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The actually Top 7 interesting facts about Bitcoin

1. Bitcoin was created to be a [cashlike payment method](https://bitcoin.com/bitcoin.pdf), not a store of value

2. Bitcoin allows you to [use the system trustlessly without running a full node](https://medium.com/@jonaldfyookball/why-every-bitcoin-user-should-understand-spv-security-520d1d45e0b9)

3. Bitcoin was [captured circa 2014](https://www.reddit.com/r/btc/comments/7lio87/debunking_blockstream_is_3_or_4_developers_out_of/) by a pair of for-profit companies (Blockstream and Chaincode)

4. Bitcoin depends on [social media manipulation](https://medium.com/@johnblocke/a-brief-and-incomplete-history-of-censorship-in-r-bitcoin-c85a290fe43) and [market manipulation](https://www.bloomberg.com/news/articles/2021-01-14/research-affiliates-quant-warns-of-bitcoin-market-manipulation) for its #1 market cap position

5. Since [the Lightning Network is not capable of scaling Bitcoin’s user base](https://www.researchgate.net/publication/349846413_Performance-Based_Analysis_of_Blockchain_Scalability_Metric), Bitcoin can never be used natively by more than a few million people. All others will depend on custodians.

6. As a result of the reengineering of BTC from payment system to store of value, Bitcoin has been turned into [the slowest, most expensive, least useful crypto](http://cryptofees.net/) in the entire crypto market

7. BTC has [intentionally and irreversibly painted itself into an inescapable strategy](https://www.reddit.com/r/btc/comments/ki8zay/why_cant_btc_just_increase_block_size/) of “low volume / high fees” since it is practically impossible to increase the base layer capacity in a meaningful way

**Conclusion:** When the market finally demands utility and / or the scams upholding Bitcoin are fully exposed to the public, there will be a market reckoning the likes of which will probably set the entire crypto market back by a decade

What do you think?

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8 Comments

  1. Y’all are a bunch of crypto conspiracy theorists denying whats right before your eyes. Do yourselves a favor and re-sync with reality. Some of you will capitulate at 100k, more at 500k, then a million. Only the most dense of you will be hanging around here 10 years from now still trying to cope with being so wrong about the greatest investment opportunity of your life time. It would be funny if it wasn’t so sad…

  2. The fact that bitcoin minimalist people don’t understand why bitcoin is valued so highly is the same reason why it is valued so highly. The people buying bitcoin doesn’t care about the tech. Because of this, it won’t crash. Others may rise, but bitcoin will continue to be a store of value.

    My two cents

  3. 8. Energy consumption for primarily SOV w/out scaled transactions destroys the energy conservation relative to utility in commerce. (Just my humble opinion)

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