That reply ended up in the wrong place and now I can’t amend it my bad.
> Incorrect. The technology getting more efficient does not make Bitcoin less efficient. You probably didn't actually think through this point, because it's nonsensical.
It very much does. The more efficient your miners the more you have a temporary advantage over your peers, so there’s incentive to replace your equipment. Then everyone upgrades theirs too. Once you do the difficulty adjusts to match the new hash power. Thus bitcoin becomes less efficient. There’s a straight line up and to the right over time in terms of hash rate, and power consumption but the max tx rate remains a pitiable 7tx/sec. Therefore by definition it’s become less efficient.
I mean 10 years ago it took a couple of Wh to run a tx and now it takes 607kWh! That’s the nonsensical part. You can’t tell me that efficiency hasn’t gone down haha.
> 95% of volume on exchanges that nobody pays any attention to anyway. Binance, Coinbase, Kraken, Bittrex, etc all have completely legitimate volume numbers.
People very much pay attention to bitfinex, since they own the funbux people use to avoid AML/KYC. Even if we take the crazy claim that somehow people only pay attention to the “good 5%” of tx the fake volume sets the exchange rate dude. I can’t believe you’d sit there and say it’s okay if 95% of volume is fake and manipulative because you’ve found the good 5%. If only 5% of all USD transactions were fake, or all stock transactions were fake we’d burn the system to the ground.
> Thus is only true as long as new bitcoins are still being minted. And it's also only true if the rate of increase in the price outstrips the decrease in the minting rate.
So until 2050. And then you think miners will continue to secure the system for their health? Of course not. Transaction fees will skyrocket and if anyone is left using the system the process will repeat itself.
> Ok. Don't buy any then. Meanwhile, people living under repressive and fiscally irresponsible governments will continue to use it to protect their wealth, as they have been doing.
“Protecting their wealth” haha, good one. They lost 33% last week. 70% since all time high. 99.8% if they invested in alt coins. That’s not protection, that’s insanity. There’s so many better ways to protect wealth. It protects wealth like warm milk on a windowsill.
Trust me I’m not buying haha, I made a bunch of money in the initial bubble run, sold at 17K and got out. Today, there’s plenty of better investments in the stock market. I mean outperforming an asset class down 70% in 2 years is pretty pretty easy. Even SoftBank has a better track record. Actually it may be outperformed by the Turkish Lira at this point. (Edit) since 2017 the Turkish lira has done much better than bitcoin.