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Bitcoin will never become a standard currency, it's slow, it has zero privacy (if I send you money once you can see ALL my transactions), it is EXTREMELY energy

Bitcoin will never become a standard currency, it's slow, it has zero privacy (if I send you money once you can see ALL my transactions), it is EXTREMELY energy inefficient. Even if you believe crypto will one day become the standard (which I dont), it won't be bitcoin because there are better alternatives; proof of work is dumb, bitcoin has a finite supply of bitcoins, etc.

mnx 6y ago
The finite supply is a feature, not a bug. I agree there are many aspects of bitcoin that suck, but not this one. We are right now witnessing many governments printing more and more money, which makes it less and less valuable. Bitcoin avoids that.
- Rallerbabs 6y ago
  There is absolutely nothing about bitcoin that sucks. It is exactly what it needs to be: the world's hardest store of value. Every design decision comes with trade offs. All the right trade offs have been made. If you'd reinvent it from scratch, you'd end up with the exact same thing. The only thing about bitcoin that sucks, is that nocoiners don't have any. And they won't have any until it's $1M. Nobody wants to be the first. But everybody wants to be second.
- totalZero 6y ago
  Central banking does have some benefits. Printing money can make a currency more valuable if it reduces volatility, because that draws more participants into the currency. > The finite supply is a feature, not a bug. Finite supply means that a guy who mined a bunch of bitcoin in his dorm room in 2011 because the university gave him free electricity can move the price when he decides to sell.
- Ekaros 6y ago
  Feature that can be changed. Specially if armies come to play... After all whole feature set is consensus of miners, not the users... State actors have good handle on violence. And then you better be on the same chain as they are, or it's jail time...
  - Rallerbabs 6y ago
    Features that can't be changed. Certainly not when armies come to play. You can change the bitcoin source code to have more coins and deal out half to yourself first. That's the easy part. But then comes the part where you have to convince the whole world that your chain is the one, true bitcoin. Good luck with that.
- Grustaf 6y ago
  Limited supply does not make things valuable per se.
  - Rallerbabs 6y ago
    It does if there's demand for it. And there's been growing demand for bitcoin for 12 years and counting. It's deflationary by design. But by all means, stick to your government money. Printer goes brrrrrrrrr.
    - bccdee 6y ago
      You realize deflation is bad, right? There's a reason why the central bank deliberately keeps inflation at a steady 2%. Slow, steady inflation is the ideal.
      - Rallerbabs 6y ago
        Store your value in fiat then, if you enjoy watching icecubes melt so much.
        bccdee 6y ago
        Nah, I keep it in a mutual fund. That's the point of inflation — spend or invest, but don't just sit on it.
        Rallerbabs 6y ago
        I invested my inflationary fiat in deflationary bitcoin. I sit on it while it appreciates. Number go up.
        Grustaf 6y ago
        The value of bitcoin increases because people speculate, not because the number of them is fixed. I bet there are hundreds of crypto currencies that have fixed or decreasing stock that keep losing value, or are already worthless.
- colinmhayes 6y ago
  It's a shitty feaure advocated for by people who are proud of being ignorant. Fiat currency and monetary policy is largely responsible for the economic success of the last century.
  - Rallerbabs 6y ago
    There will be greater economic success in the current century, due to better money: bitcoin.
Rallerbabs 6y ago
These are all the same uninformed arguments that every newcomer thinks of. It's all incorrect, and if you'd want to learn correct info, then you'd be able to do so. It's important that you do it yourself. Because when I tell you it, it isn't going to land. Your ideologies don't matter. The world won't let you force them onto it. The reality of the situation, is that all the big money believes bitcoin has a large role to play in the future of the world economy. And this is true. Screenshot this. Message me in 2030. Let's reevaluate.
nprz 6y ago
Other comments in this thread are claiming bitcoin makes it much easier to launder money. So which is it? Zero privacy or increased privacy and anonymity?
- NickM 6y ago
  Decreased privacy for everyday users. Increased privacy for those with the time, resources, and incentives to find ways to orchestrate transfers that can't be tied back to them. In other words, the worst of both worlds.
  - nprz 6y ago
    How come so few Silk Road market place vendors were arrested if it decreased privacy? Many people on the SR were just everyday users. I don't think the argument that it's a step down in privacy is valid at all.
    - colinmhayes 6y ago
      It's completely possible to remain anonymous with btc, but a big enough pain in the ass that only people who are committing crimes will do it. Everyone else will at some point link their identity to their wallet and all of their transaction and transaction amounts are then public record.
      - nprz 6y ago
        Yes, but the option is there. How does one protect their identity with a credit card transaction? The argument that BTC is not private doesn't seem to hold up.
        renewiltord 6y ago
        I guess we could go through a challenge. You set up a Stripe page or some such thing and someone else can set up a BTC wallet. I will spend a dollar with my CC on your Stripe site and I will spend a dollar equivalent to that BTC wallet. Then I will make two other secret transactions with the CC and the BTC wallet. You can each then try to identify the targets and the sums spent in the secret transactions. Whoever identifies gets some sum of money from the other. I'm happy to escrow for you.

mnx 6y ago

The finite supply is a feature, not a bug. I agree there are many aspects of bitcoin that suck, but not this one. We are right now witnessing many governments printing more and more money, which makes it less and less valuable. Bitcoin avoids that.

Rallerbabs 6y ago
There is absolutely nothing about bitcoin that sucks. It is exactly what it needs to be: the world's hardest store of value. Every design decision comes with trade offs. All the right trade offs have been made. If you'd reinvent it from scratch, you'd end up with the exact same thing. The only thing about bitcoin that sucks, is that nocoiners don't have any. And they won't have any until it's $1M. Nobody wants to be the first. But everybody wants to be second.
totalZero 6y ago
Central banking does have some benefits. Printing money can make a currency more valuable if it reduces volatility, because that draws more participants into the currency. > The finite supply is a feature, not a bug. Finite supply means that a guy who mined a bunch of bitcoin in his dorm room in 2011 because the university gave him free electricity can move the price when he decides to sell.
Ekaros 6y ago
Feature that can be changed. Specially if armies come to play... After all whole feature set is consensus of miners, not the users... State actors have good handle on violence. And then you better be on the same chain as they are, or it's jail time...
- Rallerbabs 6y ago
  Features that can't be changed. Certainly not when armies come to play. You can change the bitcoin source code to have more coins and deal out half to yourself first. That's the easy part. But then comes the part where you have to convince the whole world that your chain is the one, true bitcoin. Good luck with that.
Grustaf 6y ago
Limited supply does not make things valuable per se.
- Rallerbabs 6y ago
  It does if there's demand for it. And there's been growing demand for bitcoin for 12 years and counting. It's deflationary by design. But by all means, stick to your government money. Printer goes brrrrrrrrr.
  - bccdee 6y ago
    You realize deflation is bad, right? There's a reason why the central bank deliberately keeps inflation at a steady 2%. Slow, steady inflation is the ideal.
    - Rallerbabs 6y ago
      Store your value in fiat then, if you enjoy watching icecubes melt so much.
      - bccdee 6y ago
        Nah, I keep it in a mutual fund. That's the point of inflation — spend or invest, but don't just sit on it.
        Rallerbabs 6y ago
        I invested my inflationary fiat in deflationary bitcoin. I sit on it while it appreciates. Number go up.
        Grustaf 6y ago
        The value of bitcoin increases because people speculate, not because the number of them is fixed. I bet there are hundreds of crypto currencies that have fixed or decreasing stock that keep losing value, or are already worthless.
colinmhayes 6y ago
It's a shitty feaure advocated for by people who are proud of being ignorant. Fiat currency and monetary policy is largely responsible for the economic success of the last century.
- Rallerbabs 6y ago
  There will be greater economic success in the current century, due to better money: bitcoin.

Rallerbabs 6y ago

These are all the same uninformed arguments that every newcomer thinks of. It's all incorrect, and if you'd want to learn correct info, then you'd be able to do so. It's important that you do it yourself. Because when I tell you it, it isn't going to land. Your ideologies don't matter. The world won't let you force them onto it. The reality of the situation, is that all the big money believes bitcoin has a large role to play in the future of the world economy. And this is true. Screenshot this. Message me in 2030. Let's reevaluate.

nprz 6y ago

Other comments in this thread are claiming bitcoin makes it much easier to launder money. So which is it? Zero privacy or increased privacy and anonymity?

NickM 6y ago
Decreased privacy for everyday users. Increased privacy for those with the time, resources, and incentives to find ways to orchestrate transfers that can't be tied back to them. In other words, the worst of both worlds.
- nprz 6y ago
  How come so few Silk Road market place vendors were arrested if it decreased privacy? Many people on the SR were just everyday users. I don't think the argument that it's a step down in privacy is valid at all.
  - colinmhayes 6y ago
    It's completely possible to remain anonymous with btc, but a big enough pain in the ass that only people who are committing crimes will do it. Everyone else will at some point link their identity to their wallet and all of their transaction and transaction amounts are then public record.
    - nprz 6y ago
      Yes, but the option is there. How does one protect their identity with a credit card transaction? The argument that BTC is not private doesn't seem to hold up.
      - renewiltord 6y ago
        I guess we could go through a challenge. You set up a Stripe page or some such thing and someone else can set up a BTC wallet. I will spend a dollar with my CC on your Stripe site and I will spend a dollar equivalent to that BTC wallet. Then I will make two other secret transactions with the CC and the BTC wallet. You can each then try to identify the targets and the sums spent in the secret transactions. Whoever identifies gets some sum of money from the other. I'm happy to escrow for you.