1. Money isn't just created.
2. Bitcoin is not inflation save either.
And much more volatile.
33 karma · joined May 26, 2022
2. Bitcoin is not inflation save either.
And much more volatile.
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...
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?
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.