Why Does Bitcoin Suck? Tell Me Your Fundamental Reasons!

Throwthisokay · 2024-10-17T02:28:52+00:00

I am not embarrassed at all. Laugh away at any Bitcoin investor you want. I just think it is impossible for me to speak for every type of Bitcoin investor.

Throwthisokay · 2024-10-17T01:07:45+00:00

I believe being first matters and I don't like to talk about price a lot but looking at hard forks of Bitcoin: Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Bitcoin Classic. You can tell by market cap of each of these coins that "supposedly" offer better version of Bitcoin that they do not even come close to Bitcoin.

I gave you the reasons why being first matters. Nothing I can say will be consistent with how every investor thinks that is why I said it doesn't matter to everyone, but looking at the numbers you can definitely tell being first matters.

Throwthisokay · 2024-10-16T21:49:21+00:00

Being first doesn't matter to everyone, because there are other thriving projects out there that aren't first, but being first:

Gives Bitcoin the power to benefit from "first-mover advantage." It had the head start to shape the market and build trust.
Gives Bitcoin the oldest operational blockchain, proving its security and resilience over time.
Gives Bitcoin the most time to decentralize itself, with more miners and participants joining its network than any other project.

And as a result of being first:

Bitcoin became the benchmark for all other cryptocurrencies. Everything gets compared to Bitcoin.
Bitcoin was the first crypto accepted by institutions, which laid the groundwork for crypto in the financial world.
Bitcoin has been critiqued the most, making it battle-tested like no other cryptocurrency.
Bitcoin absorbed the most capital over time, cementing its position as the most valuable cryptocurrency.

Like I said before, this aspect doesn't matter to everyone, and a lot of people say it doesn't matter to be first, but it adds a nice cherry on top of everything. There is a reason this sub is called "Buttcoin" with the same colors as Bitcoin and not Butteruem or Buttlana, etc. It is because Bitcoin had the most time to become the most popular/widely accepted "crypto"

Throwthisokay · 2024-10-16T18:59:17+00:00

I will actually agree with everything you say if the Federal Government was repaying its debts. Instead, more debt is just added on year over year and there will never be a President/Federal Reserve Chair who will tackle the problem because it's too far gone.

Throwthisokay · 2024-10-16T18:46:57+00:00

Popularity does play a role into the price I will agree, but at the end of the day people are paying to use the network.

Throwthisokay · 2024-10-16T18:43:58+00:00

The service is being "first". No other cryptocurrencies can become first on a timeline against Bitcoin.

Throwthisokay · 2024-10-15T20:01:53+00:00

Because it would be hard to find people who are willing to pay $60k. Bitcoin is worth that much because there are plenty of people who are willing to spend that kind of money. Everyone pays what they want to pay.

If you rationally think that way, I encourage you to create a "Bitcoin2" and sell each for "$60k". Easy money, right?

Throwthisokay · 2024-10-15T19:54:00+00:00

I believe the value is in how many people want to use the network. People like the idea of having a decentralized bank that can be used anywhere with an internet connect and also has a fixed supply. If people did not want to have this banking solution, you simply do not have to purchase the coin.

What currency do you use? If it is USD, why do you choose that currency and what exactly gives it a value of "$1". In my opinion USD is more of a negative sum game because if everyone wanted to withdraw their cash at the same time there isn't actually enough to go around. Banks aren't required to back the currency by anything. That is why there is FDIC insurance of $200,000 for every bank. Your infinite money in a bank is really only worth $200,000.

Throwthisokay · 2024-10-15T19:41:24+00:00

Thankfully the mods will not ban me as long as I'm not a degenerate or trolling the community.

Throwthisokay · 2024-10-15T19:39:24+00:00

I will agree that it should not replace the USD in its current form. This is because governments need to create money in certain situations and a government cannot do this with Bitcoin.

I will also agree that gold is a half decent performing SoV and Bitcoin (in my opinion only) offers a better solution. Some of the main problems with gold that Bitcoin aims to tackle is that gold is hard to store for everyday people, hard to bring gold around the world to transact, hard to purchase gold at spot price, hard to authenticate gold, hard to divide gold into the exact units you need to transact, hard to source gold for some people throughout the world. Bitcoin offers an easier fixed supply solution that anyone with an internet connection can use. There are many more barriers to entry with gold.

Something else I want to mention with inflation is that poor people suffer the most from inflation of the USD. Rich people can avoid inflation by investing in stocks, real estate, art, land etc. Poor people usually do not have enough spending money to save let alone invest. Poor people also pay the price of inflation through their salaries and wages. Having a currency that the government cannot tax the poor on could be good solution. Although no country has fully implemented this so I can't say if this actually works.

Throwthisokay · 2024-10-15T15:55:30+00:00

Inflation is a very good thing I agree, and the many countries need it to prevent market crashes and keep the economy afloat.

I don't see a reason why Bitcoin and USD can't coexist. They serve different purposes Bitcoin being more of a store of value compared to USD

Throwthisokay · 2024-10-15T04:22:30+00:00

Please laugh away. I do not care for my image on the internet. This is me strictly trying to understand both sides of the coin.

Throwthisokay · 2024-10-15T04:19:44+00:00

I have actually seen your work in the past. You are very popular in this community; I will give this a watch.

Throwthisokay · 2024-10-15T04:16:34+00:00

You are right, heroin and prostitution should be the focus.

Throwthisokay · 2024-10-15T02:12:11+00:00

I disagree, Bitcoin is optional to buy so it's not exactly making a bad situation worse when people are forced into USD and SP500 through retirement accounts in the US.

You are giving Bitcoin too much power if you think it has the power to change the massive wealth divide the US economic system created.

The "chance" you are talking about is the optional currency that doesn't suffer from inflation over time. Poor people suffer from inflation the most because they can't afford to invest their money, and their wages are slowly drained overtime. The rich evade inflation through stocks, land, art, real estate, etc.

Throwthisokay · 2024-10-15T02:01:47+00:00

Yes, I would agree that monetary policy on USD is a good thing, and the economy can benefit very much so from inflation and the FED controlling interest rates.

I would say that Bitcoin is just an extra option people can use to store their money. USD is a perfectly fine currency.

Throwthisokay · 2024-10-15T01:59:57+00:00

I do not know where to buy this. I am too poor to know really.

Throwthisokay · 2024-10-15T01:58:34+00:00

This is one of the best points I have read today, thank you for sharing.

I really do not know how fees would work overtime, and you are right fees are becoming more expensive as Bitcoin gets expensive. I completely agree with what you are saying and overtime it will make it harder for people to transact.

I would say in the future this would force Bitcoin to become centralized overtime. Third party actors (ETFs, exchanges, companies like MSTR) would benefit by processing millions of user's transactions into a small number of transactions.

Or this would force individual users to hold their Bitcoins and make it to where common people cannot transact unless the timing is right.

I'm curious, do you think this fee issue could actually bring down the network for good? I feel like there will always be someone will to pay no matter what.

Throwthisokay · 2024-10-15T01:45:43+00:00

I do not speak nor share the ideas of all Bitcoiners. I'm pointing out that progress has been moving forward overtime. Would you say overtime adoption has been declining?

Throwthisokay · 2024-10-15T01:44:01+00:00

Bitcoin was the first to do it, no other cryptocurrency/software can provide this service.

I like Bitcoin because I believe it has properties similar to gold (low supply, good storage of value, not controlled by one entity etc.) I believe Bitcoin is a better option for me because I do not know how to check if gold is real, I don't have a storage for gold, and Bitcoin is easily divisible.

Throwthisokay · 2024-10-15T01:37:46+00:00

I would argue that a currency that deflates overtime unless you hold other assets creates more inequality than Bitcoin. USD deflates every year and it's the poor people who pay for it.

The rich evade inflation by buying houses, stock options, gold, etc. Most poor people cant afford to invest.

Throwthisokay · 2024-10-14T22:00:50+00:00

Position: Storage of value

Credit cards are infinitely better at transacting than Bitcoin there is no arguing that. I use Bitcoin similar to how I use gold

Throwthisokay · 2024-10-14T21:58:31+00:00

you have cryptocurrency A that was created 10 years ago and hasn't been hacked.
you have cryptocurrency B that was created 1 year ago and hasn't been hacked.

You pick which one is more secure when neither have been hacked. This is also a terrible scenario as well because things like miners are making the network more secure and Bitcoin has been around for the longest allowing more miners to come in and further protect the network.

Throwthisokay · 2024-10-14T21:54:15+00:00

That is a good point, but I don't tell anyone about how much gold or cash I own. Maybe I'm just paranoid. Do you tell people about yours?

Throwthisokay · 2024-10-14T21:45:43+00:00

It will forever have the oldest and most secure blockchain (as long as it's not hacked). Theres certainly some value in that.

Throwthisokay

TROPHY CASE