4013 sats \ 7 replies \ @mallardshead 5 Sep 2023 \ on: What's the End Game? bitcoin
We waded through the crisis narrative swamp during the blocksize war. We were warned that bitcoin would die and be replaced by something else because it couldn't scale and needed to do so immediately, apparently the world at large needed it immediately, some imbeciles even suggesting by 2018 it might be too late. The same bullshit is repeating itself with the faux security budget saviors trying to run their fork, inscription, and side-chain into the womb of a 15-year-old protocol. We need to fix the security budget immediately! No, you need to see a psychiatrist, and work on your self-control. Bitcoin's hashpower won't death spiral, security won't be deprecated allowing for 51% reorg fantasies, leaving a void to be filled by something else. There's a subtext to everything the big-blockers and chain-gang say if you listen and don't just hear:
Bitcoin is on a long, difficult, and organic road from store of value, to transactional currency, to unit of account. The steps can't simply be leapfrogged, or sped up, like "crypto" would have you believe. There are many reasons for that outside the protocol which is a subject beyond the scope of this reply, but drivechain is ancient. It seemed relevant back in 2014 before the regulatory environment arrived, before "crypto" arrived, before Taproot arrived, before the immense innovation on the LN arrived. Drivechain frankly looks quite myopic and silly in retrospect. We don't need a 2050 fee environment in 2023 to satisfy your Lambitions.
What a post!
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right, only "some imbeciles" would like it... (while drivechain is sh*t, ofc)
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Bitcoin's hashpower won't death spiral, security won't be deprecated
Of course it will be. Of course, in the long-term, like decades. Simply because:
There is no way to hide consequences of lack of free market
Even in such a good thing like Bitcoin. Or maybe especially in such a good thing...
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is this you kurt ?
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and my favourite was: "Mining is slowly leaving the pleb world behind and industrializing"
Don't even think that 10-20 years later the corporations will be mining at loss, "in the name of Bitcoin"... :)
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Many have mined at a loss, contingent upon current hashpower, energy inputs, and BTC price, or more accurately, their economy of scale. The access to capital thing (and at what %) playing a big role. Governments don't have these constraints. It's difficult for me to believe that Oman, Russia, etc, are building out mining facilities to capture 6.25 BTC per day with 1% of hashpower. The value isn't there this late in BTC's issuance, even with BTC at $5M per coin, but it is there with censorship resistance of however many billions (trillions eventually) they can fit inside a single block. Too, there's no way any viable tax haven doesn't mine in a cashless world where the on/off ramps are surveilled via CBDCs. Just trying to think big here, bigger than inscriptions and sidechain crypto speculation.
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