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“There are no informed critiques of Bitcoin” – Michael Saylor



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25 Comments

  1. I feel like there are some valid criticisms of Bitcoin, but they all have caveats.

    >Bitcoin uses a lot of energy but… most of it is renewable and the meatspace banking industry uses much, much more.

    >Bitcoin has high volatility but… the price always trends up on long time scales due to its popularity, scarcity, and utility.

    >Governments can ban Bitcoin but… they’d just be shooting themselves and their citizenry in the foot when other nations adopt it instead and reap the benefits.

    >Bitcoin can be used for illicit transactions… but so can cash arguably more effectively.

    >On chain fees can be high, and transactions can be slow… but you can use the lightning network for instant/cheap txs.

    These are valid criticisms, but they aren’t as big of a deal as the opponents of bitcoin make it seem, because they always neglect to mention the caveats. Which makes them look quite misinformed.

  2. I think the e-waste problem is valid. ASICs get mass produced, then discarded when they become redundant which is whenever a new design comes out. Can’t be recycled or reused into anything.

    Hopefully sha2 hashing reaches a critical point where there are only marginal gains left in chip design, and ASICs can last longer then and stop being thrown away.

  3. Oh trust me there are entities that know damn well what EXACTLY bitcoin is. They will be the ones behind the scenes attacking it for years to come… the only real “critics” that matter IMO.

  4. The internet going down isn’t impossible. Solar flares, emp, maybe other causes. But relying on the internet is a pretty major vulnerability IMO, no matter how unlikely, it is possible. Without the internet there is no Bitcoin

  5. I’m probably going to get shit on for saying this, but fuck it – no skin off my back so take it for what you will. There is valid criticism, but you barely get to hear these discussions because of the inherent biases that exist within the community.

    Especially with BTC maximalists because they have skin in the game, and so they have an obvious interest in pumping because this increases their net worth.

    Don’t get me wrong, BTC all the way, but don’t kid yourself, motivation shapes perception – there are always blind spots.

    Edit: since it seems to elude everyone that’s commenting on this – seeing BTC as just money, not as the technology that changes the world. Shitting on other coins for solving things that it itself is not designed to do.

    Edit: I’m not here to convince you, and the ad hominem is having the reverse effect. Wanting to opt out the old system is cute, but if it doesn’t tackle the crucial issues we currently have, it’s missing the point.

  6. I’m a big fan of Bitcoin however I would like to know how or even if Bitcoin has a solution for something like lending “money”. At the moment, banks lend money they don’t have ( which I honestly find kinda weird ) but that actually help people buy houses and companies invest and grow. In the event of Bitcoin becoming our principal asset how do you think that would work?
    The other day I was trying to explain bitcoin to a friend and he hit me with that question for which I had no answer, I would like to be more informed.

  7. My arguments to your counter points, not trying to disagree more educate myself on some of my criticisms.

    Using electricity renewable or not still isn’t as desirable as using less. Firstly electricity created has a cost, normally hardware and opportunity of using it else where(i understand a-lot of green energy is wasted but still not the point.
    Also the cost of mining hardware isn’t good for the environment either.

    Don’t really have a refute for the volatility as i think thats advantageous baring in mind it does generally trend up.

    If enough governments banned crypto it definitely would be negative. Say what you want but EU and America banning/ making illegal would almost destroy the value as most citizens wouldn’t want prison time for crytpo.

    Don’t disagree with the illegal transactions. Its the stupidest of arguments because illegal transactions were happening long before bitcoin.

    On chain fees are high and transactions are slow. Most of the benefits people attribute to Bitcoins consensus are therefore sacrificed with layer 2. Either you agree that bitcoin is wrong in its consensus mechanism as its wasteful or you agree that lightning is sacrificing something. Can’t be both.

  8. What would you say to people that claim the gold standard is what led to the Great Depression and that if the US dollar was pegged to an immutable reserve like bitcoin it would cause another depression. Please don’t shoot me just asking.

What do you think?

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