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Cryptocurrencies are Going to Kill Us All

FrgMstr

FrgMstr

Just Plain Mean
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Hyun Song likens Bitcoin to Beanie Babies. Other crypto-scams are like unicorns.

Check out the video.

Hyun Song Shin speaks about Chapter V of the Annual Economic Report 2018. Cryptocurrencies' decentralised model of generating trust limits their potential to replace conventional money, the chapter argues.
 
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FIRST IN WITH ANTI-BITCOIN POST! HUZZAH! :D

This is such an interesting point. After digging through the whole BIS report, what you essentially find is that the 'cost of trust' for bitcoin is too high. Modern currencies have a level of trust based the nation backing them (fiat currencies), the banks backing them (CD's or mutual funds), or corporations backing them (stocks, bonds). Crypto currency has a level of trust based on its security (which every person I've ever met from the cyber security field or any article I've ever read from the cyber security field says is false), but the cost of that security in terms of power usage is high, and as the blockchain becomes more complex the cost of internet bandwidth will grow.

P.S. I am not a bitcoin hater, I am a bitcoin disbeliever. I don't believe it is an appropriate, practical and ethical form of exchange. But I could be called a 'bitcoin advocate hater', since I dislike it when people rah-rah bitcoin with non-evidence like, "Well, it works as money now!" or, "Hey, the other currencies are just as bad!" You wouldn't use those arguments to prop up a Ponzi scheme, since you know what the eventual result of a Ponzi scheme will be.

P.P.S. I could be completely wrong about bitcoin. Some smart people might solve the problems bitcoin is having, but it's just as likely that some smart people are going to exploit the problems bitcoin is going to have. Before bitcoin can be considered a method of investment or exchange it needs to solve a basic problem it wanted to do away with - it does not have a central authority with the power to regulate it, enforce it, and back it.

P.P.P.S. The biggest bitcoin mining operations are happening in China, the country where cryptocurrencies are illegal. It isn't illegal to have bitcoin in China, you just aren't allowed to spend them in China. In China, it is perfectly legal to bilk a foreign state using the laws of the foreign state.
 
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I guarantee not a single cryptocurrency fanboy or investor will take this seriously. The response will be some combination of “he’s afraid of crypto” or “he doesn’t understand crypto” or both. It’s really astonishing how the mania can manifest itself to the point that critical thinking is completely absent from the discussion.
 
HockeyJon said:
I guarantee not a single cryptocurrency fanboy or investor will take this seriously. The response will be some combination of “he’s afraid of crypto” or “he doesn’t understand crypto” or both. It’s really astonishing how the mania can manifest itself to the point that critical thinking is completely absent from the discussion.
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Well to be fair, even if they suddenly decide they need to unload all their various coins, you think they're going to say as much when money is on the line? They'd more likely trumpet the opposite direction in hopes to drives prices up to milk as much money as they can on their final hurrah.
 
All I know is I made a tidy little sum this afternoon by unloading various coins at this unexpected peak. *Shrug*
 
IcePickFreak said:
Well to be fair, even if they suddenly decide they need to unload all their various coins, you think they're going to say as much when money is on the line? They'd more likely trumpet the opposite direction in hopes to drives prices up to milk as much money as they can on their final hurrah.
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I don't disagree, at least in the case of the whales, but even the kid who's got like $20 in Bitcoin and found out about NiceHash two weeks ago seems to tow that line.
 
bitcoin can't kill me if i kill myself first. Better get back to planning my funeral.
 
bitcoin to me is slow, inefficient, but popular... there are many coins that will serve a purpose that are for the greater good like ripple/xrp to lower costs of fiat currency translations. However many are crap coins , i'd say 90% or more.
 
Then maybe he should explain how or why Bitcoin operated fine for many years with low fees and little congestion, if such a scenario would drive miners away.
 
HockeyJon said:
I guarantee not a single cryptocurrency fanboy or investor will take this seriously. The response will be some combination of “he’s afraid of crypto” or “he doesn’t understand crypto” or both. It’s really astonishing how the mania can manifest itself to the point that critical thinking is completely absent from the discussion.
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Fanboy here! In the sense I like to hate on it. :)

I think the important, unmentioned point is that Bitcoin is the worst example of a cryptocurrency. Bitcoin has improved over time, but has to adapt to challenges which are outside of the current protocol scope. In other words, it has to be supplanted by a different protocol which uses processing power to yield valuable work rather than circle-jerking it's own existance (mining). Mining is a very sensible, very cool way to start a cryptocurrency, but hashes don't help anyone. It needs a "green" byproduct. And by green I mean valuable. Some newer coins have a valuable basis (storage, contracts, et cetera), but are currently horribly inefficient, or only partially implemented.

Considering the glacial rate of development in this field, I'm not sure what to expect. Still hodling, but just not in BTC.

edit: I forgot to mention that those super high transaction surcharges are a great example of how shit the protocol is and how it needs to adapt.
 
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TheOne&OnlyZeke said:
Wish all these denouncers would just go away.
I've a few litecoin I need to sell


:D
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Oh man, those people who got in early on litecoin and held made more money than anyone. Absolutely manic.

oROEchimaru said:
bitcoin to me is slow, inefficient, but popular... there are many coins that will serve a purpose that are for the greater good like ripple/xrp to lower costs of fiat currency translations. However many are crap coins , i'd say 90% or more.
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Yes! It's terrible! But it's the first, it has a great name, and it's in the news -- a lot. The reasons it's still around are the same reasons tabloid celebrities are still around. Everyone knows these names -- and there are enough people that a small percentage is a huge quantity of people who would actually like it.

(Also dummies hearing about it, trying to get rich, and quietly losing their small investment to the smart cat cashing out late and sharing the story with another dummy.)
 
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