I’ve watched a number of pro-Bitcoin videos in the last week or so. I have yet to figure out whether it’s
criminal, cult or genius. I’m into the first 10 minutes of the latest video and I decided to reply and post.
- first of all it’s the same CEOs saying the same BS as the last 3 bitcoin videos I’ve watched
- the whitepaper says it’s “peer to peer” but it’s not actually as it depends on the ledger
- the miners may be physically decentralized but they act in coordination
- data/protocol can be indistinguishable from code/software
- bitcoin in particular does not allow adhoc addition of new features… just not that simple.
- “send and receive money instantly without the involvement of a 3rd party” simply not true
- “the public ledger” That’s another lie. It’s impossible to download the ledger without joining the
network and at that point you are no longer anonymous. Sure one can argue the cost of hosting
and downloading a snapshot of the ledger is prohibitive but then why not support torrent for
that purpose. Why do I need to trojan horse software in order to get the ledger?
Ratts, I’m only into the 11th minute and every sentence needs to be challenged.
UPDATE later the same day as I’m starting to watch another video (10m in) …
- (asked again) How can I get a readable copy of the ledger without becoming a node?
- why do the descriptions of bitcoin transactions not describe how fractions of a bitcoin works? $52K for a gallon of milk seems wrong.
- SATS are not bitcoins or even fractions of a bitcoin even though they are indexed on the bitcoin… WTF?
- who are the owners of the bitcoin computers aka miners and what is the distribution between countries, governments, companies, pools, and individuals?
- software is not perfect and needs enhancement over time… who decides what is included and how to resolve bugs?
- the annual GDP of the US is $21T (15% of the global about $98T)… That’s just GDP what is the global value and how is that overlaid onto bitcoin.
- if I wanted to buy a car and the only dealer in town only accepted bitcoin and I did not have
enough cash on hand to convert and buy the car then I would have to borrow against
tomorrow. That is at the heart of inflation and fiat money.
- bitcoin checks? extra zeros? What happens if you send it to the wrong person? Or accidentally added a zero to the amount? bitcoin is “all transactions final”
- banks hide fees? Are you kidding? How many fees are there for bitcoin (they seem endless including premium fees to get to the head of the blockchain queue)?
- no middleman? Actually the miners are and they take fees. The exchanges are and they take fees. There are no overdraft fees because you cannot overdraft but you could have interest payments not specifically tied to the currency but a contract.