June 11, 2023

Bitcoin: Dangerous misconceptions or read the source and do not go in formation.

Inspired by this: Commentary by esteemed Ilya Ilf

The only comment on the case at 3100+ views. Yes, Smartlab! ...

Dear Ilya Ilf, decided to stand up for Bitcoin, although I did not attack him, but made a diagnosis.
But nevertheless, it is interesting to analyze typical errors, as an indicative example of consciousness distorted by manipulation. Dear Ilf, I assure you this is not an attempt to insult.

We will analyze in quotes:

Chinese miners and China dictating the price remained in 2016, even then a package of documents was adopted prohibiting manipulative operations in the market.

If you are on the agreement of the largest pools of miners, then they have committed themselves not to carry out a “51% attack”. A voluntary commitment, Carl!
Nobody forbade anything to them! But to promise does not mean getting married.

Compare some bitcoin-like ones thereblockchains are bullshit and ear-dropping, bitcoin has the most powerful and distributed computing network in the world and the larger this network, the more difficult it is to get from somewhere more than half more powerful and more productive, because the vulnerability of a particular coin and its blockchain does not depend on technology , and from the prevalence and latitude of the grid itself, no successful attacks were carried out on bitcoin.

- Last year, at least three successful attacks on the PoW consensus were tested.
-The vulnerability of Bitcoin is not in the latitude of the network, but in the number of full nodes and their connectivity, as well as the number of hashrate different miners.
Wallet owners, regardless of theirsize, these are disenfranchised consumers of the service and their opinion is not taken into account within the network, from the word “completely”. In contrast to the initial implementation of Nakamoto, which determined a low entry point for mining (one processor - one vote) and free transactions (an economic tool for “upsetting” presumptuous miners).

Halving - Halving rewards forconfirming and adding transfers to the chain of blocks, this is an automatic system for adjusting the overall coin production as well as an automatic system for adjusting the complexity of the selection, and NO ONE knows the exact date and time with sufficient accuracy, so there is no question of any manipulations, it's just an unpredictable thing, The number of blocks found can vary from day to day.

The keyword is automatic, i.e.obeying a specific algorithm. By changing the algorithm (and it was changed) and having certain resources, it is possible to “adjust” the halving time to a specific date with great accuracy. And NOBODY can easily turn into SOMEONE WHO IS NOT ACCEPTED TO NAME.
By the way, for a day, the change in halving time for the current day is 4 hours! For 144 blocks!
Everything works automatically, automatically, automatically ... with ... ki! )))

Bitcoin is truly uncontrollablea decentralized network, incorruptible and inaccessible to anyone's playful pens, there is no "trust" here, only cryptography, the system exists for more than 10 years with a continuous operation time of more than 99.99%.

Not relevant to the story: two forks, one hard and one officially recorded, almost successful attack lasting 1 second, probably from a supercomputer (my version, this is a “test of the pen”). Not to mention the many successful attacks on the ecosystem.

Everything in our world is relative, my friend Ilf, is absolute, as Einstein claimed, only stupidity.
But there is one thing worse than stupidity in its consequences, it is self-deception.

Blockchain technology is the future, both in fintech and in other areas.
And yes, today the standard is Bitcoin, despite its already technological archaism.
And yes, what they offer today, including ether and the future TON and so on, can’t stand close to bitcoin, since bitcoin was written to solve the “great problem”, and not to make money.

But you need to understand that the process of emasculating ideas and bitcoin code has been going on for ten years, and unfortunately it will continue further.
Big guys, with big money, do not need a currency that they can not control and through which they can not manipulate and subordinate. That is, the main consensus!

Breathe evenly and keep your eyes open!

Good trading and good luck!

Regards, V.