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The essence of what makes this nocoiner cope "postmodern" is that the nocoiner does not try to convince his audience that bitcoin is a ponzi, worthless, or not
by bondarchuk 6y ago
The essence of what makes this nocoiner cope "postmodern" is that the nocoiner does not try to convince his audience that bitcoin is a ponzi, worthless, or not a real currency. Rather, the nocoiner claims that the scam is perpetuated by a media apparatus which keeps bitcoin suspended in a haze of post-truth confusion, and if only the cultural landscape which denies that there is a single self-evident truth could be brought down, then bitcoin would fall with it. This is no different than the fallacy of gamblers who somehow believe their spin of the roulette wheel is somehow blessed by luck.
- alephu5 6y agoAre there any companies providing actual financial or banking services using bitcoin? Are people using these? Stephen's argument assumes that the answer is "no", and from this makes a compelling case for it being a Ponzi scheme. I personally would change my mind about this if you could show that this technology offers advantages over traditional products, and I'm willing to bet that even the author would reconsider his position. On the key metrics, transaction cost and speed, current cryptocurrencies lag behind. If it were capable of providing these it would even become a stable store of value since it could provide the framework for all banking around the world whose provisioning price could remain approximately constant.
- grey-area 6y agoIndeed, and unfortunately the basic premise of Bitcoin (a distributed global ledger), makes most of those metrics very difficult to hit, along with some other important ones like cost in energy per transaction. Distributed consensus means you can't have instant confirmations. POW means you can't bring cost per transaction down (in energy or in money). etc.