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Bitcoin is the new diamond, perhaps even more unethical and irrational.



Fair.

People forget about the drugs, guns and human-trafficking that built Bitcoin.

It may have started as a response to the corruption in the banking system, but that's not how it got to where it is now.


The ability to buy the drugs you want online is the best thing Bitcoin has done for the world. It's a small market though.


People will see what they want to see. Like one could see Internet as pretty much the sole thing that enables child pornography and causes immeasurable damage.

Also, pretty sure Cash and Banking trumps Bitcoin in all of the following: terrorism, human-trafficking, drugs. Shell companies and weird schemes having been used and are used for a long time.

Final note, I argue that a lot of Venezuelans and Zimbabweans are thankful Bitcoin exists and they are not destroyed by the irresponsibility of governments.


With 20+$ transaction fees nobody is using Bitcoin for day to day expenses.

On net people are also caught through the Banking system, so you need to look at the ratio of net good : net bad. In that context it's hard to see any real value in Bitcoin as it exists today.


Shockingly, it turns out that there are people in Venezuela and Zimbabwe who have demand for unconfiscatable/uninflatable stores of money beyond daily transactions.


It costs more than 40$ to store then retrieve value. That's unfavorable for the vast majority of people in those countries and not cost effective for those with means.


Guns and human trafficking have never really been bitcoins main use case. Now drugs, drugs definitely are.


How would you know?


Its all there in the blockchain. Can't do THAT with greenbacks ..


Maybe they are but I've never seen evidence for it, even though there was plenty of evidence for drug traffic. It's easy to make an evidence-free claim that can't be proven false, but that doesn't mean the claim is true.


> Maybe they are but I've never seen evidence for it,

That's how money laundering works. The criminal says he accepts a token as a payment method for an illicit deal, and states where these tokens can be purchased for a fair price. The customers proceed to spend their cash on these tokens to then perform the transaction on the black market. Subsequently the criminals sell these tokens for cash to their next customers. That's how Japanese organized crime launders their earning with pachinko parlours, that's how drug dealers in the US use Tide detergent, and that's the only real-world use of these so called "cryptocurrencies" such as bitcoin.


There's also a rather absurd amount of energy burned up on the mining and transactions.


What does a cryptocurrency has to do with ethics?


With an attitude like that, nothing in your life has to do with ethics.


Thanks for the in-depth analysis.


It was very easy to get the point. What part didn't you understood?


Apparently nothing. So can we say Excel is also unethical?


while I could agree that bitcoins are forever, I can't imagine putting one on a ring ... except maybe a NFC Ring[0].

[0] http://nfcring.com/


Oh, someone could make a ring with a wallet of bitcoins stored in it and a screen that shows the number contained, like if they were carats


That is actually not a bad idea!




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