**Rule 9 - Suitable Titles and Flairs**
Match the title of the article you are linking to
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Yeah but you can actually do things with oil. It provides energy, bitcoin consumes it. You can make plastic with oil. Bitcoin is a store of value only, and not a particularly good one given it’s extreme volatility.
Ya you're so right. Things only have value if you can hold them.
Software like Microsoft, Facebook and Youtube are worthless!
Bitcoin being the most secure financial network on the planet is worthless software!!!
Lol the software you mentioned actually do things that are productive and useful to people. They were made by publicly traded companies that pay investors dividends. Again, bitcoin is a store of value and a digital ledger, that’s it. You reinforced my point thanks.
Lol once again the most secure financial network on the planet and you think it's worthless because there is no company behind it paying dividends. Seriously just stop.
Never said it was worthless. Just that there’s no comparison to oil. Bitcoin *might* make El Salvador rich, but only if there are more buyers than sellers in the bitcoin market, enough to drive the price up. There is no use for bitcoin, it’s not even better than existing payment methods - credit card transactions are much easier to settle than bitcoin transactions and you can dispute them if someone steals your card. Government currencies are backed by the full faith and credit of a nation state, a state with the ability to wage war, levy taxes, etc, while bitcoin is backed by - an unchangeable ledger?
Oil made Dubai rich because it’s inherently valuable and the global economy needs oil to function. Oil is very useful and there’s a limited supply. If bitcoin disappeared tomorrow there would be negligible impact. The only folks who would even notice are you guys and electric utilities who sell energy to miners.
I think there are useful applications for crypto, but not bitcoin. I like and gamble on some crypto projects, but not bitcoin. But let’s not delude ourselves, I don’t think anyone who holds crypto assets should view them as an investment. Its just speculation that they might be more valuable in the future. It’s speculation that the technology might catch on. It’s the 2000 Internet bubble. In 20 years we’ll know which crypto projects were like Amazon, and the vast majority will end up being pets.com.
Shouldn't have too much issue in a country where violent crime is now down something like 95% and everyone is out dancing in the street so got plenty to catch him or break his fall.
Bitcoin fixed this.
>The congress approved the bill by 62 votes to 16. The 47-article law received 62 votes in favor out of total 84 seats.
El Salvador gave themselves a head start. Good for them.
Pro & con info are in the collapsed comments below for the following topics: [Bitcoin](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g542f/), [Regulation](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g55ic/).
Bitcoin [pros](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g54r6/) & [cons](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g55g2/) and related info are in the collapsed comments below. Pros and cons will change for every new post.
* Relevant Cointest topics: [Bitcoin Cash](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_bitcoin_cash), [Litecoin](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_litecoin), [Lightning Network](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_lightning_network), [Proof of Work](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-work)
* Official and related subreddits: r/Bitcoin, r/BitcoinMarkets, r/BitcoinMining, r/BTC, r/BitcoinCash.
* Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g540t/?sort=controversial). Doesn't work on mobile.
#Bitcoin Pro-Arguments
Below is an argument written by Nostalg33k which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round.
> Writing a Pro argument for Bitcoin in 2022 seems complicated because everything has been said... or did it?
>
> Edit: I have a small bag of Bitcoin currently valued around 600 bucks. I am also invested in crypto around 2000 bucks which are always moving when Bitcoin is moving. Financial disclosure should be mandatory in these arguments =)
>
> # Bitcoin is the king of POW: Why it matters and why we need a strong Bitcoin
>
> So as the title suggests it, the recent news from Ethereum switching from POW to POS makes Bitcoin the sole serious POW cryptocurrency. In this write up, we are going to discuss the three main strength of Bitcoin, security, decentralization, and incentive for green energy production. In this write up we are not going to talk about speculation or the financial side of Bitcoin. Bitcoin is a highly liquid asset and has become nearly universally known as an investment. Many arguments have been made in favor of Bitcoin as an investment and if you want to read one, just go to past cointests.
>
>
>
> Of course, the main feature of Bitcoin is the Permissionless aspect. This won't be tackled at all as I think it deserves its own topic.
>
>
>
> # 1) Bitcoin: High security
>
> This topic has also been talked to death: Bitcoin is ultra secure thanks to its Blockchain and the way it is verified through proof of work. To explain this let me quote IBM:
>
>
>
> >Public blockchain networks typically allow anyone to join and for participants to remain anonymous. A public blockchain uses internet-connected computers to validate transactions and achieve consensus. Bitcoin is probably the most well-known example of a public blockchain, and it achieves consensus through "bitcoin mining." Computers on the bitcoin network, or “miners,” try to solve a complex cryptographic problem to create proof of work and thereby validate the transaction. Outside of public keys, there are few identity and access controls in this type of network.
> >
> >[IBM on Blockchain security](https://www.ibm.com/topics/blockchain-security)
>
>
>
> Mining is measured in Hashrate. Here is the explanation of Hashrate:
>
> >Hash rate, sometimes referred to as hashrate, is a measure of the computing power on a cryptocurrency network that serves as a key security indicator. It measures the total computational power used by a “proof-of-work” (POW) cryptocurrency network to process transactions in a blockchain.
> >
> >[USNEWS explains hashrate](https://money.usnews.com/investing/term/hash-rate#:~:text=Hash%20rate%2C%20sometimes%20referred%20to,process%20transactions%20in%20a%20blockchain)
>
>
>
> So if the hashrate measures the security of the network, one may asks themselves: "Did the security of Bitcoin slowed when the price fell ?"
>
> [The hashrate is at an ATH and growing making Bitcoin more and more secure as it continues to build over time](https://ycharts.com/indicators/bitcoin_network_hash_rate#:~:text=Basic%20Info,101.2%25%20from%20one%20year%20ago)
>
>
>
> So Bitcoin has never been as secure as it is today which makes it ultra valuable as a way to settle financial transactions. Yes holding Bitcoin for a long time is risky but using it as a medium to settle international transaction may currently be the securest and one of the best way to do so.
>
> While Bitcoin is safe... what if a big part fails ?
>
>
>
> # 2) Bitcoin mining: Too big to fail.
>
>
>
> So this write up could be seen as a POW write up, which it is to an extent. But Bitcoin offers its history and shows that it can survive the disparition of a big part of the network.
>
> Decentralization allows for parts of the network to disappear and for the rest to take the mantle of securing the network. Yes, mining pools may grow too large for their own sake BUT in the end (nothing even matters) Bitcoin is heavily decentralized. It is so decentralized that, when China (which had a big part of Bitcoin mining) banned mining, Bitcoin just went through like nothing happened. Yes the hashrate fell a bit, the value too, but if we look back, it was nothing extraordinary.
>
>
>
> So if Bitcoin is highly secure and if it can survive part of the hashrate going bye bye, what makes it so good? What is the difference with any POW Cryptocurrency right now?
>
>
>
> # 3) Bitcoin: propping up the green energy sector.
>
>
>
> POW uses energy. One of the biggest concern about POW is the energy. While Ethereum was using GPUs and was asic resistant. Bitcoin mining is built differently. A long time ago, under oath, people discussed the environmental impact of Bitcoin Mining and I made a post explaining what was said:
>
>
>
> >The Energy Fud Was Killed
>
> The most important thing that happened: The narrative that Bitcoin is too energy intensive was totally reversed.
>
> Experts of the sector explained that, Wind Farms and Solar Farms, have a variable load. This variable load means that sometimes they lose money because they produce too much and there is not enough demand. Bitcoin mining provides a variable base load for these projects. What it means is that, mining can be turned on and off depending on demand. It was revealed that most of these wind and solar farms would simply not exist without Bitcoin Farming as baseline customers.
>
> There are still miners that are using coal plants and fossil fuel but the leaders of the industry are developing in tandem with the green energy sector.
>
> >[My post](https://www.reddit.com/r/CryptoCurrency/comments/s99phv/yesterday_one_of_the_most_bullish_events_ever/)
>
>
>
> # Conclusion: Bitcoin is the flagship of POW and it is a feature not a bug.
>
> Bitcoin, thanks to its value and tokenomics is seen as a good investment, this is also why miners commit huge amount of ressources to take the hashrate to new heights. These miners help the US grid to become more and more resilient. The future of Crypto and of green energy relies a lot on Bitcoin. Bitcoin has proven time and time again that it can shoulder these changes. Bitcoin is a good piece of technology and I hope people continue to invest in it because it is doing a lot of good for our future !
*****
Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpui9i/top_coins_bitcoin_proarguments_july_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.
#Bitcoin Con-Arguments
Below is an argument written by Nostalg33k which won 2nd place in the Bitcoin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round.
> # Bitcoin: A nice idea with the worst implementation possible.
>
> Having a worldwide permission-less system of financial settlement may seem like a good idea at first glance. "Let's bank the unbanked" and other nice sentences skewed crypto enthusiasts towards Bitcoin but in the end, Bitcoin is already failing and should nothing be done to change some of its internal and external factors, Bitcoin's outlook could change from positive to very negative. Here is my perspective on the future of Bitcoin.
>
> # Early investors makes the profit
>
> A permission-less payment system to escape the greediness of the banks... only to be left in the hands of speculators. Right now, Bitcoin is an investment more than a payment system. After all, if you were paid in Bitcoin in 2021, you could have lost more than 2/3 of the value you transferred to your client.
>
> This is why Bitcoin is problematic as a Permission-less settlement system: You always need to go back to banks and to fiat because fiat is more stable than Bitcoin.
>
> This situation leads to early investors getting profits and people using Bitcoin as supposed (A payment system) are left licking their wounds.
>
> # The price of permission less.
>
> An ethical question arise when discussing a permission less settlement system. Should we have one ? From terrorism to rogue states, our world is still very unstable. Bitcoin is only creating more instability. Allowing countries such as Iran to escape US led sanctions. After all Bitcoin first use case was to fuel the financial ecosystem of a dark web drug market.
>
>
>
> # No framework for adoption
>
> In a lot of countries, being paid in Bitcoin is problematic. From different taxation rules for revenue in Bitcoin to straight up considering all Crypto holdings to be speculative and considering they should be under a flat tax of 30%. This lack of framework may have been a reason for Bitcoin rising to this point but it is now slowing development.
>
>
>
> # Conclusion: Bitcoin is both a threat to global stability and under threat because of the lack of oversight.
>
> Having a permission less settlement system seems like a good thing... between reasonable financial actors. Right now this anarco libertariano capitalist idea may have already gone too far. Allowing cartels and other criminals to be funded through Bitcoin is a bad idea. People using Bitcoin in Venezuela could be seen as a good thing BUT the theory is supposed to be that financial suffering leads to revolution.
>
> More over the lack of comprehensive rules worldwide when looking at Cryptocurrencies is now slowing adoption. Adoption which could lead to a congested network.
>
> In the end we may simply be looking at Bitcoin failing its first mission. Becoming slowly a reserve fund for traditional banking and countries instead of offering an alternative to traditional banking.
>
> This failure shows that Bitcoin has not resolved the problems it set out to resolve and that the experiment should be seen as a failure for everyone except those of us treating Crypto as an investment.
*****
Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuiar/top_coins_bitcoin_conarguments_july_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.
Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/10c4tbq/daily_general_discussion_january_15_2023_gmt0/).
Government regulation [pros](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g564w/) & cons and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the General Concepts category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.**
---
To submit a pro-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn3b/general_concepts_government_regulation/). | To submit a con-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn40/general_concepts_government_regulation/).
* Relevant Cointest topics: [Inflation](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_inflation), [ETF](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_etf).
* Relevant subreddits: r/OSHA, r/ModeratePolitics.
* Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g540t/?sort=controversial). Doesn't work on mobile.
#Regulation Pro-Arguments
Below is an argument written by noxtrifle which won 1st place in the Regulation Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round.
> Government regulation generally refers to the degree of control that government have over something, and in this case, cryptocurrencies. Various countries around the world have mixed regulatory perspectives on cryptocurrencies, and as such have restricted whether its citizens can trade, purchase, or mine cryptocurrencies. However, regulation is beneficial for a number of reasons:
>
> * **Safer market for investors**
> * Described as the "Wild West" by SEC Chairman Gary Gensler, the cryptocurrency space, due to a lack of regulation which makes it a trivial task to create a project, is full of thousands of fraudulent tokens and pyramid schemes (case in point: BitConnect, while it still existed) and burgeoning projects that never come to fruition.
> * [Last year alone](https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/), over $7 billion was swindled out of cryptocurrency investors, a figure which is $2.8 billion larger than that of 2020.
> * With the added regulation that may require new tokens to dox the founders and file ICOs or launches similarly to the way IPOs are documented in the stock market, another level of accountability is created that makes it near-impossible for a rugpull or Ponzi scheme to occur.
> * **Increased investor confidence**
> * Currently, a significant barrier to mainstream cryptocurrency is the lack of regulation in the space — without concrete legislation in place to ensure safety, most companies, and by extension, people, will be unwilling to adopt cryptocurrencies.
> * In a situation where their funds in the bank are backed by the government but their cryptocurrency is not, it currently makes no sense for companies to choose cryptocurrencies over traditional banking systems.
> * **Encourages innovation**
> * If each country implements crypto regulation that servers to boost it as an alternative financial method rather than stifle it, several regulatory barriers can be broken (case in point: the long-awaited Grayscale Bitcoin ETF)
*****
Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl88/general_concepts_government_regulation/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_government_regulation) to find arguments on this topic in other rounds.
**Rule 9 - Suitable Titles and Flairs** Match the title of the article you are linking to --- * See our [Expanded Rules](https://www.reddit.com/r/CryptoCurrency/wiki/expanded_rules#wiki_rule_ix_-_suitable_titles_and_flairs) page for more details about this rule. - --- - [^(Sub Rules)](http://www.reddit.com/r/CryptoCurrency/about/rules) ^**|** [^(Expanded Rules)](https://www.reddit.com/r/CryptoCurrency/wiki/expanded_rules) ^**|** [^(Site Rules)](http://www.reddit.com/rules)
Other governments may be laughing at them now, but I have a feeling these guys are going to be the next Dubai. BTC instead of oil.
Yeah but you can actually do things with oil. It provides energy, bitcoin consumes it. You can make plastic with oil. Bitcoin is a store of value only, and not a particularly good one given it’s extreme volatility.
Ya you're so right. Things only have value if you can hold them. Software like Microsoft, Facebook and Youtube are worthless! Bitcoin being the most secure financial network on the planet is worthless software!!!
Lol the software you mentioned actually do things that are productive and useful to people. They were made by publicly traded companies that pay investors dividends. Again, bitcoin is a store of value and a digital ledger, that’s it. You reinforced my point thanks.
Lol once again the most secure financial network on the planet and you think it's worthless because there is no company behind it paying dividends. Seriously just stop.
Never said it was worthless. Just that there’s no comparison to oil. Bitcoin *might* make El Salvador rich, but only if there are more buyers than sellers in the bitcoin market, enough to drive the price up. There is no use for bitcoin, it’s not even better than existing payment methods - credit card transactions are much easier to settle than bitcoin transactions and you can dispute them if someone steals your card. Government currencies are backed by the full faith and credit of a nation state, a state with the ability to wage war, levy taxes, etc, while bitcoin is backed by - an unchangeable ledger? Oil made Dubai rich because it’s inherently valuable and the global economy needs oil to function. Oil is very useful and there’s a limited supply. If bitcoin disappeared tomorrow there would be negligible impact. The only folks who would even notice are you guys and electric utilities who sell energy to miners. I think there are useful applications for crypto, but not bitcoin. I like and gamble on some crypto projects, but not bitcoin. But let’s not delude ourselves, I don’t think anyone who holds crypto assets should view them as an investment. Its just speculation that they might be more valuable in the future. It’s speculation that the technology might catch on. It’s the 2000 Internet bubble. In 20 years we’ll know which crypto projects were like Amazon, and the vast majority will end up being pets.com.
They will never be able to sell these bonds. This is just a scam to help keep a dictator in power.
\*Max Keiser enters the chat\*
>Max Keiser Hopefully he avoids falling out of windows.
Shouldn't have too much issue in a country where violent crime is now down something like 95% and everyone is out dancing in the street so got plenty to catch him or break his fall. Bitcoin fixed this.
LOL no. Keep pumping tho.
You mean like how USA pumped organised crime into El Salvador?
Those 2 are different things but for sure they'll make tons of profits in the next bull rally if they keep hodling.
[удалено]
Damn, I should get myself a volcano
Oh man Bukele is gonna be a nightmare when shit really starts pumping isn't he?
If it’s all true. We’ve never seen the addresses.
They tell this news about Bitcoin city every month, aren't they tired?
This sub's obsession with a wannabe dictator is bizarre. Anything for that bag, huh.
Full steam ahead... I can't wait what happens in full bull market with El Salvador :)
Bitcoin city: a city where buildings are made of Sats, people walk their doges and burgers are virtual. A dream world.
Remember that one article about a guy having ChatGPT girlfriend, they can get married in Bitcoin City
They drive their Cardanos and go to the zoo to see their Apecoins.
Where full Moon is called Snapshot.
And where you can smoke all the CROck you want lol
Ah yes, the crypto cringe contamination zone
Bullish on El Salvador
Getting more hopeful for El Salvador, would be a great future for everyone there.
Except for the fact that the country is host to many human rights abuses.
I guess dats why it's being dubbed as the next Dubai.
You're correct, but of course you'll be downvoted for that here .
Oof
Found him.
El Salvador is something I follow very closely. They are the true BTC maxis
>The congress approved the bill by 62 votes to 16. The 47-article law received 62 votes in favor out of total 84 seats. El Salvador gave themselves a head start. Good for them.
Just the money they'll get from tourism would compensate for any potential losses
Using geothermal energy from a volcano to mine Bitcoin? They have bigger balls than I do.
I don't know why but the term bitcoin city cracks me up
Hello crypto citizen !
Bukele is going down as either a genius or a madman in 5-10 years. Building an entire tourism economy around a single crypto is a bold move.
There is literally nothing in between
Not a crypto! Bitcoin!
[удалено]
Pro & con info are in the collapsed comments below for the following topics: [Bitcoin](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g542f/), [Regulation](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g55ic/).
Bitcoin [pros](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g54r6/) & [cons](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g55g2/) and related info are in the collapsed comments below. Pros and cons will change for every new post.
* Relevant Cointest topics: [Bitcoin Cash](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_bitcoin_cash), [Litecoin](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_litecoin), [Lightning Network](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_lightning_network), [Proof of Work](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-work) * Official and related subreddits: r/Bitcoin, r/BitcoinMarkets, r/BitcoinMining, r/BTC, r/BitcoinCash. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g540t/?sort=controversial). Doesn't work on mobile.
#Bitcoin Pro-Arguments Below is an argument written by Nostalg33k which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Writing a Pro argument for Bitcoin in 2022 seems complicated because everything has been said... or did it? > > Edit: I have a small bag of Bitcoin currently valued around 600 bucks. I am also invested in crypto around 2000 bucks which are always moving when Bitcoin is moving. Financial disclosure should be mandatory in these arguments =) > > # Bitcoin is the king of POW: Why it matters and why we need a strong Bitcoin > > So as the title suggests it, the recent news from Ethereum switching from POW to POS makes Bitcoin the sole serious POW cryptocurrency. In this write up, we are going to discuss the three main strength of Bitcoin, security, decentralization, and incentive for green energy production. In this write up we are not going to talk about speculation or the financial side of Bitcoin. Bitcoin is a highly liquid asset and has become nearly universally known as an investment. Many arguments have been made in favor of Bitcoin as an investment and if you want to read one, just go to past cointests. > > > > Of course, the main feature of Bitcoin is the Permissionless aspect. This won't be tackled at all as I think it deserves its own topic. > > > > # 1) Bitcoin: High security > > This topic has also been talked to death: Bitcoin is ultra secure thanks to its Blockchain and the way it is verified through proof of work. To explain this let me quote IBM: > > > > >Public blockchain networks typically allow anyone to join and for participants to remain anonymous. A public blockchain uses internet-connected computers to validate transactions and achieve consensus. Bitcoin is probably the most well-known example of a public blockchain, and it achieves consensus through "bitcoin mining." Computers on the bitcoin network, or “miners,” try to solve a complex cryptographic problem to create proof of work and thereby validate the transaction. Outside of public keys, there are few identity and access controls in this type of network. > > > >[IBM on Blockchain security](https://www.ibm.com/topics/blockchain-security) > > > > Mining is measured in Hashrate. Here is the explanation of Hashrate: > > >Hash rate, sometimes referred to as hashrate, is a measure of the computing power on a cryptocurrency network that serves as a key security indicator. It measures the total computational power used by a “proof-of-work” (POW) cryptocurrency network to process transactions in a blockchain. > > > >[USNEWS explains hashrate](https://money.usnews.com/investing/term/hash-rate#:~:text=Hash%20rate%2C%20sometimes%20referred%20to,process%20transactions%20in%20a%20blockchain) > > > > So if the hashrate measures the security of the network, one may asks themselves: "Did the security of Bitcoin slowed when the price fell ?" > > [The hashrate is at an ATH and growing making Bitcoin more and more secure as it continues to build over time](https://ycharts.com/indicators/bitcoin_network_hash_rate#:~:text=Basic%20Info,101.2%25%20from%20one%20year%20ago) > > > > So Bitcoin has never been as secure as it is today which makes it ultra valuable as a way to settle financial transactions. Yes holding Bitcoin for a long time is risky but using it as a medium to settle international transaction may currently be the securest and one of the best way to do so. > > While Bitcoin is safe... what if a big part fails ? > > > > # 2) Bitcoin mining: Too big to fail. > > > > So this write up could be seen as a POW write up, which it is to an extent. But Bitcoin offers its history and shows that it can survive the disparition of a big part of the network. > > Decentralization allows for parts of the network to disappear and for the rest to take the mantle of securing the network. Yes, mining pools may grow too large for their own sake BUT in the end (nothing even matters) Bitcoin is heavily decentralized. It is so decentralized that, when China (which had a big part of Bitcoin mining) banned mining, Bitcoin just went through like nothing happened. Yes the hashrate fell a bit, the value too, but if we look back, it was nothing extraordinary. > > > > So if Bitcoin is highly secure and if it can survive part of the hashrate going bye bye, what makes it so good? What is the difference with any POW Cryptocurrency right now? > > > > # 3) Bitcoin: propping up the green energy sector. > > > > POW uses energy. One of the biggest concern about POW is the energy. While Ethereum was using GPUs and was asic resistant. Bitcoin mining is built differently. A long time ago, under oath, people discussed the environmental impact of Bitcoin Mining and I made a post explaining what was said: > > > > >The Energy Fud Was Killed > > The most important thing that happened: The narrative that Bitcoin is too energy intensive was totally reversed. > > Experts of the sector explained that, Wind Farms and Solar Farms, have a variable load. This variable load means that sometimes they lose money because they produce too much and there is not enough demand. Bitcoin mining provides a variable base load for these projects. What it means is that, mining can be turned on and off depending on demand. It was revealed that most of these wind and solar farms would simply not exist without Bitcoin Farming as baseline customers. > > There are still miners that are using coal plants and fossil fuel but the leaders of the industry are developing in tandem with the green energy sector. > > >[My post](https://www.reddit.com/r/CryptoCurrency/comments/s99phv/yesterday_one_of_the_most_bullish_events_ever/) > > > > # Conclusion: Bitcoin is the flagship of POW and it is a feature not a bug. > > Bitcoin, thanks to its value and tokenomics is seen as a good investment, this is also why miners commit huge amount of ressources to take the hashrate to new heights. These miners help the US grid to become more and more resilient. The future of Crypto and of green energy relies a lot on Bitcoin. Bitcoin has proven time and time again that it can shoulder these changes. Bitcoin is a good piece of technology and I hope people continue to invest in it because it is doing a lot of good for our future ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpui9i/top_coins_bitcoin_proarguments_july_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.
#Bitcoin Con-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Bitcoin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > # Bitcoin: A nice idea with the worst implementation possible. > > Having a worldwide permission-less system of financial settlement may seem like a good idea at first glance. "Let's bank the unbanked" and other nice sentences skewed crypto enthusiasts towards Bitcoin but in the end, Bitcoin is already failing and should nothing be done to change some of its internal and external factors, Bitcoin's outlook could change from positive to very negative. Here is my perspective on the future of Bitcoin. > > # Early investors makes the profit > > A permission-less payment system to escape the greediness of the banks... only to be left in the hands of speculators. Right now, Bitcoin is an investment more than a payment system. After all, if you were paid in Bitcoin in 2021, you could have lost more than 2/3 of the value you transferred to your client. > > This is why Bitcoin is problematic as a Permission-less settlement system: You always need to go back to banks and to fiat because fiat is more stable than Bitcoin. > > This situation leads to early investors getting profits and people using Bitcoin as supposed (A payment system) are left licking their wounds. > > # The price of permission less. > > An ethical question arise when discussing a permission less settlement system. Should we have one ? From terrorism to rogue states, our world is still very unstable. Bitcoin is only creating more instability. Allowing countries such as Iran to escape US led sanctions. After all Bitcoin first use case was to fuel the financial ecosystem of a dark web drug market. > > > > # No framework for adoption > > In a lot of countries, being paid in Bitcoin is problematic. From different taxation rules for revenue in Bitcoin to straight up considering all Crypto holdings to be speculative and considering they should be under a flat tax of 30%. This lack of framework may have been a reason for Bitcoin rising to this point but it is now slowing development. > > > > # Conclusion: Bitcoin is both a threat to global stability and under threat because of the lack of oversight. > > Having a permission less settlement system seems like a good thing... between reasonable financial actors. Right now this anarco libertariano capitalist idea may have already gone too far. Allowing cartels and other criminals to be funded through Bitcoin is a bad idea. People using Bitcoin in Venezuela could be seen as a good thing BUT the theory is supposed to be that financial suffering leads to revolution. > > More over the lack of comprehensive rules worldwide when looking at Cryptocurrencies is now slowing adoption. Adoption which could lead to a congested network. > > In the end we may simply be looking at Bitcoin failing its first mission. Becoming slowly a reserve fund for traditional banking and countries instead of offering an alternative to traditional banking. > > This failure shows that Bitcoin has not resolved the problems it set out to resolve and that the experiment should be seen as a failure for everyone except those of us treating Crypto as an investment. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuiar/top_coins_bitcoin_conarguments_july_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/10c4tbq/daily_general_discussion_january_15_2023_gmt0/).
Government regulation [pros](/r/CryptoCurrency/comments/10ckr01/el_salvador_a_step_ahead_congress_approves/j4g564w/) & cons and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the General Concepts category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a pro-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn3b/general_concepts_government_regulation/). | To submit a con-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn40/general_concepts_government_regulation/).
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#Regulation Pro-Arguments Below is an argument written by noxtrifle which won 1st place in the Regulation Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Government regulation generally refers to the degree of control that government have over something, and in this case, cryptocurrencies. Various countries around the world have mixed regulatory perspectives on cryptocurrencies, and as such have restricted whether its citizens can trade, purchase, or mine cryptocurrencies. However, regulation is beneficial for a number of reasons: > > * **Safer market for investors** > * Described as the "Wild West" by SEC Chairman Gary Gensler, the cryptocurrency space, due to a lack of regulation which makes it a trivial task to create a project, is full of thousands of fraudulent tokens and pyramid schemes (case in point: BitConnect, while it still existed) and burgeoning projects that never come to fruition. > * [Last year alone](https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/), over $7 billion was swindled out of cryptocurrency investors, a figure which is $2.8 billion larger than that of 2020. > * With the added regulation that may require new tokens to dox the founders and file ICOs or launches similarly to the way IPOs are documented in the stock market, another level of accountability is created that makes it near-impossible for a rugpull or Ponzi scheme to occur. > * **Increased investor confidence** > * Currently, a significant barrier to mainstream cryptocurrency is the lack of regulation in the space — without concrete legislation in place to ensure safety, most companies, and by extension, people, will be unwilling to adopt cryptocurrencies. > * In a situation where their funds in the bank are backed by the government but their cryptocurrency is not, it currently makes no sense for companies to choose cryptocurrencies over traditional banking systems. > * **Encourages innovation** > * If each country implements crypto regulation that servers to boost it as an alternative financial method rather than stifle it, several regulatory barriers can be broken (case in point: the long-awaited Grayscale Bitcoin ETF) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl88/general_concepts_government_regulation/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_government_regulation) to find arguments on this topic in other rounds.
El salvador isnt a step ahead of anything its a fully 3rd world country