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Merged Bitcoin - Part 3

psionl0 said:
The main negative is that the more expensive bitcoin becomes, the more energy will be wasted mining it.
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And that right there is the whopper that makes me not want to touch it and to lose some respect for anyone who is willing to.
 
"It destroys the environment but lets you not pay taxes and has literally no other purpose"

No wonder Republican Trolls are worshipping it like a golden calf.
 
This thread appears to be where people go to practice arguing like our resident far right wing trolls. Constant strawmaning, repeating false statements that have been repeatedly addressed, attacking posters as fanboys or shills not because they're actually pro bitcoin but because they aren't vehemently against it.
 
The_Animus said:
This thread appears to be where people go to practice arguing like our resident far right wing trolls. Constant strawmaning, repeating false statements that have been repeatedly addressed, attacking posters as fanboys or shills not because they're actually pro bitcoin but because they aren't vehemently against it.
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Yeah, the #1 Fanboy in this thread is just "not vehemently against Bitcoin". Sure, uh huh.

ETA:

I searched for "Bitcoin Ponzi scheme", found a lot of articles. Then I searched for "bitcoin is not a ponzi scheme" and found this hilarious "article" which could have been written by our resident #1 fanboy himself.

https://medium.com/crypto-unchained/why-bitcoin-is-not-a-ponzi-scheme-fdb341f7bf22
 
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The_Animus said:
This thread appears to be where people go to practice arguing like our resident far right wing trolls. Constant strawmaning, repeating false statements that have been repeatedly addressed, attacking posters as fanboys or shills not because they're actually pro bitcoin but because they aren't vehemently against it.
Click to expand...

Here's some JPEGS of Apes for your emotional distress. I hear they were worth millions.
 
EaglePuncher said:
Yeah, the #1 Fanboy in this thread is just "not vehemently against Bitcoin". Sure, uh huh.

ETA:

I searched for "Bitcoin Ponzi scheme", found a lot of articles. Then I searched for "bitcoin is not a ponzi scheme" and found this hilarious "article" which could have been written by our resident #1 fanboy himself.

https://medium.com/crypto-unchained/why-bitcoin-is-not-a-ponzi-scheme-fdb341f7bf22
Click to expand...

JoeMorgue said:
Here's some JPEGS of Apes for your emotional distress. I hear they were worth millions.
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Thanks for immediately providing examples supporting my statement.
 
psionl0 said:
Yes, all that gold bullion stored at Fort Knox stops Fort Knox from floating away.
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Where it's stored is irrelevant. Gold has utility, in addition to it's industrial uses gold is resistant to corrosion so maintains it's shine, it's also malleable and easy to work making it ideal for making desirable decorative items and jewelry.
 
lomiller said:
Where it's stored is irrelevant. Gold has utility, in addition to it's industrial uses gold is resistant to corrosion so maintains it's shine, it's also malleable and easy to work making it ideal for making desirable decorative items and jewelry.
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What rubbish. Regardless of its potential industrial applications, most gold in the world is just dead weight and used solely as a store of value. It is because of this primary purpose that whenever gold is used elsewhere, it has to be used sparingly because it is too expensive.

The utility of bitcoin has been explained many times before and I am sure that you have seen these explanations. You are just pretending that there has never been a discussion of bitcoin's utility so that you can recycle ancient arguments.
 
psionl0 said:
What rubbish. Regardless of its potential industrial applications, most gold in the world is just dead weight and used solely as a store of value. It is because of this primary purpose that whenever gold is used elsewhere, it has to be used sparingly because it is too expensive.

The utility of bitcoin has been explained many times before and I am sure that you have seen these explanations. You are just pretending that there has never been a discussion of bitcoin's utility so that you can recycle ancient arguments.
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Yes, dodging taxes, buying drugs, buying child porn, holding until one gets rich and then never buy bitcoin again Really great! :thumbsup:
 
psionl0 said:
Bitcoin doesn't even remotely resemble a Ponzi scheme.
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Yes it does. The profits of the early adopters are funded by the stakes of the late comers. So while it's not strictly a ponzi scheme, it does share some characteristics.


"Ponzi schemes are bad. Bitcoin is bad. Therefore bitcoin is a Ponzi scheme". (ie "All cats have 4 legs .....")
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If anybody was using that logic, you might have a point but they aren't, so you don't. If you had said

"ponzi schemes are bad. Bitcoin resembles a ponzi scheme. Therefore Bitcoin is bad",

you'd have been closer to the truth but even then it is a stretch. There are many reasons why Bitcoin is bad, only some of which are features it has in common with ponzi schemes.
 
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psionl0 said:
What rubbish. Regardless of its potential industrial applications,
The utility of bitcoin has been explained many times before
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Yes it's great for doing things that are illegal (although not as great as many of the criminals think). For doing things that are legal, US dollars work much better. Then there's the really negative aspects like the energy consumption and its inherently deflationary nature.
 
psionl0 said:
What rubbish. Regardless of its potential industrial applications, most gold in the world is just dead weight and used solely as a store of value.
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That's not how utility and value work. The fact that someone else wants to buy it for the utility it represents is why it has value and why you can speculate on its future value.

BTW the largest market for gold by far is India where it's turned into jewelry and has cultural significance. It's not, as you falsely claim, being sold to someone to sit in a vault as a "store of value" (which is a dumb concept in it's own right, but as they say you can fool some of the people all the time)

psionl0 said:
The utility of bitcoin has been explained many times before and I am sure that you have seen these explanations. You are just pretending that there has never been a discussion of bitcoin's utility so that you can recycle ancient arguments.
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Lies. You know you haven't defended the utility of bitcoin. You continue to follow your standard MO of ignoring the arguments presented then lie about it later and say you have answered them when you clearly have not. Most people have caught on by this point so you are not fooling anyone.

The tiny bit of utility bitcoin provides criminals and scammers is vastly outweighed by the lost utility of the electricity and computer hardware hardware required to mine it. The net utility of bitcoin is deeply deeply negative. The wealth being destroyed by bitcoin is astounding.
 
EaglePuncher said:
Yes, dodging taxes, buying drugs, buying child porn, holding until one gets rich and then never buy bitcoin again Really great! :thumbsup:
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Bitcoin isn't even useful for this anymore. The early years of being used to buy drugs off the dark web were an anomaly. The public ledger is easy to track and there are plenty of tools out there for cops or others to track transactions.

Any usefulness as a way to engage in black market deals was probably more to do with novelty than anything. The only exception would be for ransomware, but these invariably rely on the fact that the operators are overseas and beyond the reach of law enforcement than any anonymity granted by bitcoin payments.

Other cryptos claim to provide anonymity for transactions, but bitcoin hasn't been well suited for this for some time now.
 
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