Principia Discordia > Aneristic Illusions

Good article that details exactly why the bitcoin is a pyramid scheme

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chaotic neutral observer:
So, it's been a couple years.  I guess P3nt doesn't hang around here much anymore, but, whatever.

--- Quote from: P3nT4gR4m on March 19, 2021, 01:11:40 am ---Couple of years and anyone not accepting crypto payments will be finding it as hard to turn a trade as anyone not accepting card payments does now. Couple of years. You can hold me to that.

--- End quote ---
Wrong.  :lulz:

Not only is it unnecessary to accept crypto, but it's still practically impossible to buy anything with it.  Why?  Because no one wants to.  The transaction fees are still absurd, and the very nature of cryptocurrencies ("be your own bank!") means that you're far more susceptible to losing everything to a typo, or having your wallet drained by hackers.  It's harder to use than money in practically every way. Cryptocurrency's main use is as a speculative instrument, and as a means for siphoning funds from Greater Fools.

I've been watching cryptocurrency for the last couple years, doing a bit of research, and I've frankly fallen in love with it.  Not as a store of value, or a means of exchange, but because it's such a hilarious, stupid, obvious disaster.

Bitcoin is burning a vast amount of electricity to achieve a mind-staggeringly abysmal 3 transactions per second.  Blockchain has been dismissed by everyone with an ounce of technical knowledge as useless.  DeFi has never realized its promise of being integrated with global finances; rather, it's only been used to trade shitcoins with other shitcoins, and maybe sell the occasional ugly monkey jpeg.  The layers of scams upon scams transcends Charles Ponzi's wildest dreams.

Over the last several months, all of that is coming to fruition.  Cryptocurrency exchanges are going bankrupt, the biggest fraudsters are being charged and arrested, and governments are stepping in to impose regulations (if not outright ban them).

It will yet take a while for the dust to settle, but settle it will...and then society will move onto a different get-rich-quick scheme.

--- Quote from: P3nT4gR4m on March 18, 2021, 04:27:19 am ---Anyone holding dynocurrency a couple of years from now is in serious danger of getting burned and, even before then, you're in for a hell of a heatwave.

--- End quote ---
Also wrong.

--- Quote ---It's settling down, reducing in volatility by the minute. Another couple of years and you'd be as well buying bonds.

--- End quote ---
Well, that aged well.

--- Quote ---Bitcoin is shaping up to be the new gold. It's also going to be the new gold standard

--- End quote ---
:roll: :lol:

--- Quote ---If I'm right then it'd make sense to at least hedge some of your savings in this space. Yanno, just in case?

--- End quote ---
Very wrong.


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