#Bitcoin is held back by being the first cryptocurrency and not having Satoshi around anymore.
Being first causes 2 major problems:
1. Being first, Satoshi had to use conservative estimates for stuff like initial block difficulty and other elements of the anti-spam, anti-51% ecomomic model
2. Being first attracts people who don't want to think for themselves and just want to do whatever is convenient
Satoshi could have provided leadership to overcome these 2 issues. The problem is, without Satoshi, relatively thoughtless people are left at the helm, and Bitcoin economics never get tweaked for energy efficiency after developing into an insane abomination.
Bitcoin is still a good investment because of one of these very same problems: being first attracts people who don't want to think too much. Buying first, by thinking a bit more, is still profitable.
It's also a good investment because of the opposite side of the coin: being first attracts everyone, including the smartest, most thoughtful devs. They might be outnumbered, but they're there. There's a reason the Bitcoin network has maintained uptime and avoided being compromised.
Anyway, the #dogecoin ecosystem needs and deserves better devs than it has. The dogeconomy is pretty balanced, as shows in transaction fees. It is the upgrade from the prototype. Doggie coin mainly just needs better wallets right now. It will also be challenging, but essential, to keep transaction fees down in the future.
A counterpoint I am aware of: "dogecoin will need Bitcoin-like economics if it gets as big as Bitcoin, because Uncle Sam is ready to spend a lot on attacks, if such spending will take down whatever cryptocurrency network is the biggest." The main reason I don't believe that is because it's basically suggesting bitcoin devs have balanced it perfectly by guessing the exact attack budget of adversaries, or it's being balanced perfectly by the market behavior of whales with insider information or something. Maybe... maybe. Maybe Satoshi was a deep state group. Who knows?
I just feel like, while they definitely have access to lots of insider info, the BIGGEST piece of insider information Bitcoin whales have is probably still plain old simple "don't lose your wallet keys."
whoeverlovesDigit / 🇵🇸 whoever loves Digit
npub1wa…6u3l2
2024-07-24 16:56:43
in reply to naddr1qq…6ums
Author Public Key
npub1wamvxt2tr50ghu4fdw47ksadnt0p277nv0vfhplmv0n0z3243zyq26u3l2Published at
2024-07-24 16:56:43Event JSON
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"content": "#Bitcoin is held back by being the first cryptocurrency and not having Satoshi around anymore.\n\nBeing first causes 2 major problems: \n\n1. Being first, Satoshi had to use conservative estimates for stuff like initial block difficulty and other elements of the anti-spam, anti-51% ecomomic model\n2. Being first attracts people who don't want to think for themselves and just want to do whatever is convenient\n\nSatoshi could have provided leadership to overcome these 2 issues. The problem is, without Satoshi, relatively thoughtless people are left at the helm, and Bitcoin economics never get tweaked for energy efficiency after developing into an insane abomination.\n\nBitcoin is still a good investment because of one of these very same problems: being first attracts people who don't want to think too much. Buying first, by thinking a bit more, is still profitable.\n\nIt's also a good investment because of the opposite side of the coin: being first attracts everyone, including the smartest, most thoughtful devs. They might be outnumbered, but they're there. There's a reason the Bitcoin network has maintained uptime and avoided being compromised.\n\nAnyway, the #dogecoin ecosystem needs and deserves better devs than it has. The dogeconomy is pretty balanced, as shows in transaction fees. It is the upgrade from the prototype. Doggie coin mainly just needs better wallets right now. It will also be challenging, but essential, to keep transaction fees down in the future.\n\nA counterpoint I am aware of: \"dogecoin will need Bitcoin-like economics if it gets as big as Bitcoin, because Uncle Sam is ready to spend a lot on attacks, if such spending will take down whatever cryptocurrency network is the biggest.\" The main reason I don't believe that is because it's basically suggesting bitcoin devs have balanced it perfectly by guessing the exact attack budget of adversaries, or it's being balanced perfectly by the market behavior of whales with insider information or something. Maybe... maybe. Maybe Satoshi was a deep state group. Who knows?\n\nI just feel like, while they definitely have access to lots of insider info, the BIGGEST piece of insider information Bitcoin whales have is probably still plain old simple \"don't lose your wallet keys.\"",
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