The Deflationary Economics of the Bitcoin Money Supply

30+ Reasons Why Cryptocurrencies Are Worthless

1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week.

2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc)

3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold.

4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash.

5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it.

6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc..

proofs :

“Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.”

Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed”

Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post”

Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released.

EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “

Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc..

7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels.

8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard.

9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”.

10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc..

11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap.

12)Bitcoin price may artificially be inflated by Tether.

13)It’s an energy waste , an environmental catastrophy.

14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation.

15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity.

16)Most cryptos are scams , the rest are just crazy speculative casino investments.

17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc..

18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous !

19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin)

20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it.

21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable.

22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now.

23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it.

24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen.

25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption.

26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos.

27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real!

28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street…

29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked

30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies.

31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC.

32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack).

33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee)

34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack.

35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy.

36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy.

37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins.


While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
submitted by OverTheRedHills to u/OverTheRedHills [link] [comments]

Bitcoin’s Best Ally Is Just Time: Pompliano Binance: BNB Coin To Explode Bitcoin Q&A: Binance hack, chain roll-back? SCHRECKLICHES BITCOIN SZENARIO: DEATH SPIRAL ERKLÄRT... 5 Bitcoin Indicators are showing this NOW... ERC-20 Token auf dem LEDGER NANOS S verwalten  MyEtherWallet-Interface BITCOIN BREAKOUT UM $9000!!! Aber wird es halten? Hi, Huobi Wallet. CryptoHumor - YouTube What You Should Know BEFORE Using Binance DEX

In part one of this two part series, we discussed the hard-coded deflationary nature of Bitcoin and examined whether or not the Bitcoin price has been deflationary in real life. We concluded that, yes, Bitcoin has indeed been deflationary throughout its five-year lifespan. Now we can raise the question: is the deflationary nature of Bitcoin value good or bad for the Bitcoin economy? Bitcoin 1-day chart. Source: CoinMarketCap. After its third block subsidy halving completed, excitement has grown over the next price move for Bitcoin, which lost $1,200 in the run-up to the event at the weekend. Palihapitiya warns on massive deflationary spiral If the financial system had been measured by bitcoin, the 21 million attainable bitcoin must cowl over $19 trillion in gross home product. The deflationary spiral ensuing from that will make the Nice Despair appear to be a backyard get together. The future of the Bitcoin economy is unclear at the moment, and everything is theoretical. However, it’s probably best policy not to believe the extremists on either end of the spectrum. Bitcoin likely won’t end in a deflationary death spiral of its own creation. It also isn’t a perfect replacement for fiat currencies in a utopian future. While national governments try to control inflation, Bitcoin is seen by many as a good hedge against the ravages of inflation. This is due to the fact that Bitcoin has a fixed total supply of 21 million coins. Despite some controversies, many believe that this makes Bitcoin a deflationary currency, and therefore, resistant to inflation. For this reason, many Venezuelans have begun using ... “All of a sudden even he is looking at bitcoin and the reason is [that] we are in this massive deflationary spiral and you have to find a way to protect yourself.” During this conversation, CNBC host Joe Kernen revealed that he also has some BTC.

[index] [17733] [22600] [11617] [11233] [14247] [20965] [20888] [21117] [20137] [1684]

Bitcoin’s Best Ally Is Just Time: Pompliano

🛑BITCOIN BINANCE Greatest 10 000 BTC Air Drop🛑 #btc #bitcoin BTC Binance US 2,820 watching Live now Playing Chrome Dinosaur game, Every like makes it Faster (World Record 1 YEAR) Danila Fox ... If you decide to open an account, we will both get $10.00 in Bitcoin when you buy or sell at least $100 in cryptocurrency. This helps the channel out. Thank you! Binance is another good exchange ... Join Brett and CH as they discuss the third bitcoin halving that took place at block 630,000 on May 11th, 2020 which has now brought the block subsidy down to 6.25 per block from 12.5. Binance considered rolling back the Bitcoin chain in order to recover stolen funds. How would that have happened? How likely is it that such a recovery method would be executed in the future? I DO NOT PARTICIPATE IN PAID REVIEWS OR PROMOTIONS. IF YOU HAVE BEEN APPROACHED BY SOMEONE ON TELEGRAM CLAIMING TO BE A PART OF THE CRYPTO TIPS TEAM, THEY ARE SCAMMERS! Bybit bis zu $390 Bonus: https://www.bybit.com/app/register?ref=RPyME Bybit Tutorial: https://www.youtube.com/watch?v=k0MWynMHUF8&t= 👇🏻Unterstütze den Kana... Eine einfache Möglichkeit mit seinen ERC-20 Token auf den Ledger umzuziehen und von dort aus sichere Transaktionen vorzunehmen. Zusätzliche Info: Zum erneute... 👇🏻Support the channel by using my affiliate links below👇🏻 Exchanges I'm using: Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 Bin... 💀SCHRECKLICHES BITCOIN SZENARIO: DEATH SPIRAL ERKLÄRT...💀 sunny decree DE. Loading... Unsubscribe from sunny decree DE? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 13.4K ... Binance: BNB Coin To Explode Changpeng Zhao moved from China to Canada. He grew up poor and to help his families situation he worked by day in McDonalds and by night in a gas station. He took ...

http://binary-optiontradeuae.cryptocurrencyexchanges.site