Bitcoin Does not have a Roadmap for long-term Security

David Marcus- dmarcus.eth shared: It’s become clear to me that Bitcoin will be the one asset and L1 still be around in 20+ years with increased compounding relevance over time. The 2 slot (for a different use case) is still TBD. Ethereum is in the lead for now, but Solana and others nipping at their heels.

Bitcoin is truly leaderless, censorship-resistant, and has much greater network effects. In essence, it’s unique and cannot ever be replicated. Its creation truly was the Big Bang event of crypto.

Community Response:

Wrong conclusion. That just means that people pay a lot of money for ETH fees. This metric is pure BS.

The security of BTC is guaranteed by the total of the block rewards and fees. Block rewards halve every four years. Generating enough fees to secure the network is the only option to compensate for shrinking block rewards without major changes to bitcoin or hoping the BTC number goes up.

Solana, which has now failed 6 times in recent months, is not only one of the most centralized blockchains by block production but half of its token supply is owned by VCs & insiders with a tiny sliver for retail investors. It’s also been prone to hacks & attacks. Buyer beware.

I, unfortunately, didn’t have that satisfaction of a conversation with a solans insider, their head of communications of all people, trying to claim the opposite.

If you have used the lightning network to process transactions your sentiment would be different. The lightning network obsoletes credit card processors and shitcoins in one fell swoop.

I did and I was impressed, not as good an experience as using Nano but quite good. Then my balance disappeared. Tried resurrecting it with the seed but nada. I’ve never had a Nano balance disappear. I want to believe in Bitcoin but my experiences haven’t been good.

So you are telling me if you use a scam wallet with Nano there’s no chance that nano will not disappear? Either nano has no scam wallets or it sounds like some futuristic intuition-based money (not private keys).Lol

The wallet used was recommended by a Bitcoin Maxi who very kindly gave me a few sats to demonstrate how quick and cheap it was. I think it was Blue. Maybe it’s an issue with the small balance.

I will continue to hold BTC and monitor its progress.

By which metrics? Market cap? Bitcoin has 1/100 the security budget of Ethereum, no roadmap for long-term security, a minuscule fraction of the use, and no serious builders. If you care about the long-term future of crypto as a tool for personal freedom, you root against bitcoin.

LMFAO Bitcoin’s security budget is through PoW which is billions of $ spent by miners to secure the network. It is the most secure & strongest network ever invented. I’m not against ETH but pretty certain L2s on BTC will take out ETH eventually. Probably SOL too.

I think you missed the point – I’m directly addressing the lack of revenue for Bitcoin miners.

If it costs most BTC miners ~3-6k to mine 1 BTC (not counting overhead) & they have a positive margin up to a price of ~20k per BTC for most companies. As BTC price increases so do their margins dramatically. BTC miners make 10s of millions each day securing the network.

There’s a reason why there are publicly traded companies mining bitcoin, not etherium.

Funny, but it’s clear to me that will not be the case. Ethereum could Flippen Bitcoin this year. And most definitely will on any long-term time horizon.

One of the greatest unsolved questions in public chains is whether or not the cost of PoW has a significant impact on prices. I think it does, and that the scale of the cost numbers involved implies that BTC can’t remain #1 for longer than a few more years.

I guess BTC POW could positively affect the price if it causes powerful energy producers to disproportionately support/shill it Seems like a bit of a stretch though.

I think you’re right that the move to use BTC mining in energy production may reflexively increase the price of BTC. Yet, that’s almost literally a Ponzi-sellers hoping that their selling activities will motivate buyers. To your point, it’s a stretch for reliable digital gold.

You’re conveniently forgetting that it’s also the only way to determine, in a decentralized way, who gets to add the next block. Everything else is irrelevant, no matter what Vitalik tells you to believe.