Bitcoin negatives - page 3. | Bitcointalksearch.org

Yatsan

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Quote from: darewaller on August 21, 2023, 01:50:39 PM

Quote from: Darker45 on August 16, 2023, 10:13:38 PM

Some on your list may be true, some may be not. But have you also made a list of fiat negatives? Bitcoin is an alternative. You might want to take a closer look at the main option in order to have a fairer and more balanced view. Only then could you pass the final verdict and set aside Bitcoin. You might actually end up with a much longer list. There's a reason why fiat badly needs to have an alternative.

Also, Newton's third law of motion is true not just in physics but in other aspects of our existence as well. Every time we eat, we contribute to the world's degradation. Shall we stop eating?

You can also ask him to post the positives of Bitcoin. I am sure there are lots of it which can negate its negatives. Fiat might have some positives too but I think its negative is much more than it. That is the reason why Bitcoin is born to supply it.

If only the banks or governments are going to be asked, I think that fiat is already enough for them. For them it is already a perfect creation and there is no need for an alternative such as Bitcoin. They think that an alternative currency will only get the demand that their fiat is supposed to be getting or worse their fiat will be overcome by it. It's only funny that they didn't saw Bitcoin coming and it's now too late for them to stop it.

Stability with the market vaalue is Fiat's best feature simply because it promotes equality with the price of market goods. Next is centtalization and recognition to most of the countries. Unlike with Bitcoin and other crypto which has its limitation in particular with adoption and wide usage of this technology. Bitcoin will be on a bigger stage and will be acknowledge by more people in the future but to those who are thinking that it might be the main mode of payment in every transaction then that's so far from the reality. There a higher tendency for these two systems of digital currency are being pick upon by people but co-existence is more likely to happen despite of any negative or positive side.

darewaller

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Quote from: Darker45 on August 16, 2023, 10:13:38 PM

Some on your list may be true, some may be not. But have you also made a list of fiat negatives? Bitcoin is an alternative. You might want to take a closer look at the main option in order to have a fairer and more balanced view. Only then could you pass the final verdict and set aside Bitcoin. You might actually end up with a much longer list. There's a reason why fiat badly needs to have an alternative.

Also, Newton's third law of motion is true not just in physics but in other aspects of our existence as well. Every time we eat, we contribute to the world's degradation. Shall we stop eating?

You can also ask him to post the positives of Bitcoin. I am sure there are lots of it which can negate its negatives. Fiat might have some positives too but I think its negative is much more than it. That is the reason why Bitcoin is born to supply it.

If only the banks or governments are going to be asked, I think that fiat is already enough for them. For them it is already a perfect creation and there is no need for an alternative such as Bitcoin. They think that an alternative currency will only get the demand that their fiat is supposed to be getting or worse their fiat will be overcome by it. It's only funny that they didn't saw Bitcoin coming and it's now too late for them to stop it.

lionheart78

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Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Bitcoin:

93% premine to anyone born today.

100% premine to anyone born in 2140.

The predecessor of these people have the chance to mine Bitcoin, don't blame Bitcoin for the opportunity missed by the parents and grand parents of these children.

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Causes toxic waste material (even hal said this).

Any industry that does not produce toxic waste materials? Why are you so absorbed on pointing this thing on Bitcoin? Btw, any link to support the statement?

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Waste of energy that could be used to solve cancer or feed people (hal said this).

Same here can give the link about this?

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1 person can be 50% of the network.

Any possible instance that this even will happen? Can you show the the path on how this thing will happen?

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Fiat can buy all the miners and coins, Central bankers still win.

Sure central bankers have all the funds needed to buy miners and coins, ever wonder why they did not do this until now?

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People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

what?

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Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

Bitcoin is a technology and not a charity. I think it has been established as that.

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1-3 hour transactions

high network fee cost more than the coffee you are buying

You always have the option to change the payment system. Bitcoin is not fixed all the problem solutions, the good thing about it is its progress and development that slowly moving to faster transaction confirmation and easier usage.

so98nn

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I strongly believe that this is just out of aggression and it doesn’t mean anything at all. If Bitcoin was so much negative then why there is war for its existence? Since Bitcoin has entered the realm everyone is trying to be smarter and making their own businesses on its principles. Big financial institutes, crypto related banks, various brokerage firms everyone is using Bitcoin to become one of world leading entities in the domain.

Mining rewards, miners, users everyone is already happy. Miners are getting rewards with the technology at hands and with lowest possible ROI using various techniques. Moreover, bitcoins mining process is smartly designed so that block reward is halving and at the same time compensation is happening because of the increase Bitcoin prices.

I think everything is well settled. Bitcoin will overpower many centralised financial institutes. Just wait and watch.

moneystery

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Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Waste of energy that could be used to solve cancer or feed people (hal said this).

if you say that bitcoin is a waste of energy and should be used for something better, you should ask your government what they have been doing so far that they don't think about developing more energy for their citizens. You shouldn't blame miners for the energy used, because they pay for it.

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Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

why are you passing that on to the bitcoin community? it has nothing to do with that. you should leave that to the government because that's their business and not the bitcoin community's business.

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1-3 hour transactions

high network fee cost more than the coffee you are buying

actually it depends on the network and fees that you spend. if you make a transaction now, surely it will be processed quickly with low fees.

what you are saying doesn't make any sense at all. you say negative things with bitcoin which has nothing to do with bitcoin. There are some negatives with bitcoin, but there are a lot more positives about it which makes it far better than fiat and banking which is centralized and manipulative.

someone703

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The reality is that bitcoin's impact on the environment must be placed in the overall context of the energy industry and issues related to energy production and use. Optimizing power consumption and finding eco-friendly solutions is not only the responsibility of bitcoin but the entire industry.

And a 51% attack is a complex and economically impractical task, especially in a distributed network like bitcoin. This proves that bitcoin has been carefully designed to protect the integrity of the network and avoid potential risks.

Emmanuelex

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Some points you have made here are just not making any sense to me.
What exactly does Bitcoin mining fee has to do with garbage, roads and the rest of them? It doesn't make any sense.
As for the mining, there are renewable energy sources being used now by most of the miners, so that's less of an issue to worry about. And when it comes to the issue with energy thing, there are other things that are worst than Bitcoin mining and even does more damage to our environment, but nobody wants to talk about those things.

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Bitcoin, of course, is not perfect and has some features that should be taken into account, but OP's arguments about the negative aspects of bitcoin look ridiculous.

Especially, what is not easy to call an adequate argument:

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

I don’t even want to comment on this, and reasonable people will understand without it.

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

1-3 hour transactions

Where did you see this? In principle, if the mempool is too full, some delays are possible, but in general, transactions in the bitcoin network are quite fast. Transactions can take 1-3 hours at too low commission values and if you are not greedy, then it takes less time.

Blitzboy

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Premine percentages? How naive of you to think that way! Its a simple way to think about math. Regarding Hal's words about energy, its dishonest to say that Bitcoin's use of energy is a waste while ignoring how much energy the current banking system and gold mining use.

Can one person be half of the network? Nonsense. Bitcoin is not controlled by a single company because it is not centralized. As for Central Bankers, they might buy miners and coins, but the idea behind Bitcoin and the fact that it is decentralized are meant to stop this from happening.

Bitcoin-related deaths? Lets not forget that paper currencies have been used for hundreds of years to pay for wars, genocides, and other terrible things. And how short-sighted to not have network fees pay for public things. Bitcoin encourages people to be financially independent and take care of themselves.

Transactions and fees? Technology moves forward. When money is not controlled by a few people, these worries will go away. The biggest problem for a miner? Way too much! Miners would have no reason to hurt the environment that makes them money.

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Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Fiat can buy all the miners and coins, Central bankers still win.

We're living in a world where cash is still the king and we're aware of that. And everything can be bought by fiat and that's a reality that you've said that. But about central bankers gonna win? I guess so but who knows until most of them starts to file for bankruptcy when people hold their own money with their own personal banks(not banks but wallets).

Quote from: ABCbits on August 17, 2023, 05:00:44 AM

For reference, OP keep saying similar statement on multiple threads
only 7% of supply is halving
Bitcoin is 93% mined today, will the future be born into 100% premine like fiat
So when bitcoin version 2 satoshi?

and some more. I would suggest reader on this thread to ignore OP since it seems he only make very few reply before creating new similar thread.

Thanks man.

It seems that he's got his own preference that he wants to push to everyone despite of it being not really going to make sense upon reading.

ABCbits

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For reference, OP keep saying similar statement on multiple threads
only 7% of supply is halving
Bitcoin is 93% mined today, will the future be born into 100% premine like fiat
So when bitcoin version 2 satoshi?

and some more. I would suggest reader on this thread to ignore OP since it seems he only make very few reply before creating new similar thread.

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

Did Hal really said that?

Source: https://xkcd.com/285

aoluain

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TBH personally I'm taking positives from this ↓

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Bitcoin:

93% premine to anyone born today.

100% premine to anyone born in 2140.

Isnt that a massive reason for a celebration? the fact that Bitcoin is and will be such
a success story that miners managed to mine all 21,000,000 coins, because at the start
that number would probably have been daunting enough.

For all other points ↓

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

1 person can be 50% of the network.

Fiat can buy all the miners and coins, Central bankers still win.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

1-3 hour transactions

high network fee cost more than the coffee you are buying

Only 1 miner wins in the end then it becomes centralized, he can push all the other miners out. This will be the FED.
this simulation proves it https://www.youtube.com/watch?v=Q41RW6bxpM4

The same can be said for ALMOST EVERYTHING, I'll bet the OP is religious, millions of people
have suffered or been tortured for their beliefs of non beliefs.

1 to 3 hours transaction times, yes but they can take a lot quicker too. If you are in a hurry,
psy more if its not urgent pay less and sit back and relax.

TBH this thread is a two way street, the IP isnt convincing us of any of his posts likewise
I doubt the OP will be re-educated.

MainIbem

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Quote from: Darker45 on August 16, 2023, 10:13:38 PM

Shall we stop eating?

This something impossible and I knowing too well that one can't sleep a day without food.
Sometimes I wonder how people do their analysis without also considering other factors and if there were no bitcoin, was there anything that could serve as an alternatives currencies that would relief us from bank drama I don't think then if there were something like that and it's good to have bitcoin, but whatever they case may be op should show look other negative side of banking system, oil & Gas industry as well and what could he factor out from those companies.

Husires

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This is a silly comparison, but likewise, banking systems consume a lot of electricity, television and entertainment tools. Did you know that the cup of coffee that you drink may have children in Africa working to be able to buy it, or even solar energy? There are thousands of stories in lithium mines, and the list goes on.
The average transaction time is not 1-3 hour transactions and you can do instant transfers with the Lightning Network.

If electricity generated by renewable energies becomes very cheap, Bitcoin mining will be 100% renewable energy.

Nrcewker

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Every item in the world has both positive and negative features. Nothing is perfect. So yes what we can do is just measure the positive and negative aspects and then use those item. Bitcoins do have some negative features, but the things that you have mentioned in the OP, I am not fully satisfied with those. We should see what positive features Bitcoins has, and how to get benefited by it. Bitcoins decentralised and anonymity feature is not doubt the USP for which people are ready to overlook any disadvantages Bitcoins have.

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Quote from: hsdjkahskjdh on August 16, 2023, 07:40:22 PM

Quote from: ImThour on August 16, 2023, 07:36:12 PM

What toxic waste Bitcoin produce?

From a miner themselves

https://youtu.be/K8kua5B5K3I?t=283

"The rest is waste materials" Those power supplies are toxic waste materials.

Is this unique to Bitcoin alone?

If you check some other industries youll note that the scraps that comes out as a result of bitcoin mining is relatively small compared to what comes out of them. Those power supply unit could be recycled into something else since they are metallic and as for the heat we have seen it before where miners constructed a system that uses the heat generated by their mining machines to do other stuffs like heating water etc.

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

What about fiat?
Owning bitcoin gives you more privacy than owning fiat, in fiat a worker at the baking section could be able to look into your profile and know how much you have inside your account and leak it to the public but when you own bitcoin you can have all the privacy that you seek, that is unless you decide to tell others that you deal in bitcoin. There’s no way for others to look into your system when you’re into bitcoin but that cannot be said for fiat.

NotATether

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Quote from: hsdjkahskjdh on August 16, 2023, 07:40:22 PM

Quote from: ImThour on August 16, 2023, 07:36:12 PM

What toxic waste Bitcoin produce?

From a miner themselves

https://youtu.be/K8kua5B5K3I?t=283

"The rest is waste materials" Those power supplies are toxic waste materials.

So is the power supply in the device that you are typing this post (and my post, and the server that runs this website, and your name server, and your ISP, and Cloudflare, and... oh wait Embarrassed

)

That is not specifically a Bitcoin problem. That is a problem with technology in general.

Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Fiat can buy all the miners and coins, Central bankers still win.

Do you think the central bankers will waste all of their money to:

1. Buy all of the ASICs from all of the miners (coins do not count because you cannot manipulate blocks using coins in proof of work).
2. Buy up as many warehouses as necessary to host them with proper heating and cooling (billions more dollars)
2. Replicate 14 years worth of block history which will likely cost even more billions of dollars to electricity companies?

If they do that, then it will just as well be the central bankers who bankrupt themselves.

Quote from: davis196 on August 17, 2023, 01:04:34 AM

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People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Are you kidding me? It's like putting the blame on gold miners for all the people, who got tortured and killed because they own gold.

To be fair, a lot of gold miners have actually exploited slave labor to extract the gold for them. But nobody has ever tortured another to mine bitcoins for them.

davis196

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People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Are you kidding me? It's like putting the blame on gold miners for all the people, who got tortured and killed because they own gold.
We know that Bitcoin isn't perfect. There's always a problem, but the problems will be solved. BTC mining becomes more and more environmental friendly.
The "51% attack" argument is BS(it has been proven to be BS multiple times on the forum). The idea that someone could simply buy all the BTC and all BTC miners is complete BS.

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Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

You know that BTC miners are just like any other business and they are supposed to pay taxes as well. Right?

Fivestar4everMVP

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Even though i do not agree with most of the things you pointed out, i will still go ahead to (instead of arguing) say that nothing made or invented by man is perfect, and bitcoin included, bitcoin is not perfect but we still love it, and the love was or is not born of out Bitcoin's imperfection but based on the brighter side of it, nothing is perfect in this world even human beings, so why has bitcoin's imperfection become such a problem?, the most important thing here is that, bitcoin solves more problems than it creates, that is the importance in everything that is good,.

And talking about how much energy that is burnt in the process of mining bitcoin, the game industry consumes far more energy than what mining bitcoin consumes, why has everybody focused on bitcoin instead ?

aylabadia05

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Quote from: hsdjkahskjdh on August 16, 2023, 07:25:44 PM

Fiat can buy all the miners and coins, Central bankers still win.

If bitcoin is negative, it is because we have a belief that life is not perfect. We feel bitcoin has become the best of fiat so we continue to maintain that.
If on fiat you can buy everything, keep it up and we can only wish you luck. But don't be surprised when people who believe bitcoin is the best can build a luxurious house for their child someday with just a few bitcoins.

Mining bitcoin will never be the same as mining gold and other mining that has the potential to damage the survival of the world which cannot be enjoyed beautifully by tens of generations for hundreds of years as we feel today.

Topic: Bitcoin negatives - page 3. (Read 764 times)