Topic: Why arguments against Bitcoin are wrong... - page 2. (Read 308 times)

I think You could become a very good professional scammer. All Your reasoning is well sold to naive people, but lack in depthness.

1) Bitcoin is very slow and not suitable for small payments.

This is precise criticism and only minor part of it is important today. It is much more to do with looking into future. BTC scalability issues WILL NOT BE solved. It will either be ridiculously slow or it will not be decentralized blockchain.

Lightning network is a myth. Or even worse, in my opinion its a final death blow of this wonderful scam. When LN announced to be working, I predict BTC has 1-2 months left.

2) Bitcoin uses too much energy.

well, you basically jumped over the core issue here. well done! BTC uses so much energy and that energy is basically wasted because BTC tries to use distributed blockchain for transaction validation. in theory, that is where it "safety" comes from. If You say, that we can reduce energy usage, You say in converted way: "not nearly this amount of calculations (crypto) is needed to run BTC. And I agree with You. Mining at least in this amount is just a mechanism to hide a scheme behind it.

3) Transactions costs are too high.

Strong critics mean "production cost" of transfer here. Its clear to a fool, that when last coin is mined, no one will run their computer for free and basically all mining cost would need to be converted into transasction. This again is just theoretical, I still say, it wont be happening because BTC is a scam and will collapse like one big time.

4) BTC is not a secure method of payment.

You are mixing very inappropriate things here. Yes, blockchain technology is very safe in its core. But it doesnt mean BTC is as a whole. There are many aspects of safety. In normal transaction interests of both parties are secured at least to some degrees. With BTC You are not defended against frauds whatsoever, Your wallet is extremely undefended and trading environments suck big time in quality.

5) Its not convinient to make payments.

You dont even argue there. So no comments needed.

7) BTC is a bubble and only serves speculators.

I guess, not even speculators can gain from BTC as for now. Only price manipulators, p&d scammers and changing platvorms. Its a common mistake of comparing value of FIAT with BTC. You see... value of regular currencies reflects the belief, in how good health are the currect economy, political stability and perspection of a country. If something unordinary happens (civil war, political revolution, economic boom) it will reflect in exchange rate. Similar to stock market.

BTC on the other hand, has NO HEALTHY ECONOMY behind it! Its price is manipulated and it has no real value (because it has no real product behind it). Im not suprised, if price changes are done by whales themselves, when whales move bitcoins between their own wallets, they can mimic price rise very well, then suck in fresh money and after next fall start same cycle again.

I think it is a mistake to call bitcoin the currency of terrorists and scammers, because according to statistics they use cash more.

You said it right because of animosity nature of bitcoin many wrong doers, criminals and scammers are using it for their personal reasons and motives to scam people using scheme are that usually being targeted to all new users and still cooping up with bitcoin. But it doesn't mean its all for the wrong doers, there are still positive uses of bitcoin to the people who really believe in the technology, invested and supported it at all process of crypto evolution.

0 - "bitcoin is ratpoison²"
it is ratpoison². but the real question is... who are the rats bitcoin is poisoning
ratpoison doesnt harm good normal people it harms rats.
in the UK if your working in the busy finance sector it is called living the "rat race" lifestyle. meaning the fiat sector are the rats.

as for the 'squared' well the original 'ratpoison' meme was said years earlier. when the price was 100.. and then buffet called it squared years later and at that very date it was $10k.
i think buffets reply was more of the maths side of it.. meaning he was saying it is the same thing as years ago but the price has squared
100²=$10k.. the price of bitcoin vs the price of bitcoin when the original quoter called it.
so although it sounds bad to give it a derogatory title. the meaning and the value are both deeper hidden meaning. which if you think about it hard and deep, he is right.

1 bitcoin is slow
first of all bitcoin is slow for certain things. but it seems too many people are reading the same scripts and mantra that want to kill off bitcoin utility and hand it over to another network.
LN is not a bitcoin feature. LN is a separate network that will be used by multiple coins. and required bitcoin to be transformed to fit LNs network rather than LN transforming to fit bitcoins network.(i found that funny)
bitcoin can innovate to be better onchain. but those saying its slow, cant scale, cant buy coffee. are literally saying its broke and stop using it.. then offering a different network.. so to those saying use something else like LN or an altcoin.. please sod off. get away from bitcoin yourselves, go play with other networks and let real bitcoiners remain an re-innovate bitcoins network.

2 bitcoin wastes energy..
wrong. but i wont waste energy reexplaining why. ill just quote myself explaining why from another thread
bitcoin uses 20.7twh a year. and that does not cut into other peoples lives. its actually farms buying up the excess energy that would have gone to waste if not bought. so bitcoin actually saves waste.
EG like buying up out of date produce in a grocery store before it goes to landfill so that less goes to waste

and as for your comment about using PoS.. again you seem very hard nosed to actually talk about bitcoin and how its broke and needs LN, PoS.... seems you sound more like a anti-blockchain/antibitcoiner that instead wants a differnt system where it requires middlem men signing for stuff on others behalf...

3. transaction costs are very high
funny part hre again you are trying to sell other coins with cheaper fee's rather than address the cause of the high fee's being devs who want people to stop using bitcoin and to use things like LN..
again i must ask why are you so pro LN, so pro altcoiner, and so antibitcoin...

4. this part i agree. bitcoin is very safe. its the other networks and offchain solutions like LN and exchanges that can be hacked. even the LN devs warn you not to use it with too much funds because it can get stolen. but the onchain funds if you have the only key to the funded address. means you have the only way to move the funds.

5. payment convenience
the use of a conference not accepting bitcoin. is because the conference organisers were not bitcoiners they were fiat handlers who wanted fiat.
the same problem would occur if an american wanted dollars but he was incharge of organising a EURO event with Euro participants. but the organiser didnt want the hassle of exchanging euro to dollar
there have actually been many conferences where by deals were done that all those involved in organising it wanted bitcoin. and thus the fiat demand/worry was of no concern. those conferences were good and worked.
bitcoin is not the problem its just the people involved are the wrong type of people or not skilled to do whats needed

6. used by criminals
all currencies are used by criminals.... yep even cigarettes. (prison currency) criminals will try anything as a currency. its why they re coriminals because they dont follow rules. and cant be controlled not to use anything. they will steal cars. does that make cars bad because criminals use them. no.

7. bitcoin is a bubble
nothing "is" a bubble. nothing in history has ever been a bubble.
EG the housing bubble, this does not mean houses are bubbles and worthless. it meant the price is INFLATED way beyond its natural value.
EG the tulip bubble, this does not mean tulips are bubbles and worthless. it meant the price is INFLATED way beyond its natural value.
you can still buy tulips today. they are not fake. they are actually real flowers. yes dont be shocked hundreds of years later and you can actually still buy tulips.. but here is the thing. the price is not inflated
you can still buy houses today. they are not fake. they are actually real houses. yes a decade after the housing bubble and you can actually still buy houses.. but here is the thing. the price is not as inflated

the key word is inflated. like a bubble. its about the price speculation which changes. not about the medium/unit/product/asset itself, just its price at a certain given time

Terrorists are located in remote areas and do not directly relate to Internet services, so they don’t have the nerve to mining bitcoin as they do now in China.

Also, the process of selling or moving the value of 3 million of Bitcoin will not proceed without a note or request for documents "no one can ask for cash or fight with ISIS for bitcoin."

at 2. he didnt said its wrong he just admited that bitcoin is garbage because of its design......

actually the purpose of the creation of crypto currencies is actually good and positive for the development of an economic system by using technological advances and development of the times, if the results for the crime depend on the intentions and goals of the investors

ISIS terrorists had $3 million in Bitcoin and then Bitcoin went up from $400 to $7000. These 1000% to 2000% profits are not good.

Terrorists can earn money in many ways, and if they choose to do it via bitcoin it is a testament to bitcoins success as an investment. Obviously it's terrible that they will earn money from Bitcoins success, but we wouldn't close down a successful company because we don't like 1 of its 1000's of investors, would we?

Because there is absolutely no other reason for privacy or anonymity, right? If you think only criminals need anonymity, feel free to share your real name, address and phone number below.

Bitcoin anonymity and decentralization is for hackers, scammers/frauds, criminals also. They will run away after the crime.

Terrorists can mine and buy Bitcoin and when the price goes to $400 to $4000, terrorists will have 10 times more money.

Hi guys, I made this video discussing the arguments against Bitcoin/crypto, and my response to each point.

Let me know what you think, cheers 

https://www.youtube.com/watch?v=glkW-_hU7ZQ&t=301s