RE: The Bitcoin Ranger? A Response to Mike Adams Uninformed Statements on Bitcoin
Adams goes on to cast some due criticism at the current fees on the Bitcoin network. He calls this "mathematical" evidence that selling Bitcoin in times of high trading volume will be hard. While I don't want to gloss over the nuggets of truth Adams is touching on, this is written with a very clear motive in mind. Yes blocks can be full, yes you might not have as high a priority as transactions paying a higher fee - this is by design. Bitcoin can still handle 3 transactions per second. How would Bitcoin handle an event where everyone wanted to cash out into another currency? Just like any other currency would deal with massive dumping. Do you think your getting all those USD you have in your bank when the economy collapses?
Okay... so most of the technical portions outlined in this section are valid. There will only ever be 21 million Bitcoin. All of those Bitcoin will be mined out in about seven years due to the block reward halving. At the moment rewards for the miners are around 25% of the block reward. I even agree with his statement that you should probably learn about what a blockchain is and what 51% attacks are if you own Bitcoin. I mean that is just simply sound investment advice. What Adams asserts is possible, none of it is likely.
These are two excerpts from my bit by bit run through Adams' piece. I do not like poor Bitcoin journalism.
I too would be willing to send over a mBTC so he can get to know the system better.
Jeff, thanks for showing us this pit of ignorance. Mike does great work in his area of knowledge. i just can't understand why someone would do this to their reputation. Anyway, I just wanted to thank you because you have saved my life. Your courage in being open to the depression you have been in and your rise back to health has been my beacon in the night. I am feeling better than I have since I was a teenager. I am 43 and was ready to give up. I just wanted life to be over and I was never that way when i was younger. i loved life and remembered how I felt then.The last 15 years have been hell. So a heart felt thank you goes out to you. If not for your courage and openness I am not sure i would be here today.
I'm not Jeff but it seems like this person has done wonders for your psyche. Hope you the best.
Those are my words not jeffs.