Why This Computer Scientist Says All Cryptocurrency Should “Die in a Fire”

If crypto is indeed just air (and a few other unmentionables) as some critics believe, then this is exactly the mentality that the pumper-dumpers rely upon.

Pumpty Dumpty sat on a wall...

 

Ive been dealing with Bitcoin now since 2014 and I've watched the market through good and bad times. And if you think the market is going to crumble all because of what some computer scientist has to say then you should sell all of your Bitcoin right now because the market preys on frightened individuals like you. If you're that scared and uncertain of what can happen then you probably shouldn't be in this business to begin with. Do some research before you buy and dont buy into something unless you 100 % believe in it

 

100%, eh? So, True Believer?

Have you read Reminiscences?

As an aside, what was the nature of your research?

 

Crypto is like a casino with a Western Union office inside, where the price of chips is set on the secondary market. After 13 years there is no meaningful use or business model for crypto outside these two categories. Now, gambling and money transfer are theoretically sustainable real-world businesses - but it's simply delusional to claim that a digital casino represents a world-transformative milestone technology.

 

Whats the point in asking these questions? All my research was done over the internet, and also working with crypto and knowing the demand in good and bad times, also watching the charts with the latest news and seeing the market react.

What do you know about any investment you buy? Or do you just look at any chart and buy because a buy signal tells you to without knowing what the stock is about?

 

I try to make sure it's real. To be candid, and as I've said before, the technology behind cryptos is well and truly over my head. I can just barely grasp basic concepts, and certainly not enough to conclude it is legitimate. But there are enough credentialed people out there who think the space is farcical to give me pause. And so, while I don't rely on 100% confidence as you seem to do, I can't even get to the 50% mark. Therefore, I'll just stand on the sidelines and watch the cars race by.

 

It doesn't matter, you could just be a fine crypto expert.

You know why it doesn't matter? Because nobody is buying/hoarding crypto for the technology!!! It is simply greed, and bitcoin fans gave up on the "technology and usage drive the price up" argument long time ago. The only argument (what has been busted since last November) what they had was "but, but, price always go up."

Now they still think there can be another new (8th I think) ATH, but again, that has nothing to do with technology.

I am a fair guy, and I have given plenty of opportunity to crypto to prove itself (and I would embrace new technology) but let's face it, it is still shit. In spite of all that money and brain power (supposedly) pouring into the R&D.

 

That would be my guess, too.

 

Ad hominem, dude