The r0ach report 29: Bitcoin is similar to the double slit experiment in practice - It only works if you don't use it
At it's heart, bitcoin is nothing more than a variable number multisig. With current mining centralization, it's probably a 2 of 3 or 3 of 5 multisig. So the only question is how big of a multisig is needed for it to be considered "decentralized"?
The fact that bitcoin is nothing more than a multisig in practice also makes it kind of bogus because a multisig is obviously not an open entropy system. For it to be an open entropy system, instead of using 6 confs, you would probably need to use literally infinite confs. That's kind of how bitcoin is a con in practice, because given an infinite timeline, you can attempt to make the claim bitcoin is a decentralized, open entropy system, but if you actually try to use it on a finite timeline, it morphs into nothing more than a centralized multisig. People claim that's "probabilistic", but no, it's just a centralized multisig when a finite timeline is applied.
So there you go folks, the only way for bitcoin to properly function is by not using it because the act of a human using it applies a fixed timeline and makes it's mechanics fall apart.
(and anonymint is going to argue the confs can be rolled back at any time during the middle of this process making whatever number of confs pointless in the first place)
img source: salmaniac.com
great post
It also only works if nobody else is using it. Because when lots of other people are, it increases transaction times and fees to the point where it defeats its own purpose for existence. It's not much of a "currency" when you can wait days for a transaction to confirm.