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FTA: "I’ve repeatedly criticized Bitcoin specifically and blockchain in general, on the grounds that I’ve seen no practical real-world applications," and "Bitco
by SavantIdiot 5y ago
FTA: "I’ve repeatedly criticized Bitcoin specifically and blockchain in general, on the grounds that I’ve seen no practical real-world applications," and "Bitcoin is not usable as a currency because the transaction costs and latency are both too high. (Yes, I know about the Lightning network.)"
"My best guess is that pretty soon the supply of greater fools runs out." -- He's on to something! This is a pretty funny article that is remarkably lucid.
- Sammi 5y agoI've been hearing this sentiment ever since I heard about Bitcoin in 2011. Bitcoin has been through many huge crashes since, but the long term trend just keeps going up and up. So far the only fools are the one's that didn't HODL.
- rjmunro 5y ago> I’ve seen no practical real-world applications. I think money laundering and ransomware are both very practical real-world applications. Also I read you can use them for buying illegal drugs on the dark web. To be fair, they can be used for remittances - sending money back home from working abroad, but I'm not sure how practical that actually is on the ground compared to traditional suppliers like Western Union, or modern ones like TransferWise.
- anthony_barker 5y agoMore than 50% of the worlds population live in a countries with currency controls(China, India, Angola, Nigeria etc). They have reasons to avoid currency controls. Another less nice example is the guy who had 50 million in BTC who went to german jail and they couldnt' recover the funds. This the first time in history you can have a "buried treasure" that you can protect just by memorizing 12 words. Greece was almost in continual default from 1800 until the EURO. (Reinhart, Carmen M.; Rogoff, Kenneth. This Time Is Different).