Why bitcoin is worthless

[sjefdeklerk]

I just stumbled upon this article that The Guardian published today, I think it's the best ever written on bitcoin, really good sum-up about blockchain and bitcoin: https://www.theguardian.com/business/2018/mar/05/bitcoin-is-based-on-the-blockchain-pipe-dream

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1714948345

[pawel7777]

Go on, don't be shy, give a quick summary of what you liked in this article.

All I see is another case of author building a strawman arguments: "Future of Bitcoin depends on global implementation of blockchain tech" + "blockchain tech is superior in every way to traditional systems" and then fighting them. Easy win.

I like how he's praising centralised services such as SWIFT without mentioning they got successfully attacked at least twice in 2015-2016 losing ~$160 millions (iirc). What's even more funny, SWIFT is actively exploring blockchain technology to improve their services.

From the article:

And Ripple’s technology for cross-border interbank financial transfers will soon be left in the dust by Swift, a non-blockchain consortium used by all of the world’s major financial institutions.

From Swift own website:

SWIFT tests show blockchain has potential for global liquidity optimisation
Brussels, 13 October 2017 - SWIFT has published an interim report on the proof of concept (PoC) for real-time Nostro reconciliation using a SWIFT-developed distributed ledger technology (DLT) sandbox with 33 global transaction banks, as part of its SWIFT gpi service.

Yeah, journalism at its finest.

[Idrisu]

If bitcoin is worthless then why is the author writing an article and his praising decentralization? If bitcoin is worthless then every other form of money be it gold, dollars, yen, pound are all worthless because we human being create value for them. American want to make a paper that should serve as a medium of exchange for goods and services and that is why we are having values for dollars nothing more and notting less and if we all create value for bitcoin it will become something worthy!

[alyssa85]

If bitcoin is worthless then why is the author writing an article and his praising decentralization?

LOL. It earned the author some money!

Of course bitcoin isn't worthless. Last I checked it was worth $10,933, which is great considering that this time last year it was worth about $900.

[ktabb]

I could not agree with this author more. Blockchain technology itself is overhyped. The benefit of decentralization is not nearly large enough to outweigh the massive costs. Furthermore, blockchain technology necessarily requires cryptocurrency, which is something people seem to overlook or not understand. Without some kind of digital token, there is no way to incentivize miners. Betting on blockchain is the same as betting on crypto, and crypto is even more overhyped than blockchain technology itself.

[BitcoinBunny]

Ah yes an article in .... The Guardian.

A "news organisation" that actively attacks those who go against the establishment in any form once again speaks negatively of cryptocurrency.

Shocker.

The fact that you "just stumbled" upon article from that "news organisation" means you cannot distinguish between fact and propaganda and are too easily swayed. But please give any crypto you have to me. I'll put it to better use I promise.

[davis196]

I just stumbled upon this article that The Guardian published today, I think it's the best ever written on bitcoin, really good sum-up about blockchain and bitcoin: https://www.theguardian.com/business/2018/mar/05/bitcoin-is-based-on-the-blockchain-pipe-dream

OP,if you want to post news article links,this thread should be moved to the "Press" forum shild board.
I don`t even want to read this article.I hate leftist liberal newspapers like The Guardian.Anyway,the people should understand the difference between "worthless" and "not very usefull".
Is bitcoin worthelss?Off course not,if there are people ,who want to buy btc,then bitcoin has value.
Is bitcoin usefull enough?I would say no.Not anymore.

[pawel7777]

Blockchain technology itself is overhyped.

Agree.

The benefit of decentralization is not nearly large enough to outweigh the massive costs.

What does this even mean? How do you determine the value of decentralisation and what's its fair cost? Why do people (miners?) bear those costs then?

Furthermore, blockchain technology necessarily requires cryptocurrency, which is something people seem to overlook or not understand. Without some kind of digital token, there is no way to incentivize miners.

Wrong. You only need tokens for decentralised, trustless, anyone-can-participate blockchains. You can have 'private', tokenless blockchains run by authorised nodes.

Betting on blockchain is the same as betting on crypto, and crypto is even more overhyped than blockchain technology itself.

Blockchain-based cryptos are more overhyped than entire blockchain tech? Isn't it like saying "my legs weight more than my entire body"?

[YuginKadoya]

I really think the article is praising Blockchain more over the one that is running through it, He is talking about the failing Cryptocurrencies and the hype of so many people over initial coin offerings will all fail and blockchain will be the one that will be revolutionize over it, I really think that blockchain started with bitcoin and if there are so much hype for bitcoin blockchain also is taking credit with it as well, I don't think it is a helpful article for bitcoin and wants to take of bitcoin from blockchain.

[Coffee135]

All journalists write their articles for the money of bankers. I don't believe them. They don't understand what bitcoin is. For them, it is only a virtual currency. For users, this is much more. This is the ideology of a free economy. People may not have a significant impact on the actions of governments. But they do not want to quietly observe the irrational spending of their taxes. Therefore, bitcoin will never die.

[carlfebz2]

I really think the article is praising Blockchain more over the one that is running through it, He is talking about the failing Cryptocurrencies and the hype of so many people over initial coin offerings will all fail and blockchain will be the one that will be revolutionize over it, I really think that blockchain started with bitcoin and if there are so much hype for bitcoin blockchain also is taking credit with it as well, I don't think it is a helpful article for bitcoin and wants to take of bitcoin from blockchain.

I don't know if you can really differentiate out blockchain and bitcoin itself. I don't know if you do really know on what you are trying to say here. Blockchain technology we do all know is just like a backbone on where all transactions being made of and can publicly be seen with those transactions do happen.We do know bitcoin is the first crypto did able to make use of this technology.Criticism cant really be avoided and its not really a surprising thing for me to be read of.

[fabiorem]

The Guardian

[gentlemand]

I am profoundly uninterested in anything the Guardian has to say on this subject. They're such whiny molly coddling nanny state fucksticks that anything that offers people some actual freedom or fosters some rational thinking would cause them to toss their lentils.

These days I loathe the Guardian even more than the Daily Mail which is a genuinely epic achievement.

[teilwalL05]

Well unfortunately bitcoin is here to stay and is not worthless for sure, Blockchain technology is great and can be use as a ledgers for all transactions that has made with bitcoin and other Cryptocurrency, I really think there are other use for Blockchain and I have read an article that Blockchain can be use for automotive mobility services, This is truly a remarkable technology if that's gonna apply for the future.

[cellard]

"Blockchain technology" is indeed overhyped bullshit, but Bitcoin is not overhyped and certainly not overpriced, it is in fact insanely cheap, but of course, most people in bloomberg and mainstream media are drones incapable to see how something that can't be sent all over the planet across any borders, without permission of anyone and without the possibility of being counterfeited is worth even more than gold.

History will put all these articles in their right place, just give it a decade or so, these morons are the same that wanted to see the internet be a federated clusterfuck of intranets with no freedom.

[keyscore44]

It seems that the editor knew that people would not be interested in his knowledge, or better - lack of knowledge, so to have any views he wrote something controversial ... I will just say "Stop making stupid people famous!"

[jtipt]

"Blockchain technology" is indeed overhyped bullshit.

It is indeed overhyped, but calling it bullshit is completely wrong. The amount of hype it is receiving is probably a lot more than its potential, but blockchain is still a very useful technology with many real world applications.

[keyscore44]

"Blockchain technology" is indeed overhyped bullshit.

It is indeed overhyped, but calling it bullshit is completely wrong. The amount of hype it is receiving is probably a lot more than its potential, but blockchain is still a very useful technology with many real world applications.

Same opinion here. Many people compare blockchain to internet. People know that it is better to not underestimate this great potential of blockchain and want to be at the beginning of the next technological revolution. In my opinion hype here is natural.

[uslfd]

It's always good to be reminded that indeed all investment in crpyto could one day go to zero, without any warning!

[keyscore44]

It's always good to be reminded that indeed all investment in crpyto could one day go to zero, without any warning!

It looks like you already warn us I don't understand why you are such a pessimist. Blockchain certainly will not be forgotten, certainly not for the next hundred years, so I do not think that something bad will happen to cryptocurrencies. Only those whose projects will be abandoned by the developers will disappear.