Best definition of Bitcoin
- Thread starter Aquarians
- Start date
I personally can't stand it so I'm not totally unbiased on the issue but it's an interesting view. Also have several friends who are very loud fanboys which contributes to the annoyance.
Overall I stay clear of it and I'm pretty indifferent on those who get involved with crypto as long as they don't Jehovah's Witnesses-ize it too insistent on myself.
But the observation got me thinking. If someone were to make an honest buck through Definitely-Not-A-Ponzi scheme, the classic, centralized approach has proven kinda weak (Madoff and all). So the way Bitcoin was designed is a great source of inspiration. Maybe next time I take a hot bath ...
Baron
ET Founder
Aside from the JWs preaching about it, what is it about Bitcoin itself that you dislike so much?
You said it best back in 2018...
"Cryptocurrencies... Everything you don't understand about money combined with everything you don't understand about computers."
I could say the obscene energy requirement and environmental impact, ridiculous transaction costs that only make it valid currency for money laundering and crime as legitimate use apart from speculation but truth is I don't give a **ck.
Honestly, I missed the bus when it was in station (buy a ton when it was cheap) so it's now waay too late to catch it. Hence the very humane wish it crashes and burns so at least I get some schadenfreude
I could say the obscene energy requirement and environmental impact, ridiculous transaction costs that only make it valid currency for money laundering and crime as legitimate use apart from speculation but truth is I don't give a **ck.
Honestly, I missed the bus when it was in station (buy a ton when it was cheap) so it's now waay too late to catch it. Hence the very humane wish it crashes and burns so at least I get some schadenfreude
Nice one mate!
Not many brave enough to verbalise that last part.
There's a school of thought that says its cheap now though.
I try not to recommend crypto.It requires balls of steel and a long term horizon to be a part of.As some smart people on here say,you can actually become a bag holder and begin to pay an opportunity cost.
I found this interesting from @johnarb recently.Interesting in particular,perhaps,if you believe in trends:
A higher price is nice, but it is not the most important factor on the value of Bitcoin, which is adoption, or put in other words, the network, you can google Metcafe's law
Let me give you an example, in 2013 when I first got into Bitcoin, it was estimated there were about 50,000 people in the world that owned bitcoins and less than 1000 businesses that accepted it as a payment method
Today, there are 100-150 Million bitcoin owners in the world and who knows how many hundreds of thousands or even millions of businesses that accept it as payment
$100/btc in 2013, today in 2023 price is $29,000/btc
What happens when there are 1 Billion bitcoin owners in the world? 2 Billion? 3 Billion? And with those metrics, ask yourself what would be the price of 1 bitcoin in US $?
You didn't ask me, but if you don't mind me answering:
1. Its fanboys. They are insufferable and don't know history, psychology or finance.
2. It is very complicated to use.
3. Bitcoin itself is obsolete, it should have been left in the dustbin 5-7 years ago. Both BSV and BCH are technologically better. Well, even LTC is better, and LTC is like 12 years old.
4. Most of the original claims from the early 2010s about Bitcoin/crypto turned out to be lies or half truths.
5. Its mining is energy wasting.
6. Its goal post is constantly moved. Currency>>Investment>>Collector's item
7. Its valuation is not based in reality.
8. It can disappear into digital ether, with no recovery.
9. Because of its libertarian nature of the crypto economy, it is full of scams, ponzis, hacks.
10. Most (99%) of its fanboys in it because of greed, not for the technology.
11. With the current improvement in money sending technology (fast and cheap), there is really no need for it.
12. Once my wallet address is known, my purchases can be tracked by anybody. WTF??
13. Original Bitcoin is slow and can't handle lots of transactions, LN isn't blockchain.
14. The fundamental blockchain trilemma can not be solved.
15. Its best usecases are still illegal activities, like blackmail, hacking.
etc.etc.
Now I am not going to debate any of these points because first these are factually correct, second, what is the point? I have just listed some of the grievances what average people can have against cryptos and Bitcoin particular, because you wondered...
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You're not smart enough to have put together that 15 mate.
You're a fanboy for the opposition.
Good luck.