DT Context: Two sides to most situations, some contra-BTC thinking presented here, once again Justin Bons with the good word!

Justin Bons@Justin_Bons

1/17)

BTC is doomed to fail

A modern-day fool's gold without any foundation in utility, BTC has become a purely speculative asset

Fueled by irrational & emotional appeals to greed, beware of the purveyors of lies

These are the eighteen reasons why you should not invest in BTC:

Justin Bons@Justin_Bons

2/17)

1. No utility without capacity (block-size limit);

It would take several decades for everyone in the world just to do one TX, including onboarding onto LN!

That is not the future of money & can never be; it is literally impossible!

A sad end for such a beautiful goal

Justin Bons@Justin_Bons

3/17)

2. No long-term security without utility;

Fees are unable to replace inflation, contrary to the original goals of Bitcoin; this makes the security model unsustainable!

There are no realistic plans in place for what will fund the BTC security budget a decade from now!

Justin Bons@Justin_Bons

4/17)

3. No value proposition without security & utility

An insecure & purely speculative asset cannot serve as a good Store of Value or money at all

All you find are self-referential circular arguments

Like saying that BTC is the best money because it is the best money...

Justin Bons@Justin_Bons

5/17)

4. Supply is not predictable;

The 21M limit will have to be raised as a consequence of rejecting utility during the block-size debates

This wrecked the security model!

Raising the inflation rate will be the only way in which BTC will be able to remain secure long-term!

Justin Bons@Justin_Bons

6/17)

5. Weak token economics;

Without a burning mechanism & a predictable supply

The times have changed & the technology has evolved to the point where BTC's economics now look incredibly weak in comparison

6. No longer competitive without a solid & clear value proposition!

Justin Bons@Justin_Bons

7/17)

7. No programmability, composability, or interoperability

BTC is incredibly far behind in terms of technological development

It cannot hide from the market behind a make-believe shield of putting BTC into its own category!

8. No DeFi (due to the lack of programmability)

Justin Bons@Justin_Bons

8/17)

9. No privacy

Due to the block-size limit reducing anonymity set & a complete lack of any significant privacy-enhancing technologies

10. Inefficient & wasteful compared to PoS

PoS efficiency exceeds PoW by several orders of magnitude, translating into superior economics

Justin Bons@Justin_Bons

9/17)

11. Less decentralized compared to PoS

PoS is, by design, far more decentralized compared to PoW, as there are no economies of scale

While also not requiring entire warehouses of computing power!

Thereby increasing the number & distribution of consensus participants

Justin Bons@Justin_Bons

10/17)

12. Toxic culture

This is partially a consequence of the previous points; as these flaws cause a deep unconscious feeling of insecurity

The culture is also a product of history & anthropological evolution

While self-selection only further reinforces the demographics

Justin Bons@Justin_Bons

11/17)

13. Dysfunctional governance

The truth is that the dominant client implementation, "Bitcoin Core," has achieved effective centralized control over BTC development

A cultural consequence of the block-size debates is that competing clients are seen as "enemies of Bitcoin"

Justin Bons@Justin_Bons

12/17)

14. Entrenched leadership

Power, on average, always corrupts & we should not expect those in power to go against their own interests

As this only occurs in very rare cases The need to overthrow the current BTC leadership represents a massive barrier to positive change!

Justin Bons@Justin_Bons

13/17)

15. Inability to solve all of these problems

In large part due to the dysfunctional governance & toxic culture

BTCs governance has been ruined by the denial of its existence

“The greatest trick the devil ever played was convincing the world that he did not exist”

Justin Bons@Justin_Bons

14/17)

16. Self-reinforcing echo chamber due to toxicity & censorship

The block-size wars were won by the current incumbents in part due to a massive censorship campaign which continues to this day

Toxic maximalism promotes close-mindedness, giving tunnel vision (laser eyes)

Justin Bons@Justin_Bons

15/17)

17. Complicit leadership (block-size debates)

The leadership responsible for these failures & departures from the original goals are effectively still in power today

From this perspective, BTC remains effectively captured by parties with direct conflicts of interest

Justin Bons@Justin_Bons

16/17)

18. Conflicts of interest (Blockstream & Chaincode Labs)

The majority of prominent BTC developers are being financially supported by for-profit companies whose aim is to develop L2 solutions for BTC

This creates a clear conflict of interest against scaling BTC's L1!

Justin Bons@Justin_Bons

17/17)

BTC is on borrowed time

Hand waving away its deeply flawed design

Failing to move with the times & ideologically entrenched in outdated technology

BTC is not exempt from the competition

The Bitcoin dream now thrives in its children; while BTC is left behind in the dust

OG Link with replies

https://nitter.net/Justin_Bons/status/1608507902309941248


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