” can be won with memes. Oh my! That didn’t and isn’t working in Ukraine (I mean, yea, you won on Twitter AND SO WHAT—wars are still being fought on battlefields and you still need fields to grow grain) and it won’t work convincing the Global South to exchange in Bitcoin. It works with the tech guys, yes, but again, they have nothing of real value to sell. They need to buy. The main ones spent most of their time setting up companies based on advertising revenue instead of creating real innovative societal interventions. I mean, a TV show, a radio play, a billboard, yeah they digitized that through social media but that’s weak innovation, more like a new riff on an old jam, not transformative innovation that radically improves society and makes it wholly more efficient and productive.

I wish the above weren’t true, but, alas, that’s what I see at this moment in time. Have a glorious day.

—written March 8, 2025 11:19am by ASMARA

David in TN 10mo ago

this is really good out of the box thinking. is there an alternative?