Who killed Bitcoin - Documentary.
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My man Lash!
This is for anyone new to crypto or that thinks BTC is THE way forward (I invite you to have an open mind and follow where the evidence leads).
I haven't read it yet (I pretty much lived crypto prior to finding about the Q drops) but the book Hijacking Bitcoin: The Hidden History of BTC shares insights and information that have been by and large forgotten, ignored, or blatantly rewritten as time has passed and is a good springboard for those newer to crypto (specifically anyone who just got into crypto around 2017 or later) to begin learning about the history of bitcoin and the battles it has faced.
The ethos around Bitcoin was manipulated and changed from a usable peer-to-peer electronic cash system into the creature from Shekyll Island, the store-of-value narrative that we know it as today.
I highly recommend people that want to learn about crypto to watch this documentary, go read the Bitcoin Whitepaper, then read Bitcoin: The Gold Standard (a pro store-of-value viewpoint) and then read Hijacking Bitcoin: The Hidden History of BTC (a pro p2p cash viewpoint) and then decide for yourself which one is closer to the whitepaper and which one makes the most sense.
Bitcoin Cash, Monero, and just a handful of other currencies out of the 1,000s of crypto (not counting tokens) are actually adhering to the spirit of bitcoin and are seeking to keep the peer-to-peer electronic cash experiment alive so that we can become our own banks and have sovereignty over our own money.
On point my fren!
There are so many similarities between how subversion happened in BTC and how the swamp has been operating in general that is have been pretty easy to recognize if one does not let oneself get blinded by the number go up narrative.
This documentary is one of three things that every newcomer should pay attention to, with the other two being the whitepaper and the Roger Vers book "Hijacking Bitcoin" like you mention.
100% - A store of value AND a usable day to day currency.
Bitcoin dips a little bit and some fiat cuck makes a documentary saying Bitcoin is "dead".
How more pathetic and laughable can these losers get?
Edit: On July 3 2023 when this tweet was made, Bitcoin was around $30k. Today it is about double that.
Neither the person who tweeted the documentary nor the one that made the actual documentary are "fiat cuck"s... so there goes that baseless accusatory ad hominem.
You obviously did not watch it before you took a shot at it (and missed).
The documentary is about how Bitcoin BTC got hijacked by special interests that gutted the technological capabilities.
Value of a subverted and hyped up ticker (BTC) is very much irrelevant when the usability is broken. Banks neutered BTC and started pumping and dumping it according to their preferences. They capped max transactions and make transactions replaceable (Replace by fee) and thus causing vendors to need to trust what was supposed to be a trustless payment system. The whole incentive structure is broken and the only thing they have left now is "number go up" for the low IQ individuals.
Luckily there were people awake and aware of the fraud (financed by people like Epstein ) that was going on and mitigated the problem in the form of a fork to Bitcoin Cash BCH.
45 mins.
Any cliffs?
Why the dooming about BTC all of a sudden.
BTC got compromised by keeping the block size small so transaction fees went through the roof. No one is going to use it for normal commerce if you have to pay a $20+ fee just to spend it. Blockstream is the main developer team promoting small blocks, funded by Digital Currency Group, which is funded by Master Card. The perfect way for them to kill BTC from within. Blockstream also develops layer 2 solutions on top of the bitcoin network called the Lightning Network which only works if Bticoin is crippled with expensive transactions forcing users to use the Lightning network.
Crypto is definitely the future, but sadly they've succeeded in sabotaging BTC imo. Here's a good debate on whether small blocks are needed for Bitcoin's security.
I just read today that fees are like 20 cents and done in 10 mins.
Where is this $20 xfer number coming from?
Or is he just dooming and trying to get people out of Bitcoin? (Semites HATE BTC)
Right now they're sitting above 80 cents, If you look at the graph, starting in Jan 2021, the fees were above $10 for a solid 5 months, including above $20 for one month, peaking at $40+ for a week.
Who's going to use it for grocery shopping if you have to pay an additional $10 fee for 5 months every few years. No one is going to use it for small online payments with fees like that, which leaves the door open for fiat, or flooding the crypto market with alts.
Bitcoin used to have 80%+ of the crypto market share which started falling at the exact same time transaction fees started creeping up from cents to dollars in late 2016.
Gold is way better than Fiat but people swapped to Fiat because it was much more convenient, Bitcoin will suffer the same fate if Fiat has virtually $0 transaction fees while BTC is stuck with $2+ regularly. When people have to convert their BTC to fiat every time they want to buy something, they'll realize it's just easier to hold Fiat.
But Bitcoin is resilient and did exactly what a decentralized network is supposed to do, it forked and created BCH when tx fees crippled BTC. Master Card can't stop crypto no matter how much money they throw at the main BTC dev team. It got so ridiculous, that the CEO of Blockstream was asked how small businesses are supposed to accept BTC with high tx fees, and he suggested they just keep a tab of how much customers owe and pay later in a large sum to make fees smaller.
Satoshi Nakamoto said in the first paragraph of the Whitepaper that Bitcoin is supposed to be capable of "small casual transactions", if it's not useful for that, then Fiat will have justification to exist forever, and if other Alt coins have zero conf and tiny fees, why can't Bitcoin?
u/lash Thanks for ur comment, i concur.
Nobody is using BTC to buy groceries. My bro bought a nice steak dinner in Vegas just to use some BTC up. But for the most part it's never intended for small purchases.
Just like nobody uses gold bars to buy a soda But both are a store of money.
And how is gold's market cap doing compared to global Fiat?
That is exactly u/FlyingScotzman s point. It was usable for groceries, but with "replace by fee", the slowness when lacking 0-conf (because of replace by fee) and the high fees, it is obviously not going to be used in normal commerce because that's how they killed it.
Read the whitepaper or go bust.
It was absolutely intended for those type of usages. The author (Satoshi) even wrote about vending machine examples.
I've never really thought about it until Roger Ver laid it out so well, Convenience is EVERYTHING, Gold has been a great store of value for 1,000s of years, but loses every time to central banks because paper money is so much more convenient. It doesn't matter if you only keep $2,000 in ur bank account for general spending and properly invest the rest. Whichever money is the easiest to spend is the one that people will demand their wages in, and thus the deepstate can rob us forever because wages are set using an inflationary currency. If we had wages set in a gold or crypto, deflation would give us automatic pay rises. Bitcoin was perfect in every way, A better store of value than gold because gold can still be mined long into the future, while equally matching Fiat's usability.....until the fees started to prevent casual spending. Just a few months ago in April, Bitcoin's fees went up to $10+ again for 3 weeks. u/N0rds
Satoshi described how zero conf will work for vending machines, and the white paper says "small casual transactions".
Satoshi didn't even want the 1mb block limit, it was Hal Finney's idea, and Satoshi only agreed because it was a good temporary measure to prevent a spam attack while Bitcoin was vulnerable in it's infancy. Satoshi also wrote how the block size should be increased with advances in hardware.
It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit
20 cent and 10 min is a big difference from how it was designed (less than a cent, with instant/0-conf transactions).
Besides, try to look at how the fees are during massive movements when transactions skyrocket. That's when the replace by fee panic starts and nobody is able to move anything on the base layer without paying a fortune.
You newbies have no idea what you missed out on.