Add new critiques #3
Description
- Deflationary currencies cannot work (example of this argument in German). Rebuttal: very innovative society during gold standard.
- Once all BTC are mined no one wants to mine anymore and Bitcoin gets insecure. Rebuttal: If BTC price in fiat terms continues to grow more then the mining reward in dollar terms will be as large as today's block reward. A Bitcoin transaction in today's dollar terms would be at least 10$ (for 1 sat/vbyte) though. 2nd layer solutions (e.g. Lightning) are essential.
- Arguments in Trail of Bits - Are Blockchains Decentralized? Unintended Centralities in Distributed Ledgers. Rebuttal: No clue. My technical knowledge isn't at this level. Hopefully somebody can help out. BUT: Why has nobody tried to attack Bitcoin by exploiting the vulnerabilities stated in this report? Bitcoin runs pretty much flawlessly since 2009.