Dear fellow Bitcoiners,
after years of intense studys and no inherent weakness of bitcoin being found by me, I have come upon one which makes me think.
Perhaps this is „the error/problem“ why bitcoin will never become what we all believe it will or should. Ironically, it has nothing to do with bitcoin itself.
The great majority of people simply have no knowledge of money, monetary history, the financial system (aka fiat system), banking, bonds, principles of economics, principles of self custody, censorship resistance or so many other topics which are necessary in order to fully understand bitcoin.
AND, this is very frustrating to me, have absolutely NO interest at all to educate themselves or learn about it. It’s like talking to a wall. They just don’t care and or understand (due to having no knowledge).
I believe there is a big truth in my above mentioned worries, as after thousands of years, it is still possible for governments around the globe to easily deceive the vast majority of the population (with a little bit of media or educational system propaganda) into using inferior money and thus, enslaving them. No wars, financial crashes or similar events of the past were really able to change earth’s population into taking that long lasting evolutionary step towards understanding the issue and keeping that knowledge.
It feels like in each generation only a few percentage of the population was abble to do that. Sometimes more, sometimes less. According to need.
Perhaps it is slowly changing nowadays since we have technology and an unprecedented spreading of knowledge. On top of that, we have the best money ever created in mankind’s history.
What are your ideas that we, as the community can and should take, to change the world finally and lasting?
Teaching bitcoin? Economics? Write books? How do we educate kids, adults, elderly? All of the above?
How do we make sure the knowledge this time around doesn’t get lost over time like the knowledge and learning process of so many other previous generations has? (If it didn’t, fiat would definitely not exist as we know it today, if at all).
Even the famous Henry Ford knew over 100 years ago that if people would understand the monetary system, we‘d have a revolution by tomorrow. Well, here we are over 100 years later and the average human still has no clue whatsoever. At best, the average knowledge is maybe at lvl 3/10.
I don’t want future generations having to experience a catastrophic event in order to learn (like our generation likely will have to as well).
It’s a setback in human evolution each time it’s happening.
What are your thoughts on this?
I used to believe that Bitcoin had no fundamental flaws and that one could simply hold it indefinitely until its market capitalization surpassed that of gold. However, some recent research has made me uneasy.
Satoshi originally believed that as the native block subsidy declined, on-chain transaction fees would fill the gap and continue to incentivize miners to secure the network. But since the Ordinals boom faded, Bitcoin’s on-chain activity has been extremely sluggish: fees of only 0.01–0.05 BTC per block amount to roughly 1% of the current 3.125 BTC coinbase reward, nowhere near enough to replace the protocol’s native issuance.
And with about 95% of all bitcoins already mined and the remainder dwindling, the hash power protecting the network faces a growing risk of 51% attacks. This looming miner-incentive crisis is, in my view, the greatest threat Bitcoin faces today.
