3 ms·

Well, at a guess, and I stand to be corrected on every point.. 1. Only benefits early adopters (and money launderers of course) 2. Far too volatile. Nothing t

by boznz 10y ago

Well, at a guess, and I stand to be corrected on every point.. 1. Only benefits early adopters (and money launderers of course) 2. Far too volatile. Nothing too back it up eg a country or a standard to underpin it, average Joe would be daft to convert real money to it. 3. The mining methodology sucks. Seriously all those CPU cycles wasted solving pointless algorithms, from every standpoint its just wrong. You want to mine, go and get a fucking pick and shovel and get something real! 4. Big government and financial businesses will move on it sometime but in the meantime just holding bitcoins is a red flag for the wrong people to keep an eye on you 5. [Insert whatever worry you have about putting your money into a `un-breakable` technology here] 6. zero benefit over any other currency or standard (except Zimbabwean dollars or see point 1) 7. Nobody really understands it (including me), I just asked by wife she thought it was like an itunes card top up and she is fairly clued. God I could go on forever from my position of no authority :-) Seriously the financial system is flawed as fuck, but its a hell of a lot better than this, until bitcoins or any crypto currency/icoin are managed by an AI from a network of space stations with a few billion of real assets to back it up I will keep my savings where they are thank you

mywittyname 10y ago
> 6. zero benefit over any other currency or standard (except Zimbabwean dollars or see point 1) Zero benefit is being generous -- BC has negative benefit. The fact that there is a limited pool of coins means that the value of a bitcoin varies as a function of dollar inflows/outflows for each day. In other words, it's a poor store of value because it fluctuates in value the more it's used. It would have zero benefit if you could sell back bitcoins at the same value you bought them at on a previous day, like you can with dollars (i.e., you can get nearly the same amount of value from a dollar today as you can tomorrow).
x1798DE 10y ago
> 3. The mining methodology sucks. Seriously all those CPU cycles wasted solving pointless algorithms, from every standpoint its just wrong. You want to mine, go and get a fucking pick and shovel and get something real! It's not like commodity money was inherently useful. You could just as easily say, "all that time spent underground, people dying in mines, environmental degradation just for a shiny rock, just get a computer and have it do some pointless task instead!"

by boznz 10y ago

mywittyname 10y ago

> 6. zero benefit over any other currency or standard (except Zimbabwean dollars or see point 1) Zero benefit is being generous -- BC has negative benefit. The fact that there is a limited pool of coins means that the value of a bitcoin varies as a function of dollar inflows/outflows for each day. In other words, it's a poor store of value because it fluctuates in value the more it's used. It would have zero benefit if you could sell back bitcoins at the same value you bought them at on a previous day, like you can with dollars (i.e., you can get nearly the same amount of value from a dollar today as you can tomorrow).

x1798DE 10y ago

> 3. The mining methodology sucks. Seriously all those CPU cycles wasted solving pointless algorithms, from every standpoint its just wrong. You want to mine, go and get a fucking pick and shovel and get something real! It's not like commodity money was inherently useful. You could just as easily say, "all that time spent underground, people dying in mines, environmental degradation just for a shiny rock, just get a computer and have it do some pointless task instead!"