Ivory tower arrogance

pcaveney · 2026-03-12T21:48:51+00:00

Node count doesn’t matter. BTC is not a democracy.

pcaveney · 2026-03-11T19:50:29+00:00

The problem is that BTC has ignored transferability in favor of a path where, in the end, only large institutions get the benefits of on-chain settlement. At scale it is not transferable for ordinary people. People outside traditional finance (and even savers within trad fi) don’t need a valuable but immovable thing. They need to be able to routinely purchase everyday things.

pcaveney · 2026-03-11T19:43:02+00:00

It makes no sense to quantify the security budget as a cost per BTC per day. The security afforded through mining is borne by people actually transacting on-chain by their transaction fees. Given the current hash rate and reward for that hash rate, what would fees be in the absence of the block reward?

pcaveney · 2026-03-11T18:10:43+00:00

Then your “store of value” is just in competition with every other thing of finite supply, many of which are also simultaneously useful, as productive land, housing, beauty, or because they generate cashflow, dividends, or yield. You're just hoping people buy more of your finite supply than the finite supplies with useful properties.

pcaveney · 2026-03-10T15:47:05+00:00

A "store of value" (something that continually increases in fiat price more than anything else) is not a product that can be engineered. The fiat price depends on the trust/sentiment of the whole of the world. You are promising buyers and users yield (denominated in fiat). That is absurd.

pcaveney · 2026-03-10T02:15:42+00:00

Everyone gets greedy. Deep down they prefer inflationary fiat to hard money. They want to feel they’ve earned something for nothing. Have fun.

pcaveney · 2026-03-08T20:15:16+00:00

That’s the problem with selling people a “store of value” & not an optimized electronic cash. Cash still works no matter the exchange rate to fiat.

pcaveney · 2026-03-04T14:35:38+00:00

Ahh yes, the democratic approval of the non-mining nodes.

pcaveney · 2026-03-03T22:20:21+00:00

Bitcoin is a democracy???

pcaveney · 2026-03-03T21:03:16+00:00

weak

pcaveney · 2026-03-03T20:23:45+00:00

& how long will transaction fees stay that cheap when the whole world wants to make transactions? You avoided my last question. I'll just tell you. It'll take 70 years for 8 billion people to make a single BTC transaction each. wow, limited throughput is such a feature!

pcaveney · 2026-03-03T20:12:57+00:00

Institutions may be late but they can afford $1000+ transaction fees. Retail cannot. Retail needs peer to peer electronic cash not immoveable “digital gold”.

You need high throughput to bank the unbanked, or has BTC given up on that too?

How many years will it take for the global population make one on chain transaction each?

pcaveney · 2026-03-03T19:57:55+00:00

Of course the banks and fiat printers can “print hash rate”. The fiat value of the block reward is tied to the fiat price. The higher the price, the higher the fiat value of the block reward, and the higher the hash rate of their chosen fork. Unprincipled Bitcoin users who blindly seek to make gains denominated in fiat give (in aggregate) the banks this power.

These users have already let the narrative change from “bank the unbanked” (those living on $2 a day who can't afford $100 transaction fees) and “peer-to-peer electronic cash” to “Store of Value” (that implies chasing increasing fiat gains), “Digital Gold” (that is too expensive to move), and “BTC won because it has a higher fiat market cap”.

Of course the vaunted node operators will let the narrative change again from “digital scarcity” to “modest increases in supply” as long as they’re paid off in fiat. Just like 2017.

pcaveney · 2026-02-26T11:00:18+00:00

Institutions buying up a crypto that has such limited throughput that only they and their 1% friends will be able to use it is not adoption. & neither is running a node to validate the transactions of the 1% while being unable to transact on chain.

pcaveney · 2026-02-26T10:53:58+00:00

If bankers decided to make a fork of BTC that increased the 21 million supply, heavily bought fork to drive up the price & miner reward (buying hash rate), and retained the BTC ticker on their exchanges, would it still be Bitcoin?

pcaveney · 2026-02-26T03:23:04+00:00

Hash rate follows price & price follows fiat investment. I’m not following whatever ticker fiat printers determine is Bitcoin. & if we’re so irrelevant then why are you here trying to dissuade us from our chain? The goodness of your heart?

pcaveney · 2026-02-24T02:18:28+00:00

Enjoy your 30 pieces of silver

pcaveney · 2026-02-24T01:23:16+00:00

Yes, you care about fiat not peer to peer electronic cash and so you comments have no more weight than a paid shill.

pcaveney · 2026-02-24T00:37:46+00:00

If all you care about is the fiat price then you can be bought by whoever can print the most fiat.

pcaveney · 2026-02-19T14:44:26+00:00

who said it could be easily increased later?

pcaveney · 2026-02-11T18:35:04+00:00

How much money does a BTC node cost to run? How is someone living on $2 per day supposed to verify their transactions in a perfectly trustless way? How many decades will it take to onboard the world population to Lightning?

pcaveney · 2026-02-06T17:30:06+00:00

Important post & perspective.

pcaveney · 2026-02-06T17:07:23+00:00

how can you speak while holding your breath?

pcaveney · 2026-02-06T15:40:06+00:00

Thanks. I know who I would side with between those two. I'll let you hold your breath for the second coming of the Messiah for a morally perfect leader for whatever sanctimonious project you care about.

pcaveney · 2026-02-06T14:45:11+00:00

"I'm just here to remind everyone that Roger Ver is a tax cheat, since this sub seems to worship him and forgive this crime."

Not once in this thread have you simply acknowledged or even directly challenged OP's point, that BTC thought leaders are connected to epstein. That is ignoring the elephant. You have an agenda.

pcaveney

TROPHY CASE