Post
Topic
Board Bitcoin Discussion
Re: The Bitcoin Paradox - a Simple Online Scam Honored as Deity
by
OgNasty
on 16/05/2022, 19:27:12 UTC
tl;dr
Bitcoin and crypto are simple online scams in the form of the systems for creating the illusion of assets(money). The illusion is created by misusing the concept of quantity and name. Quantity and name are representations of assets,  written on invoices, orders, accounts, deposits, banknots,... when assets such as debt, equity, commodity, real estate... are transferred between people. By writing down numbers and names, the crypto systems create the illusion of assets(money). In that way, they deceive people and trick them out of their real assets.

Bitcoin was created to fill a real need.  A cheap global payments network for the internet.  It was needed and the innovation was real.  The blockchain is an excellent idea that I'm sure will eventually be implemented in many areas of our lives. 

However, Bitcoin as it exists today mainly as a, "store of value" isn't something I would have ever gotten involved in.  Sure, you can still use Bitcoin to make global payments.  I use it almost exclusively for all of my global payments (unless I'm forced to do fiat transfers).  The fees are generally still fairly low thanks to Bitcoin being split into two types of payment systems (one day only elitists will use on chain transactions) and for those who want to trust 3rd parties to manage or route their coins they will still be able to use it.  We've gotten pretty far away from what satoshi had planned to change the world though.  I think core maintainers get an A+ for pumping Bitcoin's value, and a D- in keeping with it's principles.  On the plus side, now there will be an ever growing number of blockchains created for specific purposes, which will lead to lots of hacks and losses, but will also keep innovation moving and use cases once again growing.