You bring up an interesting point in that I can’t think of another technology out there quite as polarizing as crypto. It’s almost fanatical devotion from both sides. I disagree that the points are debunked, I think the current thinking from the pro side is that those are “today’s problems” and the future will be different. I think the anti camp like myself are frustrated by the religious devotion to something that in our opinion represents regression from the status quo as a north-star, driven in part by uninformed debaters assuring us crypto will solve problems they themselves don’t understand. I think it’s like how my dad used to hate medical shows because they were to him a parody of his profession but to the less informed of us, just kinda fun and cool.
I know bitcoin isn’t the only crypto, I also know proof of work isn’t the only algorithm out there. Bitcoin is the best known and most successful, and proof of work is the only algorithm so far proven to work as specified. I was giving more credibility to the space than I usually do with those simplifications, if I wanted to make fun I’d call on our boys Tether (a fraud [1] run by a fraud who tried to start a Ponzi scheme [2] and whose connection to Bitfinex eventually got revealed in the Paradise papers [3] - in which most crypto prices are denominated), IOTA (it’s ternary for no reason, isn’t decentralized, and tried to write their own hashing algorithm and when that failed they called it a DRM scheme [4]) and Dentacoin (your dental records on the blockchain for no discernible reason [5]). Even a team trying to start a BTC ETF concedes 95% of all volume is fraudulent [6]. That’s a bad place to start no matter how you slice it.
Apologies for offending you, though, that wasn’t the intent.
Look at numeraire, nothing on the internet could achieve what numeraire has done, it puts skin in the game for financial predictions. The guys there were able to run a hedge fund out of it.
If we go to computing primitive. The internet was formed to distribute information, not sensitive information.
There is no protocol on the internet to store, share and process sensitive information like identity data, financial data or digital assets.
An analogy to this absurdity is that in the real world, people distribute newspapers on bicycles and trucks whereas money/ gold is moved around in armoured trucks with gunmen.
The internet doesn’t have a protocol that acts like the armoured truck with gunmen, bitcoin was potentially the first one to do so.
Is a speculative asset like bitcoin a gamechanger, I don’t think so, but I do think there’s value in adding native layers on the internet that enable the exchange of sensitive information.
I don’t think it is possible to offend me with your posts (for the record I didn’t read it, I am sorry if you spent any time writing it). Maybe you should start a blog or something instead of ranting about something entirely offtopic and trying to derail the thread.
I know bitcoin isn’t the only crypto, I also know proof of work isn’t the only algorithm out there. Bitcoin is the best known and most successful, and proof of work is the only algorithm so far proven to work as specified. I was giving more credibility to the space than I usually do with those simplifications, if I wanted to make fun I’d call on our boys Tether (a fraud [1] run by a fraud who tried to start a Ponzi scheme [2] and whose connection to Bitfinex eventually got revealed in the Paradise papers [3] - in which most crypto prices are denominated), IOTA (it’s ternary for no reason, isn’t decentralized, and tried to write their own hashing algorithm and when that failed they called it a DRM scheme [4]) and Dentacoin (your dental records on the blockchain for no discernible reason [5]). Even a team trying to start a BTC ETF concedes 95% of all volume is fraudulent [6]. That’s a bad place to start no matter how you slice it.
Apologies for offending you, though, that wasn’t the intent.
[1] https://amycastor.com/2019/04/26/new-york-attorney-general-b...
[2] https://steemit.com/bitcoin/@binyamin/bitfinex-s-founder-see...
[3] https://gizmodo.com/new-york-ags-report-untethers-bizarre-cr...
[4] https://hackernoon.com/why-i-find-iota-deeply-alarming-934f1...
[5] https://www.dentacoin.com
[6] https://cointelegraph.com/news/bitwise-tells-us-sec-that-95-...