DT Context: Two sides to most situations, some contra-BTC thinking presented here, once again Justin Bons with the good word!
1/17)
BTC is doomed to fail
A modern-day fool's gold without any foundation in utility, BTC has become a purely speculative asset
Fueled by irrational & emotional appeals to greed, beware of the purveyors of lies
These are the eighteen reasons why you should not invest in BTC:
2/17)
1. No utility without capacity (block-size limit);
It would take several decades for everyone in the world just to do one TX, including onboarding onto LN!
That is not the future of money & can never be; it is literally impossible!
A sad end for such a beautiful goal
3/17)
2. No long-term security without utility;
Fees are unable to replace inflation, contrary to the original goals of Bitcoin; this makes the security model unsustainable!
There are no realistic plans in place for what will fund the BTC security budget a decade from now!
4/17)
3. No value proposition without security & utility
An insecure & purely speculative asset cannot serve as a good Store of Value or money at all
All you find are self-referential circular arguments
Like saying that BTC is the best money because it is the best money...
5/17)
4. Supply is not predictable;
The 21M limit will have to be raised as a consequence of rejecting utility during the block-size debates
This wrecked the security model!
Raising the inflation rate will be the only way in which BTC will be able to remain secure long-term!
6/17)
5. Weak token economics;
Without a burning mechanism & a predictable supply
The times have changed & the technology has evolved to the point where BTC's economics now look incredibly weak in comparison
6. No longer competitive without a solid & clear value proposition!
7/17)
7. No programmability, composability, or interoperability
BTC is incredibly far behind in terms of technological development
It cannot hide from the market behind a make-believe shield of putting BTC into its own category!
8. No DeFi (due to the lack of programmability)
8/17)
9. No privacy
Due to the block-size limit reducing anonymity set & a complete lack of any significant privacy-enhancing technologies
10. Inefficient & wasteful compared to PoS
PoS efficiency exceeds PoW by several orders of magnitude, translating into superior economics
9/17)
11. Less decentralized compared to PoS
PoS is, by design, far more decentralized compared to PoW, as there are no economies of scale
While also not requiring entire warehouses of computing power!
Thereby increasing the number & distribution of consensus participants
10/17)
12. Toxic culture
This is partially a consequence of the previous points; as these flaws cause a deep unconscious feeling of insecurity
The culture is also a product of history & anthropological evolution
While self-selection only further reinforces the demographics
11/17)
13. Dysfunctional governance
The truth is that the dominant client implementation, "Bitcoin Core," has achieved effective centralized control over BTC development
A cultural consequence of the block-size debates is that competing clients are seen as "enemies of Bitcoin"
12/17)
14. Entrenched leadership
Power, on average, always corrupts & we should not expect those in power to go against their own interests
As this only occurs in very rare cases The need to overthrow the current BTC leadership represents a massive barrier to positive change!
13/17)
15. Inability to solve all of these problems
In large part due to the dysfunctional governance & toxic culture
BTCs governance has been ruined by the denial of its existence
“The greatest trick the devil ever played was convincing the world that he did not exist”
14/17)
16. Self-reinforcing echo chamber due to toxicity & censorship
The block-size wars were won by the current incumbents in part due to a massive censorship campaign which continues to this day
Toxic maximalism promotes close-mindedness, giving tunnel vision (laser eyes)
15/17)
17. Complicit leadership (block-size debates)
The leadership responsible for these failures & departures from the original goals are effectively still in power today
From this perspective, BTC remains effectively captured by parties with direct conflicts of interest
16/17)
18. Conflicts of interest (Blockstream & Chaincode Labs)
The majority of prominent BTC developers are being financially supported by for-profit companies whose aim is to develop L2 solutions for BTC
This creates a clear conflict of interest against scaling BTC's L1!
17/17)
BTC is on borrowed time
Hand waving away its deeply flawed design
Failing to move with the times & ideologically entrenched in outdated technology
BTC is not exempt from the competition
The Bitcoin dream now thrives in its children; while BTC is left behind in the dust
OG Link with replies
https://nitter.net/Justin_Bons/status/1608507902309941248
