The author didn't really do serious research. I can imagine having doubts or questions after reading this book, but without basic knowledge about money there's no point in arguing (I agree with Jimmy Song's comment, but I find Saifedean's book much better researched)
Plan B: https://www.amazon.com/Bitcoin-Standard-Decentralized-Altern...
If you want to understand you can educate yourself. Do you know what the fundamental properties of money are and why bitcoin is by far the best form of money that has ever existed? If not, read The Bitcoin Standard, and then we can continue this conversation. Take care.
I often see questions about why bitcoin, isn't it outdated? It took me a while but after around 6 years in this game it finally clicked. These are the advantages of bitcoin over other cryptos. (I hold 90% btc, 10% bch and I've worked for various crypto companies. Bought btc at $130)
Immutability & Security
>These two are very closely related, a immutable transaction is only immutable if the security is also top notch. At the moment there is no stronger network than the strongest proof of work chain, it can't be taken down by even governments if they wanted to. Proof of stake isn't solved yet, delegated proof of stake is centralised.
>Bitcoin had the most fair distribution of any project out there. Everyone had a fair shot of increasing their bitcoin stack for years. Satoshi still has 1 million coins but after 10 years it's fair to say he will not use them, even if he did it's less than 5% of the supply.
Deflationary asset & scarcity
>These two terms also pair together. This asset will decrease in inflation if time increases, after a few halvings most of the coins will have been mined. If you wanted to mine more right now, you can't. Mining difficulty is maybe the greatest invention of satoshi. If people wanted more gold, you can get more gold if you invested more resources. Deflationary assets also make for a great savings account, as none can be printed. (further reading by on scarcity https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861)
>Bitcoin is the most decentralised of any project, there is no leader. People can claim blockstream is leading, but there less than a handful of devs from blockstream developing for bitcoin. That means it's politically decentralised.
>Bitcoin is architectural and logically decentralised, if 90% of the nodes die it will still work. The blocksize debate is often mentioned if you talk about decentralisation, the ability for anyone to join to mine right now and in the future is important. (further reading from vitalik https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274)
I don't know why you're getting downvoted, you don't appear to be trolling. I would say if you are serious, read The Bitcoin Standard and watch Andreas Antonopoulos YouTube channel. Educate yourself before investing.
I don’t know how I knew. Maybe you have a youthful and optimistic writing voice.
I’m 37, and I actually manage money for a living as an RIA (registered investment advisor). If you’re unsure about a career for yourself, I’d highly recommend it. Someone only 20 years old with your expertise would have no trouble getting into the business and be very successful.
Using Bitcoin or any hard currency as opposed to fiat adds immeasurable value to society. Read “The Bitcoin Standard” by Saifedean Ammous and your perspective will be expanded
https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861 and buy
And get a copy of the reference tome: Options as a Strategic Investment
And your investment game will be better than most advisors by the time you’re 22. That’s the best advice I can give��
Read these two books to understand why Bitcoin matters :
The Bitcoin Standard by Saifedean Ammous
Mastering Bitcoin by Andreas Antonopolous
The short answer is that bitcoin derives it's value from being immutable. If a small group was able to change a critical consensus rule on a whim, then that coin is not immutable. Anything can be changed by a central team. You have no guarantee of future rules or behavior. So it's just like fiat money, worthless.
Also, once the block subsidy diminishes, you need fees to pay the miners for security. The shitcoin forks can only survive now because of inflation, and they have no long term plan to pay for security. The next halving will exemplify this, as they lose a large percentage of their miners.
The long answer is read this book:
I like your comment. Fair enough. The main reason is a certain frustration due to reading incorrect claims that people repeat because they heard it before, but spent absolutely zero time validating.
I've had a few chats where I tried to educate and share but realized the other person never really researched it much and just kept repeating the same common myths over and over again. "It's a ponzi" "Tulips" "Miners control it" "Same as any other coin" "too slow for coffee" "Criminals" etc, etc without the slightest interest in putting some time to check the facts.
Now and then, someone appears and really wants to learn, which can be satisfying. I'm still learning a lot and also dismissed it as nonsense years ago (wasted time), but at least never claimed to be sure before researching - it was more of a "Meeehhh don't think so, seems nonsense" and that was it. it's fine to be skeptical, I am too, but I don't think it is fine to dismiss things so publicly with these claims, without putting any time into validating them. That is noise. Fake news.
Of course it doesn't help that the "Crypto" scene is full of scams and absolute nonsense. I'm not into "crypto" or "blockchain" in general anymore because with time I realized only BTC (the oldest, longest original chain) was worth taking seriously. All the other tokens/shitcoins are an absolute waste of resources in almost all cases.
If you're curious, I'd recommend checking out these three sources for a start, as they are technically competent and legit:
-Saifedean Ammous' book (mostly about money, but also partially about BTC)
-Andreas Antonopolous videos (half are technical, the rest a bit higher level)
-Jameson Lopp's list of resources (a mix of content)
The learning curve is steep, but very rewarding. After just a bit you won't be producing these posts anymore because they won't feel accurate. That doesn't mean BTC is flawless or guaranteed to succeed, it's still highly experimental, but certainly not the nonsense some claim it to be before looking into it.
That is wildly incorrect. There are no crypto currencies that "are far, far superior". Unless you're looking at what their scammer founders tell you.
People don't flock to Bitcoin because it was the first, they flock to it because it is the most secure network and protocol by a HUGE margin. This is technical data, not an opinion.
But in the same way, many others avoid it because they feel they missed the gains and it became tacky. Totally unaware they're still very early. There is no "superior crypto". Do your own research.
thankfully we have bitcoin as an escape chute.
Getting a % of the market currently in Gold or other long term store-of-value choices. Proven itself for over a decade of political, economical and technical attacks.
I think we're far from having it as a Standard, but expect BTC to be part of many portfolios in the next 5-10 years.
IMO a lot of people are excessively optimistic about how long it will take, but others are being unwise by totally dismissing it just because there's a lot of nonsense/scams in that [young] market.
If you call Bitcoin a ponzi scheme, you know nothing about Bitcoin, and you know nothing about ponzi schemes. . A Ponzi is something totally different, here's the definition.
BTC has none of the characteristics that define a Ponzi. It's curious how some people use that term, but it quickly shows they are repeating something they've been told by someone else, without doing their own research.
Puzzles me how in 2019 people keep repeating arguments like that instead of learning from any of the many good books out there. Even the Andrea Antonopoulous videos on YouTube have taught a lot of people.He also has books focusing on both the economy and the technology, and they're not only sold on paper (Amazon) but can also be downloaded for free.
In 2011 or 2012 I'd get the "Ponzi and tulips and beanies!" jokes, hell, I fell for them myself and got delayed needlessly. But with the historic data and information available now, man, it's just pure laziness to keep reporting financially and scientifically incorrect arguments. A bit embarrassing.
Don't let people lacking vision slow you down. You'll regret it down the line. Read The Bitcoin Standard..
Same guys were making fun of Amazon's stupid idea in 1992 and saying it would go bankrupt "next year".
I've noticed that A LOT of BTC naysayers are people that are just trying to confirm their own bias and were too lazy or technologically/financially incompetent to research it properly, so the only way to defend their ego is by confirming it's a "bad idea". Most don't even know it properly and have never used it, but still think it is bad.
Do your own research, don't ask for advice. Not everyone has the vision. That includes some of the "pro-crypto" people. Some are scammers and will misguide you. Test everything, hold on to the good.
Yes, this is the best one: https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861
It's a history of money from Yap stones to Bitcoin
Read The Bitcoin Standard by Saifedean Ammous, it's a great introduction to bitcoin's deflationary "hard money" properties.
Thanks for reading the piece.
It will be very interesting to see if it remains as dominant, or is superceded. I think the concept has something in it and think of it as my small hedge against very unusual states of the world. Found the Bitcoin Standard a very interesting read.