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52916683 No.52916683 [Reply] [Original]

It's simple really

A. Bitcoin was originally intended to be digital cash
B. Because of the block size limit, bitcoin can not be digital cash. Even L2 solutions are cope since the block size limit also impedes their success (3bln people opening ln channels takes over 10 years)
C. Additionally Bitcoin is not fungible (another deathblow to use as digital cash)
D. Now the bitcoin gurus have pivoted to Bitcoin being a digital asset / property (whatever that means)
E. This means there is no value from utility as digital cash anymore but only value of humans perceiving bitcoin as a digital gold
F. Additionally Bitcoin has an exponentially decreasing security budget (block reward halvening). Bitcoiners assert that the fee market will expand and cover this. However, there is no evidence of this, no game theoretical study whatsoever. If anything it is very unlikely that the fee market will be able to adequately cover the decreasing block reward. AT BEST ITS UNCERTAIN
G. It follows that there is no predictability of security
H. Now comes the final genius deathblow argument combining E. and G.: A digital gold with unpredictability of security is completely and utterly useless

People are living in a mind bubble following talking point leaders. Think for yourself.
There is a cryptocurrency that atleast attempts to address these shortcomings.

>> No.52916706

It cant go to zero, because they id buy every bitcoin.

>> No.52916714
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52916714

>>52916683
>anti-bitcoin poster
>promotes christianity

>> No.52916725

>>52916706
>>52916714
Not an argument

>> No.52916728
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52916728

>>52916714
They just can't stop auto-exposing themselves.

>> No.52916732
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52916732

>>52916683

>> No.52916745
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52916745

>>52916714
>>52916728
Picrel.

>> No.52916815

>>52916683
what is fungibility?

>> No.52916895

>>52916815
The ability to divide it up into smaller and smaller parts, the accumulate those parts to form a whole again. In fact BTC is mostly fungible, because you can denominate it in fractions, aka Satoshis, via the free market.

>> No.52916920

>>52916895
Completely wrong.
Fungibility said simply is that you can use bitcoins interchangeably. As when you pay with cash at the supermarket. The cashier does not treat cash notes differently. Even if it has been used in drug smuggling. This is because the history of the note is unknown. Bitcoin is not fungible because it is a transparent ledger and every bitcoin has a unique history. you can see the problems with this here https://sethforprivacy.com/posts/fungibility-graveyard/

>> No.52916923
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52916923

>>52916683
Not too long and absolutely read all of it. You convinced me, Rabbi. I will now promptly sell all my BTC.

>> No.52916942

>>52916923
Not an argument

>> No.52916955

if i have a legible word in my ID I will buy a bitcoin right now

>> No.52916960

>>52916920
>https://sethforprivacy.com/posts/fungibility-graveyard/
here is a working link https://web.archive.org/web/20221105075247/https://sethforprivacy.com/posts/fungibility-graveyard/

>> No.52916993

See this would be sound in a logical world and I listened to an argument that said bitcoin will go to zero in 2016. But we're not in a logical world. I'm sure there were more I think there's a website on people saying it would go to zero. I missed out on BTC because of it so fuck you.

>> No.52917002

>>52916955
https://en.wiktionary.org/wiki/laeth

>> No.52917016
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52917016

>>52916815
>what is fungibility?

Something Bitcoin lacks.

>> No.52917303
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52917303

>>52916683
Ooops, I accidentally bought more.

>> No.52919098

>>52916683
its nust a distributed database bro, relax.

>> No.52919285

whats the number one reason people by btc?
so they can sell it for more fiat.
why on earth would anyone buy a coin that everyone else plans to dump.

>> No.52920270

>>52919285
Bitcoin has the most loyal bagholders in crypto, this has been demonstrated with every retreat. The fact that nobody is selling keeps this flawed artifact at the top of market cap and as the key comparison piece in the space.

>> No.52921292
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52921292

Okay we are now a couple hours in. Not even an attempt to refute.

When the bitcoin cultists are sending their people, they are not sending their best

>> No.52921311

>>52916683
True creation eventually becomes independent of its creator. Evolution takes the original product far from its origin, with an uncertain outcome.
– Dune, The Machine Crusade

>> No.52921346

>>52916683
Gold and silver were originally used as cash and haven't gone to zero in absence of their current use in that capacity. Clinging to this notion of a Bitcoin failure because it doesn't replace cash is, on its face retarded and autistic, but really its just fud.