https://www.advisorperspectives.com...tary-disaster-and-it-happens-to-be-worth-zero
I came upon the poorly written above article which, nonetheless, makes valid arguments against Bitcoin and cryptos in general. I'm not a Bitcoin believer but I do hold some for purely speculative reasons. Below is a list of assertions made in the article for which I'd be interested reading feedback from evangelists.
1. Bitcoin’s volatility has ensured that it never gains traction as a currency.
2. Bitcoin payment takes as much time and energy as 33,000 credit card swipes
3. 90% of Bitcoins are mined (or hashed) in China, Iran and Russia...Over 50% of the bitcoin nodes... are based in China (which) currently controls over 50% of Bitcoin mining
4. 95% of all Bitcoin is held by the top 2% of holders
5. Bitcoin buyers who do not wish to be subjected to .. (due diligence to ensure acceptable provenance of funds) must wire funds to unregulated offshore exchanges that do not have banking relationships in the US – and use their dollars to buy ‘tethers’ which are emitted by a central agency which purports to issue one tether per dollar taken in... However, many more tethers have been emitted than there are dollars backing tethers. Indeed, the issuer of tether is banked by Deltec in the Bahamas. While we cannot know what the US dollar deposits of the bank are, we do know that the US dollar holdings of all banks across the Bahamas increased by $600 million (with no meaningful outflows) from Jan 2020 to Sept 2020, while the total issued tethers increase by 5.4 billion. Currently, we seem to have at least $25 billion more tethers than we have dollars backing the latter.
6. A recent study by MIT shows that Bitcoin mining generates 22 to 23 megatons of carbon dioxide
I came upon the poorly written above article which, nonetheless, makes valid arguments against Bitcoin and cryptos in general. I'm not a Bitcoin believer but I do hold some for purely speculative reasons. Below is a list of assertions made in the article for which I'd be interested reading feedback from evangelists.
1. Bitcoin’s volatility has ensured that it never gains traction as a currency.
2. Bitcoin payment takes as much time and energy as 33,000 credit card swipes
3. 90% of Bitcoins are mined (or hashed) in China, Iran and Russia...Over 50% of the bitcoin nodes... are based in China (which) currently controls over 50% of Bitcoin mining
4. 95% of all Bitcoin is held by the top 2% of holders
5. Bitcoin buyers who do not wish to be subjected to .. (due diligence to ensure acceptable provenance of funds) must wire funds to unregulated offshore exchanges that do not have banking relationships in the US – and use their dollars to buy ‘tethers’ which are emitted by a central agency which purports to issue one tether per dollar taken in... However, many more tethers have been emitted than there are dollars backing tethers. Indeed, the issuer of tether is banked by Deltec in the Bahamas. While we cannot know what the US dollar deposits of the bank are, we do know that the US dollar holdings of all banks across the Bahamas increased by $600 million (with no meaningful outflows) from Jan 2020 to Sept 2020, while the total issued tethers increase by 5.4 billion. Currently, we seem to have at least $25 billion more tethers than we have dollars backing the latter.
6. A recent study by MIT shows that Bitcoin mining generates 22 to 23 megatons of carbon dioxide
wtf are you talking about... I'm asking for counter points to an argument in order to better understand what's in front of me.. I don't need to believe or feel anything thank you.