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People in the crypto debate have very short memories. BTC is up like 1000% in the past 18 months and everyone is so quick to point at the current price declarin
by rank0 5y ago
People in the crypto debate have very short memories. BTC is up like 1000% in the past 18 months and everyone is so quick to point at the current price declaring that "crypto is here to stay!" I mean christ in what world is 18 months long enough to declare that crypto is eating the world?
It's clear as day from my perspective that everyone is jumping on the speculative mania bandwagon. It used to have some utility in facilitating cheap illicit transactions, but those days are long gone.
For the record I believe that enabling criminal activity is REAL utility, whether one agrees with the moral implications or not.
Almost nobody is using bitcoin as a currency. It's all speculative investment. This is coming from someone who has made quite a bit of money off crypto and has actually used it countless times as a currency to buy physical goods.
To those of you pointing out that other markets like equities are also detached from reality, I agree with you and don't think it means bitcoin is any less bullshit. At least ETH has some utility as gas for distributed applications.
- gunshai 5y agoAn entire country is using btc as their currency of exchange. Is it a major economy no but now its your turn to move the goal post.
- rank0 5y agoEl Salvador’s recent decision is a Hail Mary attempt at solving a tiny impoverished country’s crippling financial situation. They make their citizens use a government approved wallet where they process transactions off chain. This is the antithesis of what crypto used to stand for. The worlds largest country just banned Bitcoin too. I don’t think either event is indicative of btc’s intrinsic value.
- gunshai 5y agoI meant to say it is not a major economy, so thank you for not being pedantic on that point. But, can you give me a source on how their transactions are being processed off chain. I know that they use a government backed wallet. It was my understanding that any transactions handled in this way eventually have to be settled back into the main chain.
- rank0 5y ago> It was my understanding that any transactions handled in this way eventually have to be settled back into the main chain. I'm unaware of the exact details, but the govt approved wallet uses a proprietary payment processing system in addition to the LN. Yes eventually in theory those transactions should make it back to the main chain when tokens exit the system (requiring El Salvador's permission). At any rate, we've gone in a big circle and reinvented settlement banking on top of bitcoin.
- propesh 5y agoThere is one true scotsman, amirite?