The second video is pretty accurate of the Bitcoiners today. Lol

People have too much of their fiat bags into one big speculative gamble. View quoted note →

The first video is a pretty stupid critique, "early investors" of eating meat benefitted more than late investors nutritionally. Banks have nothing to do with bitcoin. Transitioning from central banks to digital decentralized currencies is full of mistakes. People who mine and spend bitcoin have no descriptive identifiers and can spend it privately those who buy or work for mined coins only have 1 counterparty. Normies have several more counterparies. That doesn't make the whole of Bitcoin a "tracked" system. Anyway, this video is lame. The second video is funny social commentary, less so a critique of Bitcoin's ubiquity. The third video I respect John's candor but that's not how bitcoin works (nor many other wallet based coins) you don't have "an account" that is identity based. I spin up keys, those keys create public keys, those public keys are ddresses. I can have Bitcoin JUST for plumbing funds. When the plumber "goes to the bank" and queries my account he will find his coins came from a miner. No other coins would be tied to me. Although I agree with his point about Monero being Black market money. Though he sounds like a popular high-school girl when comparing the two. "Nobody uses bitcoin any more, everyone uses monero" sure thing, Rebecca. The fourth video just makes so many wrong assumptions and strawmen arguments it's hard to address. Yes Bitcoin is money. Money consists of two parts: The asset peg and the currency. The asset peg is the settlement between two or more parties. The currency is the market volume of trade. If the asset peg cannot betraded at market volume, it needs a layer of currency to meet market demand. Bitcoin can be the currency or Lightning can be but they are both used and they both hold their value across time as well as any other money. As far as your suggestion "there are better tools than bitcoin, use them" This is true for all specialized tools. A mesh network running FIPS or Reticulum is a "better" tool but NOT for the average person. They want an ISP to surveil all traffic and own them. Bitcoin is the step that has Normie capable adoption. There are more private tools like Monero but I am not holding my breath until a car manufacturer takes it. We are all autists here but narrow focus makes us blind to the world.

Bitcoin’s value is built on speculation and greater fool theory, and is beginning to face diminishing returns. In the long term, it is unlikely for Bitcoin to overperform other assets.

Bitcoin ROI

Bitcoin CAGR Data & Charts

This page shows Bitcoin's CAGR displayed in table and chart format. Want to know what CAGR means? Click here to learn more. Year CAGR (%) Bitcoin C...

View quoted note → View quoted note → View quoted note →

HODLING is Impossible. View quoted note →

People who want to end the system use Monero. People who want the fiat games to continue use Bitcoin. View quoted note →

Imagine if monero came under the level of constant attack that bitcoin attracts. It doesn't, because it's less of a threat.

Yes, I agree Bitcoin is slowly becoming a shitcoin unfortunately. Monero is the last refuge for those who enjoy freedom. View quoted note →

I’ll say it’s the second one. 4:00 minutes in of the fourth clip explains pretty well. I think people prefer analog over digital. And even if we lived in a society where people like digital over analog, they would collateralized tools instead, like onegold, etc. Even if we ignore Monero, I think even conventional gold beats Bitcoin too from a SoV, and stability angle. More people know gold, most of our history was built on it. Bitcoin is only around for 17 years, or 0.0057% of human history, whereas gold has been around for 2,600 years, or about 1% of human history. Most people’s opsec model doesn’t include the state, and even if it did I think they have Swiss Bank Accounts, and other mechanisms (besides Monero) to help launder funds out of the country, etc. View quoted note →

Mining pools centralization: View quoted note →

Mining pool centralization is a very isolated and limited risk. There’s tons that cannot be changed or isn’t at risk because of this. It’s simply a vulnerability to a certain class of problem. To compare that to the nature of fiat and the myriad ways we are getting F’d is like comparing someone who keeps you in a cage and whips you every time you don’t do exactly what they say, with someone who throws eggs on your house when they get frustrated and inconveniences you for an hour or so. Centralization in mining pools is a class of a problem that lives in a totally separate universe from the problems of fiat.

Don't feed the trolls guy

A Modest Proposal.

But the dilemma is Bitcoiners like to claim Bitcoin is decentralized, when clearly that isn’t the case, or if it is the case then there’s room to clearly improve. I agree that tools like BitAxe, NerdMiners, etc. are a potential solution to the problem. I agree Bitcoin is better than Fiat but barely. But my quoting of your note is a compilation of the many issues with what Bitcoin needs to improve to be a functional currency. I understand the tradeoffs arguments for why they exist but I think a notable amount of those tradeoffs are unoptimized. I like Bitcoin but it clearly needs a major revamp/overhaul to be useful for day to day life.