Five myths Bitcoin promoters want you to believe
medium.com
medium.com
The author tries to tell you that because a bitcoin can be divided up into a million pieces or more, it means it's not a limited resource. What idiocy.
Bitcoins aren't secure because most people keep their keys in a vault they don't actually own? What does that have to do with Bitcoin itself? Bitcoin's security (while having known attack surfaces) is proven, as are people's tendency to not care about securing their own digital information.
You can only call things a bubble accurately in hindsight. Please provide data to substantiate your claim.
Bogus, gold can be decomposed further than ounces. This item is foolish/ignorant.
> #2 ... It’s decentralized, but it is also incredibly inefficient, slow, and prone to fraud. Out of a few thousand startups using blockchain technology out there, perhaps one or two make any sense product-wise. ... More importantly, bitcoins are built on top of blockchains. But you can create blockchains without anything to do with bitcoins.
This argument has a shred of merit. Yes, there is lots of way overblown ideas about how bitcoin can change our world. Banks are not going away. But the download-every-email-ever analogy underscores just how invalid it is to consider email as an example case.
> Myth #3: Bitcoins are secure
Agreed, they are not easy to secure. But here's the interesting bit: they can be secured well by companies who have expertise. "oh but that's not decentralized" you say. True, but the tiers that have appeared are valuable and solve problems. Bitcoin could be considered a uniform infrastructure for financial services.
> Myth #4: ... world’s best tool for evading capital controls. Also known as money laundering.
IMO it's immaterial that it can be used for laundering. Controls and regulation at the legitimate exchanges are appropriate.
> Myth #5: Bitcoin has intrinsic value ... it’s a function of demand. ... People do not buy bitcoins for some intrinsic value.
It's not universally the case. But I will concede that it is a very large part of the demand. Ergo, its exchange rate could tumble significantly. But if it did, would it stop being useful? No. Would it lose all its value? No. Would it lose any utility? IMO no.