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Comment by Deritiod | Hacker News Reader

Bitcoin is not solving anything really.

People think that PoW just solved the trust issue but it has not.

On one side Bitcoin still depends on miners and big countries like china could have a significant motivation to do a 51% attack in 20 years. People could form a secret org and take over Bitcoin. Bitcoin would require a lot more independent people to mine which people actually don't care for.

And on the other hand a Blockchain itself is only trustworthy inside it's Blockchain. It's easy to send trustworthy money around but the fraud doesn't happen when exchanging the money it happens when real life items are getting exchanged. Bitcoin doesn't help here. The same issue is with smart contracts.

And the best solution is actually PoS. Our current fiat system is not perfect but by far the most stable system we have.

And yes Bitcoin is also not suddenly fixing/solving inflation problems etc.

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PoS is just the foundation of a new oligarch system just like the current FIAT system, giving more to who already owns.. lot. This is what you’re advertising. And I like to think that you’re doing it in good faith.

And btw what you’re saying regarding mining is factually wrong https://endthefud.org/

Another person already shared that link collection and it's just utterly garbage. Pls see my other answer regarding that page.

Btw. I actually read now even more articles from that page than before and they all ignore fundamental issues.

To you: did you actually read them?

And no I'm not advocating for a new PoS system. I advocate for our current existing PoS system. That system we currently have. The system which works across our planet, has been grown naturally, is still evolving and actually fixes a ton of issues which have not even be mentioned by Bitcoin bros.

Alone the fact that I can go to a bank with my passport and get money is not solved.

Not one person describes how Bitcoin makes everyone who invests in Bitcoin early rich and everyone else poorer is not mentioned.

Problems like 51% attacks get ignored.

Antidemocratic issues are ignored like sanctions (Russian oligars anyone?)

And I'm not advertising something. I'm only talking against Bitcoin because it's bullshit and it doesn't solve problems. We need to put every non sustainable resource we extract from our earth into renewable energy and not create an additional system which competes with this...

Man, I understand your point. For real. But the 51% attack I cannot say it’s impossible, but very close to it. You cannot attack the chain by just conquering the mining power. This is something very basic on how btc works. But you know, anyway..

The 51% problem was quite real a few years back due to the underlying motivation to be part of a mining pool.

And it's not too far fetched that china might control a big mining pool if BTC would take off.

And yes decentralization doesn't just fix the issue of regimes like china.

It is more controllable than you would like to make it out.

Especially with the great firewall.

> Our current fiat system is not perfect but by far the most stable system we have.

ROTFL. Have you taken a look at inflation lately? Are you aware that the number of US dollars in existence has gone up by at least 40% since the start of COVID?

Not sure how anyone could call this "stable"

1. Money isn't just created.

2. Bitcoin is not inflation save either.

And much more volatile.

> 1. Money isn't just created.

Er.. It is.

Between quantitative easing and fractional reserve banking it is created in 2 ways.

Spend some time reading and researching on these topics please

I did and still think your sentiment simplifies it too much .

The banking crisis was the last big thing which imploded but otherwise we do create eqvilent new wealth with it. Real one

And, by definition, bitcoin _is_ inflation-safe as it's supply is capped. Inflation means inflation of the money supply (often thought of as an increase in prices).

Bitcoins price may vary against other assets but it's supply will never exceed 21m

Just because you will not be able to make more Bitcoin doesn't mean that you will experience no inflation.it just means that it will express itself different.

'Inflation is the rate of increase in prices over a given period of time'.

Either this will break Bitcoin because it is limited or the Bitcoin domination will change.

Already people are no longer buying one Bitcoin but subbitcoins like 0.01

Edit: and just in case you want to argue that this is deflation: Deflation is also bad. But BTC might reach a fluctuation point were it would see deflation and inflation.

https://www.endthefud.org

Have you read any of it and actually understood it?

I read now 8 articles and all of them are really bad :-/

I really don't have the motivation to go through all of that Garbage...

One dude compares the Bitcoin energy consumption with aluminum while ignoring that aluminum is actually helpful to smelt while Bitcoin is not.

There is so much ignorance in all of them.

'But how much energy should a monetary system consume?

How you answer that likely depends on how you feel about Bitcoin'

Another one plays around with marginal costs and writes pearls like this: "We will never know for sure but, if we look at the sale prices at the time of mining, and assume that they were mined with minimal initial profit, it comes to less than $20 billion. That would mean we put into circulation coins worth $200 billion for a tenth of their price."

Or this one were he just doesn't care to discuss the obvious issue of dividing bitcoins forever: 'But for now, just work on the assumption that the supply of bitcoin is capped at 21 million. In contrast, no one knows the supply of dollars.'

He just accepts that bitcoins are capped. Totally ignoring also how the transition to Bitcoin would make everyone richer who invests in it first. He just doesn't talk about it. And he goes on and on how Bitcoin is fixed while it's not.

Another article doesn't even mention Bitcoin just inflation and deflation in some weird writing style

And this one even points out issues: "The mining process is arguably wasteful, and justifiably has environmentally conscious people concerned. " Or "For this reason I think that even Bitcoin’s coin allocation schedule is flawed"

Again my question to you: did you read and understood those links you shared?

0. A dollar your ancestors earned in 1919 buys about a 1/100 right now of what it used to.

1. A dollar you earned in 2019 buys about a quarter right now of what it used to.

2. A bitcoin you bought in 2019 buys about 5 times right now of what it used to.

3. A bitcoin bought in 2135 will buy around the same in 2135, that it will buy in 2235.

...and 2335

...and 2435.

You don't seem to care about [0] and [1]? I DEEPLY care about that.

[2] is noise, just like a dollar in 2019 buys more than a dollar in 2002, who cares, it's not whole picture, and you'd be wrong calling the USD a ponzi by looking at that particular timeframe

[3] is the whole point of Bitcoin.

If you don't care about [3], then more power to you, keep working for the politicians, as for me, I want to work for my family and children, and my grandchildren.

If you don't /get/ [3], then I don't know what to say.

Everything else, every single other talking point is noise, [3] is where it's at.

Even [3] is ultimately noise, and all of this discussion about Bitcoin is noise because...

...you cannot ban Bitcoin, so why go against it?

Acccept it.

Embrace it.

Adapt.

Overcome.

Start doing at least some of those steps because bro, you cannot ban it, as simple as that.

Bitcoin is here to stay.

You would be right if it would be the same thing.

It's not.

I talked about the specific issue that right now dollar has to be transferred into Bitcoin.

And Bitcoin would look very similar to what dollar currently looks like. It would also has issues with inflation etc.

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