Very Disappointed in Bitcoin
I am getting more and more disappointed in Bitcoin. As more and more issues arise in Bitcoin, the more censorship and "sweeping problems under the rug" kind of mentality shows from the Bitcoin Leaders. Yes the Bitcoin Leaders because Bitcoin is not decentralized, not by far. In fact it's the most centralized cryptocurrency of them all, maybe except Ripple.
At bare minimum the Bitcoin Core team is incompetent, highly incompetent, but it could be worse, allegedly they could have their hidden agenda as well, well the lack of transparency is astonishing.
First of all tons of posts get censored on the Bitcoin Reddit:
Then I am afraid to write this to Bitcointalk, because it seems like they are in the censorship gang as well, there are many moderators there that are censoring heavily any dissenting view, who knows maybe I’ll get banned from there just for writing this article, which brings me to the next point.
Well Bitcoin is actually pretty T O T A L I T A R I A N, there is no room for other opinions, it's an echochamber enforced by censorship, and propaganda. They all have their own hidden agenda and they don't tolerate dissent. Well that is pretty tyrannical. Even if they are right, which they are not, they would still have to respect freedom of speech, so this shows how dictatorial they are.
Then here are other problems:
Segwit is inefficient:
Corporate incentives in BTC:
- https://www.reddit.com/r/btc/comments/6kzg5q/the_dangerously_shifted_incentives_of_segwit/
- https://www.reddit.com/r/btc/comments/6ib893/skype_is_down_today_the_original_skype_was_p2p_so/
- https://www.reddit.com/r/btc/comments/6kuwnd/eric_martindale_has_quit_blockstream_as_the/
"Decentralized" Lightning Network is a lie:
- https://www.reddit.com/r/btc/comments/6l0ys2/simulating_a_decentralized_lightning_network_with/
- https://www.reddit.com/r/btc/comments/6jqrub/game_over_blockstream_mathematical_proof_that_the/
2MB blocks will never happen:
Segwit is shit:
- https://www.reddit.com/r/btc/comments/6ktqrh/did_hell_just_freeze_over_peter_todd_small/
- https://www.reddit.com/r/btc/comments/6kra3s/peter_rizun_on_segwit_if_miners_steal_your_segwit/
- https://www.reddit.com/r/btc/comments/6jsmf2/with_bitcoin_as_designed_anyone_can_send_funds/
- https://www.reddit.com/r/btc/comments/6kv291/we_dont_need_a_trojan_horsed_segwit2x_what_we/
- https://www.reddit.com/r/btc/comments/6ky88r/if_you_believe_in_satoshi_he_clearly_explicitly/
Elitism/Propaganda:
- https://www.reddit.com/r/btc/comments/6kri4j/reminder_blockstream_chief_strategy_officer/
- https://www.reddit.com/r/btc/comments/6gek0z/average_bitcoin_transaction_fee_is_now_above_five/
- https://www.reddit.com/r/btc/comments/6it8ic/bitcoin_is_no_longer_just_annoying_but_now/
- https://www.reddit.com/r/btc/comments/6kv7j6/utxo_stopped_growing_bitcoin_has_no_new_users/
Censorship:
The list is very long, this is how corrupt the Bitcoin Establishment looks like, they do everything they can to destroy the innovation!
And it's obvious, Bitcoin is not decentralized, I am not talking about the mining cartels, I am talking about this:
Bitcoin Core is in monopoly, they can do whatever they want, that is why they are so arrogant, they are abusing their power. And yes, the Core software despite being transparent on Github, only the team has commit access to it, so it's privately developed.
Essentially 5-6 guys literally control all the 42 billion $, indirectly, that is how centralized it is because the nodes will either way use Core only. So it’s indirect, but massive control. Too much power for those people.
Conclusion
So I am very disappointed, Bitcoin turned out to be the exact opposite of what it meant to be. It will become a Bankstercoin.
Sources:
If Segwit is so bad, why didn't Litecoin get in trouble after implementing it? (it skyrocketed and is still in a bull market and working very well) Your post doesn't make any sense at all. Bitcoin is still by far the most decentralized cryptocurrency, only the mining is becoming centralized.
UASF is the proof that even if decentralization of miners is failing, they are not able to grab control over the network, because Bitcoin is decentralized over multiple layers: miners, developers, exchanges and users.
It looks like a trojan horse to me, irrelevant of the mining issue, the miners technically have no authority anyway except in relaying transactions.
It's the nodes that I am worried about, 85% is controlled by Core.
Don't get me started on Litecoin, that coin is totally centralized, Charlie Lee is like the dictator of Litecoin, and his brother Bobby Lee owns the biggest Chinese exchange BTCC, I think both in favor of Segwit so talk about centralization.....
So who cares about the miners when the development is tighly controlled, both exchanges, development teams and such.....
I agree with you. if people are honest they will tell you tons of disappointments. ..followed, upvoted and resteemed
I agree with you. I think it's all about market cap the more you are dominant the more you can influence the currency.
Wow...You just destroyed my Golden Child.
No but seriously, you bring up some good points....even though I don't want to acknowledge them. Looks like I will be here for the next 45 minutes going through all your links - thanks for taking the time to post them. Very interesting indeed.
Well well, people should not be too atached to 1 cryptocurrency, things change unfortunately.
Bitcoin has no "right to rule" just as any other currency doesn't. The market chooses which is good which is bad, and given how fast BTC loses market share, I wonder if it will survive another 10 years.
Yeah - but's it's like your first love...Something you will always be fond of (I hope).
Nah, it's just money, money is money in whatever form it is valuable. It's not the currency that matters, which is just the shell, but the value inside it, that is what is important.
lol - I see no problem with Bitcoin.... working like it should be.
The way you feel about Bitcoin, I kind of feel like for Jeff Berwick. He gets idolized and praised here on steemit but whenever I bring up the allegations of fraud, nobody wants to discuss it, they just want to upvote his posts and leave positive comments on his blog.
I don't know enough about bitcoin to comment on it, but have heard more people who are disappointed with it lately.
Thanks for sharing these resources and well-written article. Nice work.
I don't know about those allegations but he is a good icon in the liberty movement so I respect him for that.
Regarding Bitcoin, well the stuff is just obvious, what is it now, like 20$ transaction fees? Are you kidding me, I make like that on Steemit/day. And I live in a rich place, then what about the 3rd worders, you know like how 80% of new bitcoin users are from India, Indonesia, Philipines and China....
Bitcoin is totally skrewed, and it's going down in my opinion.
I'm cautious about Jeff Berwick as some of the stuff that he's done or said a couple years ago looks suspect. However, people can change. And it looks like Jeff has been doing a lot of changing lately. Quitting smoking is a big deal, as he used to smoke without stopping though his video interviews. If he's stopped smoking, it could be an indicator of other changes too.
What kind of argument is that? So if a guy smokes, he is potentially more crony?
My life experience has been that the people I regularly interact with who smoke are generally less trustworthy than those people who do not smoke.
I totally get that we have the freedom to make our own decisions and that smoking is not that bad compared to other things. Individual freedoms to matter and I'm fine with people deciding to smoke. I'm also fine with making judgements about them based on if they smoke or not.
There is also a correlation between ice cream sales and murder rates. Correlation is not necessarily causation.
Smoking is like one of those pitcher plants that attracts its prey and before they realize it, it is too late to escape. The addiction is on par with using heroin and it grabs you while you are young and dumb.
I have mad respect for someone that quits smoking. It is no small feat for that person, but outside looking in, it is. It is strange.
Very true. I definitely understand that correlation is not the same as causation.
I am very very careful about what I write on r/bitcoin. I remember a post on r/btc explaining that the main resources are controlled by the same person, hence the censorship.
I generally think that bigger block would have made less issue altogether but the proposals are getting more and more complex.
This is a sad state of affair for Bitcoin.
It looks like a total Bankstercoin.
yeah. I am NOT looking forward to the 1st of August.
*Edit: the most important word!
I am not, I don't really like how UASF could give even more power to the estblishment.
The establishment are Jihan Wu with a marketshare of 70% (!) of the mining equipment and Roger ver controlling the most important domain name bitcoin.com. Acting as his BUllshit is the real bitcoin.
just realized I forgot the most important word on my sentence. I am surely not looking forward at all. I have a feeling the users in UASF haven't grasp the propositions enough. What we want and need is scalability and that bitcoin stay true to its core value!
Well either way it's out of our hands, I am not a node so I have no authority.
Well the last frontier is the nodes, there is still some democracy there, but if the information is supressed, then that is no good.
A democracy is worthless if the information to make rational decisions by nodes is censored, I have to write a post about this because it's so important.
Free speech is the foundation of true freedom always. Also keep in mind the idea of 'two wolves and a sheep voting for what to have for dinner.'
Pure democracy can be just as bad without solid principles behind it that must never be violated.