Thread by @zorinaq

10 years ago @apenwarr wrote "Why bitcoin will fail"

BItcoin is up 15,000x since then, so he published a blog update admitting it may take "more than 50 years" to fail

Me too I can predict anything will fail within X years, if X is large enough 😀
apenwarr.ca/log/20211117

More seriously, he makes really illogical poorly-explained arguments.

1. "Bitcoin doesn't work because of Scams"

There are tons of scams on this thing called "Internet." Does it mean Internet doesn't work?

2. "Bitcoin doesn't work because Citizens use it to move money out of authoritarian regimes"

Well, that's by design. Bitcoin is meant to be censorship-resistant. That's working as expected 🤦‍♂️

3. "Bitcoin doesn't work because it seems to be a growing percentage of organized crime and trafficking"

Before 2009 Bitcoin did not exist. Therefore between 2009 and 2021 the percentage can only go from ZERO to SOMETHING. There is no way to go from ZERO to NEGATIVE percentage🤦‍♂️

4. "Bitcoin doesn't work because there are more and more blockchains"

There is a thriving ecosystem of blockchains BECAUSE people are exploring what can & cannot be done with blockchain tech. In no way this implies "Bitcoin doesn't work".

5. "Bitcoin doesn't work because of corrupt or collapsed exchanges"

When the automobile industry started there were thousands of manufacturers. The vast majority collapsed, only for the industry to consolidate into a small number of mfg. Does it mean "cars don't work"?

I could go on and on, but I don't understand at all the bizarre and illogical arguments @apenwarr makes.