this post was submitted on 25 Feb 2024
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libertarianism
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I understand his view but I just can't fathom how could someone be pro Bitcoin in the context. Giving power over the financial system to criminal cartel(s) (who provenly control Bitcoin) is ludacris. Thankfully the cartel has no intent to run the future of finance whatsoever, just to extract as much USD as possible before they are shut down.
Edit: Yes, downvote me that will help your bags.
No one can control bitcoin... which is the point. Any change has to be decided by a 95% super majority of miners.
That's a meme. Anyways, that's not what I am saying. The cartel does not need to bother with consensus, cartel controls the price and thus the money flow. The network security of the Bitcoin network is dependent on the cartel and their actions. Due to nature of PoW.
If cartels can afford to control the price of btc then they would not waste time with something like btc. They would control far more important parts of the financial market.
Unfortunately, wall street does not take tethers. Binance does.
I don't know why you're getting downvoted. People think bitcoin cannot possibly be controlled because it'd take a lot of hardware power to override blockchain entries, but there are other ways to control it. Tether is one good example where the value of that is supposedly backed by underlying assets which include... bitcoin. So they're buying bitcoin with tether and tether is deriving part of its supposed value from bitcoin. Tether hasn't been audited and they're free to print however many tethers they want. Yeah, that's not insane at all...
Crypto scams are the new timeshare and reverse mortgage.
The legitimate uses of any financial vehicle should be regulated and scrutinized. Just because there are no government controls on the currency doesn't mean fraud can't be prosecuted.
That would be nice.
I'm against cryptocurrency for different reasons, but if the choice is between a criminal cartel and a government - I think the former is more trustworthy.
Im DVing your clownass take giggles, not some bristly bitthurt buttcoin bro.
However, if it's an intentional thread derail youre doing i respect the effort