
Bitcoin and other cryptocurrencies are useless - pmuk
https://www.economist.com/leaders/2018/08/30/bitcoin-and-other-cryptocurrencies-are-useless
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anoncoward111
They aren't useless. They are of questionable utility with regard to price.

I made a cute little amount of money in BTC/LTC speculation and I ultimately
bought about $3,000 worth of labor using those coins. It was infinitely easier
than having to send cash and deal with foreign and domestic laws around hiring
labor and reporting that income.

But, as fees increase and the price remains unpredictable, it becomes less
fungible. That doesn't mean it is useless.

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smt88
A lot of people have made the point that the vast majority of its value is for
people who want to commit crimes, which is exactly the use case you described.

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anoncoward111
It is not precisely treated as a crime in the US. That is to say, below a
certain amount, the police will not raid your house and take you to a judge.

It is more treated like a parking fine. First, the IRS needs to audit me.
Then, they need to prove that I actually made this income or spent this income
in a certain way that requires reporting.

Once they've proven that, I don't go to jail. I just pay the missing amount of
taxes with a 5% penalty.

If I were to buy weed with Bitcoin, that would be a Federal crime. But in some
US states and some countries, it actually wouldn't be a crime at all.

So, your criticism isn't as black and white as you think.

