Cryptocurrency is crashing, are you in or out?

[Insidb]

nanarchy said:

Insidb said:

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.

It's a huge selling point in many other nations; saying that it's not is a projectionist argument. Go tell people in Venezuela and Zimbabwe that their currency stinks, and they should just have to deal with it.

Laundering is an issue, in so far as there is any invested investigative effort: that's the case for BTC, but not all cryptos (I'm not a fan of ICOs, as a rule.).

It's only a fad, if you talk about the speculation involved. The underlying technology and usage is well beyond the experimental stages. The PoW is a huge component, as debit and credit fraud are rampant, and a PoS company had shutdown all payments yesterday.