https://www.advisorperspectives.com...tary-disaster-and-it-happens-to-be-worth-zero I came upon the poorly written above article which, nonetheless, makes valid arguments against Bitcoin and cryptos in general. I'm not a Bitcoin believer but I do hold some for purely speculative reasons. Below is a list of assertions made in the article for which I'd be interested reading feedback from evangelists. 1. Bitcoin’s volatility has ensured that it never gains traction as a currency. 2. Bitcoin payment takes as much time and energy as 33,000 credit card swipes 3. 90% of Bitcoins are mined (or hashed) in China, Iran and Russia...Over 50% of the bitcoin nodes... are based in China (which) currently controls over 50% of Bitcoin mining 4. 95% of all Bitcoin is held by the top 2% of holders 5. Bitcoin buyers who do not wish to be subjected to .. (due diligence to ensure acceptable provenance of funds) must wire funds to unregulated offshore exchanges that do not have banking relationships in the US – and use their dollars to buy ‘tethers’ which are emitted by a central agency which purports to issue one tether per dollar taken in... However, many more tethers have been emitted than there are dollars backing tethers. Indeed, the issuer of tether is banked by Deltec in the Bahamas. While we cannot know what the US dollar deposits of the bank are, we do know that the US dollar holdings of all banks across the Bahamas increased by $600 million (with no meaningful outflows) from Jan 2020 to Sept 2020, while the total issued tethers increase by 5.4 billion. Currently, we seem to have at least $25 billion more tethers than we have dollars backing the latter. 6. A recent study by MIT shows that Bitcoin mining generates 22 to 23 megatons of carbon dioxide
Typically...It’s a long until people like this capitulate, IMO the risk is in 2040 when mining is done and you get a Y2K perceivable moment...
Missing the point. BTC offers permission-less BFT security guarantees, transparency, and settlement finality as a layer 1 solution. Visa, MC, ETH, ETH killers, etc. are all the means by which BTC scales. Those actively engaged in the cryptosphere are witnessing hyperbitcoinization emerge as innovation in DeFi accelerates. It’s an ‘and/also’ positive sum transformation of the global financial system decoupled from State. As for tethers, there are many other stablecoins to choose from that maintain their peg with greater transparency.
You need to do your own research and approach that article with some common sense. It is not our job to make sure you believe in Bitcoin. We couldn't care less. There are some statements you made that I know are false, and if you let that keep you from buying then maybe you should get out now. This isn't a game for weak hands that need encouraging words to keep going. It's about knowing what you believe in. Its not our job to decipher every article so that you feel comfortable with holding. My best advice to you is to get out now, because it sounds like you don't know what to believe, and I would hate to see you lose
wtf are you talking about... I'm asking for counter points to an argument in order to better understand what's in front of me.. I don't need to believe or feel anything thank you.
So if bitcoin is no longer useful as a medium of exchange due to extreme volatility and scaleability issues is there something in the pipeline that will be a blockchain based medium of exchange with the scalability of creditcard processors and stability like the USD?
The future is interoperable and chain-agnostic. Both Visa and MC have announced their pilot integrations
You don't need to believe or understand what you are buying before you buy? Wow, that's ridiculous...