Tell me why you haven’t bought #bitcoin
yet
pic.twitter.com/AXjrofMAOH
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Replying to @MasaSonCap
I think a 51% attack is more likely than people think, it’s not lindy, and it’s a real hassle.
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Replying to @Molson_Hart @MasaSonCap
It’s hard to corner these markets. Why gold is not cornered? Hunt brothers tried silver market and got blown up. But you never know about Bitcoin since it’s not that liquid.
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Replying to @patelesh @MasaSonCap
I don’t think that’s a good analogy. If gold is cornered my gold (I cornered) is still valuable. If bitcoin is cornered, my bitcoin is worthless. I don’t have a strong opinion on this, just saying the things in my head about bitcoin. There’s another reason why the analogy is bad.
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Mining is a commodity scale business. These businesses tend towards market concentration. Market concentration means a potentially successful 51% attack. That scares me. Also, I don’t get how bitcoin works. I spent a lot of time trying and I don’t 100% get it. My 2 (bit)cents
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