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In this video, I discuss Justin Bons' critique of Bitcoin's long-term security.

Not only does Justin have a poor track record when it comes to predicting crypto trends, his hedge fund has massively underperformed BTC since its April 2016 inception.

The crux of Justin's argument is that Bitcoin transaction fee revenue will not be enough to compensate miners, after a few more halvings of the Bitcoin block subsidy.

This argument assumes its conclusion, and also assumes that a robust transaction fee market will not form for the most well-known and soundest money on earth.

It also assumes that the Bitcoin community will sit idly by and let Bitcoin die.

Bitcoin block space is limited. If demand for that block space goes up a lot, why couldn't transaction fees go up a lot too?

Does Justin really believe that no one would pay $100s in fees to get final settlement for a $5 million or $50 million or $5 billion transaction?

What does it cost to send $5 billion worth of gold from Tokyo to Paris? Like physical gold, Bitcoin is a bearer asset with no counter-party risk.

Bitcoin won't fail because transaction fees get "too high." Bitcoin will fail if people stop finding it useful. Then they will stop paying fees, not because they don't like high fees-- but because they don't like using Bitcoin anymore.

Not investment advice! Consult a financial advisor.

"BTC security is doomed":
https://twitter.com/justin_bons/status/1616648552372965376

My warnings about LUNA death spiral:
https://www.youtube.com/watch?v=JSYkzaTzQ0w&ab_channel=BitcoinUniversity

Justin liked LUNA:
https://twitter.com/justin_bons/status/1426928429677617152

Justin liked BCH, Tezos, and DASH:
https://twitter.com/Clownverse2/status/1652181665387560961/photo/1

Justin was a big blocker and supporter of BCH:
https://twitter.com/justin_bons/status/1217681072638611456
https://news.bitcoin.com/5-key-concepts-from-day-one-at-bitcoin-cash-city/

Justin's hedge fund has massively underperformed BTC:
https://cyber.capital/fund-a/

Justin doesn't believe in trade-offs:
https://twitter.com/justin_bons/status/1626269434099691524

Why doesn't Justin write long threads about BCH or BSV security?
https://twitter.com/justin_bons/status/1360991325580120064
https://cointelegraph.com/news/bitcoin-sv-rocked-by-three-51-attacks-in-as-many-months
https://www.coindesk.com/tech/2019/05/24/bitcoin-cash-miners-undo-attackers-transactions-with-51-attack/

How Bitcoin can function as a global financial settlement base layer:
https://www.youtube.com/watch?v=Rk3-f_UC2hg&ab_channel=BitcoinUniversity

$850 billion worth of #bitcoin has settled YTD across 43 million outputs:
https://twitter.com/BitcoinPierre/status/1627878912737914881

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#bch
#bitcoinmining

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