Oddbean

The problem I believe with most bitcoiner or any crypto person is they talk about fundamentals more than technicals. Also they feel as the fundamentals is strong so it's a good product market fit. Another argument can be made here that nearly a decade has gone and there is still no way to have privacy in transactions or even do transactions at all as it's slow. Lightning is garbage, most knows who ran a lightning node themselves. Bitcoin, Monero, ETH guys fail to understand that whatever they are building may be really fundamentally sound but most use it to get fiat rich. Meanwhile cross border payments, small donations, peer to peer payments for services/products are being done with USDT on Tron. Unfortunate reality.

Entire economy is going to built around bitcoin, for that we need strong foundation, bitcoin offers that. Privacy can be achieved using coinJoin and other layer solutions being built around bitcoin, like eCash. We needed bitcoin long ago for the Chaumin-eCash to work. We will also get cheap transaction using these technologies. All other blockchains, Tron, Ethereum all these are totally controlled by few people, they can rug anytime and even debase their coin. If you know you know. Many will look back 10-15 years later and then get all this thing I am tryinh to say. Things take time to build and scale. Internet was not usable for the first 10-15 years, there were many critics at that time who said “voice call over the internet is impossible “ they were all wrong. In my opinion, all the critics of the bitcoin are those who couldn’t study it enough. Bitcoin is an Ego Test, not an IQ test

“Bitcoin is an ego test…” is an interesting take. I’m not sure I agree 100%. I do believe there is truth in that for some but I think for most the issue will be that BTC is so different than what they know. It will be a pill too hard to swallow. It is easier to live in the Matrix than to be free from it. Good post nonetheless. 🤙🏼⚡️

Bitcoin is money which is born out of decentralisation. Decentralisation comes from Freedom. Freedom comes from Love. Love is the Anti-Ego. - hence Bitcoin is Ego test. Now see this. Ego creates the feelings of sex, passion, anger, and attraction. These things create fear. Fear gives birth to the Control. Control creates centralisation. Centralisation creates destruction. So one who is has some purity in the heart can understand Bitcoin. Sometimes they know sometimes they don’t. We already know that Bitcoin is the bottom up revolution.

Economy (Point 1) - Why not even 10% of world economy is dependent on Bitcoin after 14 years of it's existence. I know the doomer case for it, when everything collapse everyone will apparantly use bitcoin or gold. But why not during good times 🤔 Privacy (Point 2) - "Can be achieved". The real question remains why it hasn't been? Probably less than 5% bitcoiners use this. Most exchanges will block your transaction if you coinjoined it. Cheap Transaction (Point 3) - "We will get it" Same question when? Bitcoiners spent ungodly amount of time on lightning and rejecting all other alternatives. If a company has 10+ years to develop something but still couldn't most would abandone it. As people have their money in this so most will stick. Centralised - Yes other chains are centralized but as I said they have found real good market fit. Decentralisation alone isn't a selling point. Internet - Most who say bitcoin and internet are same wasn't even born during that era. Internet's limitation was hardware not software. There weren't any routers, fiber etc. for internet businesses to distribute their product quickly. Bitcoin is built on top of this infra. Didn't study enough - I often hear this including HFSP. Basically if you argue that some stuffs of bitcoin is broken, you either is a troller, hater, didn't study bitcoin or want to stay poor. There apparently isnt 1 guy who understands tech and distribution who can point out issues in bitcoin. Bitcoin isn't a test, its product that is yet to find a product market fit. Yes it's decentralised.

1 - internet is 41 years old and at 61% adoption now. Majority of that adoption came in the last 20 years, and majority of that 20 years’ adoption came in the last 7-10 years. Maybe 0.1% people were using internet till 1995, then “gradually then suddenly moment” happened. 14 years is a very small time to have 10% adoption. We are right now at around less than 0.1% adoption. It takes time for everyone to understand bitcoin. Bitcoin maybe be at 10% by 2034, next 10 years will be face melting in the terms of Bitcoin adoption. Bitcoin is running on ~25 GW is enough to fathom is magnitude. 2- Currently it is not that necessary to stay private on bitcoin. When privacy is necessary, it will incentives developers to build one, we will get those tools may soon, ‘Joinstr - coinjoin on nostr’ soon will come, and it will be cheap for many people than now to use bitcoin privately. As exchanges block coinjoined bitcoin, those bitcoin will become even more valuable, remember that Black market has premium every time. Even circular economy for coinjoined bitcoin will emerge soon. On NOSTR, we are seeing bitcoin circular economy, anyone can send Value to anyone on NOSTR, soon colleges and schools will use nostr and bitcoin, zap.stream is one example. 3- For scaling solutions, yes we will get it, brilliant People are building for Bitcoin, check eCash, BitVM by Robin Linus, ZK proofs, DLCVM by Allen Ferrington. People asked same questions for the internet too but here we are. We can talk 4K video call over the internet, soon VR frenzy too. 4- We need decentralisation for the Humanity to be freedom. Fast transaction around the globe with centralised system/blockchain have no meaning at all. We need Freedom Money so stop inflation and let the productivity gain reach the individual in the form of increased purchasing power of that currency. That’s the only way to free the society from the control and manipulation. We will achieve true growth, justice, freedom when money which is the oxygen of the economy flows without any manipulation and rules are same for everyone. —- And yes Bitcoin has many flaws but as long as decentralisation is secured, everything will be achieved. To understand Bitcoin, one needs to be humble first and be open for ideas far bigger than themselves, that’s why I sais Bitcoin is am Ego test, High IQ people may not get Bitcoin but people living in Egypt, Argentina and Other high inflationary nations are grasping Bitcoin soon. Decentralisation is necessary to build strong and free society. Everything in the universe is decentralised, all principles and laws of the universe are there in every tiny atoms and particles and out of which many phenomena occurs. If gravity or other laws of the universe kept changing, life would not have exist. We need one global monetary rules and Bitcoin is becoming it as more and more people find it amazing. Still only 18000 people around the world run a node and Bitcoin takes 0.05% of the world’s electricity and only 0.07% of the globe wealth is stored in Bitcoin, after 15 years. Few are betting for Bitcoin and many more are betting against it, I am betting for Bitcoin, and I have my own arguments and study for that, Yes I want bitcoin to succeed for the Humanity to thrive, I can’t remain pessimist on Bitcoin, I always doubt Bitcoin and still be optimistic. I discuss Bitcoin in Hindi language on “Unboxing Bitcoin” and in Gujarati language on “Bitcoin Gujarati”, on YouTube and NOSTR both. I learn about Bitcoin, keep reading different perspectives. Even I sometime doubt Bitcoin but Then I try to find the answers, and till now, Bitcoin has won. I would love to host you on my PodCast and we can discuss this thing in more details.

Not sure what you mean about "no way to have privacy in transactions". Monero already does that along with several other smaller privacy coins and even ecash. Agree with basically everything you said. Everyone is crypto is just gambling and trying to get fiat rich for the most part. Even most Bitcoin maxis are really fiat maxis in disguise. They're hoping price pumps to sell for fiat and are obsessed about fiat price to the detriment of all else. Yes, USDT on Tron and in general is massive. Most in this echo chamber have no clue or are in denial about it.

I do agree with that. I was saying about Bitcoin. Monero does have achieved privacy brilliantly and with seraphis I think it's going to improve more. Once someone figures out the transaction speed part, it's going to unlock real value.