Quote from: biascoin on February 11, 2018, 10:01:47 PM

Quote from: Wnlz16 on January 23, 2018, 01:13:21 PM

I respect your point of view when it comes to bitcoin. It wasn't entirely useless if a lot of people are benefiting from it. A lot of people get rich because of bitcoin and I think it is quite rude to say it was useless.

It is useless when something like PayPal exists (or regular wire transfers), again, may help some people including criminals but that is not the point. The blockchain regardless it is amazing it is just a database which is distributed and uses other technologies used by other people. Shit, like, with bitcoin you have to pay everytime you do a transfer and the electricity usage for mining is just ... non-sense.

The point is, just like Gold on its early stages lot of people profited from it and made others trust it then creating fiat money. So lot of people was forced to play an unfair game where there is no equality. Bitcoin did exactly the same, people hoarding them early and then asking for others to HODL so they can pump and dump and become even more rich (in dollars).

So really, Bitcoin at most, would be another fiat currency equally unfair for those entering the market at later game. And then, it is as unfair to society as the current banking system. It is not solving any financial problem but just fooling people into it with the hope that it can gain traction while insulting other coins that are pretty much clones of it.

No scarcity: you can clone Bitcoin and there are hundreds of altcoins. So lot of blocks in the blockchain.
Useless at the moment as a currency: you have to pay fees every time, and it is extremely slow. Little privacy as well as the ledger registers all transactions.
No store of value: pump and dump asset, high volatility and no other value other than what the next guy is willing to pay for it.

Spot on