42 ms·
No one is under the illusion that Bitcoin is not a human written piece of software. However, the network has a an incredible uptime of 99.9832335764 % since jan
by r32a_ 8y ago
No one is under the illusion that Bitcoin is not a human written piece of software. However, the network has a an incredible uptime of 99.9832335764 % since jan 2009 (http://bitcoinuptime.com/ http://bitcoinuptime.com/)
Yes, of course. Like all software Bitcoin has bugs, however, none of Bitcoin's bugs has been catastrophic, or else it would have collapsed to $0 and stayed there. The odds of catastrophic bugs still exist but with the most development moved to layer 2, it's hard to see any more changes coming to the core software for the foreseeable future.
I'm not saying Bitcoin is perfect and it has many problems. However, the problems you bring up are mostly incorrect.
* Mining centralization is an issue. Due to the fact that Mining hardware is currently produced mainly by 1 company. Hopefully, simple economics will change that and larger companies will start making dedicated mining chips.
* On chain transaction costs. If the number of transactions on BTC spikes, the fees will also skyrocket. LN is the solution to this problem but the network is still in development.
* Confidential transactions (CT) and fungibility. Currently, Bitcoin is not fungible and you must go through several steps in order to clear coin's history. Gold is fungible and so is cash. However Bitcoin devs have been working on CT for some time now and hopefully, we might see an implementation this year and pushed on to the network within the next 2 years.
* Push of centralization. Everything naturally trends towards centralization. A centralized bitcoin is useless, no matter how secure the chain is or how stable the software is. The community must reject all centralization efforts so BTC can keep its value
To your point that if a catastrophic bug is discovered which enables double spend and/or inflation, the Ethereum community showed that it is possible to hard fork and reverse the chain given unanimous approval by all factions of the network. So if you wake up one day and the network has collapsed due to some bug in Bitcoin Core then Bitcoin's governance system will kick in to save the network.
To your point that you think i'm "scamming" you. I couldn't care less if you bought Bitcoin or not, that's the beauty of Bitcoin. No one is forced to use it and no one really cares about what anyone thinks. You can sit there and call everyone a scammer, you can sit there and point out all the problems it has (Like anything man-made is perfect), people can write all the research paper they want about how it will fail HOWEVER, The reality is that the Bitcoin network and ecosystem is thriving and has survived incredible obstacles. The fact that you've pointed out at all the past issues and the fact that it has overcome just says that Bitcoin works!
Have a good day sir :)