Topic: Some myths bitcoin has defeated. - page 2. (Read 687 times)

For those who are actually knowledgeable about bitcoin, they will see this as a useless myth since Bitcoin has been condemned a lot of times, but still here it is standing and even more making progress.

However for those who have no knowledge at all, they will continue to claim that bitcoin will die eventually. The question is when? As long as there are big institutions who will continue to support and back-up bitcoin, it will never ceased its operation in the market. It may even stay here for good who knows.

The biggest and most debunked bitcoin myth is that BITCOIN WILL DIE, as far as I'm concerned in previous cycles many people have condemned and said that bitcoin will die, but it never happened and instead continues to be adopted by many people to countries. 
Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.

Coinjoin is not a magic tool for Bitcoin users to make their Bitcoin transactions untraceable.

They need to understand it well and have proper practice with their wallets, addresses, change addresses, inputs, outputs and anonymity set. If they do something wrong with inputs, anonymity set and with use of outputs, there is probability of tracing their Bitcoin transactions, source of inputs, outputs and origin of their bitcoins.

Coinjoin can help but it does not mean if a Bitcoin user uses Coinjoin for a transaction, their bitcoin will become completely vague and disappear from blockchain trace.

How funny to push such information forward to be blaming bitcoin bitcoin for what is caused by other human activity, it don't think bitcoin should be part of it because people are even using natural energy to power their minners, some goes as far as using solar because the cost of powering it with electricity is as expensive as help i don't know but because of how expensive it is to use electricity to power it you have to just start thinking of alternative to be able to power your minners and it will even reduce cost for you. But am not surprised that they are blaming bitcoin that is what they always do they will always have a reason why you should not be investing in bitcoin. As far as they don't even have a concrete evidence to back up their claim so no one is going to take them seriously.

It is not as if the machines are bringing out carbon so they don't have anything to claim, if they are not accepting they should lose people that have interest alone to invest in it.  And that is why everything is a choice and their are people that may hear this story now and they might lose interest then their will be another set of people that no matter what they will still invest.

Another Bitcoin myth is "all transactions can be traced". There's a technology called "coinjoin" that allows you to defeat blockchain analysis tactics: https://bitcointalksearch.org/topic/can-coinjoin-transactions-be-traced-busting-bitcoin-privacy-myths-5482818

They hate Bitcoin and want to weaponize anything they can use to attack Bitcoin. They ignore facts that we see, and try to write own fabricated stories against Bitcoin in their distorted ways.

If they actually care about environment and do their homework well, they will see some facts.

Bitcoin energy consumption size is very small compares to other industries and at national or global scale, it is like a sand in desert.
Bitcoin consumes energy from more green, sustainable and renewable resources than other industries and nations.

If they do care about global environment and actually want to contribute some efforts to minimize environmental collapse worldwide, they must identify reasons, in top-to-bottom down ways, and find solutions for top reasons first. Try to find solutions at bottom is non sense and won't contribute any considerable change to minimize catastrophe of climate change.

In addition, we must be aware that when talking about this environmental pollution problem, it is only used as a classic, endless reason for those who really don't like bitcoin and are unable to find other reasons to make bitcoin look bad so that the problem of environmental damage that occurs and is considered due to bitcoin is always raised again and again even though this method is actually not very effective for making bitcoin weak.

Especially for now it is actually not only bitcoin that uses energy but in the end when bitcoin is always the best then they assume that in the end environmental damage and so on that have a negative impact on the environment are only based on bitcoin alone but instead it will look ridiculous when there is another project such as for large waste factories that use much greater energy is not considered to pollute the environment including pollution problems.

It is just a myth created to continue to corner Bitcoin in relation to Bitcoin mining activities that still use the POW (Proof of Work) method which requires more energy.
But when compared to the use of energy for sectors such as industry, tourism and activities with higher energy use, of course, the emissions produced by Bitcoin are not much, so it is not Bitcoin that contributes to greenhouse effect emissions but more in other sectors supported by the government.

The phrase that dropped Bitcoin is also only a subject for criticism by political critics who hate Bitcoin to influence the price of bitcoin to continue to fall.
There are manipulative and claims that are not fundamental to their personal interests.

Crypto mining can have a negative impact on the environment, it should not be directly linked to it as the main cause of global warming, as it oversimplifies a serious problem. There is a need to take several data-driven approaches to understand what the true impact of crypto mining is on the environment.

45 Latest Greenhouse Gas & Climate Change Statistics 2024

https://theroundup.org/co2-greenhouse-gas-emission-statistics/

Well. Let's take it one step at a time. The people who know the most about this are people with a greater interest and technological knowledge. Ordinary or standard users, or those who are unable to evolve in this field of computing, will always need help. And today, almost everyone no longer has the time or patience to teach things step by step in a personalized and personal way. Everything depends on tutorials, readings, and efforts to improve knowledge, almost like us humans running after time, which is faster and faster.

The fact is that simply being able to take power away from corrupt and backward political authorities will give these ordinary users a breath of fresh air. Then, a little teaching will be necessary.

I believe that Satoshi designed this with his subsequent team; he was aiming to store big data as a savings account. For example: you are an ordinary user but are interested in developing part of the technological field. All your actions are saved in big data, which will give you your return in algorithmic support for what you need. Now, of course, this is a piece of the blockchain that would have the intention of making your actions within the network transform into some form of income or money.

Of course, all of this is now lost in the great economic process and giants like ALPHAbet, ByteDance, Meta and others.

The problem is that in the middle of all this there are many idiots, people who got rich on the backs of big techs and want to control the system for themselves without giving room to others, which is where we fell in the previous economic process  of state corruption

So in this sense, when an opportunist in his database has exceeded some limit in the verification of his data, he needs some kind of restriction. But we do not have an algorithm that does such "censorship" or ethical calculation of actions openly and directly. There are many things still in the dark. So those responsible for the administration of such big data and big techs turn a blind eye, leaving everything as a big pyramid.

But of course. There is a large community that knows how to use the tools and prefers a less hectic life.

In analyzing fields, initially neutralizing Portugal in some way and indirectly Brazil, we will have a large field of work to wash dirty dishes

  :DA great deal of sifting is needed in this process of figuring out who is who in this universe. I would say that first we need to dissociate those former bureaucrats from the state's local government from this scenario, as it tends to bring unnecessary speculation into this field. Second, we need to regionalize this first. There are states where this would be easier and safer to do, such as Portugal, for example, where there is a terrible scenario of several cartels eating up the public sector and burdening taxpayers. This is already indirectly affecting Brazil and other countries with political connections.

At the same time, if everything goes well in this regard, we can see how such a scenario of uncoupling speculators who are already "boosted" in financial resources does not prevent us from, for example, reestablishing relationships with countries that correctly use the bitcoin currency with other potential regional countries, such as Spain and foreign countries with their influences.

Anyway. There are more strategies for this, but for now it is good as it is.

Yes, bitcoin consumes alot of energy but bitcoin is not alone in this league.

I disagree. Big governments are now owning CBDCs and having activities in the blockchain. Things will get better in my own opinion. The worse case scenario is that they ban miners in the country and miners will relocate to another country.

Very true!

Very true again.

Yes, the scalability problem remains but in different percentages. If in the last decade, the problem is 100%, today, the problem should be 75%. This means in the next decade scalability problem could just be 50% and it will continue until it is zero. My personal opinion though.

The bank is the institution of the centralized government, they are saints.

The airplane enables them to travel and launder their over printed fiat. So the airplane is a saint.

The wars and bombing is part of the process to claim supremecy. There's no problem with that.

Yes, bitcoin is the problem. How can what we didn't found and don't control exist?

Forget about the dozens of thousands of places Banks exist at all around the World where they put plastic advertisements on the window panels, they consume a ton of plastic to produce flyers and they use I presume a ton of electricity world wide to run all the computers the employees use.

Forget about the private airplanes being used every single day by celebrities and important Politicians.

Forget about the unnecessary wars and all the bombings.

The real and main problem is Bitcoin.

It doesn't make any meaning if those sectors integrate bitcoin as a payment medium, the fact remains with the use of Blockchain by these sectors to solve problems, bitcoin is offering them a use case.

The last myth I read was about the climate change and they put all the blame to the crypto miners as if they are the main source of such global warming happening all around the world but guess what? Their claim was irrelevant since they don't have enough evidence to prove their point and they are also from the groups that hostile against Bitcoin.

I seem to be at a loss here regarding your use of "bitcoin" and "blockchain technology". I understand that blockchain is the underlying technology behind bitcoin which means that it is what make bitcoin what it is. If blockchain technology makes bitcoin and not the other way round, then how can the blockchain be the use care of bitcoin? Blockchain technology can have revolutionary impact in diverse fields of human endeavors, from medicine, to cybersecurity and even governance like you mentioned but these sectors may not necessarily integrate bitcoin in their operation. However, bitcoin as a digital currency is already a use case as I have seen many businesses integrate bitcoin as a means of payment.

Even as bitcoin consumes much energy, the way it is being presented and constantly used against bitcoin created alot of fear and panic. Whereas several industries and companies consume even much higher amount of energy and go unnoticed.

• Telecommunication
• Streaming services
• Cloud providers 
• Oil and gas
• Manufacturing industries: For instance, in order to produce 1 ton of aluminum, it requires around 12 - 14 MWh of electricity. The global annual aluminum industry consumption is about 900 TWh, which obviously higher than that of bitcoin

Why the pressure on only bitcoin?

If this happens, you know we are going to lose the original decentralization that bitcoin offers us for free. People will higher stake will tend to control the system. Secondly, the security of the network would be weakened. PoW to me is what bitcoiners should guard and not discard.

Thank you for this inclusion, I'll develop it and add to the original topic.

This is good. Thank you very much for this. That is the aspect I'm speaking from.

As I have always mentioned in the past, I love well formatted threads which are not low efforts just to get merits. I appreciate you doing this and then also choosing a very interesting topic of the Myths that Bitcoin busted. +1 merit from me for this.

Coming on one of the point - "Bitcoin has no real use case", that's simply stupid and you don't have to provide an explanation for this.

Actually, the answer to the "environmental pollution" argument, is that it does use energy, yes. Besides renewable, it does use a hell lot of other, non-renewable. And it does it, because that's the way the world works. Civilization requires energy. We all consume energy everyday. The global reserve currency, as we speak, consumes more energy in a recession than all Bitcoin mining since 2009.

You're a funny guy. 

Bitcoin is a bubble - TRUE
Bitcoin will be hacked - TRUE It's being actively exploited by ordinals with the https://github.com/bitcoin/bitcoin/issues/29187
Bitcoin consumes much energy - TRUE
Bitcoin will be banned - TRUE - it is banned in some countries
Bitcoin is used only by criminals - Not only, but Bitcoin is #1 in ransoms
Bitcoin is not scalable - TRUE (https://bitcointalksearch.org/topic/m.64527003)
Bitcoin will be defeated by a better altcoin - TRUE (see linked post above)
Bitcoin can never function as a currency - TRUE (see linked post above)
Bitcoin has no real use case - It has a use case as a speculation vehicle. That's it.

OP, that part where you talked about renewable energy got me thinking, it is not as great as you may think and it is obvious that you aren't into Bitcoin mining yourself, if you are into mining I bet you won't add this as a point.

Renewable energy is good, but do not forget that it costs a lot to set up renewable energy for Bitcoin mining, we are talking about millions here, do the math, a BTC Asic miner takes 2800watts to 3200watts to run, a single solar panels and inverter with batteries that will let this miner run 24/7 is insanely high already, that's just for a single Asic miner.

It cost me $2,300 to build a 2000 watts solar setup with four tubular batteries three years ago, and today it cost even more, with this setup I can't even run any Bitcoin Asic miner, remember an Asic miner takes 3000+ watts to run, do the math.

Renewable energy for mining Bitcoin will cost arms and legs, suited for organizations that are already rich and also remember that the ROI will take longer than expected, it will take years down the road.