Cryptocurrency is crashing, are you in or out?

[nanarchy]

Insidb said:

nanarchy said:

first line is good and pretty accurate, but then you had to get silly. laundering is a huge ongoing problem, though will likely be fixed with regulators crack down on exchanges. too costly to produce, nothing to debunk, things like bitcoin are massive wasteful in their production with proof of work based systems. same for too volatile, currently their isn't a sufficiently stable crypto coin that can be safely used as a currency, hence many companies recently rolling back their decision to accept bitcoin. none of that means crypto coins can't succeed but they do have some very significant problems that still need to be addressed and anyone that tries to pretend the issues don't exist is a fool.

Since you actually engaged and didn't rabble-rabble, here are some high-level clarifications:

 

Store of value...the most popular currency has no backing, other than "trust."

Laundering...BTC is NOT anonymous, and the ledger can be audited; that's what took down Silk Road.

New fad...BTC has been around for 9+ years

Too costly to produce...nearly all those estimates use peak potential and come out absurdly high, especially when compared to the mining and printing of other currencies.

Too volatile...it's far more stable than the most volatile fiat currencies, some of which are essentially dead now.

being slightly more stable than fiat currencies that have collapsed is hardly a selling point, that is like saying my shit stinks slightly less than my neighbours a currency needs stability to get acceptance and adoption. Laundering is still a huge issue, yes it is only semi anonymous but when combined with tumbler services and poorly regulated exchanges you can overcome the not anonymous part to launder money. new fad, have not really seen that argument, but yes agree there. Proof of work is simply a bad model, especially when some of them use far more sustainable models.