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Title: ㅤ Post by: Symmetrick on November 16, 2020, 08:41:45 AM ㅤ
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: 20kevin20 on November 16, 2020, 11:07:03 AM Quote Criticism #6: Bitcoin will be replaced by a competitor. Response: While Bitcoin’s open-source software may be forked, its community and network effects cannot. Bitcoin makes trade-offs for core properties that the market deems valuable. Quite often you can hear all sorts of prophecies that Bitcoin is doomed and the so-called Bitcoin killer is already ready, which is more technologically advanced and faster than it, but no matter how many such killers appear, Bitcoin with all its shortcomings still remains the NUMBER 1 cryptocurrency. But I think it's interesting to think about the possibility of something different, that does not sit on a blockchain but a completely different concept, which has the advantages Bitcoin has plus others Bitcoin doesn't. Just imagine creating an entirely new concept that is truly decentralized and fair, while also being easy to use/understand and has way fewer requirements than Bitcoin currently does. I personally think that a new concept that'd bring even more advantages than Bitcoin does has the capacity not to "kill" it as in destroying it, but to create a huge disinterest in Bitcoin vs the new thing. I often think about this as a pretty impossible thing, but it's as impossible as it was back in '07 to imagine Bitcoin could ever come to existence. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Lucius on November 16, 2020, 02:08:35 PM One can criticize Bitcoin as much as one wants, but any criticism can be answered with a fairly well-founded counter-criticism as shown in the OP.
"1. Bitcoin is too volatile to be a store of value." What was that stable a few months ago when everything that is traditionally considered a store of value has lost its value? When someone loses their investment in BTC then it is a problem and when the same happens with stocks or gold then it is a normal occurrence. "2. Bitcoin has failed as a means of payment." The problem is not in the BTC itself (at least not completely), but let's be honest still its complexity when it comes to payments. In comparing card payments were sometimes no PIN or signature is required for authorization, you still need to have a little more technical knowledge to pay for something with Bitcoin. I’ve certainly paid with BTC hundreds of times over the years and it’s never been a problem for me - and the offer of online stores is growing every day. "3. Bitcoin is wasteful." In comparison with what? This false story is already so worn out that it is still pulled out of the closet only by complete ignoramuses or trolls for whom mathematics is not a strong point. The amount of energy consumed by electronic devices in stand-by mode in the US alone is many times higher than the total annual consumption consumed by BTC. "4. Bitcoin is used for illicit activity." The ratio of fiat to crypto in illegal activities is somewhere between 98% and 2%, maybe even more in favor of fiat - because criminals do not necessarily have to be smart, but they have obviously realized that it is much easier to control a blockchain than a fiat that goes out of hand in hand. "5. Bitcoin is not backed by anything" The greatest strength that BTC has is precisely the millions of people who own it and determine its value. They realize what they have in their hands, and that is definitely something better than a fiat that is backed by corrupt banks and rotten governments. "6. Bitcoin will be replaced by a competitor." Who says that? Those who have claimed and still claim that BCH or BSV is something much better than BTC, or the creators of the thousands of shitcoins who copied the original and most have failed within a year of appearing? Creating a crypto coin is the least problem, convincing people that it is better than Bitcoin is something that has very little chance of happening. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Casdinyard on November 16, 2020, 03:37:47 PM ~ Progress does not stand still and, perhaps, in a few decades, or maybe even earlier, we will witness the birth of an absolutely new technology, which in all respects surpasses everything previously created in the direction of digital currencies. So nothing is impossible and your thoughts may well turn into reality. :) Going back to the topic, this technology have faced many criticisms such as being a ponzi or fraud but people do still admire its benefits. Many cryptos tried to surpass its capabilities and usefulness but Bitcoin remained on top. To answer it in short, there's something in Bitcoin making it different from other cryptos and digital currencies in general. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: meanwords on November 17, 2020, 07:26:13 AM Most of this things will solve itself with time because Bitcoins Development has always been active all this time. In fact, if I remember correctly, there's a new system that the developers are developing to make Bitcoin faster and more secure but I forgot the name (anyone can point this out).
I just don't get why articles like this nitpicks minor details just to make Bitcoin look bad when in fact when you compare it to fiat currencies, Bitcoin will look like a safe haven for people who wants to save their money. Wasteful? can be used for illegal activity? can be replaced by a competitor? Bitcoin is not backed by anything? did they mistook Bitcoin for fiats? Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Oshosondy on November 17, 2020, 07:40:31 AM It is common in life that many people will not know anything about something but they will complain about the thing, the complaint or view about the thing will be criticism and yet not constructive but pointless. I also have seen these points above to be pointless because bitcoin is just the opposite.
There is one I will wish Ratimov to add to it, many people said bitcoin is a ponzi scheme, and of which they are very wrong. I hope it will not be too long before they will realize their mistakes and start investing in bitcoin. Bitcoin has been the most prosperous asset of the 21st century, it is created in a way it has brighter future in which its marketcap will be increasing and supoortimg the price to increase the more, bitcoin is the best money so far. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: webtricks on November 17, 2020, 08:03:32 AM Just having some questions: If one day further development takes place, will Bitcoin still be as popular as nowadays? And will its market value still be volatile? Already, there has been a lot of development taken place in crypto space. Today we have blockchains which can process millions of transactions per hour at considerably low fees compared to merely 12-13K transactions per hour on bitcoin network. But then why is Bitcoin still leading among all cryptocurrencies? Reason is simple, Bitcoin network is backed by thousands of supporters which has removed the possibility of single point of failure. The network strength has grown to such a level that a normal person can put complete trust on a transaction he made on bitcoin network. This is not true for other networks because almost all the other blockchains are dominated by single entity or organisation. With enough resources, it is possible to manipulate recent blocks of these blockchains. So don't worry, bitcoin isn't going anywhere. If anything would happen, it would rather be an improvement in bitcoin network. This could be in the form of scalability solution like lesser witness size. If such improvement happens, mark my words, bitcoin will become much more popular as utility. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Lorence.xD on November 17, 2020, 08:12:04 AM Criticism#1 is more of an advantage of crypto rather than criticism, to be honest if someone has the firm grasp on erratic volatility of bitcoin, they can earn a lot although there are some factors that is mixed aside from the volatility of bitcoin. Criticism#4 is just the downside of bitcoin, it was grounds for illicit activity yes but they are missing the big picture when they focus on it too much, in my opinion this is just a weak gut punch to bitcoin because almost anything good will be exploited in illicit and questionable ways no matter how much the creator crime proofs it. Criticism#6 is the ultimate BS, remember when OneCoin was introduced by CryptoQueen as the Bitcoin Killer, where is she now, and where is the proof that it killed bitcoin.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Cnut237 on November 17, 2020, 08:20:08 AM 1. Bitcoin is too volatile to be a store of value. Bitcoin is still in a relatively stage of its journey, and this is still a young market. This won't be the case forever. Compare bitcoin volatility with some lower cap coins - and bitcoin becomes a beacon of stability. As time goes on, as adoption increases and - crucially - as trading volumes increase, then volatility naturally reduces. Some commentators mistakenly assume that bitcoin's current state is its end state, when that is clearly not the case.Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: royalfestus on November 17, 2020, 08:23:33 AM Rumour always have an element of truth, very little with the aim of misleading the audience. None of the criticism is new and bitcoin through all this till it achieve the present price and adoption.
5. Bitcoin is not backed by anything. This is what Warren Buffet used to say, He doesnt understand how the coin is value and he refused understand what the new economic brings. It is not in their old economics from Benjamin GrahamTitle: Re: 6 Most Popular Criticisms Of Bitcoin Post by: CODE200 on November 17, 2020, 08:43:48 AM Just having some questions: If one day further development takes place, will Bitcoin still be as popular as nowadays? And will its market value still be volatile? Already, there has been a lot of development taken place in crypto space. Today we have blockchains which can process millions of transactions per hour at considerably low fees compared to merely 12-13K transactions per hour on bitcoin network. But then why is Bitcoin still leading among all cryptocurrencies? Reason is simple, Bitcoin network is backed by thousands of supporters which has removed the possibility of single point of failure. The network strength has grown to such a level that a normal person can put complete trust on a transaction he made on bitcoin network. This is not true for other networks because almost all the other blockchains are dominated by single entity or organisation. With enough resources, it is possible to manipulate recent blocks of these blockchains. So don't worry, bitcoin isn't going anywhere. If anything would happen, it would rather be an improvement in bitcoin network. This could be in the form of scalability solution like lesser witness size. If such improvement happens, mark my words, bitcoin will become much more popular as utility. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: pooya87 on November 17, 2020, 08:45:45 AM Quote 1. Bitcoin is too volatile to be a store of value. only the first and possibly the third points here could be categorized as "criticism", number 2 and 4 is purely FUD, 5 comes from lack of understanding of what a currency truly is which has nothing to do with bitcoin and the last one is not even a criticism, it is a prediction that could be used in different contexts to mean different things. in context of advertising a shitcoin it becomes a lie, in context of manipulators becomes FUD and in other context it is stating the obvious that every technology is some day replaced by something else!2. Bitcoin has failed as a means of payment. 3. Bitcoin is wasteful. 4. Bitcoin is used for illicit activity. 5. Bitcoin is not backed by anything. 6. Bitcoin will be replaced by a competitor. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: charlesmichel1 on November 17, 2020, 09:11:00 AM Quote 4. Bitcoin is used for illicit activity. It's neither true, nor false. Like cash Bitcoin can be used for criminal activity, but it isn't the only use case. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: usekevin on November 17, 2020, 10:29:26 AM I found an interesting article on the most common criticism of Bitcoin: ADDRESSING PERSISTING BITCOIN CRITICISMS (https://www.fidelitydigitalassets.com/articles/addressing-bitcoin-criticisms) 6 most popular points of criticism, including: Quote 1. Bitcoin is too volatile to be a store of value. 2. Bitcoin has failed as a means of payment. 3. Bitcoin is wasteful. 4. Bitcoin is used for illicit activity. 5. Bitcoin is not backed by anything. 6. Bitcoin will be replaced by a competitor. Indeed, I think that many have come across in everyday life and on the Internet with similar statements, especially from people not from the crypto community, but from traditional finance. Very often, both in real life and on the Internet, I see this criticism about the fact that bitcoin is not backed by anything, that it is too volatile and in general it will end soon, because there are cryptocurrencies faster, more technologically advanced and cheaper. This article offers an explanation for all of this criticism: Quote Criticism #1: Bitcoin is too volatile to be a store of value. Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically. The article tells us that bitcoin has an inelastic supply and thus it is scarce and valuable; it is also not influenced by central banks and cannot control volatility in the markets. Bitcoin volatility is a trade-off for a distortion-free market. Quote Criticism #2: Bitcoin has failed as a means of payment. Response: Bitcoin makes deliberate trade-offs, such as limited and expensive capacity, to offer core properties such as decentralization and immutability. Given its high settlement assurances, Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails. Bitcoin is mobile, fungible and well divisible. The article provides a good example of using Bitcoin as a global inter-enterprise settlement and thus helps to do business in border areas. Also, Bitcoin is good in those countries where there is a struggle with high inflation and there are capital controls. Quote Criticism #3: Bitcoin is wasteful. Response: A substantial portion of bitcoin mining is powered by renewable energy or energy that would otherwise be wasted. Additionally the energy the Bitcoin network does consume is a valid and important use of resources. This article provides an example of using resources with limited utility, such as stranded gas, to mine bitcoin. Many enterprises, due to economic impracticality or impossibility of transportation, emit it into the atmosphere or burn it in flares. Quote Criticism #4: Bitcoin is used for illicit activity. Response: Bitcoin, like cash or the internet, is neutral and has properties that may be valuable to good actors and bad actors. However, as a share of total transactions, Bitcoin transactions connected to illicit activity are very low. But this point is very fond of manipulating all kinds of regulators and governments, prohibiting or restricting the use of Bitcoin. So why not prohibit or restrict fiat currencies with such an approach, because according to statistics, there are 800 laundered dollars in fiat for 1 dollar laundered in bitcoin. And illegal activity through bitcoin began to decline, because numerous analytical companies have appeared that analyze blockchain transactions and are able to link the bitcoin address with a real person. Quote Criticism #5: Bitcoin is not backed by anything. Response: Bitcoin is not backed by cash flows, industrial utility, or decree. It is backed by code and the consensus that exists among its key stakeholders. Probably the most popular criticism I've just heard from the adepts of traditional finance. Bitcoin is backed by key stakeholders, including miners, validators, nodes, developers. Interested parties choose Bitcoin because of its unique characteristics, such as scarcity, irreversibility of transactions, and resistance to hacking. Quote Criticism #6: Bitcoin will be replaced by a competitor. Response: While Bitcoin’s open-source software may be forked, its community and network effects cannot. Bitcoin makes trade-offs for core properties that the market deems valuable. Quite often you can hear all sorts of prophecies that Bitcoin is doomed and the so-called Bitcoin killer is already ready, which is more technologically advanced and faster than it, but no matter how many such killers appear, Bitcoin with all its shortcomings still remains the NUMBER 1 cryptocurrency. Quote While competitors have attempted to improve upon Bitcoin’s limitations (e.g., its limited transaction throughput or its volatility), it has been at the cost of the core properties that make Bitcoin valuable (e.g., perfect scarcity, decentralization, immutability). Also, the author of the article gives a number of related articles on the basis of which the article was created. It will be useful to familiarize yourself with: - Bitcoin vs. Gold: Is Bitcoin Really A New 'Safe Haven' Asset? (https://www.forbes.com/sites/matthougan/2019/08/21/bitcoin-vs-gold-is-bitcoin-really-a-new-safe-haven-asset/?sh=24169827ba1e) - May 2020 BVI Letter - Macro Outlook (https://www.scribd.com/document/460382154/May-2020-BVI-Letter-Macro-Outlook) - October Selloff Leaves Few Places to Hide (https://www.bloomberg.com/opinion/articles/2020-11-01/october-market-selloff-leaves-few-places-to-hide?srnd=opinion&sref=hf7usq67) - Bitcoin Has Lost Steam. But Criminals Still Love It. (https://www.nytimes.com/2020/01/28/technology/bitcoin-black-market.html) - An (Institutional) Investor’s Take on Cryptoassets (https://medium.com/john-pfeffer/an-institutional-investors-take-on-cryptoassets-690421158904) - Pros and Cons of Bitcoin for International Payments (https://www.americanexpress.com/us/foreign-exchange/articles/bitcoin-a-part-of-the-international-payments-landscape/) - Blockchain company BitPesa wants to transform payments in Africa (https://www.cnbc.com/video/2018/05/15/blockchain-company-bitpesa-wants-to-transform-payments-in-africa.html) - World Bank Predicts Sharpest Decline of Remittances in Recent History (https://www.worldbank.org/en/news/press-release/2020/04/22/world-bank-predicts-sharpest-decline-of-remittances-in-recent-history) - How is Bitcoin taxed? (https://www.coincenter.org/education/policy-and-regulation/how-is-bitcoin-taxed/) - 3rd Global Cryptoasset Benchmarking Study (https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/) - BITCOIN MINING NETWORK: December 2019 (https://coinshares.com/research/bitcoin-mining-network-december-2019) - Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint (https://news.bitcoin.com/bitcoin-helps-oil-companies-reduce-carbon-footprint/) - Bitcoin in the Wilderness (https://www.wsj.com/articles/bitcoin-in-the-wilderness-11553860802) - U.S. oil fields flared and vented more natural gas again in 2019: data (https://cn.reuters.com/article/instant-%20article/idUSL1N29T13C) - Bloomberg: Why Bitcoin Mining Is Being Touted as a Solution to Gas Flaring (https://www.crusoeenergy.com/news-and-media/2019/12/8/bloomberg-why-bitcoin-mining-is-being-touted-as-a-solution-to-gas-flaring) - Energy Giant Equinor to Cut Gas Flaring With Bitcoin Mining: Report (https://www.coindesk.com/energy-giant-equinor-to-cut-gas-flaring-with-bitcoin-mining-tie-up-report) - The Last Word on Bitcoin’s Energy Consumption (https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption) - Bitcoin Does Not Waste Energy (https://unchained-capital.com/blog/bitcoin-does-not-waste-energy/) - Illicit bitcoin transactions remain below 1% of the total amount, says Elliptic (https://www.theblockcrypto.com/post/65238/illicit-bitcoin-transactions-remain-below-1-of-the-total-amount-says-elliptic) - Comparing Money Laundering With Cryptocurrencies and Fiat (https://cointelegraph.com/news/comparing-money-laundering-with-cryptocurrencies-and-fiat) - THE DOLLAR FAR OUTSTRIPS CRYPTOCURRENCY IN ILLICIT ACTIVITY USAGE (https://bitcoinist.com/the-dollar-far-outstrips-cryptocurrency-in-illicit-activity-spending/) - Bitcoin a New Asset Class? (https://research.ark-invest.com/bitcoin-asset-class) - "Bitcoin: Ringing The Bell For A New Asset Class" (https://research.ark-invest.com/thank-you-bitcoin-asset-class?submissionGuid=0003093c-f961-43f9-8cab-e6d86b90b9ff) - Why and when to hold gold bullion? (https://www.bullionvault.com/gold-guide/why-gold) Bitcoin is volatile in nature and it's not a disadvantage.Being a trader,we should use it as a opportunity and buy bitcoin and good potential altcoin at the low price.Secondly we should hold it without losing hope on cryptocurrency.And we can sell at high price to get profit from it. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: witcher_sense on November 17, 2020, 10:40:54 AM Quote Criticism #5: Bitcoin is not backed by anything. Response: Bitcoin is not backed by cash flows, industrial utility, or decree. It is backed by code and the consensus that exists among its key stakeholders. Probably the most popular criticism I've just heard from the adepts of traditional finance. Bitcoin is backed by key stakeholders, including miners, validators, nodes, developers. Interested parties choose Bitcoin because of its unique characteristics, such as scarcity, irreversibility of transactions, and resistance to hacking. I'd like to add something to that. People, those who criticize bitcoin and claim it is not backed by anything, usually fail to recognize the difference between sound and unsound money. They think of bitcoin as an inferior alternative to fiat money; bitcoin, according to them, is worse than fiat money because governments refuse to support it and accept as a means of payment on their territories. Bitcoin is backed neither by governments, businesses, nor gold. The truth is bitcoin shouldn't necessarily be backed by something: it exists on its own like gold, which is also backed by "nothing". Both gold and bitcoin, sound money, have proven the credibility of their monetary properties and, in effect, are backed by them. The former has existed for thousands of years and people are always ready to accept gold because they know it is valuable. The latter has existed for more than a decade, its monetary properties are set in stone, programmed; people all over the world are working hard to sustain these properties because they know bitcoin is also valuable. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: palle11 on November 17, 2020, 11:01:01 AM Quote 4.Bitcoin is used for illicit activity. This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: witcher_sense on November 17, 2020, 11:15:53 AM Yes, also in disputes, when there is a statement that bitcoin is not backed by anything, they like to cite as an argument that: bitcoin is not backed by anything, but fiat is backed by gold. It's an old misconception that central banks provide gold for their candy wrappers. :D Once they know that the gold standard has long been buried, that now fiat money is just pieces of paper or numbers on monitors, they start arguing that paper and numbers are backed by decree, invisible hand, nuclear weapons, roads, military forces, taxes, you name it. According to them, government-issued money is backed by almost everything, tangible and intangible.Especially such statements are inherent in the old generation. :) Speaking of the gold standard, try to ask them why gold has been chosen as a reserve asset, how it emerged and developed on a free market, what it is backed by, etc... If they manage to answer all these questions, they will likely understand what bitcoin is backed by. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Smartprofit on November 17, 2020, 11:22:20 AM Only CBDC can compete with Bitcoin. However, CBDC is not a cryptocurrency or deflationary asset.
A certain hope was in the cryptocurrencies of IT corporations - Libra and TON. Their competitive advantage is their huge audience. However, governments are very jealous of currencies like Libra and TON. They hinder their development in every possible way. Bitcoin Cash tried to become the number one cryptocurrency, but suffered a crushing defeat. Monero is a highly toxic cryptocurrency. Ethereum is an experimental cryptocurrency, there is no certainty that these experiments will not lead to its death. There is currently no alternative to Bitcoin. I have doubts that such alternatives will appear in the future. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: gurjasmeetsingh on November 17, 2020, 11:46:11 AM It's fact ,when a project take the peak point of success. After the popularity in the market. Side by side criticism is also running with that project. Because the investors wants to wast field of earnings day by day,due to popularity of the projects.so various type of rumors are also heard. I think there's no competitor of bitcoin yet. I think so.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: milani on November 17, 2020, 01:21:53 PM I think that all these points are from people that did not even try to understand what the Bitcoin is and what pros snd cons of it. Of course some statements about volatility for example have the true nature, at least partially, but in most cases rumours happen because people do not completely understand the details and nuances of the Bitcoin ot Blockchain. And very often they do not even try to learn in deep, they just write or say and that is all. The main reason - the lack of knowledge or the lack of desire to learn in deep.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Smartprofit on November 17, 2020, 05:09:22 PM As for the fact that Bitcoin failed to realize itself as a means of payment (criticism # 2) ...
I agree with this statement. However, I only partially agree. Bitcoin has very few transactions (roughly 350,000 per day and this number is not growing). For mutual settlements between people, this is very little. However, suppose that in the future, bitcoin holders will be exclusively countries and global corporations. They will rarely carry out transactions, but for a large amount. Bitcoin will become the world's reserve currency and it will be very easy to verify such reserves thanks to the transparent blockchain. The question remains - what will happen to bitcoins owned by individuals? Some individuals will sell their Bitcoins and buy their own real estate, others will have Bitcoin confiscated. Such a scenario for the development of events seems to me very likely. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: ChiBitCTy on November 17, 2020, 05:17:17 PM 1. Bitcoin is too volatile to be a store of value.
I would agree to an extent. Gold is technically a better store of value. That being said, a store of value doesn't guarantee that it won't change values up or down quickly. 2. Bitcoin has failed as a means of payment. Bitcoin is still being used as a means of payment, so not sure how this is the case. 3. Bitcoin is wasteful. This has some truth to it, some not. 4. Bitcoin is used for illicit activity. So is every other type of currency on earth. Bitcoin used much less , as fiat money is much better to use for illegal activities. 5. Bitcoin is not backed by anything. This is a positive, it is a decentralized asset. 6. Bitcoin will be replaced by a competitor This is very possible. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: hatshepsut93 on November 17, 2020, 06:39:39 PM Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.[/i][/b] Limited supply alone does not create value, it only amplifies the existing value. And saying that volatility is just a tradeoff isn't really a response, it's just avoiding discussing the problem. I think most investors that are looking for stores of value are looking for some safety and stability, they first want to preserve what they have, making profit is secondary. Bitcoin fails here, because from time to time it tends to drop by a lot, so investing at an unlucky moment would mean enduring loss for a long time. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Mahanton on November 17, 2020, 06:54:59 PM Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.[/i][/b] Limited supply alone does not create value, it only amplifies the existing value. And saying that volatility is just a tradeoff isn't really a response, it's just avoiding discussing the problem. I think most investors that are looking for stores of value are looking for some safety and stability, they first want to preserve what they have, making profit is secondary. Bitcoin fails here, because from time to time it tends to drop by a lot, so investing at an unlucky moment would mean enduring loss for a long time. To think that it hasn't been made for that sole purpose but rather to be a currency but lots do have different interpretation into its existence and one of it to tell about store of value which wont really fit out and in talks of security and safety then its just normal for those traditional investors to look for those qualities which they cant really see it with bitcoin. Yes, it can really show off something but you wouldn't know on when it would last.. Investing with crypto does really need for you to be wise or else you would surely end up on holding for longer period of time before you can possibly break even or profit. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Chrystora123 on November 17, 2020, 07:27:16 PM Quote 4. Bitcoin is used for illicit activity. Bitcoin is just a new way of exchanging. long before Bitcoin, criminals have always used fiat or gold to make exchanges. so don't take sides..Quote 6. Bitcoin will be replaced by a competitor. this sentence will continue to appear for the next 1000 years. Bitcoin will never be replaced. to those who hate Bitcoin, don't spread FUD against Bitcoin..Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Wysi on November 17, 2020, 08:05:05 PM Most of these criticisms are started by regulators through different channels and supported and spread by those who have no idea about crypto or those who are not ready to accept anything new. I believe Bitcoin has proved them wrong in the last decade as survival of Bitcoin itself proves these criticisms as baseless except Criticism #4: Bitcoin is used for illicit activity.
which is partially true wherein some criminals have found safe haven in crypto but again these crimes are taking place before the invention of Bitcoin as well and will continue even without Bitcoin as well. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Yatsan on November 17, 2020, 10:26:45 PM Criticism will always be a part and become a normal to any existent thing in this world for we individuals do have different perceptions towards something and those differences becomes a thing that serves as an observant type to criticize something that we usually do not fully understand what it is truly about. Criticizing something can be a good point to see flaws in a system or an object that will serve as a starting point to undergo certain improvement. People have initially judged Bitcoin ever since it have existed, many false accusations, lots of rumors spread but still look how tough Bitcoin is after all. This just show how criticism does not barely affect Bitcoin after all but it just makes it a lot more stronger than before due to certain improvements happening on it. Criticism will always be there at times, what the important thing is that you do know what exactly you stand with and do not get along with certain here says by other people about Bitcoin.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: chanler on November 17, 2020, 10:44:02 PM 1. Bitcoin is too volatile to be a store of value. This is what actually in my country. Moreover around 2017, the bad news about Bitcoin was very high moreover it was the booming and hype of BTC. Many people do not trust BTC. They said about the bad impacts of BTC, bad use by the criminals and many more negative issues. However now, it has been legal at least for the digital assets so the negative issue may be decreasing, but still there. 4. Bitcoin is used for illicit activity. Additionally, many people hate Bitcoin because they have lost so much money in BTC and they blame BTC because of its volatility. Yeah, this is true. But this is a part of the risks. We should know before investing, it is volatile and from that volatility, e can make profits highly or lose highly. This will depend on our strtagey. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: mangsitin on November 17, 2020, 10:46:11 PM Quote 4.Bitcoin is used for illicit activity. This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: AmoreJaz on November 17, 2020, 10:49:28 PM Criticism will always be a part and become a normal to any existent thing in this world for we individuals do have different perceptions towards something and those differences becomes a thing that serves as an observant type to criticize something that we usually do not fully understand what it is truly about. Criticizing something can be a good point to see flaws in a system or an object that will serve as a starting point to undergo certain improvement. People have initially judged Bitcoin ever since it have existed, many false accusations, lots of rumors spread but still look how tough Bitcoin is after all. This just show how criticism does not barely affect Bitcoin after all but it just makes it a lot more stronger than before due to certain improvements happening on it. Criticism will always be there at times, what the important thing is that you do know what exactly you stand with and do not get along with certain here says by other people about Bitcoin. we cant please anybody, everybody wants to say something. but for those true believers, they wont be bothered by those criticisms anymore. just for example, even if youre doing good to others, some will really see it in a negative way, finding something to talk bout. so yeah, whatever the flaws of btc, most of us will stay. we already surpassed a lot of ups and downs, and yet btc is still here. Quote 4.Bitcoin is used for illicit activity. This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage. i guess the media is also responsible on how it is perceived by public. they are making it big deal when btc or crypto is involved in some scam or fraudulent activity. whereas, in fiat money, it is just normal day when it is used for illegal activities. but i believe people are now changing their stance in crypto, esp when paypal announced the integration of crypto in their system. i dont think, they will see crypto as scam in paypal. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: TedMosby on November 17, 2020, 11:55:23 PM you forgot to mention that some people still think bitcoin is a ponzi scheme.
bonus: my friend is a "well-educated" banker, and he thinks the creator of bitcoin already left bitcoin and sold bitcoin. oh.. "the creator of bitcoin" refers to the owner of bitcoin.com lol ;D 2. Bitcoin has failed as a means of payment. IMO, it's not failed, it just not efficient for certain transactions, for example, microtransactions. as a payment method, bitcoin should be effective and efficient for all kinds of transactions. 4. Bitcoin is used for illicit activity. yeah, I agree with you. a knife can be used to kill people or just to cut an onion for your food. in my country, USD usually became a medium for gratification and corruption by the government. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: maxreish on November 18, 2020, 12:01:22 AM Quote 4. Bitcoin is used for illicit activity. It's neither true, nor false. Like cash Bitcoin can be used for criminal activity, but it isn't the only use case. That's why other governments tend to be hesitant to fully legalized bitcoin because of this issue--they are using it in illegal activities. Well, criminals are doing all the way aside from cash and they thought using bitcoin will finally mask their identity. Quote Bitcoin is too volatile to be a store of value. But let us admit that even though we knew that it is too volatile, many are still getting the opportunity of this volatile market and make bitcoin as a store of value because we truly benefits from its unstable price and that's make him advantageous compare with othet store value assets. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Darker45 on November 18, 2020, 01:09:38 AM Quote 4. Bitcoin is used for illicit activity. It's neither true, nor false. Like cash Bitcoin can be used for criminal activity, but it isn't the only use case. I don't think this is the main issue behind governments hesitating to give the green light to Bitcoin. It is too shallow for them not to allow Bitcoin because it is being used in illegal activities. Hell, even a spoon and a toothbrush are also used in illegal activities! The real reason is that Bitcoin is beyond their control. They cannot intervene. That is the main reason. The governments are afraid Bitcoin would become too powerful. It is because there is nothing in Bitcoin which they could negotiate with, shut down, harass, threaten, and so forth. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: tbterryboy on November 18, 2020, 08:33:02 AM Starting with the number one criticism which is volatility, I have never had any problem with that, and I think everyone should understand by now that the volatility is part of what makes it interesting, and we know that with time it’s going to reduce.
People only complain about volatility when they are losing, but if they are in a position where they are making lots of profit they are never going to complain about the volatility lol, I have seen such people. Then as for the second point, I totally disagree with that one, Bitcoin didn’t fail as a method of payment, it still remains one of the best methods of transaction. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Chuky92 on November 18, 2020, 09:27:37 AM Bitcoin can be used for illicit acts, what about fiat? Before Bitcoin, fiat has been used for various bad activities and what has been done about it other than it to be increasing on a daily basis. In as much as fiat can be used for illicit activities, it can also be used for other good things, this then means that, using fiat for whatever reason is personal; all this can also be said of Bitcoin. Come to think of it, if Bitcoin is not valuable or is not a store of value, will it be used for anything, be it good or bad? People should stop looking at only the bad things others use Bitcoin for and focus on the potential it has and what it is solving. All these things they are saying about Bitcoin is because they have understood that it offers that which fiat do not offer, and that is, easier and trusted transactions etc.
Another point, Bitcoin will be replaced; over the years, many others always say Bitcoin have low speed etc, they proposed many things they will do better, but yet they are not even closed to replacing Bitcoin and now, nothing is being heard about them again. Bitcoin is the best and there is nothing they can do about it, and the earlier they get involved, the better for them. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Smartprofit on November 18, 2020, 02:08:50 PM Also, I cannot agree with the statement that Bitcoin is not backed by anything (N 5).
Bitcoin has a production cost like any other mineral. It is no coincidence that Satoshi Nakamoto called it a mineral and coined the term "miners". The cost of bitcoin is made up of electricity costs, equipment costs, and labor costs. Also Bitcoin has network significance. This is also very important. Bitcoin provides transactions between users who don't trust each other. Transactions can be carried out without the intermediation of third parties. This makes it a unique asset suitable for practical use. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Ridcan on November 19, 2020, 04:32:43 AM Hello my dear friend. Your explanations are very logical and you answered the questions faced almost everywhere in the world in the best way. You also used articles while doing this. you did a very good job again. thank you
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Crptomagma on November 19, 2020, 06:09:16 AM In future there might be a new technology that will compete with bitcoin but I don’t see bitcoin backing off off or loosing its value completely. Naturally bitcoin is decentralized, anonymous and volatile but with these bitcoin is still unique because it’s was not created to compete with other technology’s but to operate specifically as bitcoin.
Certainly there would be other new technologies in future that would operate similarly like bitcoin but that won’t be a threat to bitcoin currency, all bitcoin needs is to add more value and uniqueness to itself and with these its can stand the taste of time. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: iv4n on November 19, 2020, 08:53:41 AM This is what I hear in talk with people who don't know much (anything) about crypto and technology! They repeat that all the time, and like OP here I give them similar arguments, sometimes I use examples... I can only say that some people will never learn, doesn't matter how much you try!
Most recent criticism (of course after seeing btc over $16k once again) is how bitcoin is run by Rothschild, deep governments... classical conspiracy theory! Some "group of people" is pulling all the strings, and we are just puppets! Just one more way for them to control us and our lives! Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Genemind on November 19, 2020, 09:05:17 AM One can criticize Bitcoin as much as one wants, but any criticism can be answered with a fairly well-founded counter-criticism as shown in the OP. "1. Bitcoin is too volatile to be a store of value." What was that stable a few months ago when everything that is traditionally considered a store of value has lost its value? When someone loses their investment in BTC then it is a problem and when the same happens with stocks or gold then it is a normal occurrence. "2. Bitcoin has failed as a means of payment." The problem is not in the BTC itself (at least not completely), but let's be honest still its complexity when it comes to payments. In comparing card payments were sometimes no PIN or signature is required for authorization, you still need to have a little more technical knowledge to pay for something with Bitcoin. I’ve certainly paid with BTC hundreds of times over the years and it’s never been a problem for me - and the offer of online stores is growing every day. "3. Bitcoin is wasteful." In comparison with what? This false story is already so worn out that it is still pulled out of the closet only by complete ignoramuses or trolls for whom mathematics is not a strong point. The amount of energy consumed by electronic devices in stand-by mode in the US alone is many times higher than the total annual consumption consumed by BTC. "4. Bitcoin is used for illicit activity." The ratio of fiat to crypto in illegal activities is somewhere between 98% and 2%, maybe even more in favor of fiat - because criminals do not necessarily have to be smart, but they have obviously realized that it is much easier to control a blockchain than a fiat that goes out of hand in hand. "5. Bitcoin is not backed by anything" The greatest strength that BTC has is precisely the millions of people who own it and determine its value. They realize what they have in their hands, and that is definitely something better than a fiat that is backed by corrupt banks and rotten governments. "6. Bitcoin will be replaced by a competitor." Who says that? Those who have claimed and still claim that BCH or BSV is something much better than BTC, or the creators of the thousands of shitcoins who copied the original and most have failed within a year of appearing? Creating a crypto coin is the least problem, convincing people that it is better than Bitcoin is something that has very little chance of happening. People tend to criticize what they don't believe or what they don't fully understand, or that doesn't meet their standards. Since Bitcoin was created and since it started gaining its momentum, Bitcoin had been criticized, and guess what some or maybe most of the people who doubted and criticized crypto are now investors or even supporters of it. People are always scared of change, innovation, and what is new so they question it. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: shoreno on November 19, 2020, 09:21:15 AM One can criticize Bitcoin as much as one wants, but any criticism can be answered with a fairly well-founded counter-criticism as shown in the OP. People tend to criticize what they don't believe or what they don't fully understand, or that doesn't meet their standards. Since Bitcoin was created and since it started gaining its momentum, Bitcoin had been criticized, and guess what some or maybe most of the people who doubted and criticized crypto are now investors or even supporters of it. People are always scared of change, innovation, and what is new so they question it.people loves to criticize what they believe is wrong but that mindset suddenly changed when they see that bitcoin is now starting to get popular . now many people throw away thier pride and finally joined bitcoin .government acceptance and other forms of marketing can really help spread awareness , if these things are only easy we can remove peoples doubts effortlessly and gather them on here . on the op's list , the number 1 and 2 are the most that being debated about . its true that btc was too volatile but others people prove that they can still use btc for that purposes Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: bitbunnny on November 19, 2020, 09:26:51 AM One can criticize Bitcoin as much as one wants, but any criticism can be answered with a fairly well-founded counter-criticism as shown in the OP. People tend to criticize what they don't believe or what they don't fully understand, or that doesn't meet their standards. Since Bitcoin was created and since it started gaining its momentum, Bitcoin had been criticized, and guess what some or maybe most of the people who doubted and criticized crypto are now investors or even supporters of it. People are always scared of change, innovation, and what is new so they question it.people loves to criticize what they believe is wrong but that mindset suddenly changed when they see that bitcoin is now starting to get popular . now many people throw away thier pride and finally joined bitcoin . government acceptance and other forms of marketing can really help spread awareness , if these things are only easy we can remove peoples doubts effortlessly and gather them on here . I can agree with that. As long as Bitcoin isn't accepted on a formal level and supported by institutions people will not have confidence. Although Bitcoin is present for a years now it's still unknown to big majority of people or they find it illegal, shady and not worth their time and money. Education and awareness about cryptocurrencies might help but as long as Bitcoin is limited to groups of enthusiasts and it isn't formally regulated I don't expect for situation to change. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: davis196 on November 19, 2020, 12:35:33 PM Quote Bitcoin Cash tried to become the number one cryptocurrency, but suffered a crushing defeat. Monero is a highly toxic cryptocurrency. Ethereum is an experimental cryptocurrency, there is no certainty that these experiments will not lead to its death. There is currently no alternative to Bitcoin. What do you mean by Monero being a "toxic cryptocurrency"?I know that hackers and sellers on the darkweb are using monero,but that doesn't make it "toxic".Monero is just a tool,just like Bitcoin and fiat money. I used to like the concepts behind Ethereum,but all the ICOs and DeFi projects make me think that ETH is a scammers paradise.Comparing Bitcoin to Ethereum is wrong,because Ethereum doesn't have limited supply and the price volatility is lower. Bitcoin Cash was created only for the sake to make big profits for a bunch of people like Roger Ver,who tried to exploit Bitcoin,but they are kicked out so they decided to create their own Bitcoin. No altcoin can be an alternative to Bitcoin. I couldn't care less about all the criticisms regarding Bitcoin.All the FUDsters will slowly accept the fact,that Bitcoin cannot be stopped. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Janation on November 21, 2020, 09:14:09 AM People tend to criticize what they don't believe or what they don't fully understand, or that doesn't meet their standards. Since Bitcoin was created and since it started gaining its momentum, Bitcoin had been criticized, and guess what some or maybe most of the people who doubted and criticized crypto are now investors or even supporters of it. People are always scared of change, innovation, and what is new so they question it. That is them. We can't stop people from criticizing Bitcoin or cryptocurrencies as a whole. One of the main reasons is that we could back number 5 criticism which says it is not backed with anything, if they could be more open to its possibilities it is the people and it is based on trust. It is not backed by anything then it is a scam, people should know that nothing can be created from nothing if it is not backed with anything, how could it be so huge right now. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: samputin on November 21, 2020, 09:14:33 AM Quote 4.Bitcoin is used for illicit activity. This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage. That's primarily what comes to their minds even just hearing the word "bitcoin". Other criticisms come next when someone is finally in this field and uses it. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Walterhank on December 22, 2020, 06:35:20 AM I myself have seen such criticisms, it should also include:
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: MCobian on December 22, 2020, 06:48:32 AM It is very natural if there are some people who criticize Bitcoin, because we can't make everyone like Bitcoin. Only people who
hate Bitcoin are always looking for Bitcoin's weaknesses to criticize, rather than paying attention to the positives that Bitcoin has given. Actually, the popular criticism mentioned in the opening post is not completely true, and there have been many articles that provide good enough explanations for this. I think the point is that people always criticize Bitcoin not really believing in Bitcoin, and not understanding Bitcoin. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Charles-Tim on December 22, 2020, 10:41:03 AM I myself have seen such criticisms, it should also include: Bitcoin is not a currency, although regarded as a cryptocurrency not currency. Currency is regarded as the physical form of what we can spend just like paper money, the instrinsic value of a currency is money. Money has instrinsic value while bitcoin do appreciate All these makes bitcoin to be a cryptocurrency, money and asset but not currency. About bitcoin cloning, it will be a critism from the novice side because only 21 million can be in total circulation, not fake ones can be made. Bitcoin price do fluctuates but not a bubble but an asset because over a long time period, the price would hava net increase.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Krislaw on December 23, 2020, 03:38:06 PM I've seen every criticism but who says bitcoin is wasteful? Like the sentence doesn't make sense. Bitcoin has helped so much in terms of making payments, especially on merchants. And I think it is the reason why it is being tagged as a currency for illicit activities. Fiat itself which has been being around for centuries has always been used for illegal deal. Why not tag the government or bank?
I myself have seen such criticisms, it should also include:
Your criticism is almost same as what OP listed. Bitcoin can't be cloned for so many reasons like, Limited Supply, it can't be printed just like fiat, we all have access to it's blockchain. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Zionatin on December 29, 2020, 11:19:41 PM What gets me is when people say bitcoin is backed by nothing. These people have no idea of how finances and money work at all. Money is supposed to be "backed up" by gold a worthless rock that looks pretty.
Only a very tiny percentage of the total money in circulation is backed by gold. It doesn't even have to be backed by gold or anything for that matter since it merely acts as a place holder of the debt. That's why it says on notes that you owe the bearer of the note x amount of $$ as long as you possess that note you can trade in items worth the value it says. There never needs to be a single piece of gold. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: kawetsriyanto on December 29, 2020, 11:34:23 PM 1. Bitcoin is too volatile to be a store of value. I never think Bitcoin is a store of value. It is a place you invest your money. If someone only wants to keep their funds, they are better to save them on the banks. We use Bitcoin for investment, yes it has a big risk, but we also don't deny the potential bigger profits with the volatility. I have checked and learned many commodities or other places to invest funds, I never find another one that has a chance to earn profits as big as in Bitcoin / as fast as in Bitcoin. If we are talking about the risk, every investment has a risk, no place or nothing can guarantee you success.3. Bitcoin is wasteful. These sound like a hater's saying. We don't need to argue with them because they are only mocking us. It just wastes our time because they won't accept any explanations/any answers.5. Bitcoin is not backed by anything. 6. Bitcoin will be replaced by a competitor. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Twinkledoe on December 29, 2020, 11:44:18 PM It is very natural if there are some people who criticize Bitcoin, because we can't make everyone like Bitcoin. Only people who hate Bitcoin are always looking for Bitcoin's weaknesses to criticize, rather than paying attention to the positives that Bitcoin has given. Actually, the popular criticism mentioned in the opening post is not completely true, and there have been many articles that provide good enough explanations for this. I think the point is that people always criticize Bitcoin not really believing in Bitcoin, and not understanding Bitcoin. And let us just sit tight and let others criticize bitcoin, because if we will be onion about things that people say towards bitcoin, then it may affect our approach in life. I can say, these people who are saying negative things towards bitcoin are ignorant to the reality of what crypto may bring to their lives. And they are saying things where they have no single clue about. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: witcher_sense on December 30, 2020, 05:53:08 AM Use banks to keep your money there. And what will it give you? With such inflation, at a time when banks are printing unsecured candy wrappers without stopping, you will not save anything, but rather lose. Many investors and companies understand this, and having become disillusioned with the traditional monetary system, they transfer assets to Bitcoin. I also use Bitcoin as a store of value, because it is a deflationary asset, it has an inelastic supply, therefore, in the long-term perspective, unlike fiat money, it will only grow in price. Therefore, keeping your money in the bank to save its value is the wrong way. You won't save anything. You are right, but let us not confuse the central banking system and regular banks. Regular banks can be thought of as secure warehouses that offer useful services, offer secure vaults for people's money, give loans to those in need, pay interest on deposits, etc. The thing is banks are a business, like any other, they somehow need to earn money to feed their families and pay their bills. The problem is not that banks are evil, but our monetary system, which is based on debt, unstoppable printing, money counterfeiting, is evil. Banks are making use of that system to acquire profit, nothing else. If we switch to hard money like bitcoin, they will need to find another way to make a profit. They will find it, trust me. Most people don't like being responsible for their own money, they don't like private keys thingy and self-custody solutions. They will bring their money to banks, banks that will offer secure vaults for bitcoins. Banks will continue to offer services because people will need them even under bitcoin standard. Bitcoin has never meant to replace banks, but it will change the mindset of many people, it will change the way banking makes a profit. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Karartma1 on December 30, 2020, 08:53:26 AM You could have simply shared something on fractional reserve and what that implies for regular people and their bank accounts.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Latviand on December 30, 2020, 08:59:29 AM Quote Criticism #1: Bitcoin is too volatile to be a store of value. Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically. We can't deny that bitcoin is really volatile in the market and there are a lot of investors who are doubting bitcoin to be a safe haven. Maybe sooner, that volatility will be lessen and become weak so that people will confidently make bitcoin as a long-term investment than gold. We all know that gold is more safe compared to bitcoin as an asset for a long period of time although the profit in bitcoin is much higher during bull run in the market. Volatility is not really the main problem but patience and willingness to make it profitable. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: witcher_sense on December 31, 2020, 09:29:27 AM Then it is worth sharing some concepts here, perhaps some people think that they are one and the same. Keeping your money under the mattress is not going to save your money from inflation either. That saves your money from other kinds of seizures, though. Unfortunately, banks cannot save the value of our money. Nevertheless, paying interests on our deposits, they make at least our losses less severe. Many people (if not most) consider such a state of affairs normal and optimal. Why is bitcoin better than fiat? It gives you a choice. What I like about bitcoin is that it gives people an opportunity to decide how to manage their own money. The very design of bitcoin incentives you to keep your money under the mattress, and you will not suffer from inflation doing that! On the other hand, if you prefer banks to store your money for you, you are free to choose this option, and you will not suffer from inflation either! No matter what you will choose, bitcoin guarantees its properties will stay the same: no one can change bitcoin. Bitcoin makes everything better, more reliable, more trustworthy. Bitcoin will make the banking system better so that it will ultimately be possible for banks to keep the value of money you put in them.The bank saves your money and the bank saves the value of your money - it's not the same thing, right? The fact that it is safer to keep your assets in a bank is possible. The bank acts as a guarantor of your assets. But, unfortunately, the bank does not guarantee that the value of your money is saved in the bank. Probably my previous post was more about this. :) Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: serjent05 on December 31, 2020, 10:05:13 AM Quote Criticism #2: Bitcoin has failed as a means of payment. Response: Bitcoin makes deliberate trade-offs, such as limited and expensive capacity, to offer core properties such as decentralization and immutability. Given its high settlement assurances, Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails. Bitcoin is mobile, fungible and well divisible. The article provides a good example of using Bitcoin as a global inter-enterprise settlement and thus helps to do business in border areas. Also, Bitcoin is good in those countries where there is a struggle with high inflation and there are capital controls. I do agree that Bitcoin is both mobile, fungible, and divisible and is fit to be a mode of payment but the high transaction fee make it too luxurious to use to pay microtransactions. It is indeed a good way to pay a huge amount but failed when it comes to paying or moving a small amount from one wallet to another. You can see how many small-time Bitcoin users complain about the high fee when the network is congested. This alone prevents Bitcoin to be used as major means of payment. Maybe in due time, we will see improvement but for now, I agree with the critics on this part. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: witcher_sense on January 04, 2021, 10:28:58 AM That's right, Bitcoin allows you to manage your funds as you please. Complete freedom of action. And I absolutely do not understand why some people carry their bitcoins to the bank or other custodial services for storing crypto assets. What for? Apparently they want someone to think for them, they are afraid to take everything into their own hands? I don't understand this. Cryptocurrency tried to move away from centralization and everything is trying to turn to centralization again. Bitcoin is great because it doesn't need third parties, but some people still don't get it. I am surprised when I see the joyful reaction of people to the next news that another bank or service accepts bitcoins for storage. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: menoiazei on January 24, 2021, 09:56:27 AM Only CBDC can compete with Bitcoin. However, CBDC is not a cryptocurrency or deflationary asset. A certain hope was in the cryptocurrencies of IT corporations - Libra and TON. Their competitive advantage is their huge audience. However, governments are very jealous of currencies like Libra and TON. They hinder their development in every possible way. Bitcoin Cash tried to become the number one cryptocurrency, but suffered a crushing defeat. Monero is a highly toxic cryptocurrency. Ethereum is an experimental cryptocurrency, there is no certainty that these experiments will not lead to its death. There is currently no alternative to Bitcoin. I have doubts that such alternatives will appear in the future. What is CBDC? Why do you consider Monero toxic?? Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Alucard1 on January 24, 2021, 10:11:56 AM Yeah, there are many criticisms that we can see talking about bitcoin, even though it is in general criticism they only make it specifically for bitcoin which makes them look like a FUD. All those criticisms can be answered as what we can see in some other comments. I just wondered why still some people keep on saying that bitcoin is used for some bad or illegal things wherein it can also happen in fiat and mostly happen on fiat compared to bitcoin.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: worldofcoins on February 24, 2021, 07:41:49 AM Ethereum is the second-best cryptographic money and contender of bitcoins however too much least expensive than bitcoins.
The cost of Ethereum isn't equivalent to the bitcoin cost at that point how individuals can say it will be supplanted with his rival. It's been 11 years and bitcoin is still surviving there's no replacement for bitcoin so we should skip this point from the list. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: bakasabo on February 24, 2021, 09:11:55 AM Most popular criticisms I've heard is that Bitcoin was created by or for terrorists, or widely used by them or people for shady deal. Due to it being completely anonymous and untraceable. I doubt that it is fully untraceable, because despite you dont know address owner, but you can still follow all his outputs and inputs and maybe, if you are lucky, you might connect one address owner to a real person. But in general, I think that cryptocurrency is used only in a smallest part of all shady deal, as cash money are more easy to use and more popular in such areas.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: mezzaluna on February 24, 2021, 09:50:28 AM Quote Criticism #3: Bitcoin is wasteful. Response: A substantial portion of bitcoin mining is powered by renewable energy or energy that would otherwise be wasted. Additionally the energy the Bitcoin network does consume is a valid and important use of resources. This article provides an example of using resources with limited utility, such as stranded gas, to mine bitcoin. Many enterprises, due to economic impracticality or impossibility of transportation, emit it into the atmosphere or burn it in flares. This criticism can only be true when the one who is doing the mining is not creating an efficient system. An efficient system can be created for both the benefit of the user and the environment because there are already a lot of people or companies that created a good situation in which both sides benefit from Bitcoin. Bitcoin is not that wasteful but it would become that way because some people only likes to gain money and that is where a regulation must come. People wanting to mine Bitcoin must comply to at least specific requirements so that the mining equipment would work efficiently and not damage the environment in some way. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Dancing_Coin on February 24, 2021, 09:52:33 AM The big question here is, will any of the new coins be able to kick bitcoin from its cryptocurrency throne? Most experts agree that it’s not likely in the nearest future. Bitcoin remains the most freely converted coin of all and its finite pool will probably continue making it more sought. Time will tell which coin will ultimately claim the win, but for now, bitcoin remains firmly ahead.
Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: pinggoki on February 24, 2021, 10:26:22 AM The big question here is, will any of the new coins be able to kick bitcoin from its cryptocurrency throne? Most experts agree that it’s not likely in the nearest future. Bitcoin remains the most freely converted coin of all and its finite pool will probably continue making it more sought. Time will tell which coin will ultimately claim the win, but for now, bitcoin remains firmly ahead. There's no new coins that will be able to kick the king Bitcoin. Bitcoin is the biggest among the cryptocurrencies. There are some coins just like ethereum who is kind of big also but I believe there's no one will be able to kick the all time king although it takes years. There are so many people who is criticising bitcoin and it is because of it's heavy volatility that anytime it may dumps and lose your money but still many people are trying to risk their own money just to hit some jackpots, just look right now the bitcoin price is over $50,000 and I am pretty sure that a lot of lucky people has hit this. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: bounceback on February 24, 2021, 01:16:53 PM The big question here is, will any of the new coins be able to kick bitcoin from its cryptocurrency throne? Most experts agree that it’s not likely in the nearest future. Bitcoin remains the most freely converted coin of all and its finite pool will probably continue making it more sought. Time will tell which coin will ultimately claim the win, but for now, bitcoin remains firmly ahead. There's no new coins that will be able to kick the king Bitcoin. Bitcoin is the biggest among the cryptocurrencies. There are some coins just like ethereum who is kind of big also but I believe there's no one will be able to kick the all time king although it takes years. There are so many people who is criticising bitcoin and it is because of it's heavy volatility that anytime it may dumps and lose your money but still many people are trying to risk their own money just to hit some jackpots, just look right now the bitcoin price is over $50,000 and I am pretty sure that a lot of lucky people has hit this. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Vishnu.Reang on February 24, 2021, 01:20:05 PM Most popular criticisms I've heard is that Bitcoin was created by or for terrorists, or widely used by them or people for shady deal. Due to it being completely anonymous and untraceable. I doubt that it is fully untraceable, because despite you dont know address owner, but you can still follow all his outputs and inputs and maybe, if you are lucky, you might connect one address owner to a real person. But in general, I think that cryptocurrency is used only in a smallest part of all shady deal, as cash money are more easy to use and more popular in such areas. First of all Bitcoin is not anonymous. All the transactions are available in the Blockchain and it is not possible for the users to delete or modify the log entries in Blockchain. And regarding terrorist funding using Bitcoin, during the last 12 years (ever since Bitcoin was first mined), I have heard only two or three isolated incidents (and even these attempts were mostly unsuccessful). The truth is that terrorists don't prefer Bitcoin, due to the difficulty in converting it to fiat cash. Their preferred mode is physical cash. Title: Re: 6 Most Popular Criticisms Of Bitcoin Post by: Emmychris on February 24, 2021, 04:56:12 PM About the volatility of bitcoin I don't consider it being a problem because the fluctuations of prices in bitcoin is what makes it profitable to investors and traders, buying low and selling high, bitcoin is used as an asset for investment so it can't be stable, sometimes most people just criticize bitcoin ignorantly without knowing the deepest part of it.
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