In a recent article, to be more precise: X-thread, has Justin Bons openly attacked Bitcoin.
He voiced critiques based on misinformation, false data and even outdated data.
To the new people getting on-boarded into Bitcoin, threads like these can be a deterrent.
They willfully spread misinformation for an agenda which involves pushing their own alt-coins or TradFi-based businesses.

I wrote the following rebuttal in order to help people separate fact from fiction.
To see where the lies are and expose the truth by referring and making use of available and verifiable data. Let us begin:

Debunking Justin_Bons recent #Bitcoin FUD and misinformation.

1) In his argument he states “33 million users”. Real individual users are UNKOWN as no on-chain analysis exists which can confirm how many real people are active. We only know of +460 million $BTC addresses which exist. This is a mix of Bitcoin addresses that are still active, passive and even “lost” or abandoned.

2) A bank-run implies massive withdrawal from exchanges. This is already a false flag as plenty of Bitcoin is already in retail hands and off exchanges. Making the term “bank-run” moot.

3) For the “math” he copy-pasted an old (and widely inaccurate) calculation on how the myth of 7 Tx/s the network can handle. He even admitted that he choose to ignore the widely implemented SegWit update which allows for 4MB blocks so that his narrative is not undermined. He choose a max blocksize of 1.66 MB while willfully ignoring a 3.96MB block exists and since 2023 multiple blocks in excess of 1.66MB in size already exist. This can be easily verified on mempool . (He is lying about the math.)

4) Further debunking the math is understanding that taking into account points 1 and 3 made means that the math is WIDELY off and already debunked. (More users than stated in combination with bigger blocks already present).

5) He talks about “conservative” estimates yet the “average transaction size of 374 Bytes” is in reality on overestimation of true transaction size. Especially when considering the Taproot update which compacts TX-sizes even more (192 upto 339 Bytes in size)

6) His reality goes on to shit on Self-custody. Seemingly oblivious to the fact that a part (percentage unknown) of users ALREADY self-custody their own $BTC (see point 1). Self-custodying Bitcoin doesn’t mean txs on the network will take place. As of date are 17.6 million $BTC wallets dormant for the last 8 years. In reality are a lot more users “dormant” and only move their Bitcoin when they update their wallets to a new one. Knowing this little fact debunks his entire premise of the “The Reality”-chapter.

7) In the sub-chapter “Death Spiral” he talks about how lowered valuation will lead to less miners and a less secured network. This is easily debunked when taking a look at the historical hash-rate chart. Here, you can clearly see that even during draw-back in value that the #Bitcoin hashrate kept on making new ATH. (I.e. new and more miners getting onboarded).

8) In the sub-chapter “Pure Greed” he compares to established payment processors like Paypal and Visa and their tps-outputs. he conveniently ignores the technical aspects on how Paypal and Visa work and how fundamentally different they are to #Bitcoin . The short of it is that legacy systems like VISA and PayPal use distributed servers. They, unlike $BTC, make use of different servers and networks to process the payments which “boosts” numbers. Bitcoin is a singular distributed and decentralized network. VISA and PayPal use a distributed and centralized authority network. Fundamental differences which make comparisons moot (and even retarded). No need to further nit-pick the “conclusion” part as it is based on the debunked statements.