Bitcoin Security Flaws and Bubble Theory

Here we go. I'm prepared for some serious backlash, but hear me out. First of all, let me say that I do NOT think the overall blockchain sphere is in a bubble (we got a ways to go). This new paradigm of funding is truly revolutionary and has the potential to unleash IMMENSELY positive network effects on the world. But, since the "Bitcoin Maximalists" don't like to discuss these kinds of things, I will. We need to address all of the potential security flaws bitcoin has, and I think the video below is a perfect introduction for that. So give that a watch first and let me know your thoughts. It's interesting stuff and well worth the savvy, future-minded investor's time.

 

---

The second point is just that there is already WAY better technology than bitcoin. Keep in mind, bitcoin has had minimal software upgrades since 2009, especially when compared to some of today's projects with superstar teams. Lets take a closer look at what kind of structure people are buying into when they purchase bitcoin. I am sure you've all seen the image below. I really do believe this is exactly what will happen to Bitcoin and all of its copy-cats. Who knows where the top will be...but already, we are fighting over scraps of Bitcoins. Let us also consider the table below, known as the "Bitcoin Rich List". Finally, what we've known all those years has become transparent - Society is a pyramid scheme. As of this writing, the top 0.67% of Bitcoin holders own 88% of the market share. Let me say that again...As of this writing, the top 0.67% of Bitcoin holders own 88% of the market share.

So the story plays out like this...you wake up one morning feeling like your are amidst a new paradigm - we are finally free from economic slavery!!! Shortly after that thought, you refresh your market tracker and see that Bitcoin (and all copy cats just like it) took a huge hit. You panic, but hold on for the day. Meanwhile, the rest of the top "players" have an OH SHIT moment...thinking, "Hmmmm, a few of my whale buddies sold without me. F***ers. They were supposed to call the rest of us. Oh well, lets wait a bit, buy the dip;)." Fast forward to what is seems like "normal" again. The whales all get on their group call. "'Alright everyone ready?' OKAY...SELL!" Almost instantly, the remaining 88-96% of the market value GONE. Better hope your TX was in that block! A bit far out, I know. Would they really have a business call THAT BIG!? No. They won't. Will it really play out like that? No, it won't. I am just paranoid by nature. But you get the point. Do you think this is the vision Satoshi originally had in mind? If you're still not convinced, here are a few graphs comparing the transactions of Bitcoin to Ethereum. Anyone see a problem here? Also, in my opinion, Ethereum is already behind as well. But that's another can of worms you can read about in my EOS post.

 

Now, all that being said, what Bitcoin does have is name recognition. And I am holding some. Most people don't even know what blockchain or cryptocurrency is, but most have heard of Bitcoin at some point in their life. And that can be a HUGE advantage. But is Bitcoin really the long term play here? Is it what's best for the world? We have already seen massive influence swings due to it's lack of governance (if you remember the Segwit2x/mining scandal). Also, consider the fact that Bitcoin transactions use up more energy than the bottom 160 countries of the world as it stands today! With all that being said, just replace the word "Bitcoin" in the image below with Blockchain, and you're on your way!

![]() ![](