Yawn. How many times do we have to read this article?
As long as it’s advantageous to those who own these publications to accumulate their share of BTC, ETH, or what have you, and once they’re satisfied the narrative will change.
Bye-bye, Bitcoin: It's time to ban cryptocurrencies
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Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#12This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewables. I would label that as a bad faith argument because there isn't really a standardized basis of measuring things by energy consumption (what's the energy consumption to mine for gold? Create plastics? Etc.). All of this coupled with support for a government cryptocurrency? By a person who says they don't understand crypto or its value prop in the first sentence. That probably means they should go learn more before having an opinion...
For people not in this world, cryptocurrency does NOT mean digital money. It needs to be rebranding. It's a wave of projects building (mostly) decentralized tools or things secured by a blockchain secured through some protocol, such as finance exchanges, art minting and exchanging for digital scarcity, video games, real world supply chain tracking, music creation + tracking (hard to determine who is in every song and what sampling they used to pay artists), general contract writing with built in logic to be able to have trust in an interaction without having to involve a third party. There are many more examples, but it's more apt to call it Web 3.0 than cryptocurrency at this point.
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#13Too late. It is already integrated into the financial system.
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#14lmao, salty tears
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#15> But dollars, euros and yen are backed by nations’ respective treasuries. If someone invents a cryptocurrency, any value is based solely on convincing others it has value.
They lost me here. Most countries indeed have currency that is backed by their nation's respective treasuries. However, those treasuries are filled dollars, euros and yen. All fiat money no longer backed by gold or anything tangible and whose values are based solely convincing others they have value.
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#16The only way you are going to "ban" cryptocurrencies is if you shut down the internet, and even that doesn't really go all the way, so good luck with that...
You can make it illegal for legitimate financial institutions to perform transactions related to cryptocurrency, crippling or outright destroying many of its applications. Sucking all the air out of the room is sufficient to address the negative externalities.
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#17This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…
> Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewables.
Is Bitcoin offsetting other uses that those renewables would have gone for or are people building solar farms out of their Bitcoin gains to fund more Bitcoin?
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#18He lost me at "untraceable"
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#19lol that ship has sailed.
Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies
#20> But dollars, euros and yen are backed by nations’ respective treasuries. If someone invents a cryptocurrency, any value is based solely on convincing others it has value. They lost me here. Most countries indeed have currency that is backed by their nation's respective treasuries. However, those treasuries are filled dollars, euros and yen. All fiat money no longer backed by gold or anything tangible and whose valu…
No, the value of fiat money is backed by being the only means of paying taxes. If you do anything productive in America, you'll have to find dollars to pay taxes, or you'll go to jail.