Ok so I go first.
For me this is not at all about Bitcoin's price in fiat... Comments like "it will go to the moon" are still welcome
These properties seem to me (and in general for humanity) positive things Bitcoin offers:
1.1) Bitcoin is scarce money: Printed money is (even with good intentions) never distributed fair
1.2) Bitcoin is handing over the power to a ruleset + the market, instead of a committee of humans: Humans can be corrupt, fouled by feelings and unable to understand satistics
1.3) Bitcoin digital and global money
1.4) Bitcoin has a disruptive potential for a lot of financial legacy stuff
Next I tried to understand why Bitcoin and not something else. Because all the other moneys (and its holders) also want to be the worlds currency protection is super important.
Bitcoins seems to me to have the strongest protection agains any kind of attacks because off:
2.1) Bitcoin is most decentralized: Of course that's what all cryptos claim to be, but if you check a little bit more in detail small e.g. block sizes are a plus to run a mini computers instead of banking servers.
2.2) No lead. No CEO. No institutions: This seems to be unique and makes it super art to even find the perfect attack target to kill Bitcoin
2.3) Encryption: Always favors the defender. I'm learning a lot here currently - this stuff is amazing
2.4) Proof of work: You need to invest energy to get Bitcoin. Energy is a real world cost. So attacks are super costy in the real world, which makes it less likely that someone attacks.
2.5) Adoption: Now with financial institutions, cooperations and a state holding it, it seems to be good to protect itself
3.) #1 wrong story told about Bitcoin:
Bitcoin is slow, limited in transactions and high transactions fees ... Lighting Network solves this
4.) Energy consumption
The energy consumption of miners are the #1 doubt I have, but this idea of attacks being too expensive (in energy) to be worth it in PoW seems to the amazing solution. I know these reports of the sustainable power mix and carbon emissions of other industries... but I don't feel qualified to validate this.
How much "energy waste" is fine to generate a secure, not corrupt, independent, fair … world currency. Considering that money has massive impacts on almost everything and runs or destroys societies. The longer I thought about the ideas above the more I think it's still worth to give Bitcoin a chance.
5.) Shitcoins
All altcoins promote themselves to be faster (see Lightning), cheaper (see Lightning), better for the environment and technically advanced. With technically advanced this feels to me more like betting on in the best case tech stocks.
All altcoins are:
- more centralized (in money distribution, control over the project, technical requirements for nodes, ...)
- less mature / more in beta / less adopted
- often technically more complex and thus less stable
- more prone to fraud
Proof of Stake is from my understanding a the rich become richer sceme. Cheating and being caught in PoS means you loose the same immaterial asset that you tried to steal. In PoW you loose real world engery.
I see the point of advanced smart contracts but these are possible on Bitcoin too in the future ... and I prefer to play it save first in terms of protection and technical basics. It's not possible to run a world currency with major network outage once a month.
6.) Central Bank Digital Currency
that's even worse than shitcoins. Decentralization isn’t important, until it suddenly is. Privacy isn’t important, until it suddenly is.
Happy to get some feedback and critic. If you thing I'm brainwashed too much with Bitcoin propaganda please let me know, which aspect you see different.
POW is "Winner takes it all" by nature