Bitcoin negatives

[hsdjkahskjdh]

Bitcoin:

93% premine to anyone born today.

100% premine to anyone born in 2140.

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

1 person can be 50% of the network.

Fiat can buy all the miners and coins, Central bankers still win.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

1-3 hour transactions

high network fee cost more than the coffee you are buying

Only 1 miner wins in the end then it becomes centralized, he can push all the other miners out. This will be the FED.
this simulation proves it https://www.youtube.com/watch?v=Q41RW6bxpM4

[ImThour]

That 7% will take ages to mine, 2140 is still 120 years ahead of us. You will be reborn twice, don't worry about that in this life.
What toxic waste Bitcoin produce? If you mean heat from Bitcoin Mining, you should be aware of Renewable Energy which is being used by majority of the Bitcoin Mining Operators.
1 person will never be able to get 51% access to the network. When you purchase, price goes high.

To attack the network, you need 51% and that will be 9.9246 Million Bitcoin which is worth 285828.48 Million USD.
Why will Bitcoin's Mining Fee go towards your garbage or schools? Wtf.

[hsdjkahskjdh]

What toxic waste Bitcoin produce?

From a miner themselves

https://youtu.be/K8kua5B5K3I?t=283

"The rest is waste materials" Those power supplies are toxic waste materials.

[mk4]

Bitcoin has never been perfect and there will always be drawbacks, but what you seemingly want is something that can only come out in a perfect world where every single entity is moral/ethical and every circumstance is ideal. Good luck with that.

[Latviand]

Bitcoin is just a consumer of electricity and I don't think that the problem is bitcoin but the producers of those electricity. Also, we worry too much the environmental impact of bitcoin when there's more pressing issues that's more impactful than the impact of bitcoin to the environment like coal produced electricity, stripmining, no innovation in battery industries, destruction of nuclear power plants and reliance on oil for fuel. The wasted electricity is the problem of the energy sector, they should have a solution to that problem a long time ago not bitcoin. 51% attack is difficult to do because there are a lot of people that's not connected to each other so it's difficult to gather nodes to be able to do that, not to mention that it's economically impractical for someone to do that anyways.

[Darker45]

Some on your list may be true, some may be not. But have you also made a list of fiat negatives? Bitcoin is an alternative. You might want to take a closer look at the main option in order to have a fairer and more balanced view. Only then could you pass the final verdict and set aside Bitcoin. You might actually end up with a much longer list. There's a reason why fiat badly needs to have an alternative.

Also, Newton's third law of motion is true not just in physics but in other aspects of our existence as well. Every time we eat, we contribute to the world's degradation. Shall we stop eating?

[Despairo]

When there's a miner or group have a lot miners and own more than 50% mining hashrate, it doesn't mean the miner can control Bitcoin! this already been discussed many times and it's different with 51% attack.

Surely mining 7% Bitcoin for 117 years do consume a lot energy, but it's mean the price of Bitcoin should be very high because no one will spend money if it's not profitable anymore.

Fiat can buy all miners, why until now they're not do it?
Fiat can buy all coins, not entirely true because not every holders want to sell their coins.

[laurenB7742]

What toxic waste Bitcoin produce?

From a miner themselves

https://youtu.be/K8kua5B5K3I?t=283

"The rest is waste materials" Those power supplies are toxic waste materials.

Do other industries generate scrap or waste? Tell me, any industry that is not harmful to the environment? All is to serve human needs, serve human desires. The smartphones and laptops that you are using are also creating certain pollution to our environment. Why don't I see anyone talking about them? Why always bitcoin? Everything has its pros and cons and nothing is perfect, my friend.

Just because you hate bitcoin, you envy its success and you always feel its bad, but for others, its really useful and without any downside.

[Sim_card]

Fiat can buy all the miners and coins, Central bankers still win.

Don't be fooled by the YouTube people because most of them saying all these craps and against bitcoin and this isn't something new. It is left for you to believe or not and come up with something from your head instead of saying what you heard from other persons. Bitcoin has advantage than its disadvantage which has made it the best assest to invest on due to its volatile nature. And you told you that government can buy all the bitcoin when they don't even know how many people have bitcoin in their wallets. Mind you not everyone will sell to the government because bitcoin is better than their fucking fiat currency that depreciates. I will rather keep my bitcoin than exchange it for fiat. How will the government buy the bitcoin that would be mined in 120 years by then the government that planned such would have died,so this can't be possible.

[Kakmakr]

I think you are trolling the shit out of this thread.... 

Bitcoin mining use less energy than most Fiat financial systems out there, but the math to calculate it, ignore most of the actual energy that are used. (Example : How much energy are used to create cash & coins through mining activities and also the minting process / How much pollution and energy are used to transport cash in trucks all over the world)

Where are you getting the 1 to 3 hour transactions from? (Old Legacy Bitcoin or the Lightning Network with it's near instant transactions?)

You are grabbing at straws to find something bad to say about Bitcoin, but there are people like us that can spot that immediately. 

[aylabadia05]

Fiat can buy all the miners and coins, Central bankers still win.

If bitcoin is negative, it is because we have a belief that life is not perfect. We feel bitcoin has become the best of fiat so we continue to maintain that.
If on fiat you can buy everything, keep it up and we can only wish you luck. But don't be surprised when people who believe bitcoin is the best can build a luxurious house for their child someday with just a few bitcoins.

Mining bitcoin will never be the same as mining gold and other mining that has the potential to damage the survival of the world which cannot be enjoyed beautifully by tens of generations for hundreds of years as we feel today.

[Fivestar4everMVP]

Even though i do not agree with most of the things you pointed out, i will still go ahead to (instead of arguing) say that nothing made or invented by man is perfect, and bitcoin included, bitcoin is not perfect but we still love it, and the love was or is not born of out Bitcoin's imperfection but based on the brighter side of it, nothing is perfect in this world even human beings, so why has bitcoin's imperfection become such a problem?, the most important thing here is that, bitcoin solves more problems than it creates, that is the importance in everything that is good,.

And talking about how much energy that is burnt in the process of mining bitcoin, the game industry consumes far more energy than what mining bitcoin consumes, why has everybody focused on bitcoin instead ?

[davis196]

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Are you kidding me? It's like putting the blame on gold miners for all the people, who got tortured and killed because they own gold.
We know that Bitcoin isn't perfect. There's always a problem, but the problems will be solved. BTC mining becomes more and more environmental friendly.
The "51% attack" argument is BS(it has been proven to be BS multiple times on the forum). The idea that someone could simply buy all the BTC and all BTC miners is complete BS.

Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

You know that BTC miners are just like any other business and they are supposed to pay taxes as well. Right?

[NotATether]

What toxic waste Bitcoin produce?

From a miner themselves

https://youtu.be/K8kua5B5K3I?t=283

"The rest is waste materials" Those power supplies are toxic waste materials.

So is the power supply in the device that you are typing this post (and my post, and the server that runs this website, and your name server, and your ISP, and Cloudflare, and... oh wait  )

That is not specifically a Bitcoin problem. That is a problem with technology in general.

Fiat can buy all the miners and coins, Central bankers still win.

Do you think the central bankers will waste all of their money to:

1. Buy all of the ASICs from all of the miners (coins do not count because you cannot manipulate blocks using coins in proof of work).
2. Buy up as many warehouses as necessary to host them with proper heating and cooling (billions more dollars)
2. Replicate 14 years worth of block history which will likely cost even more billions of dollars to electricity companies?

If they do that, then it will just as well be the central bankers who bankrupt themselves.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Are you kidding me? It's like putting the blame on gold miners for all the people, who got tortured and killed because they own gold.

To be fair, a lot of gold miners have actually exploited slave labor to extract the gold for them. But nobody has ever tortured another to mine bitcoins for them.

[Cantsay]

What toxic waste Bitcoin produce?

From a miner themselves

https://youtu.be/K8kua5B5K3I?t=283

"The rest is waste materials" Those power supplies are toxic waste materials.

Is this unique to Bitcoin alone?

If you check some other industries youll note that the scraps that comes out as a result of bitcoin mining is relatively small compared to what comes out of them. Those power supply unit could be recycled into something else since they are metallic and as for the heat we have seen it before where miners constructed a system that uses the heat generated by their mining machines to do other stuffs like heating water etc.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

What about fiat?
Owning bitcoin gives you more privacy than owning fiat, in fiat a worker at the baking section could be able to look into your profile and know how much you have inside your account and leak it to the public but when you own bitcoin you can have all the privacy that you seek, that is unless you decide to tell others that you deal in bitcoin. There’s no way for others to look into your system when you’re into bitcoin but that cannot be said for fiat.

[Nrcewker]

Every item in the world has both positive and negative features. Nothing is perfect. So yes what we can do is just measure the positive and negative aspects and then use those item. Bitcoins do have some negative features, but the things that you have mentioned in the OP, I am not fully satisfied with those. We should see what positive features Bitcoins has, and how to get benefited by it. Bitcoins decentralised and anonymity feature is not doubt the USP for which people are ready to overlook any disadvantages Bitcoins have.

[Husires]

This is a silly comparison, but likewise, banking systems consume a lot of electricity, television and entertainment tools. Did you know that the cup of coffee that you drink may have children in Africa working to be able to buy it, or even solar energy? There are thousands of stories in lithium mines, and the list goes on.
The average transaction time is not 1-3 hour transactions and you can do instant transfers with the Lightning Network.

If electricity generated by renewable energies becomes very cheap, Bitcoin mining will be 100% renewable energy.

[MainIbem]

Shall we stop eating?

This something impossible and I knowing too well that one can't sleep a day without food.
Sometimes I wonder how people do their analysis without also considering other factors and if there were no bitcoin, was there anything that could serve as an alternatives currencies that would relief us from bank drama I don't think then if there were something like that and it's good to have bitcoin, but whatever they case may be op should show look other negative side of banking system, oil & Gas industry as well and what could he factor out from those companies.

[aoluain]

TBH personally I'm taking positives from this ↓

Bitcoin:

93% premine to anyone born today.

100% premine to anyone born in 2140.

Isnt that a massive reason for a celebration? the fact that Bitcoin is and will be such
a success story that miners managed to mine all 21,000,000 coins, because at the start
that number would probably have been daunting enough.

For all other points ↓

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

1 person can be 50% of the network.

Fiat can buy all the miners and coins, Central bankers still win.

People have been killed for it and tortured (sure this happens with fiat but the blood is on your hands now).

Network fee only goes back to miners this leaves no funding for roads, garbage, schools, medicare or disabled veterans.

1-3 hour transactions

high network fee cost more than the coffee you are buying

Only 1 miner wins in the end then it becomes centralized, he can push all the other miners out. This will be the FED.
this simulation proves it https://www.youtube.com/watch?v=Q41RW6bxpM4

The same can be said for ALMOST EVERYTHING, I'll bet the OP is religious, millions of people
have suffered or been tortured for their beliefs of non beliefs.

1 to 3 hours transaction times, yes but they can take a lot quicker too. If you are in a hurry,
psy more if its not urgent pay less and sit back and relax.

TBH this thread is a two way street, the IP isnt convincing us of any of his posts likewise
I doubt the OP will be re-educated.

[ABCbits]

For reference, OP keep saying similar statement on multiple threads
only 7% of supply is halving
Bitcoin is 93% mined today, will the future be born into 100% premine like fiat
So when bitcoin version 2 satoshi?

and some more. I would suggest reader on this thread to ignore OP since it seems he only make very few reply before creating new similar thread.

Causes toxic waste material (even hal said this).

Waste of energy that could be used to solve cancer or feed people (hal said this).

Did Hal really said that?


Source: https://xkcd.com/285