GitHub - cryptotechguru/Cryptonomicon: Nomicon game space ...

Bitcoin skepticism.

I've always been skeptical of the value of bitcoin. I've been watching bitcoin for a long time since back when you could by 10000 bitcoins for like a dollar. Mainly because as a developer I would see it pop in my news feed constantly. I thought it seems like a novel idea, and as a reader the Cryptonomicon kinda gave me a warm fuzzy to see it take off as a reality.
But that was were my warm fuzzy's ended. My first thought was it'll be a year before this gets shut down by the SEC or embroiled in some sort of lawsuits from the IRS. I was surprised when nothing happened, but overall it seemed to just go on. I heard about people using it on the dark web and that made sense, this was even mentioned in the Cryptonomicon that in any frontier the forerunners are often the criminals. Eventually though it saw some legitimacy, some websites started accepting it as currency the value started to rise meeting parity with the dollar.
I started to read some of the stuff about it. What is a bitcoin? Well, that's when I came across my first problem with how bitcoin works. Bitcoin mining is built on a concept called Proof of Work, from the Bitcoin wiki:
A proof of work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work system.
But is that data valuable? Well... no. The value of bitcoin is spent cpu cycles. If we really break it down the value of bitcoin is entropy. That's what people are trading. Bitcoin is a commodity currency where the commodity is... literally entropy. I thought surely people will realize that the value of this is nothing but spent energy. But the price kept rising.
Now these days you see people defending the idea of bitcoin. When you point out any sort of flaw in how bitcoin is built you get back unintelligible answers that basically break down to, "The ontology of this ontology is the ontology of this ontology." I'm kind of fed up with listening to these people yammer nonsensically about what a great thing bitcoin is. Is anyone else experiencing the same thing?
submitted by stillbourne to skeptic [link] [comments]

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