Like bitcoin was so crap when it was released it boggled my mind actually. I'm not sure what state it is in right now, because I stopped following it. Like every one of the talking points about it was outright false. Anonymity? Every one of your transactions is fucking public, where the fuck is anonymity in this? You slip once and now everyone knows what you bought. You take a banknote from my wallet, and you will never know where the hell did it come from. Atm, some shop, found on the ground? Even if some expensive forensic science is possible to be done, you can still launder money (I mean in actual washing machine here) and they can survive it no problem, and at that point it's probably without any evidence.
7 transaction a second. What the fuck is this? This couldn't handle a town of 20 000 in the mornings and evenings, but it's supposed to be a currency used worldwide .
Cheap transactions? When the price skyrocketed it was more expensive than using credit cards. And much more expensive. And at that point it became even slower, since you had to line up the pockets of miners.
Decentralized? As every capitalist venture the mining became monopolized by like 5 cartels. Hope they never collude for their own benefit...
Like billions of dollars have been defrauded from the ecosystem, because it attracted libertarians of the worst sort. Exchanges being hacked (running away with money). Mining equipment funded by crowdsourcing, then the enterpreneurs mined bitcoins on them until they became basically useless and only then they delivered. No regulation so painting the tape, pump and dump scams etc are common everywhere. All of just outright Ponzi schemes like Bitconnect it spawned(https://www.youtube.com/watch?v=lCcwn6bGUtU). Fucking ICOs. No chargebacks so hope you don't make a typo when sending your money, so easy to use, your grandma could do it by the way. Billions of fake dollars printed out of thin air (don't get me even started on this Tether shit, seriously, what the fuck...).
And all of this amazing technology can be had for a low price of yearly energy consumption of a small western European country. Last time I checked it was on Norway level, who even knows where it is now.
Like bitcoin was so crap when it was released it boggled my mind actually. I'm not sure what state it is in right now, because I stopped following it. Like every one of the talking points about it was outright false. Anonymity? Every one of your transactions is fucking public, where the fuck is anonymity in this? You slip once and now everyone knows what you bought. You take a banknote from my wallet, and you will never know where the hell did it come from. Atm, some shop, found on the ground? Even if some expensive forensic science is possible to be done, you can still launder money (I mean in actual washing machine here) and they can survive it no problem, and at that point it's probably without any evidence.
7 transaction a second. What the fuck is this? This couldn't handle a town of 20 000 in the mornings and evenings, but it's supposed to be a currency used worldwide .
Cheap transactions? When the price skyrocketed it was more expensive than using credit cards. And much more expensive. And at that point it became even slower, since you had to line up the pockets of miners.
Decentralized? As every capitalist venture the mining became monopolized by like 5 cartels. Hope they never collude for their own benefit...
Like billions of dollars have been defrauded from the ecosystem, because it attracted libertarians of the worst sort. Exchanges being hacked (running away with money). Mining equipment funded by crowdsourcing, then the enterpreneurs mined bitcoins on them until they became basically useless and only then they delivered. No regulation so painting the tape, pump and dump scams etc are common everywhere. All of just outright Ponzi schemes like Bitconnect it spawned(https://www.youtube.com/watch?v=lCcwn6bGUtU). Fucking ICOs. No chargebacks so hope you don't make a typo when sending your money, so easy to use, your grandma could do it by the way. Billions of fake dollars printed out of thin air (don't get me even started on this Tether shit, seriously, what the fuck...).
And all of this amazing technology can be had for a low price of yearly energy consumption of a small western European country. Last time I checked it was on Norway level, who even knows where it is now.
This is all good for bitcoin by the way.
I actually love Bitcoin because it teaches dumbass libertarians the need for regulations
It's really a condensed history of finance, banking and problems arising out of unregulated exchanges and banks.