0 sats \ 1 reply \ @kepford 6 Aug \ on: The Black Swan Author Skewered by Joe Kernen bitcoin
The whole unplug the servers thing is funny to me.
What would happen to the dollar if you were able to destroy all the banking and credit systems. And all the backups. Its insanely unlikely to happen just as it is with bitcoin. But lets say it did.
The impact to the economy and individuals would be catastrophic. The status quo would crumble. I would love to have this discussion with someone. Bitcoin is a digital asset. If you are gonna start using these types of arguments you need to apply them to the current system.
Then when he starts comparing it to gold, they make the mistake of not considering that bitcoin has only existed for a blink compared to gold. If there were a substance that was discovered today like gold but better... it would behave very much like bitcoin does at least on the market. It would take a long time for everyone to be convinced that it was better. The whole idea of a digital world itself is new compared to something like gold.
Gold is a shiny rock. Yet, its properties are why it has been used as a medium of exchange and store of value for thousands of years. When you look at the digital world and why gold isn't used as a medium of exchange you start to see the need for a digitally native money like bitcoin. We already have digital money but when you look at how the digital dollar works there are many problems with it. Bitcoin fixes those problems.
Then you start looking at the problems with the status quo. Centralized control. Weaponization of money. Ability to inflate. Technical issues around fraud. KYC and AML. All these things are solved by bitcoin. The digital fiat system is slow and has many issues that these men are not even addressing in their arguments. They don't care about these issues. The status quo has worked for them.
What this segment shows is a lack of interest in actually forming arguments that have a logical bases. Not comparing tradeoffs. Its all about being right. Winning.
The idea that because bitcoin blocks are found every 10 minutes and this means it is to slow to be used as a medium of exchange is absurd on its face. We use fiat just fine. But we have to use trust and expose our private info to do so. There are many layers to the fiat system. Bank to bank transfers take days to validate. Yet that rarely is mentioned in these discussions. These people never talk about lightning. Even if you think lightning won't work at scale it shows it can be done. If lightning does not scale something else will be developed that will scale.
Bitcoin has solved the hardest problems of scarcity, game theory, and double spend. Those things are rarely even talked about. All these clowns do is talk about "investors" who are very emotional. We have an information problem that leads to market volatility. As humans truly understand what we have here all these arguments against bitcoin die.