RE: The harshest critics of Bitcoin either don't understand it or work in the industry Bitcoin is going to replace by stimialiti

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bitcoin · @stimialiti · Aug 2 '18

The bad attributes of Bitcoin:
1. Huge transaction costs
2. Waste of resources such as 
2.1. computing equipment, 
2.2. energy 
2.3. and even physical space.

These resources could have been used for scientific purposes or to lower purchase costs for retail consumers.
3. Slow transaction speed
4. Extreme inequality, similar to corrupt sovereign money.
Early adopters and miners kept it in secret and abused public resources for their personal benefit.
Why would I want to pay to these people in order for them to sell in profit?
I prefer that it will go to zero.

How is it a good store of value with such huge fees for entrance and for exit?

👍 tipu, jeck1, sleeplesswhale, steemdiffuser, luckyvotes, proffit
👎 spaminator, ngc, engagement, thecyclist, thedelegator, randomthoughts, berniesanders, abusereports, iflagtrash, nextgencrypto, prowler

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@sleeplesswhale · Aug 2 '18

re-stimialiti-re-jrcornel-re-stimialiti-re-jrcornel-re-stimialiti-re-jrcornel-the-harshest-critics-of-bitcoin-either-don-t-understand-it-or-work-in-the-industry-bitcoin-is-going-to-replace-20180802t201130905z-20180802t123410153z

You got a 100.00% upvote from @sleeplesswhale courtesy of @stimialiti!

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@tipu · Aug 2 '18

This comment is supported by @tipU upvote :)<br><strong><a href="https://steemit.com/steem/@tipu/tipu-voting-service-quick-guide-updated-31-07-2018-checking-voting-status" rel="noopener">@tipU voting service guide</a></strong> | <strong><a href="https://steemit.com/steemit/@tipu/receiving-daily-profit-with-tipu-quick-guide" rel="noopener">For investors</a></strong>.

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@jrcornel · Aug 2 '18

$0.12

Have you made a wire transfer recently? Bitcoin's fees are still substantially cheaper and substantially faster. Try sending money across boarders, it's not easy nor is it fast. Bitcoin is extremely fast by comparison.

Also, regarding energy use...

There are currently over 2.5 million ATMs in the world, the sum of which consume far more energy than bitcoin mining.

If you want it to be more widely dispersed, all you have to do is buy it.

The entire bitcoin network is only worth $100 billion. That is literally a drop in the ocean in the world's financial markets. Apple for comparison has roughly $250 billion dollars in cash on their balance sheet. They could buy the entire bitcoin network 2x over and that is just one company.

You may dislike bitcoin compared to your favorite cryptocurrencies, and that is your right, however there is a good chance that whatever bitcoin doesn't do currently, it will in the future.

After all, it is only software and software can be upgraded and updated regularly.

It's also still the most decentralized crypto project in the world currently, even if it is not perfect.

👍 jondoe, lordofreward

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@stimialiti · Aug 2 '18

>Have you made a wire transfer recently? Bitcoin's fees are still substantially cheaper and substantially faster. Try sending money across boarders, it's not easy nor is it fast. Bitcoin is extremely fast by comparison.

In this case as well there are better means than Bitcoin and you knew it before you typed what you did.
I am not against cryptocurrencies in general, I like this concept a lot.
Bitcoin is bad, but currencies like Byteball and even Ethereum, Bitcoin Cash and Litecoin are faster and cheaper to transact.

>Also, regarding energy use...

>There are currently over 2.5 million ATMs in the world, the sum of which consume far more energy than bitcoin mining.

I doubt that they consume more energy than global Bitcoin mining, but even if they do, the volume of activity in them surpasses Bitcoin's by a larger factor than the factor of the energy consumptions, so what did you show here?

>If you want it to be more widely dispersed, all you have to do is buy it.

Not necessarily it.

>The entire bitcoin network is only worth $100 billion. That is literally a drop in the ocean in the world's financial markets. Apple for comparison has roughly $250 billion dollars in cash on their balance sheet. They could buy the entire bitcoin network 2x over and that is just one company.

And now you answered to yourself about your previous claim, which I strongly doubt its truthfulness anyway.

>You may dislike bitcoin compared to your favorite cryptocurrencies, and that is your right, however there is a good chance that whatever bitcoin doesn't do currently, it will in the future.

It might, but there is no need to wait for the future, better alternatives already exist in the present.

>After all, it is only software and software can be upgraded and updated regularly.

>It's also still the most decentralized crypto project in the world currently, even if it is not perfect.

👎 ngc, engagement, thecyclist, thedelegator, randomthoughts, berniesanders, abusereports, iflagtrash, nextgencrypto

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@jrcornel · Aug 2 '18 (edited)

$0.11

I never claimed that it was the best cryptocurrency for payments. In fact I was very clear when I said that bitcoin is currently being used as a store of value and that payments was another topic entirely. Again, you are confusing two different things here. Bitcoin can be wildly successful as a store of value and capture a chunk of the gold market which would cause prices to go significantly higher, while also failing to be the world's best global payment option. Two separate issues here. The gold market is an $8 trillion dollar market, bitcoin is barely over $100 billion. If it just captures 10% of the gold market, you are looking at roughly 8X from current prices, and that really isn't even taking into account using it as a payment option.

👍 jondoe, corndog54, lordofreward

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7 replies

@luckyvotes · Aug 3 '18

You got a 33.05% upvote from @luckyvotes courtesy of @stimialiti!

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@steemdiffuser · Aug 5 '18

<p>This comment has received a 56.60 % upvote from @steemdiffuser thanks to: @stimialiti.</p>

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<p><a href="https://steemit.com/introduceyourself/@steemdiffuser/chello-steemit-friends-here-to-upvote-blaze-a-trail-and-crack-some-bot-like-jokes">Get Upvotes</a>, <a href="https://docs.google.com/forms/d/e/1FAIpQLSdv7s0V6f6iMC7lFsEkHUlJ4pErmSQzQXit-0FGaAx7FT-Pcg/viewform">Join Our Trail</a>, or <a href="https://goo.gl/forms/fdmsKYYUpFMY4OUw1">Delegate Some SP</a></p>

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