Why is there anyone who bullish Bitcoin?

At some time in 2021 last year, I assured myself that no longer talk or write about Bitcoin content. I no longer talk about Bitcoin is for pure compassion, why need to whip ó× ó× ÀÏ ÀÏ?

But until now, I can’t control myself. Especially when I see that there are so many people who have brought Bitbin in parrot.

After all, the decline in Bitecoin has been obvious that ordinary people can see it. (I don’t care whether the supporters of Bitcoin are denied or they are deliberately deceived)

However, the market noise of Bitcoin is still eating, and their voice will be misleading newcomers. They don’t even know that Bitcoin is the worst currency in the mainstall in 2021. I can’t sit idounce.

Will dead strains

Bitcoin’s long-term decline is not from the stagnation of the block chain.

None of the ecosystem

Yes, in addition to the price, the bitcoin is not worth discussing. By plugging in some boring narratives such as inflation, fighting against Fa, it is already the limit. But in fact, even these only so-called bright spots are not there, this is why I no longer write it. It is true that the bitcoin network has some small improvements, such as integration with Twitter or a variety of lightning networks. However, if you are familiar with the encrypted field, you know that “wallet integration” will never become a big news, because it should not be. This is just a small wallet integration, rather than some developers think of a spoiled vote to lock tokenomics or other things.

Bitcoin is a ghost town, compared to many other prosperous encryption.

Throughout the Pang’s scam, the economy does not exist

Oh, this is not because Bitcoin is a Pang’s scam.

The greatest memecoin in history.

How does ordinary people make money in the Bitcoin network? No, the mining is not an option that ordinary people can touch.

The only way to make money with Bitcoin is through price appreciation. You buy a low price, then sell high prices to another people who are willing to bought than you. Speaking of popular points, high throwing low.

Bitcoin will always need this “others”.

In $ 1 trillion, Bitcoin will need a lot of “other people.”

Why do someone don’t understand this is a phed scam?

Let us compare it with Ether as well. In the Emperor Network, people also hope that the price is appreciated. But you can pass, for example, pledge, then use an agreement (ie, for exchange of loops) and pay the fee. Part of these fees will be paid to the parter holders participating in the pledge.

The concept of profit sharing is roughly similar to dividends in stocks. This is the characteristics of stocks (and Tanfang), not a Pang’s scam.

Bitcoin networks obviously do not have this feature.

root cause

But this is not the reason why I am paying attention to the sustainability of Bitcoin. It is said that it is from a user or (does not exist) ecosystem, it is better to say that the timing bomb is from the basic way of operation.

I tried to explain this as much as possible.

Like any work certificate chain, Bitcoin requires miner to maintain operation. Miners handle transactions, they pay the cost of the user. But the miners will not dig mines due to transaction costs, because this is less pitiful. After all, Bitcoin is a popular payment system (yes, I am ironic), the miner will not be able to maintain livelihoods only on trading costs.

That’s why Bitcoin has block rewards. Bitcoin gave some BTCs for miners on the basis of charge. This is the process of new BTC enters this world – release through block rewards. Therefore, only 21 million supplies in the bitcoin network.

However, this block reward is decreasing. The rewards of miners will be reduced by half. Bitcoin’s price must double or more, miners can profit. This is easy when the market value is $ 100 million. But with the current speed, Bitcoin needs all billion trading volume to maintain its current price.

Bitcoin’s price growth has become unsustainable.

What happens?

The reward is low, and the transaction fee is constantly reduced due to the lack of use of examples. This is a death spiral. And ironically, the so-called Bitcoin ETF further deprives the chance of trading as a generic encrypted currency (chain transaction).

When this happens, the mining Bitcoin becomes unprofitable. Small miners will be bankrupt because they cannot pay electricity bills. This will leave the operation of the Bitcoin network and the right to master system security to the other.

Imagine, when the Bikimo network finally went to only four large miners, fewer miners were equal to less decentralization. And 4 people, they are not eligible to talk about centralization. We basically return to only Zhongcheng and Hall Finney (the first person who has obtained Bitcad’s transaction to Bitcad, one of the pioneers and developers of Bitcoin), the difference is that there are now more than 10,000 Billion dollar funds are in danger.

Imagine, if a new big miner, its resources and mining capacity exceeds the existing two miners (considering the equality of these four miners.)

It has already had the ability to launch 51% attack.

No one is willing to answer the ultimate problem

What happens when the Bitcoin issuance will eventually fall to 0?

This is a problem that no one is willing to answer. More is the next question, I will use it as the next point.

The upper limit of Bitcoin is 21 million is not an asset, but a liability.

Many well-known encrypted monetary researchers have expressed a long time, even before recently halving, it has begun to have an opposition.

Some people give up, they think that Bitcoin is something that is destined to fail, this is also part of the born of encrypted currencies in Taihang and other. There is no reason to repair something that is already broken.

There is no maximum supply in Taiquian. Its anti-inflation attribute is achieved by other means (since the EIP-1559, they have never been reduced in the Burning Mechanism (BURN) block reward.

In addition, the Emperor Wong has created the possibility of utility – programmable currency in the field of encryption. Long-term short saying, why do we have to go to the central exchange, lending platform, insurance, link option market and NFT. These are products and services, which are real economic activities. And they still happen on the chain.

However, is this really 21 million?

It is fairly that no one can answer this question, because no one knows how many bits are mined in 2140, the situation will be.

But I predict that this 21 million will be not enough, some political parties know this. There is not enough pies to everyone, this is why people become increasingly uneasy.

I predict that there will be some wars, just like the “block war” of the year, involving block size. It is now about the maximum supply.

Can the maximum supply of Bitcoin can increase? Of course.

From the literal, this is just a line of code. As long as you add some zero, we can do it.

Yes, you will say that it is easy to change the code, but reach a consensus is another thing. This is real. The code cannot be changed unless people reach a consensus.

So this is also the fact. If everyone agrees, the maximum supply of Bitcoin can increase. But the final decision-making right will still fall on by human body. When it comes to greed, humans can’t be trusted.

In the past, the interests of the block war winner did not change any code. The 1MB block size is in line with their goals (so that the Bitcoin deliberately slow, so they can’t handle any more complex transactions, such as intelligent contracts). Many other participants are planning to establish a second layer of solutions to get their own cake. (Lighting Network, Liquid, is a non-deployed solution, but unfortunately failed now).

This is how we get BTC, as well as a loser like BSV, BCH, etc.

Imagine, if this incentive measure is the code that changes the Bitcoin. If you don’t agree to change the code, their investment will return. They will agree to change code, all the so-called “beliefs”, “consensus” become worthless. Greedy people will not ask for their own interests. at all costs.

Not to mention, Bitcoin core developers are currently supporting its continued work on the sponsors system. Unless you are sponsored by the company (no than the Bitcoin Foundation), no one will make your back book. This is a closed circle, not everyone can join.

At present, Bitcoin is working hard to defend its last dominant position in the encrypted monetary market. In view of its market value, this is still a long way to go before the block chain is finally waved.

Now, the miners are trying to minat the remaining loops as much as possible because block rewards will eventually return. Drifters and missionaries may try to remove their packages and do every effort to survive.

Ordinary people, what should we do like a shrimp and rice?

The best way is to stay away from Bitcoin.

After all, there are still many other options. Ether Square is now a better value storage tool, if this is what you are pursuing. If you pursue the so-called monthly portfolio, then other logins provide a better opportunity. Anything is better than Bitcoin, even if it is just a MEME.