And even the not-entirely-a-scam projects, be it NFTs, the entire ETH or BTC sphere, are so full of money laundering, trade front running, people using it as investment vehicle, etc. that you can’t trust these projects either.
The “blockchain” thing killed it for me personally. Only so long I could just sit and see people naively wave around blockchain as a solution to every goddamn technical and social problem they can think of.
People buy all kinds of financial products which may not work out for them. There's an entire industry of OTC pink sheet stocks. Again, where's the outrage?
There's plenty of bad actors anywhere, but it becomes toxic when you have an app with an optional crypto integration and people come out of left field preaching their climate doom, crypto will boil the oceans, capitalist greed will be the end of us all, and all crypto is a scam. Meanwhile I'm offering a free to play game?
There's a toxic confluence of engineer's anti-biz perspective combined with a larger ID politics theme. Some benefiting from crypto are outside of the traditional channels. Wherever there's a disruption people take offense. In a word it is a hysteria over changing norms.
Criticizing over-engineered cloud solutions is done all the time. At the same time there are a ton of useful and pragmatic cloud solutions.
> People buy all kinds of financial products which may not work out for them. There's an entire industry of OTC pink sheet stocks. Again, where's the outrage?
This is being criticized all the time. At the same time there are useful financial products that are quite important for many.
> Wherever there's a disruption people take offense. In a word it is a hysteria over changing norms.
There is no disruption taking place. That's the issue. It's all just pure hype that quite obviously creates more problems that it claims to solve. People are tired of hearing the same arguments and excuses since years.
This is not like the Internet (or anything similar that has been used as an analogy) that was not taken seriously at the beginning, typically by established players who then got surprised shortly after.
Quite the contrary. It has been taken seriously but it didn't turn out to be what was promised. Just yet another hype, and "this time it's not like the last time". The negativity surrounding these topics came from insiders and initial adopters who started to speak out.
There are maybe some useful things in here that get overshadowed, but to be taken seriously those parts need to very clearly distance themselves from the rest.
> Is it going away 100% guaranteed due to the rampant scams everywhere?
> So since 2017, there has been no regulations, crackdowns and legislation that has been proposed to regulate anything related to crypto and nothing has changed?
From the other reply:
> Buy Bitcoin. Everything else is a scam.
Buy Bitcoin and use it for what? Currency? Payments?
Bitcoin has failed at being useful at all and it's intended purpose which is a peer-to-peer electronic cash system. Not an 'investment', 'store of value' and 'digital gold'.
We often praise projects that morph from their intended purpose in to something else (e.g. a good % of tech out there).
As a sibling comment said, they move to a separate able currency like dollars or Euro.
No one in their right mind will move to a fantasy token whose value oscillates up and down every second, sometimes to within several orders of magnitude.
Bitcoin's price fluctuation in the past year is 200%
Etherum's is ~300%
Monero, 330%
It's not as bad as Venezuela's or Zombabwe's hyperinflation, but no ine in their right mind would use a currency this volatile.
https://www.statista.com/statistics/326707/bitcoin-price-ind...
What part of "300% value swing over the year" do you not understand?
Bitcoin has failed in being an efficient on-chain payments system and is somehow now an investment asset since that is its new narrative which is also a 'store of value' or 'digital gold'.
It seems that many supporters have admitted that it is not useful for its original purpose and that it is not instant, significantly slower than VISA and a extremely volatile to use as a currency.
[0] https://iopscience.iop.org/article/10.1088/1367-2630/aba062
The old use case of “keep money in your BTC wallet on your own PC, send it as needed” doesn’t really work anymore (not even counting the issue of being unable to run a full node anymore)
What?? The parent was talking about the lightning network... which is built on top of the bitcoin node network.
> being unable to run a full node anymore
Full node syncs & runs fine even on a raspi 3... it's slow... and you're not participating in mining... but it's running, and does what you would expect a node to do (validate, receive & broadcast transactions).
Yes, but bitcoin is so volatile that you can’t keep money for daily usage in it. You can only use it as long-term investment or ultra-short-term wallet.
The regular usage – storing money for somewhere between one and 30 days – is really painful with bitcoin.
Are you saying that keeping some amount of bitcoin tied up in a LN channel is painful?
Or are you saying that holding bitcoin for 1-30 days is "regular usage" ?
Also, you completely ignored the point about running a node.
Holding money for 1-30 days is regular usage. You get paid, you spend it over a month on wages and expenses.
Bitcoin originally promised to be usable for that. Some companies actually paid you in BTC, some stores actually allowed you to pay with BTC. The original goal was to use BTC like a checking account.
Lightning is great at replacing the BTC network itself for transactions, but it doesn’t help much at allowing BTC to accomplish this original task of matching or exceeding fiat money in actual day to day usability.
This is (roughly speaking) the description of a currency, isn't it? I would point out that as a store of value, bitcoin's up
> [BTC's] original task of matching or exceeding fiat money in actual day to day usability.
I don't think BTC was intended to serve in the way you're describing. I believe it was designed to neuter/obviate at-large Central Banks (e.g. money printers, debasers of currency, economic overlords). In this way, it's gone a long way towards the intended purpose. Furthermore, as a base-layer, it's been extended considerably to support day-to-day usability. Further, as a Store of Value, it's done a lot better than USD in almost every time-scale you can compare, and all the ones that matter.
Here's the quote from the release (via: http://satoshinakamoto.me/2008/11/01/bitcoin-p2p-e-cash-pape...)
>>> The main properties: Double-spending is prevented with a peer-to-peer network. No mint or other trusted parties. Participants can be anonymous. New coins are made from Hashcash style proof-of-work. The proof-of-work for new coin generation also powers the network to prevent double-spending. >>>
I would also like to add that the original point of money is not to support a month's worth of planning... the point of money is to support planning across planting seasons and lifetimes. Wages and wage-work came along long after money was invented.
And Bitcoin was treated and hyped as a true replacement for Euro or US Dollar. And we hyped it as well. Online stores started accepting BTC, some companies started paying wages in BTC, the first BTC ATMs showed up.
Dogecoin started their tip bot with a tipping culture.
Neither Doge nor BTC absolutely were seen as investment vehicle or store of value, but instead as payment system and true currency.
I remember discussion about the volatility, and claims that with more and more people using it, its value would change less and less and it'd stabilize at about a BTC per Euro cent.
Even if you set aside the transaction costs and the staggering environmental toll of Bitcoin, it just doesn't function well as a currency because it has been used, and is being used, as a speculative investment vehicle by so many.
You absolutely do not want your currency to be rising and falling by double-digit percentages in value even over the course of a few years, let alone a few days the way Bitcoin frequently does. Furthermore, people accepting currency don't want that. This is one of the major reasons so few people do, in fact, accept Bitcoin as a means of payment. (Yes, I know some do. It's still very few, and always will be.)