Hacker News new | comments | show | ask | jobs | submit login

I actually completely agree with you. I didn't want to say it out loud, but I do agree that the way Bitcoin is hyped to outsiders (as the future of currency transactions, independent from governments and banks) is very different from how Bitcoin holders actually think about it and use it (as an asset to be pumped-and-dumped). Bitcoin defenders tend to get very upset when you point this out though.

Whenever I look at anti-Bitcoin arguments, it mostly just boils down to the fact that they don't really know Bitcoin all that well.

There's absolutely no reason why digital gold can't be extremely liquid. There's no reason why increasing the valuation of bitcoin itself is going to do away with the digital gold market (raise your hand if you hold gold and would be super upset if it went up 100x).

The complaints about stagnation and the fact that the community is having political difficulties etc is true. But I also remember some years ago when twitter couldn't even keep its servers running and everyone was writing it off as a technology that couldn't scale.

Even if the naysayers are right and and Bitcoin never becomes anything but digital gold and a way to send money between different countries, then the market cap still has like 50x to go.

Finally, I'll only accept arguments that Bitcoin can't become the next digital currency from people who thoroughly understand the lightning network. If you actually understand how Bitcoin is structured, there's no way it could ever scale to the point where every transaction is written to the block chain.

That's why we are creating the lightning network, which is essentially a VISA prepaid credit card system on top of Bitcoin. You can contribute a certain amount to your lightning account and then make unlimited purchases, instantly and it practically zero cost all month and then settle with one transaction to the blockchain. All of this is secure and trustless.

The only thing standing between the lightning network and what we have now is a fix for malleable transactions which is held up because of a political dispute.

The nature of the dispute is unimportant, mostly due to the fact that the rebels have tried to do a hard fork attack over the last month and have failed, proving Bitcoin to be decentralized enough (and it will get more decentralized as it gets larger). The opposition, at this point, can't win and can only delay. At some point, incentives will ensure that they have to go along with the fix, and then it's Bitcoin 10,000.

I'm invested in Bitcoin for the long-term and have no interest in pumping and dumping. To date, I haven't sold any Bitcoin, and I have high six figures worth.

I'm more bullish on Bitcoin than I have been on anything, and I would openly welcome any legitimate arguments that convinced me otherwise, but I haven't heard anything yet that can't easily be explained by a misunderstanding of the underlying technology.

> The only thing standing between the lightning network and what we have now is a fix for malleable transactions which is held up because of a political dispute.

I think this part right here is the root of your problem. There was a good quote from Neal Stephenson's most recent book:

“ ... I have to warn you that this is the word—‘politics’—that nerds use whenever they feel impatient about the human realities of any organization.”

Trying to handwave away your opponent's position as "a political dispute" will never get you anywhere. They're all saying the same thing about your position! "If everyone just agreed with me, there'd be no dispute" That's why Bitcoin is in a stalemate, with everybody accusing everybody else of having ulterior motives while they alone are the only noble people whose opinions are purely apolitical.

Thinking that you can create a system where decisions are made purely on their technical merits, and "politics" can be kept out, is the hopeless nerd fantasy that we really have to get over.

You mischaracterize my point completely. I, at no point, make the claim that politics isn't part of Bitcoin. In fact, that's part of its design. The whole system is designed to be very difficult to change.

The fact that we are at a stalemate right now because of politics is entirely true, and also entirely uninteresting to me. It doesn't matter which side is technically right or wrong, the underlying dispute is ephemeral and eventually something will have to be done, and will. Right now, the incentives are not such to force something to be done, but eventually the incentives will align.

Furthermore, even if I'm incorrect and Bitcoin grinds to a development halt completely, then it's still perfectly suitable to be digital gold and I'll be happy to make my 20-50x return on it based on that.

I don't know who these people you're referring to are who are claiming that Bitcoin is some autonomous system that always makes decisions based on technical merits, but it's not me.

Of course, I have an opinion on the current controversy, and I do think my side is technically right, but that's irrelevant. I also think my side is being political.

Guidelines | FAQ | Support | API | Security | Lists | Bookmarklet | DMCA | Apply to YC | Contact