biggest criticism of Bitcoin - page 3.

tabas

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Quote from: DrHodler59 on June 27, 2024, 11:16:47 AM

Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

It's always the speed and the volatility of the fees. When the network is congested, fees get up and become very expensive. Just a few months ago, we saw that the network had been attacked and spammed, resulting in its fees reaching up to $100+ just because of that.

Quote from: DrHodler59 on June 27, 2024, 11:16:47 AM

And what would you respond to this criticism if you were confronted with it in a conversation?

I'm not a developer but it's always been said about scalability. Maybe, there will be a real solution for that someday but I agree to Jawhead that despite that disadvantage, Bitcoin is more secure than the other cryptos. And with those cryptos that will say that they've got solution to Bitcoin's problem, just wait for them to get clogged and they'll also experience the same problem.

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Quote from: DrHodler59 on June 27, 2024, 11:16:47 AM

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Criticism against Bitcoin is a lot, you can read with https://endthefud.org/ and https://bitcoincleanup.com/

About strength of Bitcoin, please read The bullish case for Bitcoin.

Don't hope to find absolute strength or weakness of Bitcoin blockchain. There is no perfection but Bitcoin blockchain is good enough to be trusted since 2009 and it will move to future with good growth.

MeGold666

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There are many but for me the biggest one is the deadliest one for the project:

The unsustainability of mining due to halvings, two more halvings and it's over if nothing is changed.
There's also a threat that this mining companies will switch to more profitable and less demanding projects way before this halvings.

This companies will reevaluate at some point and numbers will speak in which direction to go.

Some info about the costs:
https://youtu.be/sw6aMxaNmXA?t=416

mk4

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The fact that there's very little privacy by default. We currently don't have a way for the normies to achieve privacy, as mixing/cj and coin control is very unfriendly for newbies.
The fact that bitcoin is still very slow and expensive for most people(small transactions in USD). I don't think Lightning is ready for prime time at all.

Hence, bitcoin is mostly(note: I didn't say only) just for SoV right now. The other 99% of criticisms? Pure BS.

Jawhead999

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If someone criticizing Bitcoin is slow and expensive, I don't think there's an answer because it's a fact.

There are many altcoins that faster and cheaper than Bitcoin, although they have many disadvantages that actually these are Bitcoin's advantages like decentralized, secure, and trustworthy.

We have side chains and layer 2 for Bitcoin, but it's not as safe as the on-chain.

DrHodler59

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Hello!

I would be interested to know what you think is the biggest criticism of Bitcoin or where you see the biggest weakness?

And what would you respond to this criticism if you were confronted with it in a conversation?

Thank you for your critical thinking!

Yours, DrHodler59

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