TWEETSTORM is an occasional feature on decentralize.today where we share threads , mostly from Twitter, that we think deserve a wider audience, some are informative, some educational, some amusing and others yet are controversial...we dig these out for you so you don't have to!

Justin Bons@Justin_Bons

1/7)

BTC is fools gold

A simple but false narrative, attractive to the masses, without any foundation in utility; BTC has become a purely speculative asset

Fueled by irrational & emotional appeals to human greed

Here are the Seventeen reasons why you should not invest in BTC:

Justin Bons@Justin_Bons

2/7)

1. No utility without capacity (block-size limit)

2. No long-term security without utility (fees are unable to replace inflation; making the security model unsustainable)

3. No value proposition without security & utility (cannot serve as money or Store of value)

Justin Bons@Justin_Bons

3/7)

4. Supply is not predictable (21M limit might be raised due to having to increase inflation as a consequence of flawed security model)

5. Weak token economics due to lacking a burning mechanism & a predictable supply

6. Not competitive without a solid value proposition

Justin Bons@Justin_Bons

4/7)

7. No programmability, composability, or interoperability

8. No Defi (Due to the lack of programmability)

9. No privacy (due to the block-size limit reducing anonymity set & a lack of significant privacy-enhancing technologies)

10. Inefficient & wasteful compared to PoS

Justin Bons@Justin_Bons

5/7)

11. Less decentralized compared to PoS

12. Toxic culture (partially a consequence of previous points; causing a deep unconscious feeling of insecurity)

13. Dysfunctional governance (effective centralized control through the dominant client implementation of Bitcoin Core)

Justin Bons@Justin_Bons

6/7)

14. Entrenched leadership due to flawed governance

15. Inability to solve these problems due to dysfunctional governance & toxic culture

16. Self-reinforcing echo chamber due to toxicity & censorship

17. Complicit leadership (block-size debates)

Justin Bons@Justin_Bons

7/7)

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Failing to move with the times & ideologically entrenched in outdated technology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

Justin Bons (@Justin_Bons)
1/7) BTC is fools gold A simple but false narrative, attractive to the masses, without any foundation in utility; BTC has become a purely speculative asset Fueled by irrational & emotional appeals to human greed Here are the Seventeen reasons why you should not invest in BTC:

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