this post was submitted on 21 Aug 2023
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[–] [email protected] 76 points 1 year ago* (last edited 1 year ago) (4 children)

Bitcoin: 4.7% believed to be in the hands of a single person, another 3.1% in the hands of four addresses. Deflatory so no incentive to use it to make transactions. Value depends on the network effect (i.e. a pyramid scheme). Small transactions now too expensive to be realistic. 24% of the supply was created in the first year, 35% over two years. Movement of funds takes too long to be useful. Those who got in early are guaranteed to be richer than those who got in late without having made any effort...

Crypto would be great as a replacement of the stockmarket but it's fighting to be cash instead and it's doing a bad job of it because it's cash as envisioned by tech bros, not actual economists.

[–] [email protected] 6 points 1 year ago

Also wastes energy and hardware (which includes rare earth metals mined by slaves) to endlessly compute hashes. Great solution for a post climate change world let me tell ya!

[–] [email protected] 3 points 1 year ago

Since nobody else responded to the stock market argument: it's how cash is envisioned to work by Austrian school economists, not the economists currently in charge. The average person needing to trust strangers with their money is not good.

It's an entirely different perspective on how money should work (that was de facto illegal for decades), and only now can we put our money where our mouths are.

[–] [email protected] -2 points 1 year ago

I'm not pro crypto per-se, but your argument is only valid for bitcoin, not crypto. Most of it is even worse to be fair, but there is a future for sane crypto IMO.