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More bad takes from people who don't understand the point of Bitcoin and its blockchain. It's all so... tiresome. The fact that the author is comparing to serv

More bad takes from people who don't understand the point of Bitcoin and its blockchain. It's all so... tiresome. The fact that the author is comparing to services like Venmo or PayPal really goes to show how much they don't understand about what Bitcoin was built to achieve. Also goes to show that people like the author should also check their financial privilege: https://bitcoinmagazine.com/culture/check-your-financial-privilege https://bitcoinmagazine.com/culture/check-your-financial-pri... FYI the author of this ^ article is the Chief Strategy Officer at the Human Rights Foundation. All his articles on that site are worth reading to gain a more global perspective of what Bitcoin is doing outside of the western hemisphere.

oblio 5y ago
That's awesome! I'm a refugee from Wallachia. My government has collapsed, my currency is destroyed by hyperinflation. How do I use Bitcoin for payments?
- fsflover 5y ago
  You transfer btc to someone else and they give you your purchase.
  - oblio 5y ago
    How do I transfer that money? I need specifics. I'm a poor peasant from Wallachia, I barely know how to use a smartphone. ELI10. 1. How do I buy the Bitcoin in the first place? My government or bank aren't selling them to me. 2. How do I actually transfer that money?
    - deleted 5y ago
      [deleted]
    - TheGigaChad 5y ago
    - deleted 5y ago
      [deleted]
    - deleted 5y ago
      [deleted]
    - Quindecillion 5y ago
      Yeah... if you barely know how to use a smartphone Bitcoin isn't going to be much help to you, unless you learn. That doesn't mean Bitcoin isn't already helping millions of people in these types of countries that have unstable currencies, governments, or both, but also have wide spread internet and smartphone adoption. Read the Alex Gladstein articles I mentioned above.
- Quindecillion 5y ago
  You probably wouldn't use Bitcoin for direct payments, though you certainly could if someone else was willing to accept it. I imagine you'd primarily use it to store wealth on an open and permissionless network, and then convert it to local currency when needed to make the purchases you want. As I mentioned, Alex Gladstein has lots of good articles outlining how people in countries that are affected by war, authoritarianism, hyperinflation, or all of the above, use Bitcoin. These are the best articles for that: https://bitcoinmagazine.com/culture/bitcoin-financial-freedom-in-afghanistan https://bitcoinmagazine.com/culture/bitcoin-financial-freedo... https://bitcoinmagazine.com/culture/cubas-bitcoin-revolution https://bitcoinmagazine.com/culture/cubas-bitcoin-revolution https://bitcoinmagazine.com/culture/can-bitcoin-bring-palestine-freedom https://bitcoinmagazine.com/culture/can-bitcoin-bring-palest... https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-decolonization https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-de...
16012022 5y ago
Tbf, blockchain is the dark matter of technology. People are never allowed to criticize it without the same, repeated feedback “If that’s what you think blockchain is, then you don’t understand it.” Why doesn’t someone, then, who actually understands their almighty blockchain god, illuminate us, mere mortals, on the wonders of blockchain and how it can be good for society in the foreseeable future. You know what’s really tiresome? Having the promises of blockchain sold to us for years now without a single, useful purpose for it in sight other than, well, cryptobros.
- bko 5y ago
  Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex workers are routinely booted off the platform in the US with their funds being frozen. People in developing countries also may not have access. > In fact, I would assert that there is no single person in existence who had a problem they wanted to solve, discovered that an available blockchain solution was the best way to solve it, and therefore became a blockchain enthusiast. How about people that want to hold western stable coins and they are legally prevented from holding dollars or similarly stable currency?
  - Feeble 5y ago
    My company operates in a highly international business area. The whole industry is moving towards using crypto for B2B payments. Every provider and partner offers payment by crypto - because international bank payments are slow, expensive and complicated (gets stuck, countries blocked, unclear KYC etc, opaque AML blockers etc).
    - rjmunro 5y ago
      Which industry do you work in?
    - 5y ago
Feeble 5y ago
- egeozcan 5y ago
  > Meanwhile 1.7 billion people around the world do not have a bank account ...therefore we need bitcoin? Is this the new spin? People don't see it's a tech that was invented without a use case? Many people don't have electricity too, what are you talking about?
  - deleted 5y ago
    [deleted]
  - meheleventyone 5y ago
    It also seems broadly ignorant of technology in the last decade that has done far more for unbanked people than crypto currencies.
    - goesnowhere 5y ago
      UPI and M-Pesa have had far reaching effects to this regard. This narritive that crypto helps the unbanked is not true. If I'm wrong about crypto helping the unbanked, please provide any context or numbers to back up this claim. P.S. Let the poor countries solve their own problems, if you want to help donate money directly.
      - meheleventyone 5y ago
        Yes that's what I was saying I fully agree other tech has had way more impact on the unbanked. :)
        goesnowhere 5y ago
        Well then I appreciate you and respect you. Much love.
ren_engineer 5y ago
for context this article is from 2018 when Bitcoin was crashing, author was obviously trying to dunk of the crypto community at the time. The entire crypto market is now over 5X larger since he wrote this. Author is also the founder of a traditional FinTech company with 68M raised, so he has obvious bias https://www.crunchbase.com/organization/true-link-financial https://www.crunchbase.com/organization/true-link-financial most of his complaints about crypto being hard to use could easily be applied to the internet, cell phones, and computers in their early days. Almost all technology starts off with a niche community that is often mocked before it improves and becomes mainstream. Crypto gets even more hate because people who think they are smart are seething about missing the train and the cognitive dissonance demands that they write off the entire industry as useless
- DebtDeflation 5y ago
  >The entire crypto market is now over 5X larger On what basis? Certainly not on the basis of volume of transactions used to purchase goods and services in the real economy. Nor on the basis of adoption of other use cases for smart contracts, supply chain provenance tracking, etc. I assume you mean on the basis of trading volumes and market caps, which are completely irrelevant.

oblio 5y ago

That's awesome! I'm a refugee from Wallachia. My government has collapsed, my currency is destroyed by hyperinflation. How do I use Bitcoin for payments?

fsflover 5y ago
You transfer btc to someone else and they give you your purchase.
- oblio 5y ago
  How do I transfer that money? I need specifics. I'm a poor peasant from Wallachia, I barely know how to use a smartphone. ELI10. 1. How do I buy the Bitcoin in the first place? My government or bank aren't selling them to me. 2. How do I actually transfer that money?
  - deleted 5y ago
    [deleted]
  - TheGigaChad 5y ago
  - deleted 5y ago
    [deleted]
  - deleted 5y ago
    [deleted]
  - Quindecillion 5y ago
    Yeah... if you barely know how to use a smartphone Bitcoin isn't going to be much help to you, unless you learn. That doesn't mean Bitcoin isn't already helping millions of people in these types of countries that have unstable currencies, governments, or both, but also have wide spread internet and smartphone adoption. Read the Alex Gladstein articles I mentioned above.
Quindecillion 5y ago
You probably wouldn't use Bitcoin for direct payments, though you certainly could if someone else was willing to accept it. I imagine you'd primarily use it to store wealth on an open and permissionless network, and then convert it to local currency when needed to make the purchases you want. As I mentioned, Alex Gladstein has lots of good articles outlining how people in countries that are affected by war, authoritarianism, hyperinflation, or all of the above, use Bitcoin. These are the best articles for that: https://bitcoinmagazine.com/culture/bitcoin-financial-freedom-in-afghanistan https://bitcoinmagazine.com/culture/bitcoin-financial-freedo... https://bitcoinmagazine.com/culture/cubas-bitcoin-revolution https://bitcoinmagazine.com/culture/cubas-bitcoin-revolution https://bitcoinmagazine.com/culture/can-bitcoin-bring-palestine-freedom https://bitcoinmagazine.com/culture/can-bitcoin-bring-palest... https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-decolonization https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-de...

16012022 5y ago

Tbf, blockchain is the dark matter of technology. People are never allowed to criticize it without the same, repeated feedback “If that’s what you think blockchain is, then you don’t understand it.” Why doesn’t someone, then, who actually understands their almighty blockchain god, illuminate us, mere mortals, on the wonders of blockchain and how it can be good for society in the foreseeable future. You know what’s really tiresome? Having the promises of blockchain sold to us for years now without a single, useful purpose for it in sight other than, well, cryptobros.

bko 5y ago
Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex workers are routinely booted off the platform in the US with their funds being frozen. People in developing countries also may not have access. > In fact, I would assert that there is no single person in existence who had a problem they wanted to solve, discovered that an available blockchain solution was the best way to solve it, and therefore became a blockchain enthusiast. How about people that want to hold western stable coins and they are legally prevented from holding dollars or similarly stable currency?
- Feeble 5y ago
  My company operates in a highly international business area. The whole industry is moving towards using crypto for B2B payments. Every provider and partner offers payment by crypto - because international bank payments are slow, expensive and complicated (gets stuck, countries blocked, unclear KYC etc, opaque AML blockers etc).
  - rjmunro 5y ago
    Which industry do you work in?
  - 5y ago

Feeble 5y ago

egeozcan 5y ago
> Meanwhile 1.7 billion people around the world do not have a bank account ...therefore we need bitcoin? Is this the new spin? People don't see it's a tech that was invented without a use case? Many people don't have electricity too, what are you talking about?
- deleted 5y ago
  [deleted]
- meheleventyone 5y ago
  It also seems broadly ignorant of technology in the last decade that has done far more for unbanked people than crypto currencies.
  - goesnowhere 5y ago
    UPI and M-Pesa have had far reaching effects to this regard. This narritive that crypto helps the unbanked is not true. If I'm wrong about crypto helping the unbanked, please provide any context or numbers to back up this claim. P.S. Let the poor countries solve their own problems, if you want to help donate money directly.
    - meheleventyone 5y ago
      Yes that's what I was saying I fully agree other tech has had way more impact on the unbanked. :)
      - goesnowhere 5y ago
        Well then I appreciate you and respect you. Much love.

ren_engineer 5y ago

for context this article is from 2018 when Bitcoin was crashing, author was obviously trying to dunk of the crypto community at the time. The entire crypto market is now over 5X larger since he wrote this. Author is also the founder of a traditional FinTech company with 68M raised, so he has obvious bias https://www.crunchbase.com/organization/true-link-financial https://www.crunchbase.com/organization/true-link-financial most of his complaints about crypto being hard to use could easily be applied to the internet, cell phones, and computers in their early days. Almost all technology starts off with a niche community that is often mocked before it improves and becomes mainstream. Crypto gets even more hate because people who think they are smart are seething about missing the train and the cognitive dissonance demands that they write off the entire industry as useless

DebtDeflation 5y ago
>The entire crypto market is now over 5X larger On what basis? Certainly not on the basis of volume of transactions used to purchase goods and services in the real economy. Nor on the basis of adoption of other use cases for smart contracts, supply chain provenance tracking, etc. I assume you mean on the basis of trading volumes and market caps, which are completely irrelevant.