Post
Topic
Board Bitcoin Discussion
Re: Eight reasons why BTC will Fail. Thoughts?
by
BlackBoss_
on 05/01/2024, 02:03:08 UTC
1. Predictable BTC loss is destabilizing.  Every transaction includes risk of  loss, meaning a greater portion of supply that is immobile will grow.  No, that's not solved with divisibility.   The world cannot have confidence trading it's wealth in 1 million BTC with 20 million sitting on chain immobile.  If another million can suddenly wake up because an unknown pool has been hoarding them, it wrecks the market.
Bitcoin has a strong and decentralized network. If a transaction already gets a confirmation, it becomes irreverisble. More confirmations, it is like dust settles down very well, no way to charge back, reverse and you will not have risk of loss after having confirmations.

People lose their bitcoins because they sent it to a wrong address, lost private key and don't have backups for recovery.

Quote
2. Big tech trends towards monopoly, BTC will eventually be controlled and one pool will control 51%.  Dominant pools already have emerged, which means Monoply is inevitable.  A truly decentralized system has no components that trend towards centralization.
It's super hard to attack Bitcoin network.

The cost and benefit analysis before an attacker does it, will force him to sit down and forget about the attack excecution because it is not worth in cost and benefit.

How many Bitcoin confirmations is enough?
Use this calculator
https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
https://github.com/jlopp/bitcoin-confirmation-risk-calculator