What Bitcoin principle took you the longest to accept? \ stacker news ~bitcoin

That is works. Like, that the technical mechanics and code of Bitcoin work. This one took me months and months of study before I was convinced enough to get some corn.
That deflation could work economically. Constant or even slowing contracting money supply seemed really dangerous when I first heard about it. I still am somewhat unsure about what its ramifications could be.

105 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

Oh these are good ones. 👍 💯

102 sats \ 2 replies \ @SimpleStacker 2 Oct 2023

At first, I was very excited about bitcoin's possibilities as a decentralized, immutable, and uncensorable system for data storage. "Your data backed by a billion dollar asset class" was my thinking. I even investigated building programs to automatically chunk data and write it to OP_RETURN.

Over time I decided it was not a good idea, that bitcoin was not designed for this purpose, and that if I wanted a decentralized data storage system I should look to other projects.

Through that I found IPFS which I thought it is cool, though I haven't been following its updates. I do wish for its success, or the success of similar projects.

26 sats \ 0 replies \ @jennann 3 Oct 2023

I had similar thoughts originally. I thought it was great for immutable knowledge and storage, but thought it was kind of odd that a monetary value was organically placed on blocks and satoshis, but Satoshi's words on January 17, 2009 are so true today.

"It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine."

5 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

IPFS is hard to understand tbh. Some of it sounds cool... but web5 is the direction I'm more thinking of...

100 sats \ 2 replies \ @HardRich 2 Oct 2023

I was a backend database developer for a lot of years and so when I heard of bitcoin I thought, "There's no possible way to make data immutable" - that kept me from buying it for a very long time. In an alternate reality where I'm more humble I'm writing this reply on a yacht. :)

20 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

Especially the concept of no one controls it. This was hard to accept too

15 sats \ 0 replies \ @SatoshisSkeleton 2 Oct 2023

Lol! It almost seemed too good to be true

746 sats \ 3 replies \ @SatoshisSkeleton 2 Oct 2023

Just the fact that not everyone is either willing or even capable under normal self-circumstances to accept the orange pill.

The fiat system is a brutal game to exit and see the truth... for it requires a total collapse of view.

75 sats \ 0 replies \ @Stacksats 2 Oct 2023

Hard pill to swallow

11 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

Deep but true. 👀 Just lead clies to follow rabbit holes...🔦🐇

5 sats \ 0 replies \ @SatoshisSkeleton 2 Oct 2023

Good 1

15 sats \ 1 reply \ @bzzzt 2 Oct 2023

I read that one book about bitcoin back in 2016...by a nytimes reporter cant remember his name. but the scarcity component didnt click and also the technicals of how to actually obtain it were too intimidating... so i didnt buy shit then 😔 i actually really enjoyed that book...crazy how close i was but still didnt get it enough. Makes you think about how many 'close calls' everyone has with understanding bitcoin.

10 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

Yes. A lot of it feels close... but still far until it clicks.

5 sats \ 2 replies \ @senf 2 Oct 2023

Bitcoin is for enemies.

10 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

💯

10 sats \ 0 replies \ @SatoshisSkeleton 2 Oct 2023

Enemy money

5 sats \ 2 replies \ @Undisciplined 2 Oct 2023

That it is actually scarce. I understood that in a vacuum Bitcoin was hard-capped at 21 million, but I didn't see why an unlimited number of almost perfect substitutes couldn't be generated. That would make the class of Bitcoin-like tokens functionally unlimited.

Technologically, that concern is somewhat valid, but it doesn't really make economic sense. One of the Bitcoin-like tokens will be preferred to all the others, because network effects will make it generally more valuable, and that will drive the value of any similar good to zero.

30 sats \ 0 replies \ @Stacksats 2 Oct 2023

Game theory

10 sats \ 0 replies \ @satoshi_in_the_classroom OP 2 Oct 2023

👀🔦🐇

10 sats \ 1 reply \ @2bithits 2 Oct 2023

time preference

65 sats \ 0 replies \ @Stacksats 2 Oct 2023

Literally coded by math not stonks

5 sats \ 1 reply \ @cryotosensei 2 Oct 2023

You’re not buying Bitcoin, you’re selling fiat

55 sats \ 0 replies \ @satoshi_in_the_classroom OP 3 Oct 2023

👩‍🏫💯

5 sats \ 1 reply \ @TheBTCManual 2 Oct 2023

For me it has to be UTXOs I never really dived into it early on, I just saw balances and transactions and thought the way the UI works is how bitcoin works, lol plus I was a shitcoiner so the account model seemed like the default, getting my head around address creation and coin control took some time, I was making a bunch of small transfers and bloating the shit out of my UXTO set

Thankfully i know better now

40 sats \ 0 replies \ @satoshi_in_the_classroom OP 3 Oct 2023

UTXO management is 👋🤙👏

0 sats \ 0 replies \ @fred 3 Oct 2023

Still haven't fully comprehended Mempool

0 sats \ 0 replies \ @ek 3 Oct 2023

Don't think that took long for me or even the longest but want to provide another example that wasn't mentioned yet afaicf:

That it's good for the environment

0 sats \ 0 replies \ @shyfire 3 Oct 2023

That Bitcoin was not perfect when it was created and that improvements are required.

0 sats \ 0 replies \ @brave 3 Oct 2023 freebie

Proof of Work as it consume too much energy