4 ms·
> If the global bitcoin network is not designed to cope with a miniscule fraction of the global payment volumes and doing so at massively higher energy costs, h
by beckman466 5y ago
> If the global bitcoin network is not designed to cope with a miniscule fraction of the global payment volumes and doing so at massively higher energy costs, how could it ever scale to take over from centralised currencies? And if it cannot do that, then it’s only purpose is speculation and - based on its volatility - gambling.
yes it's a massive pyramid scheme waiting to collapse. all the working class folks who are miseducated and not able to see it for what it is in time will pay a very heavy cost when it does collapse.
- jstx1 5y agoSpeculative asset != pyramid scheme (also != ponzi scheme) It's not going to collapse-collapse for any fundamental reason. Worst case prices will go down (right now Bitcoin is almost 50% down from November's all time high prices), the hype will die out, many people will lose interest, some will still be into it etc.
- WJW 5y agoIt didn't go up for any fundamental reason either, the big rise was funded by (highly leveraged) speculation. Crypto has no inherent incoming cashflows from an underlying asset like stocks or bonds, and it has consistent selling pressure because miners need to pay electricity bills (and usually sell part of their mining rewards to fund that). Neither does it have a few millennia of cultural heritage like gold. I don't even disagree with your worst case scenario in that some people might stay interested no matter how low it goes, but if prices fall back to the ~5 USD per bitcoin range I don't see how that would be anything other than a collapse.