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RE: Bitcoin is Evil. How?

in #cryptocurrency7 years ago

Crypto community sometimes can be so hype-based... Dimon criticised "bitcoin" NOT cryptocurrencies. Have you wondered why he fell short of criticising the whole idea of cryptocurrencies? Because Bitcoin does have a lot of shortcomings and its only intrinsic value is the ability to use it in a digital way in drug/gun/child trafficking. Digital fiat is very difficult to use this way, although you are right about cash (but that's not where trend is going anyway).

The only value bitcoin currently has is being the first entrant in cryptocurrency market. It's used as the main base to exchange with other coins. I get this argument, but this will fade over time.

So what remains is then the "hype". Bitcoin obviously has investment value. But that support's Dimon's comments, that bitcoin itself is without any value and it only is this high in price due to market hype, despite being technologically and philosophically inferior to other coins.

This is not to say bitcoin won't reach to the levels of $100,000 before it crashes in, I don't know, maybe 20 years. On the other hand, there are lots of other crypto-currencies/assets that are addressing bitcoin's shortcomings and those, I believe, are to stay longer (when I say longer, I mean for longer than 100 years if humanity continues to exist)