[2018-10-20] Crypto deniers trot out the same tired, stale arguments

[gentlemand]

https://thehill.com/opinion/finance/412229-crypto-deniers-trot-out-the-same-old-tired-arguments

True dat.

I'm waiting for a new class of moan before I can be bothered to pay any more attention to such people. They've had years and the same old stuff is still rolled out as it slowly atrophies until they're no longer issues at all.

When do we get some fresh complaints delivered?

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[darkangel11]

I've watched the hearing the article is focusing on, and that argument that BTC is centralized because most miners are located in Russia made me laugh. First of all, I really doubt that they're still located mostly in Russia and China (which banned the exchange of cryptocurrencies and limited the miner's access to cheap power). Next, we have the problem of whether someone mining in a specific country is working for that country. Dr. Roubini makes it sound like they do, but in reality the government doesn't influence the process. It doesn't matter if the mine is located in Alaska, or in Australia, the outcome is the same and the only thing the government can do is shut it down, in which case the owner will move to another country. And last but not least, centralized mining doesn't mean centralized bitcoin, because we are all equal in the internet. A hacker located in Japan has the same power and possibilities as his counterpart in Germany. Roubini is trying to play the big bad wolf card by painting bitcoin as this powerful tool in the hands of enemies. I'm sure that if most miners were located in the US he would make up a different story about hackers from Russia looking for a way to break bitcoin and steal the savings of the Americans.

[BitHodler]

It doesn't matter if the mine is located in Alaska, or in Australia, the outcome is the same and the only thing the government can do is shut it down, in which case the owner will move to another country.

Before the owner of the farm has moved to another country, the smaller miners connected to its pool (which account for the major share of their network) have switched to another pool already.

At worst you'll see a slight dip in hashpower if the owner of the operation shuts down temporarily, which other miners will welcome at any time. Lower hashpower means lower difficulty if the gap isn't filled up by other miners.

The mining aspect isn't as centralized as people think it is. Overall, there is no such a thing as being completely decentralized network. We just have to make sure it's decentralized enough to avoid potential censorship.

[Kakmakr]

" Overall, Roubini believes that: cryptocurrencies are not money; they are not scalable; they are controlled by criminals and nefarious governments; they enable tax evaders and money launderers; and they’re dangerous because they don’t come with some kind of government-backed deposit insurance. "

This covers most of the myths about Bitcoin, but they left out, Funding terrorism / High electricity usage / Used by Paedophiles...

What did I forget? What these people are not telling you, is that most of these things are equally true about Fiat currencies and in most cases even more true than with Bitcoin. A lot of the things that are said about Bitcoin is totally exaggerated and fabricated by it's competitors. 

[buwaytress]

" Overall, Roubini believes that: cryptocurrencies are not money; they are not scalable; they are controlled by criminals and nefarious governments; they enable tax evaders and money launderers; and they’re dangerous because they don’t come with some kind of government-backed deposit insurance. "

This covers most of the myths about Bitcoin, but they left out, Funding terrorism / High electricity usage / Used by Paedophiles...

What did I forget? What these people are not telling you, is that most of these things are equally true about Fiat currencies and in most cases even more true than with Bitcoin. A lot of the things that are said about Bitcoin is totally exaggerated and fabricated by it's competitors. 

Just about everything the Internet and open source software had to deal with too when they first came out and threatened current hegemonies.

They also left out communism and anarchy, or whatever undesirable politics modern democracy does not prefer. Funny that we are always told about the dangers of not being government backed when we have seen in this new century how dangerous government backed money has already proven to be. Have we forgotten about the lives destroyed in Greece?