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Why Everything That Isn’t Bitcoin Will Fail: Absolute mathematical scarcity, achieved by consensus in a decentralized network, was a DISCOVERY, rather than an invention. It cannot be achieved again by others aware of it, since the very thing discovered was resistance to replicability itself.

Why Everything That Isn’t Bitcoin Will Fail: Absolute mathematical scarcity, achieved by consensus in a decentralized network, was a DISCOVERY, rather than an invention. It cannot be achieved again by others aware of it, since the very thing discovered was resistance to replicability itself.

Why Everything That Isn’t Bitcoin Will Fail: Absolute mathematical scarcity, achieved by consensus in a decentralized network, was a DISCOVERY, rather than an invention. It cannot be achieved again by others aware of it, since the very thing discovered was resistance to replicability itself. from Bitcoin




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11 Comments

  1. Though I wouldn’t focus the video on whether shitcoins are all scams or not, it’s definitely true that so far Bitcoin is the best layer 1 monetary network ever created. And the fact that it’s truly decentralized makes it’s growth totally organic and unstoppable, which is super sexy. (Side note: it still amazes me how few understand this!)

    Looking forward for Lightning to increase in liquidity and usage, so that we end up having a full-scale payment network totally able to onboard 8 billion people, and we opt out of the fiat slavery

  2. in order to claim that digital scarcity is “achieved” we need proof that bitcoin is infallible. we don’t even know if bitcoin’s one-way functions are truly one way and if those functions [exist](https://en.wikipedia.org/wiki/P_versus_NP_problem). and even if we prove cryptography is all good, bitcoin may one day fail under social attacks or something else. we can never know, need infinite time

    bitgold was discovered in 1998 and for a brief moment that was a discovery of absolute mathematical scarcity achieved by a decentralized network. turns out it’s vulnerable to sybil attacks. it could turn out bitcoin is vulnerable to something too.

    this argument sounds nice, but it’s essentially bullshit

What do you think?

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