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Sigh...I disagree. ~17M Bitcoins. ~17M BCH coins. How many splits coming up soon from the BTC chain? 10k Nodes. Multi-million dollars invested into 'mining'. 0.
by heimatau 9y ago
Sigh...I disagree. ~17M Bitcoins. ~17M BCH coins. How many splits coming up soon from the BTC chain? 10k Nodes. Multi-million dollars invested into 'mining'. 0.0001 is at parity/value with the USD Dollar. How many people trade these cryptocurrency tokens? How many program and develop to aid the security and value of the entire crypto network? How many businesses/services opt to accepting these tokens instead of fiat? I don't think people realize the gravity of what has happened in plain sight.
There is no single one point of failure. None. Why? because this isn't about 'one ring to rule them all' nor 'one token to use'. Look at this entire ecosystem of crytpocurrencies, as a whole.
Sure the code has had some issues but...those were ironed out many years ago. Even if multiple people own 1M tokens...guess what? It's distributed....many....many more times than our current oligarchy system from central banking and fiat currency. Where the USA prints money and accounts to no one but themselves.
Anyone could look up how systems create points of failure. The crypto network, as a whole, has more computational power than numerous supercomputers. They aren't just 'solving puzzles', as Bitcoin 101 people are saying. These are built on-chain and off. Online and off. This thing, should be seen as a biological wonder. This is like a virus, trying to consume us all. I strongly doubt our, current and imperfect, society can stop this new paradigm shift. We are entering a phase of our history that will change how we value and interact with one another.
It's here, it's incentives are ingenious. No war, bombs nor law can stop it. It is has no weakpoints. Those weakpoints that exist, are mitigated by other areas of the network being able to offload that risk.
Or after skimming this guys article. It DOES NOT MATTER that 3-4 companies try to game the 'mining hashpower'. Why? because ~17M tokens already exist. Many of those earlier adopter CAN and DO shift the entire market, as they should. This isn't about 'hashpower'. This isn't about thinking about Bitcoin in a very traditional sense. Think of every aspect as a weakpoint and stakeholder. With all aspects being attributed a value. Sure, an exploit can be found, but over time, those exploits decrease exponentially because more brain, computational, and social dynamics have been 'attacking' the system. This system grows and evolves and it's adaptable based on the behavior of humanity. People choose the value and the system adjusts.
P.S. I know I sound weird and maybe esoteric but...I've been watching this space almost since the beginning. I wish I entered sooner but I just didn't believe anyone would ever adopt it. The early days of bitcoin, these tokens were given away, proud and free. Now, 50 of them (one early block) could pay for most, if not all, 1st world college tuition. Or a home. The cost? Being socially crazy and weird. Well...things are a bit different now. Why? What is the math about? What are the social dynamics about? Why are 'splits' so contentious? What are those social dynamics about? There is SO much going on here that 90% of people don't know, let alone don't get. 20 years from now, we'll wonder why we/humanity didn't think of this sooner.
P.P.S. I'm not resting on my own opinion but instead have been challenging my own throughout this 'bitcoin experiment' and I am open to changing my mind but...the math is decent, the software is decent...I look forward to when someone can articulate 'major' flaws that can 0 day the system. Or even 30 day the system. It's too ironclad but feel free to 'enlighten me'.