Topic: Major arguments against Bitcoin born out of ignorance (Read 212 times)

Only way that crypto will evaporate out of existence together with our investments is to have every grid of electricity permanently destroyed and the Internet become unusable which is highly unlikely to happen and if it ever were to happen, it will take a lot of effort and when that time comes, chaos will ensue and I don't think that you should worry about your investment when those time comes.

2nd layer solutions, side chains, etc. might help with some of the scalability issues and can also allow users to spend their btc even if the merchant doesn't receive btc.

You left out the environmental criticisms of bitcoin mining. While other human activities pollute and some btc miners have used renewables, most miners still use fossil fuels much of the time and have no incentive to stop unless governments regulate or price goes down. Just like the Ford Model T is no longer the most efficient or commonly driven car on the road, its likely that another digital currency or asset could end up being better and more widely used than bitcoin. What would happen to BTC if Musk announced in the future that Tesla had sold 100% of their BTC and gone to Ethereum 2.0 or some other coin that Tesla believed was more environmentally friendly? What if Microsoft and Apple announced that they had avoided btc for sustainability reasons, but now held an environmentally friendly crypto?  ETH has outperformed BTC for the past 1 & 5 years...if btc was viewed as an inferior store of value and more harmful to the environment, don't you think people may change their mind as to which digital asset they should hold?

These kinds of assumptions are often made of ignorance of what bitcoin all about and what bitcoin stands for, Bitcoin is the most anonymous currency in the world unless you are rather opt-in for centralized bitcoin usage instead of decentralized hardware usage. Bitcoin is a store of value despite its volatile nature.

There will come a time when Bitcoin reaches a legal point, so that all citizens of that country can use Bitcoin as a long-term investment. But I don't know what people who don't like bitcoin think, always try to disgrace it.

Your list consists of exaggerations of reality or twisting the reality in a way that turns it into an FUD. These aren't "arguments against bitcoin" or "disadvantages" of it.

Bitcoin does have a scaling issue and will continue to have it but it can't be compared with Visa when they serve different purposes. One is decentralized and the other isn't. Also it is not as significant as some people make it to be.

Bitcoin IS being used in commerce and it is increasing every day. The problem is that because it is decentralized an transactions despite being public don't tell us where they go to, we have no way of knowing how much of it is being used that way. However if you check centralized services' statistics, like a merchant or the payment processors, you can see that it is growing.

There has never been any KYC in bitcoin and there will never be any in the future either and none of it has anything to do with Schnorr.
What some centralized services such as exchanges do has absolutely nothing to do with bitcoin!

BAIT&SWITCH

2009 - Come to BTC because its an F*CK-YOU to US-DOLLAR, Stay because its private,secure, & anonymous

How does GOV control BTC? The onramps&offramps, the exchanges are already under GOV control. The #1 is IRS-COINBASE, its how the IRS see they 'collect taxes' in the future.

BITCOIN is the GOV, Bitcoin was always the GOV

IMF-BIS created the narrative in 1997, Satoshi(NSA) released the code in 2009, and the system embraced post 2009. GOV never did anything, its was 'hands-off', sure politicians talked shit, that's what they do. Now that the CAP of BITCOIN is bigger than any corporation, or the banks combined. They're ready to make their public 'move'

GOV doesn't want to destroy BTC. BTC is a way for GOV ( organized mafia ) to rob everyone and enslave them. If you think GOV works for U, your out of the loop. GOV is owned by the rich, and the rich own the banks - IMF,BIS,IRS; The rich have long planned COVID & the great-reset. Its now all coming together.

BTC is now TOO BIG TO FAIL.

The problem with stupid arguments and stupid people is that is the majority, hell they have had 50+ years to dumb down the public to an average IQ below 70.

So its bait&switch, you came to BTC cuz it was 'freedom/privacy', they took that away and made you rich on paper, so you complied to their lockdowns.

Mass hysteria everyone moves their wealth into crypto, the MIL-industrial-complex doesn't even have to leave DC or send out an army now, they can ROB THE WORLD ONLINE.


BITCOIN is NSA, SHA-256&SECP256k1 are NSA; All planning and white-papers for Bitcoin came out of IMF-BIS in 1997.

To suggest that BITCOIN is not GOV is 100% moronic argument.

Lastly, the wild card is how is it US-GOV creates BTC, but CHINA own it?? Well that's easy IMF/BIS/NSA/IRS/FBI are not USA they're private corporations controlled by the rich.

The entire reset plan is/was to move banking from West to East, from NYC to Shanghai. West has moved Trillions of cash to China, who uses it to BUY Gold.

All this makes sense, if you understand that Mao was brought to power in the 1950's by Rockefeller. Just like Bush brought Hitler to power in the 1920's through UK banking.

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Not much of a summary to give, just be careful and understand that the only safe place for wealth is going to be diamonds and buried gold. All the virtual will probably evaporate by decree, once the NWO CBDC's are announced, right now China is field testing, and all of Asia. The US will be the last man standing, when they pull the plug on BTC, by then the ASIANS will have already made for the exits.

Who cares? The Rockefeller Family is ensured of ruling the earth with this move, they own major Chinese assets pre&post reset. GATES & MUSK will make out like bandits, they know what's going on.

That is the reason why it is called ignorance, every small detail is going to be a catalyst for making stupid argument. How does the government control bitcoin though? The reason that I can think of as to why they want to destroy bitcoin is because they don't like the idea that their people has the freedom and not overly reliant of their government.

Bitcoin is pretty much anonymous to a certain extent. However, OP made mention of the implementation of KYC. It indeed is a problem which counters the amount of anonymity Bitcoin offers. But Schnorr seems to be a different response to a different problem. The KYC problem is only tied mostly to centralized platforms such as exchanges. I guess anybody could do away with this requirement. There are options, however limited they may be, that save us from divulging personal information.

Truth is, if we had these arguments some years back maybe at the very
early stages of bitcoin, many of us here who are now quick to show solidarity for bitcoin would have held a contrasting opinion then. It is fair to say that at some point in our lives, we held some ignorant beliefs and ideologies about bitcoin as well, that on enlightenment we found out that that those ideologies didn't hold water and that they were just mere assumptions.

Whenever you come across someone who you perceive is speaking out of ignorance, please do well as an individual that has been enlightened to try your best to patiently try to help clarify his/her ignorant claims with facts and testimonials.

SO why haven't they done it?

Because the revolving door, just like MIL today all the original BTC-CORE people are in US-GOV jobs, and/or US-GOV setup CIA/FBI/IRS exchanges running things for the GOV.

Of course the GOV doesn't want REAL PRIVACY, and REAL anonymity, that's only for CIA officers, not the general public.

Sort of like TOR being created by the MIL, SO US-MIL could have private conversations on the internet, TOR was not meant for little people

The entire deal is little people are stuck with BITCOIN, and the big guys get to use Monero, or zSnark


But never mind cuz GOV is letting everybody get rich before IRS-COINBASE with-holds the 90% new biden crypto-tax, of course since 99% of you don't hold your private keys on the exchanges, they will withhold cuz they can

Keeping the majority in the public eye, makes asset forfeiture super easy for GOV, they intend to keep it this way

People who want to PRESERVE & Keep their wealth, KNOW they must have REAL 100% privacy, and BITCOIN got in BED with the FBI-IRS years ago, and is now married and spawned children called IRS-COINBASE, RIOT, ... BTC-ETF is coming, .... all same-same as ever


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Like the "Gov Lottery", BiTcoin is just the NEW tax on Stupid People

Major arguments for bitcoin, are brought to you by IMF, BIS, FBI, IRS, and US-Treasury.

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I disagree, it takes year to be a proficient C++ programmer, it takes years to study all the software ETH&BTC, and read all the white-papers

It takes years to roll up your sleeves and experiment with all the software.

Nobody learns 'BTC' in a few weeks, and the first thing is SHUT-OFF the damn internet, nobody learns on the internet, its all paid bots pushing a narrative of moronity.

Hell, if you want to learn BTC, read the first few years of the USENET crypto before & after Satoshi left, then you will get a clear view of BTC.

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Only fools say "I invested in a lotto ticket"

Early people, got to mine, and acquire their BTC/ETH for free, smart people created alt-coins and acquired pre-mined coins for free; that's where the real wealth is

Late adopters, johnny come late folks trying to 'get rich quick' always get screwed when the ponzi collapses

All the arguments for BITCOIN post 2014 are LIES, by LIARS. All the arguments for BTC prior to 2012 were Libertarian in Nature, a conviction post Trump that is now illegal.

I only trust the original libertarian ideals of BTC, everything else is GOV, and/or Criminal bullshit.

[moderator's note: consecutive posts merged]

A classic set of misconceptions or cliches that can often be heard from people who know nothing or almost nothing about it. It is more like an excuse to the question “why I don’t use, I don’t invest, I don’t study” - ready-made answers for such people. It is enough to spend at least two weeks on the Internet, read the forum, study articles of professionals and serious investors to get rid of this nonsense forever.

You don't need scnorr to be anonymous.

To people who say it isn't anonymous I say this: I can send you a few satoshi or show you one of my last transactions. Please dox me based on this info, I dare you.
If it isn't anonymous it should be an easy job

You can only claim that when LN will be fully released and adopted.


Money can't be "too valuable" to be spent. Just replace the BTC that you have spent. And saying "it will be more used in the future" isn't a valid argument, it's just a promise.


In practice, outlawing Bitcoin and closing exchanges would kill Bitcoin's future as a global currency.


Schnorr signatures won't turn Bitcoin into a privacy coin.

I absolutely do agree with you. Many people, in fact every single one of them, who have arguments against btc have it because they have misconceptions about bitcoin.
They argue against bitcoin because they believe they know all there is to know whereas all they know are just misconceptions.  They really don't know what bitcoin is.
As much as some of their arguments are true, they are not totally correct and this is because they are not seeing the potentials of bitcoin and what will be of it in the future.

One of the most bizarre arguments, knowing that some people who've said this are actually knowledgeable in the field of investing and finance. For some reason, they think that an 11 year old decentralized asset can be "stable".

Same old same old arguments against bitcoin, I think this arguments come even when bitcoin is still in it's infancy. And yet 10 years moving forward, when bitcoin goes off despite this criticism, the same argument is being thrown when obviously bitcoin has gotten old and prove this allegations are somewhat wrong. They can't really put down bitcoin, and my favorite? the effects of bitcoin mining - carbon footprints and how it harms the environment because of the massive electricity it consume to mine.

No system is flawless and bitcoin is no exception. Scaling was indeed a big issue now because more and more users are using bitcoin and the capacity of the network is slow in handling them. LN is definitely helping but it is an off-chain solution. Also LN is still not popular amongst the users.


This one is linked with the legislation. Any licensed Ecom entity will not use bitcoin unless governments come up with a favorable legal structure. Having said that, we have solutions like Bitpay to spend cryptos in Ecom websites.


Governments around the world are seeing it as a risk because they are unable to control it. Also they are facing pressure from the banking lobby against bitcoin. There's no easy solution to it unless some progressive government shows the way!

I think only these are the real issues. There might be more but depends on how you want to look at it.  

Many people don’t understand it mainly because they don’t have a deep understanding of its future impact.
I believe that after its value is slowly reflected, more and more people will believe in and buy it.

For people who don't like Bitcoin, anything even as minuscule as its name can be used against it but for people who understand well its concept and its full potential there is no need to convinced then of the value of Bitcoin. Many fear that governments will eventually control Bitcoin and yes they can do that in many ways but right now there is that consensus emerging that controlling with the aim of destroying Bitcoin can be futile and that instead of killing why not allow it to contribute a lot towards a country's economic development. In my view, governments should be looking at Bitcoin as just another foreign exchange asset...there is no need to be afraid of another's fiat money, right?

I was curious about the disadvantages of BTC. I did a lot of testing and couldn't come up with something that wasn't based on ignorance.
The following are the most notable:


-Bitcoin does not scale: When comparing BTC transaction rates to those of other payment systems, such as VISA, this seemed to be a significant issue. This contention has been refuted by the lightning network and the technology behind the second layers.

-Bitcoin is not used for commerce: This is partially accurate when the amount of transactions for goods sales is compared to its market cap of $1 Trillion. BTC, on the other hand, is still in its early stages of being capital. It is currently too valuable to be used for daily transactions.

-Governments will see it as a hazard and will control it or outright prohibit it: To be honest, governments who depend on the ability to print money out of thin air (rather than earning it like the rest of us) SHOULD be concerned about BTC. In practice, the only way to avoid it is to destroy the internet, which would have disastrous economic implications in and of itself. Governments that do not accept and promote Bitcoin would fall behind in the global economy.

-Bitcoin is too unpredictable to be a store of value: It is certainly volatile in the short term, but with a 4- or 5-year time span, you can be certain that the general trend would be upward.

-BTC is not anonymous: Due to KYC, this is a real problem in my opinion. This issue will be resolved by the introduction of the Schnorr signature.

-My personal favorite: Bitcoin is unbacked by something. This is ignorant in so many ways that I'll let you answer it for yourself.

What have you heard lately & what are your thoughts?