[1996]

Tell me, how do replicate the network effects of current miners? You know, the thing that prevents someone with decent mining power in their garage to take over your clone? (or do a doublespend, or whatever) The network effect is security. Which come from the expenditure. Which is sustainable with the rising price. Which was baked in through the declining emission curve. Beautifully well thought, and well executed.

I too was doubtful about bitcoin at first. It's just plain obvious now: first mover advantage, leading to the development of highly specific ASICs, with a side advantage of allowing the cross border trade of electricity when turned it into mining power. So if you live in some isolated place but with cheap energy, money!!

BTC is too big to fail. A success that can't be replicated or taken down as it was ignored for too long. Even more unimaginable now that it benefits some people who wouldn't let them happen without a fight, and who have the power and the money to give this fight.