All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible now, but it will be very soon. Think about that. Even deployment of all the world's nuclear weapons simultaneously to destroy the Bitcoin network and world's energy grids will soon not be enough energy to fully stop it. It is a virtual SkyNET energy weapon system when fully deployed, but being deployed to save humanity rather than to destroy us. You may not fully understand this until you read section 5.10 of Softwar.
All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible now, but it will be very soon. Think about that. Even deployment of all the world's nuclear weapons simultaneously to destroy the Bitcoin network and world's energy grids will soon not be enough energy to fully stop it. It is a virtual SkyNET energy weapon system when fully deployed, but being deployed to save humanity rather than to destroy us.
All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible.