Bitcoin Thread

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Sensorei said:
You're are clearly out of your depth here and don't understand how the Bitcoin network operates. It's not supposed to be a cheap payment system. Security is the first priority, not transaction cost or speed.

You said BTC is highly centralised, and when asked relative to what you say it doesn't matter. Schoolboy response. You can't name a competing store of and transfer of value blockchain that is less decentralised and more secure. You started off by suggesting that Ethereum was with your initial response which obviously was a big fail. Until BTC improves or something better comes along BTC is the best at what it aims to do.

You've shown me nothing. BTC's level of security is reliant on BOTH it's energy use and the amount of full nodes. It's not either or. Even with a 35% mining pool blackout the amount of full nodes on the network still makes BTC the most secure blockchain, and the remaining 65% hash rate is still enough to made BTC impossible to 51% attack.

You don't understand that in the case of a temporary mining outage the full nodes (which are extremely decentralised as shown in the link I posted before) ensure that transaction authentication is not compromised. Yes, there is a temporary increased congestion and increase in fees, but the size of the network ensures that BTC can handle even a 35% mining outage without compromising security.

Yes so over 60% of BTC's hash rate is concentrated in China. Obviously not ideal, but not at all a significant security threat when only 2% of full nodes are located in China. These exist to secure the network - verify transactions and blocks, and send them to other nodes including miners. Very few of these are mining pools. Get your head around that and the importance of that. You've been buying into uninformed mainstream media narrative.

I am not here to spoon feed you and educate you. You've been here how long but haven't bothered to learn any of this? Hopefully this wasn't all a waste of my time and some others might have learned something here. There is Bitcoin.org and google if you want to learn more.
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It is not supposed to be a cheap payment system? Go and read the original document. Everything you're regurgitating here is a retcon from the BTC dinosaurs developers after the original idea was a failed one.

You're literally taking everything I said out of its context and twisting it to suit your own narrative when it shows the exact opposite of what you claim. The network is not so secure as you claim. We have seen this time and again where mining power is in the hands of only a few individuals.

Maybe you should go back to the original idea and then examine how things turned out and what the actual effect was before coming back to your argument.
 
My narrative? Wake up. The narrative changed in 2017 with the BCH fork and the block size debate. Security trumped speed and cost. Everybody who is anybody in this space pushes BTC as a store of value AKA digital gold, and not as a fast payment system.

Yes I claimed that BTC's blockchain is the most secure. 100%. Not that it can't be improve upon. I asked you what blockchain was more secure and you had no answer. Regarding mining power, you still don't understand the importance of full nodes vs miners in securing the network.

I twist nothing. I had a few main points you disagreed with and have stuck to the topic. You have ignored every point where I showed that you don't know what you're talking about and did not answer my questions.

You still are no closer to disproving any of the main discussion points that you disagreed with. Go and read your response to my inital post. Starting with you using Ethereum as a better example to offer better security and that it is more decentralised. Not even Vitalik would suggest that. Then you said Nodes mean nothing and its all about who control the mining without you even knowing that most full nodes that authenticate transactions do not even mine. Out of your depth...
 
The last trendline one can thumbsuck from this thing ¯\_(ツ)_/¯.

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Speedster said:
And the other 79%?
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All in link
The report also demonstrated that cryptocurrency hedge funds remain incredibly bullish on bitcoin. The report found that the median predicted price for bitcoin by the end of 2021 was $100,000. Furthermore, 21% of cryptocurrency hedge funds predicted that the year-end price would be between $100,000 and $150,000.

Of the hedge fund managers surveyed, only one believed that the price of bitcoin would be below $59,000 by the end of the year.
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Screenshot (109).png
 
If I was a hedge fund I'd be saying $25K by 6 weeks from now and the same by year end.
 
Bitcoin is just another way to get the gold and silver bugs to relent and sell off their gold and silver to strong hands. When the SHTF Bitcoin will tumble IMO and those that sold their gold and silver will be left with nothing.

Diversification is where its at.

Also when Central Bank Digital Currencies are launched it will be interesting to see what happens to Bitcoin. It looks like China will be first out of the gate but many other countries/groups have said that they plan on releasing a CBDC.
 
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