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High level of illiteracy regarding Bitcoin within the Bitcoin community
117 sats \ 9 comments \ @r3drun3 21 Jan 2024 bitcoin
I have chosen to write this post because, in recent weeks, I have frequently come across acclaimed posts in the Bitcoin community on platforms like Reddit, Twitter, and LinkedIn (not on SN, but I haven't been very active lately, and I still sense a higher level of expertise here) that were fundamentally flawed from a technical standpoint.
For example, the notion that "only X addresses on the blockchain own >=1 BTC," implying that there are only X individuals in the world currently owning >=1 BTC, is gaining popularity. Anyone with even a basic understanding of Bitcoin's technical aspects knows what Hierarchical Deterministic wallets and UTXO segregation are and understands that the aforementioned assertion is nonsensical.
This is just one example, but there are numerous others. Why do you think there is such widespread ignorance about Bitcoin, even among fervent Bitcoin enthusiasts? Could it be because a significant portion of Bitcoiners is still comprised of the "numbers go up!" mindset?
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100 sats \ 0 replies \ @Tehila 22 Jan 2024
Honestly I think there are several aspects to the ignorance:
  1. General ignorance. The majority of people who own bitcoin do not fully understand it. And there is quite a bit to understand, and not everyone is going to get it. Most people are not interested in technical aspects-- only NGU.
  2. Selection and other biases. You see ignorant posts because they stand out. And only a relatively small number of btc holders are actually making such posts. It's like thinking there is an epidemic of racism because there are a handful of people making racist comments.
  3. New people. This should be a good thing, right?
  4. Pattern searching. Both the true believers as well as the Lambo-rati reach for prophecies in the data ("technical analysis" anyone).
Your example does seem pretty basic and ignorant to me, but I've been around the block. I come across plenty of content here that stumps me, just because I'm not that technical. And even some of the basic stuff that I "know", I can't explain to people. For example, how Lightning scales, or why and how entropy is lost when BIP39 is split or reordered. (That's what Andreas' videos are for!)
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0 sats \ 1 reply \ @harrr 21 Jan 2024
Why do you think there is such widespread ignorance about Bitcoin, even among fervent Bitcoin enthusiasts?
Lol, people who produce such content are chasing clicks/ad revenue/karma. Like you said, they don't know anything about bitcoin and aren't "enthusiasts" in any meaningful way.
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0 sats \ 0 replies \ @r3drun3 OP 21 Jan 2024
I agree on thia....the problem is that the vast majority of the Bitcoin community on mainatream channels is like that.
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0 sats \ 5 replies \ @hodlpleb 21 Jan 2024
Am I wrong or does your example actually point to the fact that there are fewer people that own 1BTC, given that a single person’s ownership can be split across multiple UTXOs / wallets / addresses?
My assumption is that these things are written to appeal to the largest number of readers, or to simplify things.
Most people will never learn the deeper details about how Bitcoin works. But if you want mass adoption, you have to make it consumable for the 99%.
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0 sats \ 4 replies \ @r3drun3 OP 21 Jan 2024
It is actually the reverse: there can be much more people that own at least 1 BTC since that BTC can bw segregated into multiple UTXOs.
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0 sats \ 3 replies \ @hodlpleb 21 Jan 2024
Ok well count me in the people that don't quite get it, or maybe I haven't seen these posts.
If they're counting UTXOs or Addresses that have 1.0+ BTC, then isn't that entire UTXO or Address owned by "one person"?
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0 sats \ 2 replies \ @r3drun3 OP 21 Jan 2024
The point is this: You can check how many addresses own at least 1 full BTC on the blockchain but there are a gazilion addresses owning less that 1BTC that can be of the same person and you have no way to know simply by looking at the addresses. I suggest you study how Hierarchical Deterministic wallet works.
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0 sats \ 1 reply \ @hodlpleb 21 Jan 2024
Ok this is what I was trying to say with my original reply - there could also be a million addresses that each have 1 BTC and they are all owned by one person.
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0 sats \ 0 replies \ @r3drun3 OP 21 Jan 2024
Of course :)
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