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RE: [dtube] Bitcoin in a Nutshell

in #bitcoin7 years ago

what we have here is a person coping with the fact that Bitcoin is kind of a low tier coin in terms of centralization, profit potential, use cases, future growth and security as well as storage of value. Notice that all of the things in the video that he claims are good about bitcoin? Well its all lies.

Bitcoin is very centralized in terms of who owns the hash rate. China pretty much controls Bitcoin right now. But Bitcoin is especially centralized when you consider the lightning network will require you to send all of your transactions through centralized hubs. Security is extremely questionable when it comes to something like the lightning network as well.

Core owns bitcoin, you can tell this is true because they control who is allowed to modify the code. Core refused to increase the blocksize which caused a massive schism in the bitcoin community which has easy cut the support base for Bitcoin to continue to go up in value by more than half. Core appears to have an agenda to destroy Bitcoin from the inside out.

Bitcoin is not a good store of value as there is no such thing as a reliable storage of value in the crypto economy. The only solid store of value in existence is probably gold so if that is what you want to have then gold is the only true store of value you will ever see. Not to mention the fact that every single other alt coin is potentially identical storage of value.

Profit potential of bitcoin is lower than pretty much all other alt coins as well. So its not great for that either. Even if Bitcoin goes to 50k you will quickly find that nearly any alt was a better long term hold in terms of profits. In 2017 Bitcoin did so poorly on this front that Doge coin out performed Bitcoin in terms of raw percentage gains. Most Bitcoin fanatics have trouble with the concept of percentage gains as it completely destroys the idea that you make more money by holding Bitcoin long term.

Bitcoin is heavily out classed and it is showing its age. We now have coins that are faster, cheaper and have more use cases steadily eating away at Bitcoins market dominance.

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Core owns bitcoin, you can tell this is true because they control who is allowed to modify the code. Core refused to increase the blocksize which caused a massive schism in the bitcoin community which has easy cut the support base for Bitcoin to continue to go up in value by more than half. Core appears to have an agenda to destroy Bitcoin from the inside out.

Assuming core is holding some Bitcoin them self I don't see why they would be interested in sawing off the branch they're sitting on?

They other points you provide may be legit though...

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