71–80 of 97 posts
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Not only is nobody using bitcoin for that, bitcoin is also a negative-sum game, and no actual new wealth is created. If you were going to buy those credits, you would get more if you cut bitcoin out of the equation entirely.
That's assuming it never creates any utility, which might be a fair assessment now but the same argument could have been made about many early stage innovations
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Several reasons. There have been to many scam projects so it’s hard for most people to separate wheat from shaft. Bitcoin is oldest and therefore the most accessible one, with more ways to buy it and trade it. Finally, there’s vested interests that help keep the status quo as it is. For example, miners who have invested capital in mining equipment and who wish to keep making a profit.
The first several reasons seem plausible; the last one does not. It isn't clear why the cryptocurrency community would care about others' investments in mining equipment. If I had made such investments, I would use bitcoin, but that wouldn't force anyone else to use it.
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Several reasons. There have been to many scam projects so it’s hard for most people to separate wheat from shaft. Bitcoin is oldest and therefore the most accessible one, with more ways to buy it and trade it. Finally, there’s vested interests that help keep the status quo as it is. For example, miners who have invested capital in mining equipment and who wish to keep making a profit.
It's normally "separate the wheat from the chaff ". But "from the shaft" seems particularly appropriate, given that you were talking about scams...
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Not any different than dumping massive amounts of cyanide into the environment so we can get some shinny yellow rocks.
Gold is quite useful industrially, however. Last I checked, you can't coat wires with Bitcoin to make them less prone to oxidation.
Reminder: not all cryptocurrencies are this wasteful. Don’t disregard cryptos in general for the pitfalls of the first one.
Why can't the less "wasteful" currencies compete with bitcoin? (serious question; I've never owned it and though the crypto seems straightforward enough I don't feel I understand the market in general)
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Why can't the less "wasteful" currencies compete with bitcoin? (serious question; I've never owned it and though the crypto seems straightforward enough I don't feel I understand the market in general)
Because they don't exist. All vaporwear selling scam tokens
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That's assuming it never creates any utility, which might be a fair assessment now but the same argument could have been made about many early stage innovations
How many decades is it going to take for bitcoin to not be “early stage”?
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Because they don't exist. All vaporwear selling scam tokens
All is a strong word. This implies that since 2009, no protocol has emerged which is able to overcome some of Bitcoin’s pitfalls, or has different trade-offs that place it ahead for some specific usecases, i.a. day-to-day use cryptocurrency.