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Author Topic: Some myths bitcoin has defeated.  (Read 338 times)
ImThour
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September 13, 2024, 09:25:02 AM
 #21

As I have always mentioned in the past, I love well formatted threads which are not low efforts just to get merits. I appreciate you doing this and then also choosing a very interesting topic of the Myths that Bitcoin busted. +1 merit from me for this.

Coming on one of the point - "Bitcoin has no real use case", that's simply stupid and you don't have to provide an explanation for this.

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September 13, 2024, 09:48:42 AM
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 #22

Bitcoin consumes much energy...

That's a reality and not a myth, even if some miners use green energy the reality is more than 90% use "nasty" energy. In theory, right now the miners consume 70 y 150 TWh, and that's a lot of energy, it could be compared with cities or with some country's consumption. And there is nothing that we can do about it now. The energy consumption will not go down, that's a fact.
Even as bitcoin consumes much energy, the way it is being presented and constantly used against bitcoin created alot of fear and panic. Whereas several industries and companies consume even much higher amount of energy and go unnoticed.
  • Telecommunication
  • Streaming services
  • Cloud providers 
  • Oil and gas
  • Manufacturing industries: For instance, in order to produce 1 ton of aluminum, it requires around 12 - 14 MWh of electricity. The global annual aluminum industry consumption is about 900 TWh, which obviously higher than that of bitcoin
Why the pressure on only bitcoin?

The only way to avoid that consumption is to migrate Bitcoin from PoW to PoS.
If this happens, you know we are going to lose the original decentralization that bitcoin offers us for free. People will higher stake will tend to control the system. Secondly, the security of the network would be weakened. PoW to me is what bitcoiners should guard and not discard.

I think there are some other myths that need to be handled, related to Bitcoin. This will be very brief, but you could string a paragraph out of each.

11. Bitcoin pollutes the environment

*Most bitcoin mining is using renewable energy.

12. Bitcoin is noisy and causes hearing damage

*This is the fault of careless mining farms that don't follow regulations, and should be fixed at a government level.

13. Anyone using Bitcoin can be traced

*Only if there is a paper trail that leads to somebody's documents or social media. Good luck otherwise.
Thank you for this inclusion, I'll develop it and add to the original topic.

Civilization requires energy. We all consume energy everyday. The global reserve currency, as we speak, consumes more energy in a recession than all Bitcoin mining since 2009.
This is good. Thank you very much for this. That is the aspect I'm speaking from.
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September 13, 2024, 09:53:06 AM
 #23

Op, there is enough effort on this thread, but the last point is not familiar to me, because the birth of bitcoin came with the blockchain technology, which has been bitcoin's use case since day one. Therefore, those who may have thought that bitcoin had no use-case didn't know about its blockchain, and how it serves banks, government, cybersecurity, smart contract etc. On a broader level, I do not remember seeing any content regarding bitcoin having no use case.
I seem to be at a loss here regarding your use of "bitcoin" and "blockchain technology". I understand that blockchain is the underlying technology behind bitcoin which means that it is what make bitcoin what it is. If blockchain technology makes bitcoin and not the other way round, then how can the blockchain be the use care of bitcoin? Blockchain technology can have revolutionary impact in diverse fields of human endeavors, from medicine, to cybersecurity and even governance like you mentioned but these sectors may not necessarily integrate bitcoin in their operation. However, bitcoin as a digital currency is already a use case as I have seen many businesses integrate bitcoin as a means of payment.

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September 13, 2024, 10:40:59 AM
 #24

The last myth I read was about the climate change and they put all the blame to the crypto miners as if they are the main source of such global warming happening all around the world but guess what? Their claim was irrelevant since they don't have enough evidence to prove their point and they are also from the groups that hostile against Bitcoin.

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September 13, 2024, 11:12:07 AM
 #25

I seem to be at a loss here regarding your use of "bitcoin" and "blockchain technology". I understand that blockchain is the underlying technology behind bitcoin which means that it is what make bitcoin what it is. If blockchain technology makes bitcoin and not the other way round, then how can the blockchain be the use care of bitcoin?

It doesn't make any meaning if those sectors integrate bitcoin as a payment medium, the fact remains with the use of Blockchain by these sectors to solve problems, bitcoin is offering them a use case.

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September 13, 2024, 01:52:08 PM
 #26

Bitcoin consumes much energy...

That's a reality and not a myth, even if some miners use green energy the reality is more than 90% use "nasty" energy. In theory, right now the miners consume 70 y 150 TWh, and that's a lot of energy, it could be compared with cities or with some country's consumption. And there is nothing that we can do about it now. The energy consumption will not go down, that's a fact.

The only way to avoid that consumption is to migrate Bitcoin from PoW to PoS.
Forget about the dozens of thousands of places Banks exist at all around the World where they put plastic advertisements on the window panels, they consume a ton of plastic to produce flyers and they use I presume a ton of electricity world wide to run all the computers the employees use.

Forget about the private airplanes being used every single day by celebrities and important Politicians.

Forget about the unnecessary wars and all the bombings.

The real and main problem is Bitcoin.

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uchegod-21
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September 13, 2024, 02:46:22 PM
 #27

1.Bitcoin still consumes lots of energy. It doesn't matter if the energy is "green" or "dirty".
Yes, bitcoin consumes alot of energy but bitcoin is not alone in this league.

2.There's still a possibility for Bitcoin to get banned by the big governments around the world. This possibility will remain forever.
I disagree. Big governments are now owning CBDCs and having activities in the blockchain. Things will get better in my own opinion. The worse case scenario is that they ban miners in the country and miners will relocate to another country.

3.Bitcoin is used by criminals, just like any other currency or payment method that exists in the world. I don't know about any currency or payment method, that has never been used by criminals.
Very true!

4.Bitcoin isn't a bubble, but the BTC price can form price bubbles, just like any other financial asset, that is being traded on the financial markets.
Very true again.

5.The scalability problem remains, whether you like it or not. Sad
Yes, the scalability problem remains but in different percentages. If in the last decade, the problem is 100%, today, the problem should be 75%. This means in the next decade scalability problem could just be 50% and it will continue until it is zero. My personal opinion though.

Forget about the dozens of thousands of places Banks exist at all around the World where they put plastic advertisements on the window panels, they consume a ton of plastic to produce flyers and they use I presume a ton of electricity world wide to run all the computers the employees use.
The bank is the institution of the centralized government, they are saints.

Forget about the private airplanes being used every single day by celebrities and important Politicians.
The airplane enables them to travel and launder their over printed fiat. So the airplane is a saint.

Forget about the unnecessary wars and all the bombings.
The wars and bombing is part of the process to claim supremecy. There's no problem with that.

The real and main problem is Bitcoin.
Yes, bitcoin is the problem. How can what we didn't found and don't control exist?

R


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September 13, 2024, 06:12:31 PM
 #28

 Cheesy :DA great deal of sifting is needed in this process of figuring out who is who in this universe. I would say that first we need to dissociate those former bureaucrats from the state's local government from this scenario, as it tends to bring unnecessary speculation into this field. Second, we need to regionalize this first. There are states where this would be easier and safer to do, such as Portugal, for example, where there is a terrible scenario of several cartels eating up the public sector and burdening taxpayers. This is already indirectly affecting Brazil and other countries with political connections.

At the same time, if everything goes well in this regard, we can see how such a scenario of uncoupling speculators who are already "boosted" in financial resources does not prevent us from, for example, reestablishing relationships with countries that correctly use the bitcoin currency with other potential regional countries, such as Spain and foreign countries with their influences.

Anyway. There are more strategies for this, but for now it is good as it is. Wink
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September 13, 2024, 06:41:03 PM
 #29

Hmm, Narratives keep changing, with every cycle many newbies join the community and they fear of many things and this is due to what influencers feed them in the wrong way. TBH after a certain period of time they realize and evolve with Bitcoin as you've mentioned Bitcoin countered all of these narratives, and this is never a never-ending cycle, narratives will keep changing as new people keep joining.  
These narratives could actually be a base to some stronghold. When these narratives are disputed as it eventually is, they begin to see reasons why they should filter most of the narratives they are fed with out there.

The wrong information that people have is because they listened to what they were told without trying to verify the authenticity of it because most of this myths may have easily been waved away if these people have just tried to verify from good sources on the internet.
I wouldn’t say these newbies shouldn’t listen to what they find out there, it’s a part of the learning process and they should by far be open to learning. Not having to cap the information to be final and continue on the part of verifying the informations they expose themselves to.

Well. Let's take it one step at a time. The people who know the most about this are people with a greater interest and technological knowledge. Ordinary or standard users, or those who are unable to evolve in this field of computing, will always need help. And today, almost everyone no longer has the time or patience to teach things step by step in a personalized and personal way. Everything depends on tutorials, readings, and efforts to improve knowledge, almost like us humans running after time, which is faster and faster.

The fact is that simply being able to take power away from corrupt and backward political authorities will give these ordinary users a breath of fresh air. Then, a little teaching will be necessary.

I believe that Satoshi designed this with his subsequent team; he was aiming to store big data as a savings account. For example: you are an ordinary user but are interested in developing part of the technological field. All your actions are saved in big data, which will give you your return in algorithmic support for what you need. Now, of course, this is a piece of the blockchain that would have the intention of making your actions within the network transform into some form of income or money.

Of course, all of this is now lost in the great economic process and giants like ALPHAbet, ByteDance, Meta and others.

The problem is that in the middle of all this there are many idiots, people who got rich on the backs of big techs and want to control the system for themselves without giving room to others, which is where we fell in the previous economic process  of state corruption

So in this sense, when an opportunist in his database has exceeded some limit in the verification of his data, he needs some kind of restriction. But we do not have an algorithm that does such "censorship" or ethical calculation of actions openly and directly. There are many things still in the dark. So those responsible for the administration of such big data and big techs turn a blind eye, leaving everything as a big pyramid.

But of course. There is a large community that knows how to use the tools and prefers a less hectic life.

In analyzing fields, initially neutralizing Portugal in some way and indirectly Brazil, we will have a large field of work to wash dirty dishes
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September 13, 2024, 07:14:51 PM
Last edit: September 13, 2024, 07:29:34 PM by taufik123
 #30

The last myth I read was about the climate change and they put all the blame to the crypto miners as if they are the main source of such global warming happening all around the world but guess what? Their claim was irrelevant since they don't have enough evidence to prove their point and they are also from the groups that hostile against Bitcoin.
It is just a myth created to continue to corner Bitcoin in relation to Bitcoin mining activities that still use the POW (Proof of Work) method which requires more energy.
But when compared to the use of energy for sectors such as industry, tourism and activities with higher energy use, of course, the emissions produced by Bitcoin are not much, so it is not Bitcoin that contributes to greenhouse effect emissions but more in other sectors supported by the government.

The phrase that dropped Bitcoin is also only a subject for criticism by political critics who hate Bitcoin to influence the price of bitcoin to continue to fall.
There are manipulative and claims that are not fundamental to their personal interests.

Crypto mining can have a negative impact on the environment, it should not be directly linked to it as the main cause of global warming, as it oversimplifies a serious problem. There is a need to take several data-driven approaches to understand what the true impact of crypto mining is on the environment.

45 Latest Greenhouse Gas & Climate Change Statistics 2024

https://theroundup.org/co2-greenhouse-gas-emission-statistics/

R


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September 13, 2024, 08:48:48 PM
 #31

11. Bitcoin pollutes the environment

*Most bitcoin mining is using renewable energy.
Actually, the answer to the "environmental pollution" argument, is that it does use energy, yes. Besides renewable, it does use a hell lot of other, non-renewable. And it does it, because that's the way the world works. Civilization requires energy. We all consume energy everyday. The global reserve currency, as we speak, consumes more energy in a recession than all Bitcoin mining since 2009.

In addition, we must be aware that when talking about this environmental pollution problem, it is only used as a classic, endless reason for those who really don't like bitcoin and are unable to find other reasons to make bitcoin look bad so that the problem of environmental damage that occurs and is considered due to bitcoin is always raised again and again even though this method is actually not very effective for making bitcoin weak.

Especially for now it is actually not only bitcoin that uses energy but in the end when bitcoin is always the best then they assume that in the end environmental damage and so on that have a negative impact on the environment are only based on bitcoin alone but instead it will look ridiculous when there is another project such as for large waste factories that use much greater energy is not considered to pollute the environment including pollution problems.

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September 14, 2024, 05:12:14 AM
 #32

In addition, we must be aware that when talking about this environmental pollution problem, it is only used as a classic, endless reason for those who really don't like bitcoin and are unable to find other reasons to make bitcoin look bad so that the problem of environmental damage that occurs and is considered due to bitcoin is always raised again and again even though this method is actually not very effective for making bitcoin weak.
They hate Bitcoin and want to weaponize anything they can use to attack Bitcoin. They ignore facts that we see, and try to write own fabricated stories against Bitcoin in their distorted ways.

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Especially for now it is actually not only bitcoin that uses energy but in the end when bitcoin is always the best then they assume that in the end environmental damage and so on that have a negative impact on the environment are only based on bitcoin alone but instead it will look ridiculous when there is another project such as for large waste factories that use much greater energy is not considered to pollute the environment including pollution problems.
If they actually care about environment and do their homework well, they will see some facts.

Bitcoin energy consumption size is very small compares to other industries and at national or global scale, it is like a sand in desert.
Bitcoin consumes energy from more green, sustainable and renewable resources than other industries and nations.

If they do care about global environment and actually want to contribute some efforts to minimize environmental collapse worldwide, they must identify reasons, in top-to-bottom down ways, and find solutions for top reasons first. Try to find solutions at bottom is non sense and won't contribute any considerable change to minimize catastrophe of climate change.

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