/biz/ - Business & Finance

>>28365243
BTC and ETH can't be currency. Gas for ETH transactions is prohibitively expensive and so are fees for BTC and the developers won't change the code to fix it

>>28364888
Absolutely checked

>>25477059
This is the truth that no one wants to admit. BTC is not decentralised, and that fact that it is only pseudo-anonymous makes it largely useless for resisting government manipulation. The idea was good but the execution went to shit when the Blockstream faggots blocked the block size update so they could become bigger whales and keep the Chinese miners happy, and that's when BTC changed from aiming to be an actual everyday currency to a supposed store of value. By all means, ride the pump and exploit the normies (while you are in turn exploited by the chinks and whales), but don't unironically believe the stupid
>bitcoin fixes everything
hype

>>24027964

>Bitcoin ... has no need to be private.
>so if you want to take this as a point for gold you can have it.

Thank you for conceding this then; the vast majority of BTC supporters refuse to do so.

The two most important components of BTC's alleged use-case as a "store of value" were originally 1) Its superiority as a currency, 2) Its alleged privacy. When you take those away, it's hard to see what value remains to store. It has no intrinsic value; take away its monetary value and it doesn't have even a shade of credibility.

>If you're getting tortured, you have bigger problems. They could also threaten your family and make you go pick up the gold from the vault (many don't have it in a vault).

If you store your gold offshore, in Switzerland or Singapore, that obviously isn't going to happen. And most banks have daily withdrawal limits, so that somebody would have to torture you over weeks in order to get your life savings--too great a risk. Whereas somebody needs only ten minutes to get your keys out of you.

People getting tortured for crypto has already happened on numerous occasions, and would become an every-day occurrence if cryptocurrency became the new system of money.

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-robbery-torture-cryptocurrency-netherlands-a8807986.html

"Police in the Netherlands are investigating the brutal torture of a bitcoin trader, whose home was raided by criminals looking for cryptocurrency.

Three robbers disguised as police entered the victim's home in Drenthe and attacked him with a drill in front of his four-year-old daughter, Dutch publication De Telegraaf reported.

It is not the first time criminals have targeted cryptocurrency investors and traders, with the earliest reported instance taking place in 2015.

In February of that year, New York City firefighter Dwayne Richards was stabbed in Willamsburg, Brooklyn, by muggers who demanded he transferred bitcoin to their digital wallets."

>>24023834

Alleged advantages of BTC over gold: It is instantly transmittable, and highly divisible

Answer to alleged advantages: Gold can also have these properties too, whether by means of gold-backed cryptos like Kinesis, or gold-backed currencies in the banking system.

Alleged advantage of BTC over gold: Privacy

Answer to alleged advantage: BTC stores every transaction on a public ledger. This is why the celebrity Twitter hackers were caught within days, and the money from the Silk Road has been recovered. Additionally, if you want to use BTC as a currency, you have to go through Blockstream's second-layer solutions which track and trace everything you do. So BTC has no privacy.

Gold, on the other hand, can be physically transmitted by hand in complete privacy.

Disadvantages of BTC over keeping gold in a vault:

You lose your life-savings after

i) Getting tortured for ten minutes
ii) Getting memory-loss or dementia;
iii) Making a thoughtless mistake;
iv) From a fire or natural disaster;
v) From burglary;
vi) From hardware failure.

Disadvantages of BTC over gold:

1) BTC will collapse once the price sinks under the cost of production for the miners.

2) Most BTC miners are in China.

3) BTC is propped up by the fiat ponzi scheme of tether.

4) BTC has no intrinsic value. Hence Russia, China, and other nations which actually produce the goods and commodities we use will never accept it in exchange for them. When fiat collapses, BTC will be priced in gold at 0.

5) BTC is over-complicated. No normal person will ever set up an LN node; they are happy to keep using the modern banking system. As using the LN compromises privacy anyway, there will be no reason to use BTC second-layer over gold-backed currencies in the banking system. BTC without second-layer demands $100 fees and 3-day transaction times, and so is, of course, impossible to use as a currency.

>>24023834

>>291509608

Alleged advantages of BTC over gold: It is instantly transmittable, and highly divisible

Answer to alleged advantages: Gold can also have these properties too, whether by means of gold-backed cryptos like Kinesis, or gold-backed currencies in the banking system.

Alleged advantage of BTC over gold: Privacy

Answer to alleged advantage: BTC stores every transaction on a public ledger. This is why the celebrity Twitter hackers were caught within days, and the money from the Silk Road has been recovered. Additionally, if you want to use BTC as a currency, you have to go through Blockstream's second-layer solutions which track and trace everything you do. So BTC has no privacy.

Gold, on the other hand, can be physically transmitted by hand in complete privacy.

Disadvantages of BTC over keeping gold in a vault:

You lose your life-savings after

i) Getting tortured for ten minutes
ii) Getting memory-loss or dementia;
iii) Making a thoughtless mistake;
iv) From a fire or natural disaster;
v) From burglary;
vi) From hardware failure.

Disadvantages of BTC over gold:

1) BTC will collapse once the price sinks under the cost of production for the miners.

2) Most BTC miners are in China.

3) BTC is propped up by the fiat ponzi scheme of tether.

4) BTC has no intrinsic value. Hence Russia, China, and other nations which actually produce the goods and commodities we use will never accept it in exchange for them. When fiat collapses, BTC will be priced in gold at 0.

5) BTC is over-complicated. No normal person will ever set up an LN node; they are happy to keep using the modern banking system. As using the LN compromises privacy anyway, there will be no reason to use BTC second-layer over gold-backed currencies in the banking system. BTC without second-layer demands $100 fees and 3-day transaction times, and so is, of course, impossible to use as a currency.

>>24023211

Don't compromise your principles. In exchange for a gamble that might fail one hour after you make it, you're lending your support to an immoral ponzi-scheme. Your capital is going from something that harms the system (gold) to something that supports it (the distraction BTC).

>>23849520
Alright, I've gone down the rabbit hole and I want to give you a friendly reminder that BTC is not a store of value and was never intended to be until the greedy fucker devs realised they could simultaneously avoid fixing the block size problem, and make more money of marketing BTC as a 'store of value' rather than an actual everyday currency that takes power away from centralised banks. BTC is utterly shit for practicality and making actual everyday transactions, purely to make a few select people rich. Not only does it not solve the problem of centralised money creation, it has become the same as what it was created to oppose. Bitcoin could be good if it were BCH, but greed has destroyed it.

>>19233808

Your picture posits the Lightning Network as the solution to the problem, when it is the Lightning Network that _is_ the problem. The LN necessarily destroys privacy. If you don't have privacy any more, why would you even hold Bitcoin? The use-case is destroyed.

Furthermore, even if the LN did achieve widespread adoption (which it won't--that's been "18 months away" for years now, and always will be), it could only service a fraction of a percent of the world's population. In other words, BTC can't scale to widespread adoption with the LN, hence BTC is a scam coin and _will_ collapse when the ponzi is found out.

>>16606731
>>16606854
>0-meg greg
you made blocks too small greg!! surely you know that a limit of 0 is interpreted by many computer programs as no limit at all? that's exactly what creg wants!

>>14087133
Too bad the BTC protocol is not Bitcoin no matter how much hash you have, it's just a blockstream mutant dev project. Bitcoin is a protocol defined in the white paper, and BTC is not that.

HAHAHAHAHAHAHAHAHAHAHA