>almost unusable as a currency
>shits itself during inflation
just what is it good for?
LULZ / Finance & Business
>almost unusable as a currency. >shits itself during inflation. just what is it good for?
>almost unusable as a currency
>shits itself during inflation
just what is it good for?
For nothing, it's the original NFT.
I fucking hate you because you're probably right you stupid fuck.
proof of concept/experiment for private key controlled finance
experiment failed, normals can't handle private keys
Making me a millionaire
It works exactly as it should. Proof of work proves that you were willing to use energy to increase its security.
That's exactly how it's designed to work.
If you throw money on a pile you don't increase security but plutocracy.
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Making BlackRock richer and zoomer retards poorer.
This. Its for alibaba to farm nerds so it can own all of a fixed money supply that can't be legislatively altered through elections.
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>almost unusable as a currency
It's faster than ACH, cheaper than a wire transfer, decentralized, and anonymous if you're willing to go through some extra steps. How is it unusable?
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Because no one accepts it as a payment method?
I could write a fucking big check list on all the good things about bottle caps too, it still doesn’t mean it’s a legit currency you dumb fuck.
That doesn’t mean you don’t make money on btc and crypto, I have, and I’ve made a lot too. But I’m not going to delude myself on what it actually is, since it hasn’t turned into something in the last 10 years, it probably won’t anytime soon either, hence it’s fucking worthless numbers in the end, especially during a recession, and investing in crypto is pure gambling rather than a safe investment
>no one accepts it as a payment method?
Plenty of people accept crypto as payment. Just because amazon doesnt accept it as payment doesnt mean it's not a "real" currency.
>I could write a fucking big check list on all the good things about bottle caps too, it still doesn’t mean it’s a legit currency you dumb fuck
Bottle caps arent a currency, but they are still useful and commonly used for their intended purpose. Crypto is the same way. You're essentially saying that crypto needs to replace all other currencies immediately or else it's useless, which is simply untrue.
>I’m not going to delude myself on what it actually is
You seem to have done just that.
>since it hasn’t turned into something in the last 10 years, it probably won’t anytime soon either
Yes, because every revolutionary new invention is either an instant success or a failure.
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I will say that btc may be a bad example since it’s the only crypto that actually is accepted as currency on some places.
But all the other crypto’s including eth has no real value because it’s never used or accepted anywhere, and even btc you need to look long and hard for sites and companies that accepts it as payment, they are very selective few, too few for anyone not particularly well-read and involved to find them.
And finally, outside of the internet, btc is completely and utterly worthless.
So again, you can keep speargun game your long check list on how great a particular crypto is because of its security, inflation rate, market cap and fucking what not, it won’t change anything, it’s still worthless cause it’s not used. It’s that fucking unstable that the market can make a sudden crash just from a single tweet from one of its whales.
There are tons of sites which accept cryptocurrency
>cheaper than a wire transfer
Depends on fees.
>decentralized
Didn't China have >50% of miners?
>anonymous
Wrong, it's pseudonymous. Which means when anyone identifies you on the public ledger, you have zero financial privacy, compromising your own security.
>Depends on fees.
That's neither here nor there. For me, right now, to transfer 3k from one account to another, BTC would be 1/2 the cost of a wire transfer. The savings would be higher the less money I was sending.
>Didn't China have >50% of miners?
That's not what decentralized means. Regardless of what any one entity does/wants, I can still send as much BTC to whoever I want at any time. I cant be "cancelled" or banned from the BTC network.
>Wrong, it's pseudonymous. Which means when anyone identifies you on the public ledger, you have zero financial privacy, compromising your own security.
That's an "if" not a "when". If you use an anonymous middleman wallet (Wallet B), no one can trace a transaction between your wallet (Wallet A) and the destination wallet (Wallet C). There are also other workarounds that one can implement, such as using a separate wallet for each transaction, but the point is it can be done securely and anonymously.
>btc would be 1/2 the cost of a wire transfer.
Still, it's bad when performing small day-to-day transactions like buying a coffee.
>That's not what decentralized means.
If a country has >50%, nothing is stopping them from taking control of the network. How is that decentralized?
>Regardless of what any one entity does/wants, I can still send as much BTC to whoever I want at any time.
I can say the same thing about cash.
>I cant be "cancelled" or banned from the BTC network.
But you absolutely can be blacklisted, as it has occurred before. You can still make transactions, but that doesn't stop the governments from putting you in jail for you doing something they don't like. Good luck cashing out when that occurs.
>If you use an anonymous middleman wallet (B), no one can trace a transaction between your wallet (A) and the destination wallet (C). There are also other workarounds that one can implement, such as using a separate wallet for each transaction, but the point is it can be done securely and anonymously.
This is completely false. Since every coin has a history, it can be traced to its point of origin. Again, since it's an open ledger, it is not anonymous. Using multiple wallets is not even practical, and for the reasons aforementioned it is useless that you do so anyway. Read this for more details:
https://www.elliptic.co/blog/bitcoin-transactions-money-laundering
>it's bad when performing small day-to-day transactions
So then dont use it for that. As I said earlier, BTC doesnt need to replace ALL currency on earth in order to be useful.
>If a country has >50%, nothing is stopping them from taking control of the network
I dont think you understand how mining works... A miner cant control which transactions they put through. They either help the whole network run or they dont help any of it run.
>I can say the same thing about cash.
"Oops, sorry goyim. It looks like you sent cash to a nazi. We have banned you from all our banking services now (we also are a monopoly btw :^)"
And if you're referring to physical cash, youre even more retarded because that's not anonymous or practical to send long distances.
>But you absolutely can be blacklisted
...by an entity outside of the BTC network. You can still use BTC and send it to an entity that will accept it.
>that doesn't stop the governments from putting you in jail for you doing something they don't like.
I dont see the merit in this statement. The government could van me at any moment and seize all my assets. It's a pointless thing to bring up.
>every coin has a history, it can be traced to its point of origin. Again, since it's an open ledger, it is not anonymous.
You can theoretically trace each transaction to see where the money is going, but that doesnt mean you can definitely say that one user is sending money to another. For example, if I wanted to send BTC to Hitler, but I didnt want people to know I was the one who did it, I would send my BTC to an anonymous wallet not associated with anyone, then have that anonymous wallet send the BTC to Hitler. The feds could see that I sent BTC to another wallet and Hitler received money from that same wallet, but they couldnt prove that I sent that BTC to Hitler.
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>BTC doesnt need to replace ALL currency on earth in order to be useful.
Due to having no fungibility, it cannot be by definition a currency. It lacks the fundamentals of money.
>I dont think you understand how mining works
You're not getting the point I'm making. If a country, especially China, has >50% of miners, nothing is stopping them from identifying such miners and tacking control of the network and performing for example a 51% attack.
>And if you're referring to physical cash, youre even more retarded because that's not anonymous or practical to send long distances.
Cash is not anonymous? Alright then, tell me how much my grandma gave me for christmas. You fucking room temperature IQ moron, cash is absolutely anonymous, unlike Bitshit where everything you transact is permanently recorded.
>by an entity outside of the BTC network. You can still use BTC and send it to an entity that will accept it.
"Hello sir, yes we do accept bitcoin. Hold on a second, it seems that you have transacted with a "radical" political movement we don't agree with. You also transacted with an alleged criminal. Sorry sir, we cannot allow your purchase, we don't want to be associated with these types of people." — this is the world if bitcoin was the standard. Thank God it never will be.
>You can theoretically trace each transaction to see where the money is going, but that doesnt mean you can definitely say that one user is sending money to another.
Not theoretically, but practically. Picrel shows how much personal information that can be used to identify you. One real life example is the Bitfinex hack. Even with coinjoin, they were tracked. Proof:
https://time.com/6146749/cryptocurrency-laundering-bitfinex-hack/
Simplicity is the highest form of sophistication.
If an individual creates multiple wallets to attempt "privacy" then it's not fucking private nor anonymous in the first place lmao. You are a cognitive dissonant fool.
>Due to having no fungibility, it cannot be by definition a currency. It lacks the fundamentals of money.
Listen bro, if I can use it as money (and I do), then I consider it money. If you want to sperg about semantics, you do you.
>tacking control of the network and performing for example a 51% attack
What the fuck are you on about, you absolute sperg?
>Cash is not anonymous?
No, n-word. If you physically hand someone a $20 bill, that's not anonymous. If you mail someone a $20 bill, that's not anonymous. If your grandma hands you money, you both know who each other are. That's. Not. Anonymous.
>an individual entity could decline your BTC if they dont want it
And so could they with any means of payment. Im not talking about that. What I mean is, I can send my BTC to any willing recipient. The BTC network can never prevent me from using it, unlike using fiat via a bank or any other provider.
>Not theoretically, but practically.
It is theoretical because no entity is currently combing through every single transaction at all times to look for schizo patterns. Furthermore, you didnt respond to my point, which is there are ways to circumvent that altogether.
>Simplicity is the highest form of sophistication
Absolute midwittery.
>creating multiple wallets is cheating
lmao
continued
>Using multiple wallets is not even practical
The "middleman" procedure described above is an example of how a sender can keep themselves anonymous, while the "multiple wallets" procedure is an example of how a recipient can keep themselves anonymous. And yes, some merchants accepting BTC do use this procedure, so fuck off with this "not practical" bullshit. Anyone can set up as many wallets as they want for free at any time without having any of them associated with each other.
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cheaper than a wire transfer is BS since bitcoin can't keep a stable exchange rate. The bitcoin purchasing power is decreasing daily.
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BTC transfers only take like 30 minutes most of the time. The price doesnt change drastically enough over that time frame to make much difference.
This. I use Bitcoin to transfer funds across borders all the time. So much easier and faster than using my bank.
under no circumstance can Bitcoin be described as "faster" it is literally one of the worst crypto's in existence
Ill take your word for it retard.
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OP still hasn’t responded to the challenge . Weak hands and poor boys always chicken out.
Omniwallet made Bitcoin a usable currency moron
Speculation.
It's only good to print money with short orders. People don't realize yet that it will go below 10k
There must be so many shorts now the whales are holding it up to liq tho.
your ass
>what is it good for ?
Bitcoin, huh, yeah
>What is it good for?
Absolutely nothing, uhh
Bitcoin, huh, yeah
>What is it good for?
Absolutely nothing
Say it again, y'all
draining liquidity from NPCs and boomers
it's a hedge against inflation as soon as people look to invest during an inflation instead of being scared
>almost unusable as a currency
hmm I sent some yesterday and it went through fast and the fee was pretty low
Literally good for nothing. If you didnt buy pre-2017 its too late and anyone saying otherwise is giga coping.
>in b4 “wE’rE sTiLl eArLy BrO
It's good for making me money between 2017-2024
stealing money from the next wave of fools who believe its anything other than a recurrent sequence of ponzi schemes
To secure your funds in case the govies come knocking.
e.g. Canada
>up 10000x
Yea it's shit
It's useful for me to keep doing my business with the Russians. Due to them annexing some meme country I cannot directly pay them. So, I pay in BTC, they sell BTC for their local currency, I get my shipments. Problem solved.