Misir Mahmudov

(unsound) money is the root of all evil

7/ Otherwise, the opportunity cost of decentralization is too high in almost every use-case.

6/ "a coercive monopolist tends to perform his service badly and inefficiently" Murray Rothbard

5/ Decentralization is necessary to get around enforced, coercive monopolies that benefit the central authority at the cost of the powerless users facing the threat of violence or no alternatives.

4/ Decentralization is only applicable to systems where the trust in the central authority is compromised and the user is incurring an economic cost.

3/ Average user prioritizes cost and user experience over ideologically driven concept of decentralization that is only useful in select use-cases.

2/ Centralized systems are in almost all cases more efficient and cheaper than decentralized alternatives.

1/ 5 years of blockchain and decentralization hype and, aside from Bitcoin, there has not been a single useful product.

In the years to come, Bitcoin's Lightning Network will eliminate ‘value propositions’ of many altcoins similar to the way paper money made gold-backed transactions possible at larger scale and thus eliminated silver’s monetary role.

6/ The existence of various altcoins is nothing but a vestigial byproduct echoing the provisional nature of fiat currencies. All will be washed away as people learn about the single honest homogenous international monetary standard - Bitcoin.

5/ The successor of the Information Age in the form of Bitcoin is already on the path to inevitably put an end to this anomaly.

4/ Fiat currencies, in their current incarnation, have been around for only 47 years. They are a temporary monopolist perversion enabled by the centralizing forces of the Industrial Age.

3/ Gold has served people as a winner-take-most form of sound money for over two thousand years (and a winner-take-all money after 1880s, after paper notes became commonplace, further demonetizing silver).

2/ Their minds do not see beyond the last several decades. They are victim to a misleading statistical graph with a distorted scale.

1/ People who dismiss Bitcoin and its value proposition as a competitively superior non-sovereign monetary store of value are ignorant and fail to see the big picture.

5/ but will also pull in some of the funds that are currently forced to seek relative ‘stability’ in the real estate and stock markets.

4/ Bitcoin, being the only thing whose supply is absolutely limited, perfectly predictable and eventually deflationary, will not only cause a gradual exodus of much of the wealth stored in the aforementioned inferior forms of money,