biggest criticism of Bitcoin - page 4.

BitGoba

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Quote from: Jawhead999 on June 27, 2024, 10:47:27 AM

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.

Bitcoin is criticized either by cunning fraudsters and shitcoiners or by regular nocoiners who still live in the fiat matrix and do not yet understand what Bitcoin is and what money is. You need to understand that Bitcoin is not Visa or Mastercard; Bitcoin is a monetary network and protocol. Bitcoin Layer 1 is something like Fedwire; it is only used for settling high-value transactions. Further building can be done on Layers 2 and 3, etc. The Lightning Network can perform millions of instant transactions per minute, but there are still significant challenges. The problem is that Bitcoin is decentralized; there is no foundation, no one taking care of Bitcoin. This is unlike scam altcoins, which have entire teams of developers and marketing teams, and who have kept a large portion of the supply for themselves before launch, earning huge amounts of money which they invest in marketing and developers.

bittraffic

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The energy the mining farms spend for mining Bitcoin was already debunked a long time ago which I think is not anymore going to resurfaces since Blackrock is already in the side of Bitcoin.

There are still people who believe BTC is released by the government though. And it's a big PsyOps, especially the ones who believe more in Gold and Silver.
Matthew Kratter explains it https://www.youtube.com/watch?v=VdauERKEW-Q

AVE5

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Quote from: DrHodler59 on June 27, 2024, 10:16:47 AM

Hello!

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

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

There's no necessity to defend bitcoin at where being criticized especially in the public. It's okay to be an anti bitcoiner because it's a digital asset surrounded with other related potential characteristics such as the Altcoins. The federal authorities could also be against it due to its decentralized modelitty.
So, there's no way we can expect everyone to talk good about the bitcoin. Let whoever that want to say anything about bitcoin do and your endivoirs of engaging on arguements with it is like trying to convince them to what they don't believe.
Bitcoin is a real digital currency and criticisms can't make changes over its potentials.

MeGold666

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Quote from: retreat on June 27, 2024, 11:19:42 AM

There are many actions being taken by the Bitcoin mining industry to improve itself, and criticism about the environmental impact of Bitcoin mining is becoming increasingly irrelevant today.

We can't deny that Bitcoin mining has huge environmental impact and already harmed it a lot but it's a fair price to pay IF it works.

Now IF the projects drops dead at some point, then this whole mining will go to waste and Bitcoin will become the biggest waste of resources in the history of mankind. (this needs Clarkson voice-over in your head)

Quote from: avikz on June 27, 2024, 11:24:27 AM

I am sure the Bitcoin Developers will think of a way out of this.

The solutions are already here but they won't implement it because they want to make money on a failure called LN (which would further kill profits on L1 - if it actually worked as promised).

avikz

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Quote from: MeGold666 on June 27, 2024, 11:03:49 AM

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.

That's the biggest risk around Bitcoin. Once mining companies stop making profits from mining, they will surely switch to a profitable crypto to mine. Because most of the mining companies are businesses. They won't run the machines unless they see a way to make profit out of their mining activities.

Even if they do, they will solely have to depends on the transaction fees which may not be sufficient and as a result bitcoin transactions will become more expensive than the current level.

I am sure the Bitcoin Developers will think of a way out of this.

retreat

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Quote from: DrHodler59 on June 27, 2024, 10:16:47 AM

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

I feel that the environmental impact of Bitcoin mining is still a criticism that many people often make about Bitcoin, and it bothers me to this day. You see, Bitcoin is mined by many miners and these miners use electrical resources to support their various mining equipment, but the government instead says that this is just a waste of energy and it has an impact on global warming because the electricity used mostly comes from non-renewable energy. Do they only deal with Bitcoin mining? what about factories that use millions of tons of coal? are they not to blame for global warming? and what about energy use in the financial industry? it is much bigger compared to the Bitcoin mining industry. And in fact, the Bitcoin mining industry is much more aware of this problem compared to other industries, and is starting to improve and streamline their mining equipment, carry out mining in cold places, and use some electricity from renewable energy to support their operations. There are many actions being taken by the Bitcoin mining industry to improve itself, and criticism about the environmental impact of Bitcoin mining is becoming increasingly irrelevant today.

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Quote from: DrHodler59 on June 27, 2024, 10:16:47 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, 10:16:47 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, 10:16:47 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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Activity: 8

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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

Topic: biggest criticism of Bitcoin - page 4. (Read 736 times)