@jordanbpeterson @Breedlove22 A lot of people already answered, but I want to reply anyway. In short: it's misguided at best and disingenuous at worst. The premises are flawed, and the data cited is questionable.
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@jordanbpeterson @Breedlove22 Re: "bitcoin = tulip bulbs"
People have been screaming "tulips!" since the very first days of bitcoin's monetization process. They will still be screaming when a fraction of a bitcoin will consistently buy you a nice house. They are misinformed.
smithsonianmag.com/history/there-…
People have been screaming "tulips!" since the very first days of bitcoin's monetization process. They will still be screaming when a fraction of a bitcoin will consistently buy you a nice house. They are misinformed.
smithsonianmag.com/history/there-…
@jordanbpeterson @Breedlove22 Re: "What happens if you lose your keys?"
"What happens if you lose your gold coins at the bottom of the sea?"
It's a bearer asset. This is a feature, not a bug. Bitcoin emphasizes the sovereignty of the individual in principle and practice.
dergigi.com/2021/03/14/the…
"What happens if you lose your gold coins at the bottom of the sea?"
It's a bearer asset. This is a feature, not a bug. Bitcoin emphasizes the sovereignty of the individual in principle and practice.
dergigi.com/2021/03/14/the…
@jordanbpeterson @Breedlove22 Re: "What if a 51% attack happens?"
@aantonop had a great response to that. Six years ago. This response is still valid and accurate today.
@aantonop had a great response to that. Six years ago. This response is still valid and accurate today.
@jordanbpeterson @Breedlove22 @aantonop Re: "a real world game of Monopoly where the objective becomes to take wealth from others rather than work both individually and collectively to raise living standards for all."
Sound money is key to a free and prosperous society. Bitcoin is the soundest money we ever had.
Sound money is key to a free and prosperous society. Bitcoin is the soundest money we ever had.
@jordanbpeterson @Breedlove22 @aantonop All across the globe, volunteers and companies are working towards a better, fairer, faster, stronger, more egalitarian, more open societal operating system for the whole world.
dergigi.com/2020/03/31/dea…
dergigi.com/2020/03/31/dea…
@jordanbpeterson @Breedlove22 @aantonop Re 1a)
> Money exists for one purpose: to cancel debt.
Money transports value across spacetime and solves the combinatorial explosion of calculations in a barter economy. W/o money, a centralized computational entity would collapse into a black hole.
> Money exists for one purpose: to cancel debt.
Money transports value across spacetime and solves the combinatorial explosion of calculations in a barter economy. W/o money, a centralized computational entity would collapse into a black hole.
@jordanbpeterson @Breedlove22 @aantonop Re 1b)
> He conceded that Bitcoin required protection from malicious actors and suggested U.S. government intervention to protect his investments.
The summary of the author hardly reflects what Pierre actually said.
> He conceded that Bitcoin required protection from malicious actors and suggested U.S. government intervention to protect his investments.
The summary of the author hardly reflects what Pierre actually said.
@jordanbpeterson @Breedlove22 @aantonop Re 3)
> China accounted for roughly 90% of the processing power
It's closer to half of that, and it doesn't matter in the first place. Miners do not control Bitcoin. They serve the network. They do not control it. The outcome of Bitcoin's civil war showed this clearly.
> China accounted for roughly 90% of the processing power
It's closer to half of that, and it doesn't matter in the first place. Miners do not control Bitcoin. They serve the network. They do not control it. The outcome of Bitcoin's civil war showed this clearly.
@jordanbpeterson @Breedlove22 @aantonop Re 3b)
> This is not a decentralized system.
The whole point of Bitcoin is to decentralize all aspects, building a resilient, even antifragile system in the process. Bitcoin's track record leads me to believe that it is sufficiently decentralized.
> This is not a decentralized system.
The whole point of Bitcoin is to decentralize all aspects, building a resilient, even antifragile system in the process. Bitcoin's track record leads me to believe that it is sufficiently decentralized.
@jordanbpeterson @Breedlove22 @aantonop Re 4)
> With China [...] dominating Bitcoin production
It's about security, not production. Issuance of new bitcoin is a side-effect of securing the network. New bitcoins are emitted, not produced. They are predetermined and uncorrelated to work.
en.bitcoin.it/wiki/Controlle…
> With China [...] dominating Bitcoin production
It's about security, not production. Issuance of new bitcoin is a side-effect of securing the network. New bitcoins are emitted, not produced. They are predetermined and uncorrelated to work.
en.bitcoin.it/wiki/Controlle…
@jordanbpeterson @Breedlove22 @aantonop Re 5a)
> roughly 40% of crypto transactions are used for illicit activity
Wrong. As of 2020, around 0.34% of use is linked to criminal activity. Holding is using. Thus, I disagree with this assessment in its entirety.
blog.chainalysis.com/reports/2021-c…
> roughly 40% of crypto transactions are used for illicit activity
Wrong. As of 2020, around 0.34% of use is linked to criminal activity. Holding is using. Thus, I disagree with this assessment in its entirety.
blog.chainalysis.com/reports/2021-c…
@jordanbpeterson @Breedlove22 @aantonop Re 5b)
> requesting ransomware payment in Bitcoin
If others can dictate how you use your money, it is not good money. Criminals will always use the best tool for the job. For ransom payments, it used to be unmarked bills and gold coins before that.
> requesting ransomware payment in Bitcoin
If others can dictate how you use your money, it is not good money. Criminals will always use the best tool for the job. For ransom payments, it used to be unmarked bills and gold coins before that.
@jordanbpeterson @Breedlove22 @aantonop Re 6a) I disagree with the premise. Bitcoin is extremely energy efficient. All the energy it uses is used for good: to secure the network. It is worth every kWh. Not having bitcoin would be the net waste.
https://twitter.com/michael_saylor/status/1341043432014434307?s=20
@jordanbpeterson @Breedlove22 @aantonop Re 6b) It is not surprising that most people use bitcoin as a savings vehicle first and foremost. We are living through the exponential monetization phase of the best money the world has ever seen. Exponential gains in purchasing power are to be expected.
vijayboyapati.medium.com/the-bullish-ca…
vijayboyapati.medium.com/the-bullish-ca…
@jordanbpeterson @Breedlove22 @aantonop Re 7) I urge you to listen to the talk by @bitstein and read the article by @eiaine. I know you have an appreciation for rhetoric, dialectic, and memes, which is why I can't recommend @bitstein's talk highly enough.
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine Re 8) Dogecoin shows that shitcoin-narrative of "better tech" is flawed. Bitcoin is the signal. Everything else is noise. Bitcoin separates money and state. It reintroduces sound money. It is an immaculate conception of absolute scarcity.
https://twitter.com/dergigi/status/1366408255258447874?s=20
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine Re 9) Bitcoin is no utopia, and I reject the premise that bitcoiners use fear-tactics. Bitcoiners are hopeful. Bitcoin is deterministic optimism. Hope, not fear. (With some memes sprinkled in.)
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine Re 10a) I don't see governments across the world conspiring to ban Bitcoin. See (6) of LynAlden's piece.
Bitcoin is information fed by calculation. Enforcing a ban on information and calculation is difficult.
lynalden.com/misconceptions…
Bitcoin is information fed by calculation. Enforcing a ban on information and calculation is difficult.
lynalden.com/misconceptions…
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine Re 10b) "Bitcoin is text. Bitcoin is speech. It cannot be regulated in a free country like the USA with guaranteed inalienable rights and a First Amendment that explicitly excludes the act of publishing from government oversight." -- @Beautyon_
medium.com/swlh/why-ameri…
medium.com/swlh/why-ameri…
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine @Beautyon_ Bitcoin's best critics tend to be bitcoiners. The quality of bitcoin criticism declines over time, most likely because all the good critics end up changing their minds, becoming bitcoiners in the process.
I was a critic once. Most bitcoiners were.
allenfarrington.medium.com/an-open-letter…
I was a critic once. Most bitcoiners were.
allenfarrington.medium.com/an-open-letter…
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine @Beautyon_ Most critics do not understand Bitcoin because they do not understand proof of work. This critic is no exception.
https://twitter.com/dergigi/status/1392826448017346561?s=20
@jordanbpeterson @Breedlove22 @aantonop @bitstein @eiaine @Beautyon_ I hope this was helpful. Happy to answer any follow-up questions. 🙏🧡
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