Topic: Debunk Thread (Read 145 times)

What odolvlobo is trying to tell you is...



"you're gonna have a bad time"

Well, I will do anyway.

The purpose of r/Buttcoin is not thoughtful discussion. It is humor. It shouldn't be taken seriously. Your rebuttals won't be taken seriously, so I wouldn't bother.

If we strip out the all the sarcasm and take a look at the actual arguments in that post:

The problem with this argument is that bitcoin is being held to a higher standard than literally every other payment method, and then is being denigrated when it fails to meet those standards. Bitcoin transactions can be seen immediately, the merchant can spend the funds immediately, and they are reversible (with difficulty) for somewhere in the region of 10-60 minutes, depending on the fee paid and the mempool. Compare that to credit cards, the most common electronic payment method. The payment can be seen immediately, the merchant cannot spend the funds for 3-5 working days, and they are reversible (extremely easily) for somewhere in the region of 180 days. People mistakenly think credit card transactions are "instant" because they show up on their mobile app or on the merchant's terminal instantly, whereas in reality this is just the same as broadcasting an unconfirmed bitcoin transaction - it is not finalized by any means. The difference is bitcoin is finalized within an hour, whereas credit card transaction can be reversed for 6 months. The same is true of PayPal, Google Pay, Apple Pay, whatever.

All the payment methods I've just mentioned above also include fees, and often far more than bitcoin transaction fees. The difference here is that the merchant pays them (and they are therefore reflected in the price of the good or service being bought), and so the individual mistakenly views these payment methods as "free". I'll obviously concede that at times the mempool can become full and expensive, and that's where Lightning steps in, effectively allowing you to pay a fee to open a channel when the mempool is empty and cheap, and then make your future purchases instantly and with no fees.

Not sure why this is an argument at all? I'd much rather that than the constant (and accelerating) devaluation of my fiat.

Lightning and channel factories solves this.

Bitcoin isn't just some new piece of software. It is an entire industry, an entire sector, something never seen before, built from the ground up. ARPANET was first operational in 1969. 13 years later it was 1982. You tell me how the internet was doing in 1982. Might as well just have abandoned the whole thing there and then, right?

This would probably be best moved to Bitcoin Discussion, but whatever.

So that subreddit is an anti-bitcoin one, right?  I read through two of those posts so far, and they remind me of James Randi's old forum dedicated to skeptics, which I used to browse frequently when bitcoin was a few years old, when I thought bitcoin was a scam, and before that forum disintegrated.  They were hugely skeptical of bitcoin, and they made pretty convincing arguments, some of them sounding exactly like this:


That's from one of the Reddit posts OP linked to, and I don't know about anyone else but I can't debunk it.  In fact, I could have written it myself--and that's in spite of me being a fan of bitcoin.  I've always maintained that it's a lousy currency, and the reasons listed above are just some of the ones that support my opinion.

Are you in a flame war with these guys, OP?  I'm sure members here can give you some good counterarguments, but I wouldn't expect anything but shitposts if this thread does get moved to Bitcoin Discussion.  Good luck.

1. Why do the young accept capitalism - I mean older people hold more assets and they're essentially working for/being owned by them so that they can retire and not work. It's like asking why someone would buy 12% of a stock when the 100% holder wants to only sell 12% - it's all theyre being offered and a lot go for it (look at tesla for example).
2. It's about mining being spontaneous and random... Each miner adds difficulty to the network but only one every 10 minutes is able to mine one. Efficiency has been going up as chip size shrinks but I don't think much will change since we're at 7nm now (miners can keep running continuously and remain competitive until they break).
3. I think there's a thing there that two countries are listed. If a country cared so much it might be able to temporarily control the network but do you think it'll last or do you think another country will try to compete against them? Also a country has to be able to produce that many chips in a short enough space of time (which would be difficult). And once they've done that, what's stops the developers just changing algorithm and reaching a new network consensus. It's still hard for an entity to remove blocks even if they have enough power as it takes time and it's almost impossible to delete something in general as well as many people will have copies of the chain - especially blockchain explorers and these will be data that's hard to bruteforce randomly.
4. I'm guessing this is about el salvadorians being poor. If you give someone who makes $3000 a year $30, do you think they need the $30 (and this is just an average)? It's a bit like when uni was first listed and airdropped and it went from $16 to $4 within 4 hours [source: binance].

If you can debunk any of these posts, I will give you a merit.

https://www.reddit.com/r/Buttcoin/comments/pqfoou/if_youre_going_to_adopt_a_deflationary_currency/

https://www.reddit.com/r/Buttcoin/comments/pq9iez/97_of_asics_machines_never_mine_a_single_block/

https://www.reddit.com/r/Buttcoin/comments/pqg669/decentralization/

https://www.reddit.com/r/Buttcoin/comments/pq9maj/el_salvadorans_just_dont_get_it/

https://www.reddit.com/r/Buttcoin/comments/pqjn41/regs_are_coming_what_will_they_look_like/


https://www.reddit.com/r/Buttcoin/comments/pq7awj/beyond_the_hype_a_realistic_look_at_blockchain/

I will send the thread replies to the subreddit to see if they are convinced.

Good luck!