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When reports like this come up the counterargument is always FIAT bad tha is why we need bitcoin. But why compare bitcoin to fiat and not to other cryptocurren

by aacid 3y ago

When reports like this come up the counterargument is always FIAT bad tha is why we need bitcoin. But why compare bitcoin to fiat and not to other cryptocurrencies? There are many that don't need such enormous amounts of energy to work. Why not use them in stead of bitcoin?

sMarsIntruder 3y ago
Because the other cryptocurrencies are actually shitcoins and scams. I know that this statement is bold and makes people angry especially in the first world, but using the financial system as reference there are many reports out there of funds explaining why Bitcoin is the only “crypto” that will outlive, and that Proof Of Stake is basically and oligarchy scam system. So using a slang, this is not anymore a “trust me bro” argumentation.
- injeolmi_love 3y ago
  Bitcoin is more centralized than some proof of stake chains. Just 3-5 pools control almost all of the hashrate. Many popular proof of stake chains have 20-50 validators, and some have thousands. Proof of stake is proven to be more decentralized than Bitcoin - except in cases like Ethereum which are similarly centralized.
  - sMarsIntruder 3y ago
    IMHO, You have a wrong idea of what decentralisation means. - light validator nodes, more than 50ks around the world - no foundations, CEOs, companies behind - proposals based on BIP - miners don’t own the chain since rules are based on nodes (except some quick activations in the past for segwit and taproot) - no premining - the only one truly censorship resistant (stratum v2) - I could go on and on and on But yes, I agree with you on the mining pools topic.
    - injeolmi_love 3y ago
      Why don’t Bitcoin maxis prefer Monero? It seems you get better decentralization plus a more private digital gold and something that’s much more similar to p2p cash than Bitcoin, without needing a proof of stake chain.
      - ericd 3y ago
        Does Monero match all of those attributes of BTC that the parent listed? Lightweight validator is one of the big ones that most seem to trade in exchange for higher transaction throughput.

by aacid 3y ago

sMarsIntruder 3y ago

Because the other cryptocurrencies are actually shitcoins and scams. I know that this statement is bold and makes people angry especially in the first world, but using the financial system as reference there are many reports out there of funds explaining why Bitcoin is the only “crypto” that will outlive, and that Proof Of Stake is basically and oligarchy scam system. So using a slang, this is not anymore a “trust me bro” argumentation.

injeolmi_love 3y ago
Bitcoin is more centralized than some proof of stake chains. Just 3-5 pools control almost all of the hashrate. Many popular proof of stake chains have 20-50 validators, and some have thousands. Proof of stake is proven to be more decentralized than Bitcoin - except in cases like Ethereum which are similarly centralized.
- sMarsIntruder 3y ago
  IMHO, You have a wrong idea of what decentralisation means. - light validator nodes, more than 50ks around the world - no foundations, CEOs, companies behind - proposals based on BIP - miners don’t own the chain since rules are based on nodes (except some quick activations in the past for segwit and taproot) - no premining - the only one truly censorship resistant (stratum v2) - I could go on and on and on But yes, I agree with you on the mining pools topic.
  - injeolmi_love 3y ago
    Why don’t Bitcoin maxis prefer Monero? It seems you get better decentralization plus a more private digital gold and something that’s much more similar to p2p cash than Bitcoin, without needing a proof of stake chain.
    - ericd 3y ago
      Does Monero match all of those attributes of BTC that the parent listed? Lightweight validator is one of the big ones that most seem to trade in exchange for higher transaction throughput.