Bitcoin is a disaster
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Bitcoin is a disaster
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Re: Bitcoin is a disaster
#2Does bitcoin moving to a proof-of-stake algorithm change your opinion?
Re: Bitcoin is a disaster
#3>The scarcity of block chain space has led people to re-invent every last feature of the banks they thought they were going to be escaping.
This is a pretty funny point because every time I go on twitter and see people talk about crypto, what they're essentially having is a discussion about public policy, and often they seem to try to reinvent institutions that already exist without even knowing it. From market-makers, exchanges, insurance and so on, precisely as the author points out all the dreaded middlemen they were trying to avoid
Re: Bitcoin is a disaster
#4>And we are learning that analysis of that
record is sufficient to destroy any pretense of anonymity or
pseudonymity.
Fortunately we have Monero! And pretty much every other issue too he raises, Monero has it better.
Re: Bitcoin is a disaster
#5I was following along until this bit which seems to hold up the entire argument:
> [BTC mining] is often done using electricity which is effectively stolen from taxpayers with the help of government officials
Can somebody elaborate on the stolen/corruption angle?
Re: Bitcoin is a disaster
#6[deleted]
Re: Bitcoin is a disaster
#7Well this isn’t new is it? I recall chat from 2015 where people were pointing out that mining is just bad. Even when Ethereum started growing, one of the big arguments quickly became that proof of stake would be a superior approach.
I agree. I think the use cases have never materialized. I do believe there’s potential in peer to peer, or at least federated approaches. Email works. Matrix works. Irc works.
But I don’t think that a globally replicated ledger is the way to go. Especially with the ambition to use it as the basis for a currency that’s expected to be used for every day purchases.
Re: Bitcoin is a disaster
#8I have no idea what he is talking about.
I use bitcoin to buy things both onchain and via lightning and the experience is so smooth and much much better than the circa 2017 period when fees were high. Don't keep it on exchange. The real thing that is stopping adoption is countries trying to classify it as a commodity and insist to pay capital gains on every microtransaction. Some countries are backwards (US, UK) than the others. Germany and few other countries are forward looking. No VAT on bitcoin transactions and no CGT if held for a year.
Re: Bitcoin is a disaster
#9Does bitcoin moving to a proof-of-stake algorithm change your opinion?
What is the difference? Maybe at the start, but after rich entities will buy the most, they will only need to decide whether to buy "shares" or hardware, a random person will not have more say either way.
Re: Bitcoin is a disaster
#10That's a nope.