Update bitcoin-myths-debunked.html

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@@ -151,46 +151,54 @@ <h3>#21 - Bitcoin violates government regulations</h3>
 <p><img src="/assets/images/do-not-consent.jpg"></p>
 
 <h3>#22 - After 21 million coins are mined, no one will generate new blocks.</h3>
-<p>When operating costs can not be covered by the reward of building blocks, what will happen some time before the total amount of BTC, miners gain some profits from transaction fees is reached. However, unlike block reward, there is no coupling between transaction fees and the need for security, so there is less guarantee that the amount of mining that is done will be sufficient to maintain network security.</p>
+<p>When operating costs can not be covered by the reward of building blocks, what will happen some time before the total amount of BTC, miners gain some profits from transaction fees 
+  is reached. However, unlike block reward, there is no coupling between transaction fees and the need for security, so <a href="https://bitcoin.stackexchange.com/questions/876/how-much-will-transaction-fees-eventually-be/895#895">there is less guarantee that the amount of mining</a> that is done 
+  will be sufficient to maintain network security.</p>
 
 <h3>#23 - Bitcoin does not have a built-in chargeback mechanism and this is bad.</h3>
-<p>Bitcoin base layer transactions are final and irreversible by design, but consumer protection can still be built into Bitcoin at other higher layers. The most practical way to do this is a multi-signature trust. For example, when trading without a prescription, using an escrow is essential protection.</p>
+<p>Bitcoin base layer transactions are final and <a href="https://en.bitcoin.it/wiki/Irreversible_Transactions">irreversible by design</a>, but consumer protection can still be built into Bitcoin at other higher layers. The most practical way to do this is a multi-signature trust. For example, when trading without a prescription, <a href="https://en.bitcoin.it/wiki/Secure_Trading#Use_an_Escrow_Service">using an escrow</a> is essential protection.</p>
 <p>It&#39;s worth noting that virtually all successful consumer-facing bitcoin companies already implement some form of consumer protection; The routine trust was used by Localbitcoins, Silk Road, and the bitcoin ebay site Bitmit. Others, such as Bitcoin online casinos rely on its long standing reputation, while others like Coinbase.com rely on the legal and regulatory system.</p>
 <p>The bitcoin method of routinely using escrow has benefits over competitors like credit cards. Credit card security is not very good, which translates to higher costs overall and the possibility of payments being reversed months later. In contrast, when the bitcoins have been delivered to the seller from escrow, they cannot be reversed as the coins are actually in the seller&#39;s possession. The requirement to use real names for credit cards and PayPal also excludes the unbanked and those from countries with less developed financial infrastructure. There are also downsides, such as that bitcoin is not yet as widely accepted as credit cards and is not a front for providing lines of credit.</p>
 
 <h3>#24 - Quantum computers would break the security of Bitcoin</h3>
 <p>While ECDSA is unsafe under quantum computing, quantum computers don&#39;t exist yet and probably won&#39;t for a while. The DWAVE system that is often written about in the press is not, even if all its claims are true, a quantum computer of a kind that could be used for cryptography. Bitcoin safety when used properly with a new direction in each transaction depends on more than just ECDSA: Cryptographic hashes are the much stronger than ECDSA under QC.</p>
-<p>The security of Bitcoin was designed to be upgraded in a backward-compatible manner and could be upgraded if deemed an imminent threat (cf. Aggarwal et al. 2017, &quot;Quantum Attacks on Bitcoin and How to Protect Against Them&quot;).</p>
-<p>See the implications of quantum computers for public key cryptography.</p>
+<p>The security of Bitcoin was designed to be <a href="https://en.wikipedia.org/wiki/Post-quantum_cryptography">upgraded</a> in a backward-compatible manner and could be upgraded if deemed an imminent threat (cf. Aggarwal et al. 2017, <a href="https://arxiv.org/abs/1710.10377">"Quantum Attacks on Bitcoin and How to Protect Against Them"</a>).</p>
+<p>See the <a href="https://en.wikipedia.org/wiki/Quantum_computing#Potential">implications of quantum computers for public key cryptography</a>.</p>
 <p>The risk of quantum computers also exist for financial institutions such as banks, because they depend heavily on cryptography when transacting.</p>
-<p>Here is a masterful answer on attacks on Bitcoin with Quantum Computing</p>
-<p>And here you have described how Quantum proof can be activated on Bitcoin</p>
+<p><a href="https://www.youtube.com/watch?v=l235ydAx5oQ&feature=youtu.be&t=2095">Here is a masterful answer on attacks on Bitcoin with Quantum Computing</a> by Andreas Antonopulous.</p>
+<p><a href="https://rubin.io/blog/2021/07/06/quantum-bitcoin/">And here you have described how Quantum proof can be activated on Bitcoin</a></p>
 
 <h3>#25 - Bitcoin mining is a waste of energy and harmful to the ecology</h3>
 <p>No more than the waste of extracting gold from the ground, melting it into bars, and then putting it back underground. Not to mention the construction of large luxury buildings, the waste of energy printing and minting all the various fiat currencies, the transportation of them in armored cars by no less than two security guards each that could probably be doing something more productive. , etc.</p>
 <p>When it comes to the means of exchange, Bitcoin is actually quite economical in resources, compared to others.</p>
-<p>Economic argument 1
-Bitcoin mining is a highly competitive, dynamic and near perfect market. Mining rigs can be installed and disassembled almost anywhere in the world with relative ease. Therefore, market forces constantly push mining activity to places and times when the marginal price of electricity is low or zero. These electrical products are cheap for a reason. It is often because electricity is difficult (and wasteful) to transport, difficult to store, or because there is low demand and high supply. Using electricity in this way is far less wasteful than simply plugging a mining rig into the power grid indiscriminately.</p>
+
+<p><strong>Economic argument 1</strong></p>
+<p><a href="https://en.bitcoin.it/wiki/Mining">Bitcoin mining</a> is a highly competitive, dynamic and <a href="https://en.wikipedia.org/wiki/Perfect_competition">near perfect</a> market. Mining rigs can be installed and disassembled almost anywhere in the world with relative ease. Therefore, market forces constantly push mining activity to places and times when the marginal price of electricity is low or zero. These electrical products are cheap for a reason. It is often because electricity is difficult (and wasteful) to transport, difficult to store, or because there is low demand and high supply. Using electricity in this way is far less wasteful than simply plugging a mining rig into the power grid indiscriminately.</p>
 <p>For example, Iceland produces a glut of cheap electricity from renewable sources, but has no way to export electricity due to its remote location. It is conceivable that at some point in the future Bitcoin mining is profitable only in places like Iceland and unprofitable in places like Central Europe, where electricity comes mainly from nuclear sources and fossils.</p>
 <p>Market forces could even drive mining towards innovative solutions that have zero effective electricity consumption. Mining always produces heat equivalent to the energy consumed; for example, 1000 watts of mining equipment produces the same amount of heat as a 1000 watt heating element used in an electric space heater, hot tub, water heater, or similar appliance. Someone who is already willing to incur the cost of only electricity for its heating value could run mining equipment specially designed to extract bitcoins while capturing and using the heat produced without incurring any cost energy beyond what already had the intention to spend on heating.</p>
 <p>(Note that this is just an example; mining will not always produce heat equivalent to the energy consumed because inevitably some of the energy is released as electromagnetic radiation, among others.)</p>
-<p>Economic argument 2
-When considering the environmental costs of mining, they need to be weighed against the benefits. If you question Bitcoin on the basis that it consumes electricity, you should also ask questions like this: Will Bitcoin promote economic growth by freeing up trade? Will this accelerate the pace of technological innovation? Will this lead to faster development of green technologies? Will Bitcoin Enable New Smart Grid Technologies Crossing the Border? ...</p>
+
+<p><strong>Economic argument 2</strong></p>
+<p>When considering the environmental costs of mining, they need to be weighed against the benefits. If you question Bitcoin on the basis that it consumes electricity, you should also ask questions like this: Will Bitcoin promote economic growth by freeing up trade? Will this accelerate the pace of technological innovation? Will this lead to faster development of green technologies? Will Bitcoin Enable New Smart Grid Technologies Crossing the Border? ...</p>
 <p>The firing of Bitcoin due to its costs, while ignoring its benefits, is a dishonest argument. In fact, any such environmental argument is dishonest, not just related to Bitcoin. Along the same lines, one could argue that wind turbines are harmful to the environment because manufacturing steel structure consumes power.</p>
-<p>Economic argument 3
-Bitcoin is designed as a deflationary currency. This means that the purchasing power of a bitcoin will generally increase over time, unlike fiat currencies that are designed to lose value over time. This, in turn, will make people more willing to keep their bitcoins, rather than use them for consumption. This reduction in consumption will likely contribute to a net reduction in pollution. However, this is a speculative argument that has not been proven to be correct or incorrect.</p>
+
+<p><strong>Economic argument 3</strong></p>
+<p>Bitcoin is designed as a deflationary currency. This means that the purchasing power of a bitcoin will generally increase over time, unlike fiat currencies that are designed to lose value over time. This, in turn, will make people more willing to keep their bitcoins, rather than use them for consumption. This reduction in consumption will likely contribute to a net reduction in pollution. However, this is a speculative argument that has not been proven to be correct or incorrect.</p>
 <p>Capital cost vs. electrical cost ratio
 The BFL Jalapeno is hashed at 5.5 Gh / s using 30W. This device consumes about $ 40 per year in electricity (using an average residential EE. UU. From about $ 0.15 per kWh). But the device costs more than $ 300, including shipping. Therefore, almost a quarter of all costs over a two-year lifetime goes to electricity. This compares to GPUs where more than 90% of the costs over a two-year lifetime went to electricity. Even more efficient designs can be expected in the future.</p>
 
 <h3>#26 - Merchants cannot seriously price bitcoin due to the volatile exchange rate.</h3>
-<p>The assumption is that bitcoins must be sold immediately to cover operating expenses. If the merchant&#39;s back-end expenses were also made in bitcoins, then the exchange rate would be irrelevant. Greater adoption of Bitcoin would make prices stick. Future volatility is expected to decrease as the size and depth of the market increases.</p>
+<p>The assumption is that bitcoins must be sold immediately to cover operating expenses. If the merchant's back-end expenses were also made in bitcoins, 
+  then the exchange rate would be irrelevant. Greater adoption of Bitcoin would make <a href="https://en.wikipedia.org/wiki/Nominal_rigidity">prices stick</a>. Future volatility is expected to decrease as the size and depth of the market increases.</p>
 <p>Meanwhile, many traders simply regularly get the latest market rates from the exchanges and automatically update the prices on their websites. You may also be able to buy a put option to sell at a fixed rate for a specified period of time. This would protect you from drops in price and simplify your operations during that time period.</p>
 
 <h3>#27 - Like Flooz and e-gold, bitcoins serve as opportunities for criminals and will be closed.</h3>
-<p>Visa, MasterCard, PayPal, and cash also serve as opportunities for criminals, but society maintains them because of their recognized net profit.</p>
-<p>Hopefully, Bitcoin will grow to the point where no organization can disrupt the network, or would better benefit by helping it.</p>
-<p>Terrorists fly airplanes into buildings, but governments have yet to abolish consumer air travel. Obviously, in his opinion, the public good outweighs the possible evil.</p>
-<p>Criminal law differs between jurisdictions.</p>
+<ul>
+<li>Visa, MasterCard, PayPal, and cash also serve as opportunities for criminals, but society maintains them because of their recognized net profit.</li>
+<li>Hopefully, Bitcoin will grow to the point where no organization can disrupt the network, or would better benefit by helping it.</li>
+<li>Terrorists fly airplanes into buildings, but governments have yet to abolish consumer air travel. Obviously, in his opinion, the public good outweighs the possible evil.</li>
+<li>Criminal law differs between jurisdictions.</li>
+</ul>
 
 <h3>#28 - Bitcoins will be shut down by the government just like freedom dollars.</h3>
 <p>Liberty Dollars began as a trading company to establish an alternative US currency, including physical notes and coins, backed by precious metals. This, in itself, is not illegal. They were prosecuted under counterfeiting laws because the silver coins allegedly resembled American currency.</p>
@@ -202,11 +210,13 @@ <h3>#29 - Bitcoin is a pyramid scheme</h3>
 <p>Bitcoin is almost the opposite of a pyramid scheme in a mathematical sense. Because bitcoins are algorithmically scarce, no exponential benefit is derived from introducing them to new users. There is a quantitative benefit to having additional interest or demand, but this is by no means exponential. Again: haven&#39;t you asked yourself if Social Security is a pyramid scheme? But they keep paying ...</p>
 
 <h3>#30 - Bitcoin was hacked / will be hacked</h3>
-<p>In the history of Bitcoin, there has never been a blockchain attack that results in money being stolen from a confirmed exit. There has also been no reported theft as a direct result of a vulnerability in the original Bitcoin client or a vulnerability in the protocol. Bitcoin is protected by standard cryptographic functions. These features have been reviewed by cryptography experts and are considered unlikely to be broken in the foreseeable future.</p>
+<p>In the history of Bitcoin, there has never been a <a href="https://en.bitcoin.it/wiki/Block_chain">blockchain</a> attack that results in money being stolen from a confirmed exit. 
+  There has also been no reported theft as a direct result of a vulnerability <a href="https://en.bitcoin.it/wiki/Original_Bitcoin_client">in the original Bitcoin client</a> or a vulnerability in the protocol. 
+  Bitcoin is protected by standard cryptographic functions. These features have been reviewed by cryptography experts and are considered unlikely to be broken in the foreseeable future.</p>
 <p>It&#39;s safe to say that the currency itself has never been &#39;hacked&#39;. However, several major websites using the currency have been hacked, often resulting in high-profile Bitcoin thefts. Some media outlets erroneously report these heists as hacks of Bitcoin itself. An analogy: just because someone has stolen US dollars from a supermarket does not mean that the US dollar as currency has been &quot;hacked.&quot;</p>
-<p>Most bitcoin thefts are the result of inadequate wallet security. In response to the wave of thefts in 2011 and 2012, the community has developed risk mitigation measures, such as wallet encryption, multi-signature support, offline wallets, paper wallets, and hardware wallets. As these measures gain adoption by merchants and users, the number of thefts decreases.</p>
+<p>Most bitcoin thefts are the result of <a href="https://darthcoin.substack.com/p/bitcoin-be-your-own-bank-think-like">inadequate wallet security</a>. In response to the wave of thefts in 2011 and 2012, the community has developed risk mitigation measures, such as <a href="https://en.bitcoin.it/wiki/Wallet_encryption">wallet encryption</a>, <a href="https://en.bitcoin.it/wiki/BIP_0011">multi-signature</a> support, offline wallets, paper wallets, and hardware wallets. As these measures gain adoption by merchants and users, the number of thefts decreases.</p>
 <p>And to close, I leave here a song (the second) about the &quot;obituary&quot; of Bitcoin, he has died so many times that the bastard still does not want to die ...</p>
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+<iframe width="728" height="410" src="https://www.youtube.com/embed/ePdwAX4uUW0" title="The Bitcoin Obituaries Song 2016-2018 (Not This Time Part 2)" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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