Earlier quoted context omitted.
Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex wo…
Do this actual person really exist? They were looking for a way to hold some dollars they had lying around, did some research, found blockchain and have now put the dollars into USDT or whatever?
Blockchain is not only crappy technology but a bad vision for the future
41–50 of 202 posts
Re: Blockchain is not only crappy technology but a bad vision for the future
#42More bad takes from people who don't understand the point of Bitcoin and its blockchain. It's all so... tiresome. The fact that the author is comparing to services like Venmo or PayPal really goes to show how much they don't understand about what Bitcoin was built to achieve. Also goes to show that people like the author should also check their financial privilege: https://bitcoinmagazine.com/culture/check-your-finan…
Tbf, blockchain is the dark matter of technology. People are never allowed to criticize it without the same, repeated feedback “If that’s what you think blockchain is, then you don’t understand it.” Why doesn’t someone, then, who actually understands their almighty blockchain god, illuminate us, mere mortals, on the wonders of blockchain and how it can be good for society in the foreseeable future. You know what’s re…
https://vitalik.ca/general/2021/05/25/voting2.html
Amongst the complicated math and crypto posts that nobody can understand, Vitalik has covered several use cases on his blog.
Re: Blockchain is not only crappy technology but a bad vision for the future
#43Earlier quoted context omitted.
Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex wo…
Do this actual person really exist? They were looking for a way to hold some dollars they had lying around, did some research, found blockchain and have now put the dollars into USDT or whatever?
There are people legally prevented from holding USD. Take a look at Argentina [0]. They're legally banned from holding USD and if they have an account with USD it'll get taken by the state and converted to quickly depreciating bonds. Of course there is a black market for USD but holding substantial amounts of USD under your mattress in order to preserve your wealth is impractical and dangerous.
[0] https://www.washingtonpost.com/politics/2019/09/06/argentina...
Re: Blockchain is not only crappy technology but a bad vision for the future
#44Earlier quoted context omitted.
>Buying drugs, money laundering, rampant speculation, rug pulls, fraud, high fees, inefficiency, horrible UX, irreversible SFYL, and destroying the climate. Every one of these charges happens every day and in some of them to a much greater scale in fiat, especially climate destruction due to inflationary monetary policy, which encourages consumption and waste and punishes thrift and savings.
It's much harder to do ransomware payments with non-crypto.
Sure, but ransomware is just extortion and that is a concept that has existed for time immemorial. I think ransomware is a relatively small part of the global volume of generalised extortion which is almost certainly mostly settled in fiat and not crypto.
Re: Blockchain is not only crappy technology but a bad vision for the future
#45Earlier quoted context omitted.
> Is the author really unaware of the horror stories of Venmo and PayPal freezing customer accounts? Can as example coinbase do the same? > want a return to serfdom From my point of view serfdom is the (block)chain. Only people with enough stake or those who pays are in control.
> For instance, you can't use Venmo if you're under 18 (sorry, kids). And several Venmo users told BuzzFeed News that the company suspended their accounts and held their funds after they wrote silly captions to friends or tried to sell something to a friend — like a used computer. [0] Lots more examples in the article. Also they regularly kick off sex workers [1] [0] https://www.buzzfeednews.com/article/leticiamirand…
If the government decides paid sex work is illegal, it'd also be hard to make transactions for it via Bitcoin.
If you think taking your wallet (the key) and running away with it is an option, then how is it better than using cash?
Re: Blockchain is not only crappy technology but a bad vision for the future
#46Let's be real. The vast majority of pro-cryptocurrency arguments break down to something like this: "I have Bitcoin, I want it to become the currency of the future so that the price will go up an I will become rich. Here are $reasons why that should become true, which all my fellow Bitcoin hodlers agree are very good reasons".
We are now many years past not only the creation of Bitcoin but also past it going "mainstream". Everyone who is going to hear about it has hear about it and yet in real terms it is a joke. It's a digital beanie baby, it being is used as described by BTC boosters as something resembling a currency only in a tiny fractional handful of edge cases. All the interest in Bitcoin is in the price going up. Even people who "accept Bitcoin payments" denominate their prices in US dollars and merely run the transactions using Bitcoin.
Re: Blockchain is not only crappy technology but a bad vision for the future
#47Earlier quoted context omitted.
Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex wo…
How is legally preventing people from owning dollars different from banning Bitcoin (or gold)? Isn't the latter one of the main risks to Bitcoin?
It's not but its a lot easier and safer to hold digital currency than wads of cash in your floorboards. Easier to acquire, receive from abroad and verify as well. It allows for a form of civil disobedience against unjust laws
Re: Blockchain is not only crappy technology but a bad vision for the future
#48Earlier quoted context omitted.
You transfer btc to someone else and they give you your purchase.
How do I transfer that money? I need specifics. I'm a poor peasant from Wallachia, I barely know how to use a smartphone. ELI10. 1. How do I buy the Bitcoin in the first place? My government or bank aren't selling them to me. 2. How do I actually transfer that money?
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Re: Blockchain is not only crappy technology but a bad vision for the future
#49Look, this is just nonsense. It's people saying "catalogue shopping will never move online."
Read this instead. This is good.
https://medium.com/humanizing-the-singularity/why-global-tra...
Re: Blockchain is not only crappy technology but a bad vision for the future
#50Earlier quoted context omitted.
Quoted post unavailable.
> Meanwhile 1.7 billion people around the world do not have a bank account ...therefore we need bitcoin? Is this the new spin? People don't see it's a tech that was invented without a use case? Many people don't have electricity too, what are you talking about?
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