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Meni Rosenfeld
@MeniRosenfeld
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1m |
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7. You are not the first to proclaim that Bitcoin has failed, and you won't be the last. I like the saying that if you see obstacles, it means you have looked away from the goal.
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Meni Rosenfeld
@MeniRosenfeld
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1m |
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6. I don't expect Bitcoin to *destroy* governments and banks, but it can materially change them. It hasn't happened yet, we're still early in Bitcoin's life.
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Meni Rosenfeld
@MeniRosenfeld
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1m |
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5. Bitcoin is now only one in thousands of currencies, but still commands 40% of the market cap. So just copy-pasting a currency is not as easy as you make it out to be.
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Meni Rosenfeld
@MeniRosenfeld
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2m |
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4. Platforms such as Bitrated offer a better solution than traditional chargebacks. Losing your coins due to a mistake is very difficult.
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Meni Rosenfeld
@MeniRosenfeld
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2m |
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3. The "no reason to spend in deflationary currency" is a myth. I have debunked it in a post in Hebrew, I might write an English version sometime. Usage in practice is still not so frequent, but that will improve.
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Meni Rosenfeld
@MeniRosenfeld
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2m |
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2. "Bitcoin transactions have been slow, unpredictable and expensive since" is a lie, you can now pay $0.1 and get confirmed in reasonable time. And let's not forget future upgrades such as Lightning network, and protocol changes you can put into Bitcoin.
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Meni Rosenfeld
@MeniRosenfeld
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3m |
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1. Mining centralization is a real problem, but should be resolved as the network grows and mining becomes more commoditized.
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Meni Rosenfeld
@MeniRosenfeld
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16m |
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I don't think "complexity" is what matters here. CPUs are complex, but I don't need to understand their architecture to choose one, I just need to see performance test results.
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Meni Rosenfeld
@MeniRosenfeld
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18m |
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This incentive might encourage people to spend more time understanding the latter.
Also, it's not that critical for every single person to understand it, it's more about humanity understanding it as a collective.
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Meni Rosenfeld
@MeniRosenfeld
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19m |
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Maybe. But the difference is that there is no incentive for an ordinary person to understand electromagnetism (they can choose the best bulb without it just fine), while there is an incentive to understand the blockchain, for the reasons I mentioned.
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Meni Rosenfeld
@MeniRosenfeld
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26m |
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Not sure what you mean. Literal cargo cults have existed, but they held incorrect beliefs.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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10/10 The only remedy to the original cargo cult was understanding how airplanes and radio actually work. The only remedy to blockchain cargo cult is understanding how, why and when blockchains work.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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9/10 And the scary thing is that this charade can go on for a while. They can continue having no product at all, or a product which isn't or shouldn't be decentralized, and they can just keep saying "oh and it's based on blockchain so it's much better", people will fall for it.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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8/10 So when they hear about this new way blockchain is being used to cure cancer and whatnot, they don't have the tools to call BS. And since the benefits of using a blockchain are not directly observable, these projects get away with not demonstrating superior performance.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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7/10 The problem is, most people *don't* understand how Bitcoin works. They know there's this thing called "blockchain" that somehow makes it decentralized, and they deduce that blockchain is some kind of general-purpose magic powder to make anything stronger, faster, cheaper.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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6/10 But these are things that might happen in *the future*. They're not things you can observe now. The only way to distinguish the two systems is to look at how they actually work. To be convinced of Bitcoin's merits, you need to know how it works, and why it is the way it is.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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5/10 It will allow receiving tokens and sending to anyone, easily and quickly, with little to no fees. Of course, it will be completely centralized, and with it will come the associated risks - The system might one day shut down, or start charging high fees or apply censorship.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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4/10 But the benefits of Bitcoin over traditional currencies isn't anything you can so easily measure. Even without using any of Bitcoin's innovation, I can create a system that, to the end user, will appear indistinguishable from Bitcoin - greatly outperform it, in fact.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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3/10 If I fail to make such a demonstration, everyone knows I'm BSing. If someone says they can build up on my design and use it to improve things which are completely unrelated to lightbulbs, he needs to demonstrate this, or he's BSing.
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Meni Rosenfeld
@MeniRosenfeld
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10h |
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2/10 If I invent a new, more efficient lightbulb, I can easily demonstrate that it A) gives off a certain luminance and B) draws less power than similarly-bright bulbs. Anyone can see this demo and be convinced it's the real deal, no knowledge of how my design works is required.
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