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Issue #946: Bitcoin's detractors haven't done their research

Issue #946: Bitcoin's detractors haven't done their research

Mar 10, 2021
Marty's Ƀent

Issue #946: Bitcoin's detractors haven't done their research

As time goes on and Bitcoin continues its streak of convincing individuals the world over that it is a revolutionary technology worthy of storing value in, it is becoming abundantly clear that the network's detractors have done little to no research on how it actually works. They lash out, screech, and parrot weak arguments fed to them by lazy journalists and pundits alike without doing any type of deep research to understand the intricacies of the Bitcoin network and its value when compared to competitors. The sad thing is, it seems to be pretty effective.

These feckless drones seriously believe they are making good arguments backed by facts. And even worse, they want to physically harm those who use and build out critical Bitcoin infrastructure.

This tweet currently has ~2.4k retweets and 15k+ likes. It's crazy to think that there are this many low effort rubes who are unable to take a step back and critically think for themselves. One could easily find a bunch of server farms owned by Amazon or Google that look exactly the same as the pictures shared by Amber. One could also do their own research and find that California's rolling blackouts are largely driven by the fact that the state idiotically decided to decommission a number of natural gas and nuclear power plants without plans to replace that energy generation. Furthermore, I don't know of any sizable on-grid (or off-grid for that matter) mining operations in California that would compete with Californians for their increasingly scarcer energy sources. This fundamental lack of knowledge concerning the lack of energy in California and Bitcoin's lack of contribution to the problem did not stop Will Menaker from suggesting the government should come in and bomb innocent bitcoin mining facilities. Wild how emotional and illogical some individuals can be.

This is but one example of the fundamental misunderstanding most Bitcoin detractors display when criticizing the network and its users.

"How can it ever scale to the masses if it only does 7 transactions per second?"

Maybe you should read up on transaction batching, Bitcoin's protocol level as a settlement layer, and scaling payments via second and third layers.

"The early adopters dominate the network and have all the control."

Maybe you should learn about HODL waves, understand that many early adopters lost or treated bitcoin as if it were nothing (which it was at the time), and look into bitcoin's gini index improving significantly over time.

"All of these big institutions coming in are going to dominate and control the network. It's not worth it."

Maybe you should read some Bitcoin history. You might learn that a corporate takeover has already been attempted and it was completely shot down by full node operators.

"Facebook and Central Banks are going to create their own digital currency that will replace bitcoin, idiot."

Maybe you should look into what happened after Facebook announced Libra and understand what drives bitcoin's value; the fact that it is a distributed network controlled by no one but accessible by everyone. The complete opposite of what a Libra or CBDC would offer.

I can keep going, but it's almost bath time and story time. The lesson here is that Bitcoin's confident critics are basing their arguments against the network from an ignorance that is so obvious that it is laughable. It's scary to see how stupid and ignorant people are. Especially when they confidently follow up their ignorance with calls for violence against bitcoiners. However, the Truth shall prevail and their ignorance is our edge. Keep stacking. Keep building. The market will force them to learn and humble themselves in due time.

Final thought...

I've been working in complete silence the last few weeks outside of an hour of podcast consumption during the first hour of desk time. I think I may like it.


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