Bitcoin is an almost perfect exploitation of humanities fatal flaws (greed, unwillingness to acknowledge externalities - i.e. selfishness). It's that old SF-trope that the cause of many of humanity's biggest problems is humans.
Bill Gates Says that Bitcoin is bad For the Planet
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Re: Bill Gates Says that Bitcoin is bad For the Planet
#12Rich old man wants you to continue using fiat money to keep you enslaved.
From Bill: "Bitcoin uses more electricity per transaction than any other method known to mankind."
And he's right. Bitcoin is terrible for the planet and our future.
Re: Bill Gates Says that Bitcoin is bad For the Planet
#13Rich old man wants you to continue using fiat money to keep you enslaved.
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Re: Bill Gates Says that Bitcoin is bad For the Planet
#14Bitcoin is an almost perfect exploitation of humanities fatal flaws (greed, unwillingness to acknowledge externalities - i.e. selfishness). It's that old SF-trope that the cause of many of humanity's biggest problems is humans.
Everyone needs a thneed.
Re: Bill Gates Says that Bitcoin is bad For the Planet
#15Bitcoin is a beautiful concept that has been bastardized by economies of scale. The mining concentration is decreasing its security over time. The centralized block structure and exorbitant fees will afflict it more and more as it grows.
Even arguments about renewable energy being used to mine BTC are moot, because they don't consider the opportunity cost of what could be done with all that energy instead.
I truly believe in a decentralized means of exchange, but Bitcoin is the Encarta equivalent. There already is a Wikipedia equivalent, all it takes is a little research. Once you find it, you will know. I won't shill here, as I don't want that to dilute the points of Bitcoin's increasingly problematic issues due to its growing scale.
That being said, the cryptoverse is drowning in sh*tcoins, and I completely understand anyone even remotely mentioning an alternative to Bitcoin being inevitably categorized as a shiller and therefore not worth listening to.
Re: Bill Gates Says that Bitcoin is bad For the Planet
#16Why do I get the feeling a competing centralized system will soon be announced by one of Bill Gates companies or partners, if it has not already?...
Re: Bill Gates Says that Bitcoin is bad For the Planet
#17I feel like it's a matter of time until the central banks release a coin (gold backed?) and kick Bitcoin and all other crypto's out. Keeps them in power, uses the advantages of crypto.
Fiat currency has been gold backed for a long time, until it no longer was - why go backwards?
If you want something gold-backed, just buy gold.
Re: Bill Gates Says that Bitcoin is bad For the Planet
#18Rich old man wants you to continue using fiat money to keep you enslaved.
Bitcoin is not a replacement for fiat, and bitcoin's ONLY validity is in the context of fiat (usually USD).
it's like when USD was backed by the price of gold. Now BTC is backed by the price of USD. Ironic?
Re: Bill Gates Says that Bitcoin is bad For the Planet
#19Rich old man wants you to continue using fiat money to keep you enslaved.
From Bill: "Bitcoin uses more electricity per transaction than any other method known to mankind." And he's right. Bitcoin is terrible for the planet and our future.
Electricity per transaction is an extremely poor way to communicate anything useful. It says nothing about the actual harm of Bitcoin and only leaves readers (and bloggers) drawing their own conclusions.
Re: Bill Gates Says that Bitcoin is bad For the Planet
#20according to my bitcoin friends, Mr. Gates is just jealous of the bitcoin billionaires. in all seriousness - i'm actually very bullish on crypto - but I don't see any reason bitcoin will be the winner for all of entirety. to me I think all major countries will eventually invent their own digital currencies and a new coin will arrive which is simply a fixed price tied to the prices of all digital currencies.
Currency in most countries already is, effectively, digital. The vast majority of financial transactions are done digitally.