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The fact is that adoption times for new technologies have only become shorter over time. Modern smartphones came to the market at about the same time as BTC, an

The fact is that adoption times for new technologies have only become shorter over time. Modern smartphones came to the market at about the same time as BTC, and they have been ubiquitous for years now. Docker was first released 2013, and has been everywhere for a couple of years. If Bitcoin were actually useful, someone would have figured it out by now, and it would be widely adopted. But it's not, because it is fundamentally flawed in a way that cannot be fixed without starting over completely, if at all. It's a barely functioning CS experiment with little to no real world usefulness. And pretty much everything that came after has turned out to be either even more broken, or was an outright scam. > Technologically, Bitcoin is an intelligent solution to the financial problems created by government mismanagement and greed. That is complete nonsense. Bitcoin solves no actual problems, and instead tries to revert back to a previous monetary system that was abandoned because it was failing. The consensus among economists is that a deflationary currency is a terrible idea. This is the equivalent of medicine going back to routinely performing lobotomies: it doesn't solve anything, but causes a huge amount of harm.

deleted 6y ago
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DarthGhandi 6y ago
> barely functioning CS experiment Zero downtime since 2013. Visa has ten hour outages across entire continents. > Bitcoin solves no actual problems It's been moving billions of USD daily without fail for years. That's a non-trivial amount to anywhere on Earth. Try transferring money from say former Soviet bloc countries to Africa. > The consensus among economists is that a deflationary currency is a terrible idea. Bitcoin is inflationary until 2140 and then stops inflating. It's not a deflationary currency. Perhaps you meant to word this differently?
- qwytw 6y ago
  That would only be true if the demand for bitcoin was almost non existent. If it will ever be used as actual currency on a significant scale the demand for bitcoin would have to be magnitudes higher than can be produced by mining making it extremely deflationary.
CameronNemo 6y ago
>If Bitcoin were actually useful, someone would have figured it out by now, and it would be widely adopted. Diffuse benefits, concentrated costs, and a set of governments which gain much of their power through monetary policy blows this assertion out of the water. >The consensus among economists is that a deflationary currency is a terrible idea. There are a few fiat currencies that have negative interest rates. They are not going anywhere. Most notably the European central bank.
- qwytw 6y ago
  But the euro is not deflationary. Negative interest rates actually have an opposite effect of what you're assuming, they should discourage hoarding and encourage borrowing which results in a higher money supply.
wallacoloo 6y ago
> The consensus among economists is that a deflationary currency is a terrible idea. How many currencies have failed due to deflation over the last <pick your time period> years? Now how many currencies have failed due to inflation? Look, economists know a thing or two that I don’t, I’m sure. But for all they claim to know, it sure does feel like they get things wrong on a pretty regular basis.
fidelramos 6y ago
> That is complete nonsense. Bitcoin solves no actual problems, and instead tries to revert back to a previous monetary system that was abandoned because it was failing. The consensus among economists is that a deflationary currency is a terrible idea. This is the equivalent of medicine going back to routinely performing lobotomies: it doesn't solve anything, but causes a huge amount of harm. There are economists I respect that hold cryptocurrencies in good regard. Exhibit A: Jeffrey Tucker. Why Bitcoin is not performing as it should in the current economic crisis: https://youtu.be/RD08_5UO1k4?t=1211 https://youtu.be/RD08_5UO1k4?t=1211 Explains blockchain from an economic perspective: https://www.youtube.com/watch?v=PUqe2sLT9X8 https://www.youtube.com/watch?v=PUqe2sLT9X8 Bitcoin scaling and Bitcoin Cash: https://youtu.be/fsLuC0Bl1-o?t=91 https://youtu.be/fsLuC0Bl1-o?t=91
apta 6y ago
> and instead tries to revert back to a previous monetary system that was abandoned because it was failing. The consensus among economists is that a deflationary currency is a terrible idea Much like how usury (aka interest) is such a great idea? It's no wonder those economists will say that, in order to push a corrupt and parasitic economic system which religions have warned about for thousands of years now. Building an economic system on usury is not sustainable, and we're seeing it today. The previous monetary system worked just fine, it's just that it didn't sit well with the greedy who need interest to live and profit off of people's hard work.
neop1x 6y ago
You are probably forgetting its purpose as a digital gold. It is more practical than gold thanks to its easy splitting to milliBTC, microBTC, ... an can be transferred world-wide in the matter of minutes. Both real gold and money takes hours or days to transfer. There is also some amount of anonymity and greedy governments or bankers can't touch it.

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DarthGhandi 6y ago

> barely functioning CS experiment Zero downtime since 2013. Visa has ten hour outages across entire continents. > Bitcoin solves no actual problems It's been moving billions of USD daily without fail for years. That's a non-trivial amount to anywhere on Earth. Try transferring money from say former Soviet bloc countries to Africa. > The consensus among economists is that a deflationary currency is a terrible idea. Bitcoin is inflationary until 2140 and then stops inflating. It's not a deflationary currency. Perhaps you meant to word this differently?

qwytw 6y ago
That would only be true if the demand for bitcoin was almost non existent. If it will ever be used as actual currency on a significant scale the demand for bitcoin would have to be magnitudes higher than can be produced by mining making it extremely deflationary.

CameronNemo 6y ago

>If Bitcoin were actually useful, someone would have figured it out by now, and it would be widely adopted. Diffuse benefits, concentrated costs, and a set of governments which gain much of their power through monetary policy blows this assertion out of the water. >The consensus among economists is that a deflationary currency is a terrible idea. There are a few fiat currencies that have negative interest rates. They are not going anywhere. Most notably the European central bank.

qwytw 6y ago
But the euro is not deflationary. Negative interest rates actually have an opposite effect of what you're assuming, they should discourage hoarding and encourage borrowing which results in a higher money supply.

wallacoloo 6y ago

> The consensus among economists is that a deflationary currency is a terrible idea. How many currencies have failed due to deflation over the last <pick your time period> years? Now how many currencies have failed due to inflation? Look, economists know a thing or two that I don’t, I’m sure. But for all they claim to know, it sure does feel like they get things wrong on a pretty regular basis.

fidelramos 6y ago

> That is complete nonsense. Bitcoin solves no actual problems, and instead tries to revert back to a previous monetary system that was abandoned because it was failing. The consensus among economists is that a deflationary currency is a terrible idea. This is the equivalent of medicine going back to routinely performing lobotomies: it doesn't solve anything, but causes a huge amount of harm. There are economists I respect that hold cryptocurrencies in good regard. Exhibit A: Jeffrey Tucker. Why Bitcoin is not performing as it should in the current economic crisis: https://youtu.be/RD08_5UO1k4?t=1211 https://youtu.be/RD08_5UO1k4?t=1211 Explains blockchain from an economic perspective: https://www.youtube.com/watch?v=PUqe2sLT9X8 https://www.youtube.com/watch?v=PUqe2sLT9X8 Bitcoin scaling and Bitcoin Cash: https://youtu.be/fsLuC0Bl1-o?t=91 https://youtu.be/fsLuC0Bl1-o?t=91

apta 6y ago

> and instead tries to revert back to a previous monetary system that was abandoned because it was failing. The consensus among economists is that a deflationary currency is a terrible idea Much like how usury (aka interest) is such a great idea? It's no wonder those economists will say that, in order to push a corrupt and parasitic economic system which religions have warned about for thousands of years now. Building an economic system on usury is not sustainable, and we're seeing it today. The previous monetary system worked just fine, it's just that it didn't sit well with the greedy who need interest to live and profit off of people's hard work.

neop1x 6y ago

You are probably forgetting its purpose as a digital gold. It is more practical than gold thanks to its easy splitting to milliBTC, microBTC, ... an can be transferred world-wide in the matter of minutes. Both real gold and money takes hours or days to transfer. There is also some amount of anonymity and greedy governments or bankers can't touch it.