The media sure likes to point to these things, but I personally have more specific criticisms:
- It provides store of value but limited medium of exchange. Until there is widespread adoption of BTC (i.e. people get paid in their salaries with BTC) then you're missing an important half of the definition of a currency
- Wash sales (see NFTs) and price manipulation is rampant.
> Those who are OK with that much power being concentrated in one person, can continue avoiding crypto.
If this statement is true "A minuscule .01% of Bitcoin holders control nearly a third of the supply"[0] then how is this any different? Isn't that worse then the current setup? To me crypto is simply a shift in power from a small number of people to another shift of small people (bureaucrat to technocrats). As the saying goes "new boss, same as the old boss".
> But no amount of public outcry can ban, shut down or criminalize crypto, same as you can't ban IMAP or AES.
Sure, but if you can't use BTC as a medium of exchange then it'll just be that - a speculative asset. So what other utility does it have? KYC (in the US) basically restricts BTC from ever becoming a medium of exchange.
The media sure likes to point to these things, but I personally have more specific criticisms:
- It provides store of value but limited medium of exchange. Until there is widespread adoption of BTC (i.e. people get paid in their salaries with BTC) then you're missing an important half of the definition of a currency
- Wash sales (see NFTs) and price manipulation is rampant.
> Those who are OK with that much power being concentrated in one person, can continue avoiding crypto.
If this statement is true "A minuscule .01% of Bitcoin holders control nearly a third of the supply"[0] then how is this any different? Isn't that worse then the current setup? To me crypto is simply a shift in power from a small number of people to another shift of small people (bureaucrat to technocrats). As the saying goes "new boss, same as the old boss".
> But no amount of public outcry can ban, shut down or criminalize crypto, same as you can't ban IMAP or AES.
Sure, but if you can't use BTC as a medium of exchange then it'll just be that - a speculative asset. So what other utility does it have? KYC (in the US) basically restricts BTC from ever becoming a medium of exchange.
[0] - https://fortune.com/2021/12/20/001-percent-bitcoin-holders-c...