Bitcoin, Fiat, Crypto Bros. discussed on Bitcoin Audible

Bitcoin Audible
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Automatic TRANSCRIPT

The biggest honeypot the world has ever seen. Everyone in their grandma would love to break it. Further the powers that be are, at least in part, powerful because of the Fiat money printers that are rendered obsolete by the orange coin. Attacking Bitcoin becomes a necessary strategy if your very survival is threatened by it. But what parts of Bitcoin to attack? It is difficult to nail down what Bitcoin is and what it consists of in the first place. I like to think of it as a big hot mess of two part software and two parts hardware or wetware to be more precise. A mix of technology and biology, with a large dash of economics on top. Viewed in this light that Bitcoin is made up of ideas, people, code, and nodes. It is easy to see that some attacks would be more obvious than others. An obvious attack would be a software exploit that shuts down a large number of Bitcoin nodes, for example. An even more obvious one would be a large scale attack on its physical infrastructure. If the foundries that produce the current generation of sha two 56 asic chips are bombed or various large scale mining operations go up in flames, we can confidently say that Bitcoin is under attack. In the same vein, if bitcoiners are declared the enemy of the state, and are incarcerated or killed in mass, we can also deduce that Bitcoin is under attack. But how do you attack an idea? With bad ideas. That's how. The Civil War of the block size debate was such an attack on Bitcoin from the inside. And its resolution was a hard fork, an economic instantiation of said idea. In addition to attacks from the inside, we already had many attacks from the outside. Almost as soon as Bitcoin appeared, it was attacked by politicians, central bankers, traditional investors, wedded to the Fiat system, as well as the economically and technically illiterate. We've heard it all before. Bitcoin is only used by criminals. Bitcoin is worthless. Bitcoin's value is based on pure speculation. Bitcoin is old technology. Bitcoin is too slow. Bitcoin is a bubble, and so on and so forth. Allow me to highlight some of the more recent terms and phrases dreamt up by those who hang on the tits of various money printers, whether it be politicians, special interest groups, or crypto Bros.

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