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I am glad the ft audience think BTC is a bad idea. They are mostly well-off elite in developed countries. Bitcoin is meant to erode their power.
The counter argument is that Bitcoin provides more than 45 million dollars a day in utility. edit: Does the lightning network need Bitcoin to work or is it just Venmo?
> Does the lightning network need Bitcoin to work or is it just Venmo? It is built atop of bitcoin and provides as much safety as bitcoin itself, with one single exception: you cannot be offline for more than a week. It's a fair tradeoff you have to take in order to instantly transfer trillions of dollars for cents worldwide.
[0]https://www.nytimes.com/2021/07/17/business/lebanon-riad-sal...
Earlier quoted context omitted.
My criticism on the original comment is not about his take on crypto, it is about taking that stance about quite literally anything. If one refuses to argue because they believe the other side is irrational, then abstain for conversation instead of just name-calling/shitting on the thing on a public forum. This is somewhat equivalent to posting some egregious opinion and then saying "don't @ me".
You're assuming a level of good faith in crypto bros that frankly doesn't exist. They aren't interested in any criticism of bitcoin and the like, they personally stand to make money from it and you are just their next potential victim.
Having said that, my original point is the same: then don't engage at all. I don't go posting on flatearther forums how "i won't argue and that their opinion is stupid". I either fully engage and endure what I perceive to be unbelievable stupidity, or don't engage at all.
Earlier quoted context omitted.
I'm not sure whether crypto is a good or bad thing overall but there are plenty of good uses for it: * In countries with unstable currencies they are useful stores of value (Venezuela, Turkey and Zimbabwe right now). I was in Zim back in 2010 and visited someone's house. It was filled with petrol because he had been paid and had to spend the money before it lost its value so he bought what was available. Bitcoin woul…
* Bitcoin is and has been available in countries where there are currency problems and it has yet to solve any of them. This canard has been trotted out for over a decade, there have been plenty of chances to demonstrate this notion, and none of them have panned out. When do we stop flogging this obviously-false excuse? * Transaction fees and exchange rates into and out of the crypto economy make transferring money i…
It is pretty counter-intuitive to understand that you can have two transactions between three parties, where everything is properly accounted for with double-entry check, and yet, more money is created in the system as a whole.
So people, of course, in this gold rush, run the money printers 24/7. Of course, if Bitcoin replaced normal currency, it could be conceivably deflationary (probably for worse). But it doesn't, it just adds to it. I don't think humanity is fully aware of the amount of inflation that various crypto-schemes caused around the world.
Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit. Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society.…
Since you categorically state that "the whole thing needs to be pulled apart" and attribute all sorts of evils to what is essentially just an open cryptographic protocol that anyone can freely use or not use as they please, I'd say it's you who is more closely edging towards being unable to rationally discuss bitcoin. Many things can be arbitrarily defined as bad ideas without having to be banned and something doesn'…
Earlier quoted context omitted.
I'm not sure whether crypto is a good or bad thing overall but there are plenty of good uses for it: * In countries with unstable currencies they are useful stores of value (Venezuela, Turkey and Zimbabwe right now). I was in Zim back in 2010 and visited someone's house. It was filled with petrol because he had been paid and had to spend the money before it lost its value so he bought what was available. Bitcoin woul…
* Bitcoin is and has been available in countries where there are currency problems and it has yet to solve any of them. This canard has been trotted out for over a decade, there have been plenty of chances to demonstrate this notion, and none of them have panned out. When do we stop flogging this obviously-false excuse? * Transaction fees and exchange rates into and out of the crypto economy make transferring money i…
* Yes, but same goes for many other services. Transferring value is always a costly process unless you're using cash.
* Pretty much all of it.
Are we even talking about the same thing when we say "Bitcoin"? Because it sure seems like you're thinking of something completely different.
Earlier quoted context omitted.
I'm not sure whether crypto is a good or bad thing overall but there are plenty of good uses for it: * In countries with unstable currencies they are useful stores of value (Venezuela, Turkey and Zimbabwe right now). I was in Zim back in 2010 and visited someone's house. It was filled with petrol because he had been paid and had to spend the money before it lost its value so he bought what was available. Bitcoin woul…
> we don't ban things because you or I don't see the point We do see the point, though: to scam people out of money.
I am glad the ft audience think BTC is a bad idea. They are mostly well-off elite in developed countries. Bitcoin is meant to erode their power.
LOL, you mean shift power to a different (for now) elite. Bitcoin ownership is even more concentrated than the real financial system.
2. I much prefer the crypto dons of Lebanon[0] as the new elite than the old white guys currently running the shows. Bernie Madoff was literally the chairman of NASDAQ.
3. No one says Bitcoin will eliminate the elites, nope. Just erode the power of the current elites, where they made it via financial engineering, wars, and oil.
[0]https://restofworld.org/2021/the-cryptocurrency-dons-of-beir...