This article is like the opposite of Saylors argument about energy being preserved in the form of bitcoin. Both oppinions are basically "that's what this concept feels like to me" and nothing more.
This article raised some very interesting points through comparing the movement to religion and the fact that the peoples wealth is affected makes it that much more potent.
I'm still optimistic because I think that the current way the world runs is not going to work in the long run. Something radical has to change or we will destroy the planet. I don't know if Bitcoin will play a role in this and if it's going to be positive or negative but things need to change.
I have two specific points in the articles that didn't make sense.
1. Bitcoin whales can only affect the price of Bitcoin. They have no power over Bitcoin itself.
2. The article also makes the point that Bitcoin is weakening local currencies (fiat) which doesn't make sense since inflation is mostly driven by money printing and other economic factors.
> When alls said and done, the initial promise isn’t even kept, there’s very few “super miners” who if they worked together would be able to control the entire bitcoin economy, which is the situation with central banks.
There is no way to actually proof that.
> You can see exactly what I mean when you look at Monero. Objectively Monero solves the problems with bitcoin, but because it’s very difficult to trade with (due to it being privacy focused and no exchange willing to trade it) the price is very stable, since it can’t easily be used for money laundering or scams due to it’s higher barrier to entry.
Monero has more privacy and with it come other problems. There could be someone mining 1000 Monero per second and no one would know because the ledger doesn't allow you to see who has how much.
>> When alls said and done, the initial promise isn’t even kept, there’s very few “super miners” who if they worked together would be able to control the entire bitcoin economy, which is the situation with central banks.
They couldn't mine it, but if someone somehow learned the number h such that H = h * G (where G,H are the generators of Pedersen commitments), then they could undetectably mint arbitrary amounts of Monero.
