I'm not saying the price is going lower, but isn't it just a massive failure on a conceptual level?
created against the banking system
banking system still exists
caused even more concentrated wealth and degenerate gambling
the intended use hardly appeals to anyone
split libertarians into two camps
crypto industry can buy governments and supports money printing to pump bags
could collapse overnight if a left winger becomes US president
all of this takes energy and manpower
Cope and sneed.
Bitcoin maximalists might not like this but the truth is hard to ignore. Bitcoin can’t really be called digital gold anymore. BTC just had its worst Q1 since 2018 - while gold is breaking ATHs. Gold held firm as markets cracked. Bitcoin didn’t. Still moves like a tech stock.
It is, but we are all forced to buy in and gamble.
If we don't, our neighbors get rich of it and can legally eat our kids.
Yeah it's pretty much useless.
I'm not saying the price is going lower
Then it's not a failure. End of story.
Oh I thought there was an ideological component to it when it was created, my bad
but the price will eventually go a lot lower
then will you admit it's just a pump and dump?
Yup its a failure never buy buttcoin end of story
That's the cope BTC maxis have always been going with instead of admitting they're just interested in watching the price go up.
btc may gonna stagnant for sometime but definitely Galaxis is gonig higher
We'll wait and see. Before that happens everything you say is just cope and seethe.
The ideological era of Bitcoin was long before BTC maximalism was even a thing
Bitcoin buyers have always been hypocrites, but I believe satoshi was a genuine ideologue. He didn't create the exchanges and didn't cash out even a little bit.
It's the first unhackable decentralized all-digital currency, which is the biggest revolution in money technology since double book accounting AT LEAST, and probably goes as far back as using ledgers to track balances without physically exchanging anything.
That it hasn't totally killed off modern banking in 17 years doesn't mean it's not happening.
Also I would like to add: if BTC dies it will sink the entirety of crypto with it, so don't go around saying your elon dog fart coin will take over. Whatever coin you're using to gamble will depend on the survival of BTC.
created against the banking system
banking system still exists
Durrrrr even though it debuted in 2009 it hasn't yet become the global currency!!! It's only gone from being magic Internet money to actually being recognized as having any value to surpassing $1 USD to now close to $100,000 with over a trillion dollar market cap, is discussed seriously in financial circles on a daily basis like every other asset, the president of the United States and other foreign leaders have discussed adding it to global reserves! What a FAILURE.
caused even more concentrated wealth and degenerate gambling
When did Bitcoin ever promise less concentrated wealth? "Durrr rich people definitely aren't going to be better resourced and able to buy more crypto than poorfags"
banks et all will continue to exist forever
the difference is when the time comes, you'll have an option to not participate in their services.
Bitcoin will die, XMR will take its place (BTC death will almost certainly be caused by over-regulation on open blockchain), and then there will be a bunch of copycat XMRs that rise up to fill the gap.
In the near term the death of smartcontracts is a bigger deal. Total solution looking for a problem. It's not too late to short eth, every other smart contract, and every derivative at the same time.
It hasn't even made a fraction of a dent in modern banking.
muh technology
"we did it, we cloned a t-rex, they said it was impossible"
Once Bitcoin hits around $1MM-$2MM it'll start to destabilize world fiat currencies. This is a fundamental check against inflationary policies.
How's it going to replace banking when it's stuck at 7tps?
price go up
You still haven't told me what problem it has solved or will solve
When did Bitcoin ever promise less concentrated wealth? "Durrr rich people definitely aren't going to be better resourced and able to buy more crypto than poorfags"
Bitcoin created a new problem out of nowhere. The vast majority has been mined before the mainstream got in. In a sound money system people get paid for working, not for buying/mining the right financial asset at the right time. Bitcoin caused the opposite to happen.
very boring bull run.
Fiat currencies destabilize on their own and inflation hedges already existed.
BTC death will almost certainly be caused by over-regulation on open blockchain
2021 China didn’t destroy BTC. It has proven resilient despite regulatory pressures globally. Besides, your precious XMR has far less network security than BTC.
there will be a bunch of copycat XMRs that rise up to fill the gap
Privacy coins have even more regulation than BTC. Exchanges are constantly delisting XMR. Also that has already been tried, and it failed (see Zcash, Dash, Verge)
You aren't wrong about the performance. But saying it can't be called digital gold anymore is just short-sighted. One bad quarter does not a failure make. I agree it's still treated as risk-on. You have to recognize the long term path. BTC will act like a tech stock until volatility tapers. In theory, we should see high volatility all throughout its adoption with volatility slowly diminishing (per cycle) until it reaches that of gold, and until it reaches an equivalent market cap of gold. You can see how this is pretty far off so it can't be expected to act like gold yet.
Every time someone calls BTC a failure, it's because they neglect the entire idea of BTC being meant for international settlement. Every time you see a headline about BTC being used in international deals, whether that's for tariff avoidance or otherwise, it's a move toward BTC's success. The meantime will obviously be noisy.
>split libertarians into two camps
Are you suggesting Libertarians were unified before Bitcoin?
You still haven't told me what problem it has solved or will solve
Fundamental check on reckless inflationary central bank policies with something actually able to replace the dollar. No, gold does not solve this problem as it's either too bulky, too difficult to ascertain the authenticity or requires trust in a (((third party)))
its just not peer to peer currrency and never will be
It sucks as a medium of exchange, it's just slightly more convenient than gold.
Bitcoin is actually fantastic. If my cousin in another state needs me to send him $300, I can either wait days for a bank transfer to go through, wire him the money for an exhorbitant fee, drive it there, mail him a check, or give up my personal and financial info to some app that, when he gets it, takes days to withdraw to his bank account anyway. With bitcoin, I just send it to his address and he has it. Then he has to sell and withdraw it to his bank account, yes, if he wants USD, but it's still more secure and faster.
I use this example because this happened to me just the other day. Thankfully in my case it was to buy tickets to a convention, so I told him just let me pay it and he can pay me back at easter, since I have better cashflow than he does.
If you consider the fiat financial system as a blockchain, it has a 24 hour window to post a transaction, and then 24 hours to confirm the transaction minimum, and a more typical confirmation time and release of funds is 3-5 business days.
Bitcoin has a 20 minute confirmation window. And there's no social engineering phishing bullshit fraud risking my funds either.
okay but say i want to buy a coffee though
shitcoins and (((rugpulls))) as far as the eye can see
Buttcoin didn’t fail. Humanity did.
There are coffee shops that do this, you just pay, they check to see if the transaction posted, takes about 30 seconds if not less, then they make your coffee.
The risk on their end is that you then cancel the transaction after getting the goods. There's only a 20 minute window to do that before the first confirmation comes in, MAX. Could be less.
Now with credit cards, THEY HAVE THE SAME RISK. But there's no time limit. Homes could come back and say well my card got stolen three days ago, three weeks ago, gotta cancel all the transactions. The business doesn't get refunds for that, they're just shit out of luck 30 days later when the credit card releases funds to the business.
And before you bring up cash, counterfeit bills exist there too. Every fucking $20 bill I spend gets hit with a marker to check if it's real these days.
Bitcoin cannot be counterfeited, nor can it be stolen from the wagies working the register by a robber.
He said in thrall of another cocaine and adderal frenzy.
I actually with bitcoin heavy, but only on a technological, computer science level. I've read the whitepapers and the theory behind a lot of crypto, it's quite interesting, I can see the vision. The problem is that the culture behind it is fucking vile, lot of grifters. This is actively preventing it from becoming truly adopted.
Also pic related, it's a first mover, but also a pile of shit. So many improvements could be made to the tech, that's why I consider bitcoin fundamentally worthless.
Monero is the king but it has lower value than Bitcoin.
Sometimes the best thing isn't the most expensive one.
Then he has to sell and withdraw it to his bank account, yes, if he wants USD, but it's still more secure and faster.
Can you read?
That reminds me I forgot about the coinbase crypto credit card that auto-sells crypto when you make purchases IRL, so if I wanted to buy my cousin a coffee I would send him the bitcoin to his address, and then he could spend it on his crypto card within 20 minutes.
USD is a shitcoin.
Great point, agreed, and nice digits.
BTC is a proof of concept, Monero is the perfected version.
ETH is the bastard child.
t. wholecoiner
ETH is an interesting proof of concept testnet but it's a solution looking for a problem. The money problem is counterfeiting and enabling transactions, which bitcoin solves. The problem of contracts is fundamental human trust and computation and enforcement, which can't really happen in a decentralized manner. Ethereum even shows this, and in particular ethereum revealed itself to be corrupt during the dao controversy and fork.
Thankfully it's not too late to short all smartcontract platforms and derivatives.
Thanks, always nice to see a digit enjoyer.
The ideological component is that you can manage your own money and not be dependent on banks, not that it was going to kill banks or be inherently opposed to them.
Other thing too, you could easily have Visa or similar intermediary process payments in Bitcoin and guarantee in-person payments. Simply because everything isn't going to be accomplished on-chain only doesn't really limit the use case of Bitcoin as world reserve currency.
Ethereum feels like the enabler of banks in Blockchain. Lending protocols and collateralized equity run well on it. I feel like any competitors like HBAR or XRP lost when L2's proved they could do it better. The problem Ethereum solved isn't one that the ETH maxis want to talk about because it solved problems for banks, not for consumers.