> For all the hype about a revolutionary innovation, cryptocurrencies themselves do not appear to be designed to meet any need in the finance space that is currently not being met or to meet existing needs more efficiently.
It's interesting how they disparage cryptocurrency by defining it as not being a "currency" and having no utility, yet advise banning it as it competes as a currency to the Rupee.
Web3 is a fraud. There are no intelligent people working in this space. It is a giant Ponzi scheme run by tech bros who have no material experience working for major companies or corporations. The sooner it fails the better.
If more countries ban crypto mining we can successfully perform a 51% attack and destroy the value of Bitcoin, which should eradicate this useless and wasteful technology forever. Hopefully more countries follow suit and the attack can begin.
> It is not a stretch to imagine that in the not too distant future, somewhere in the world, a cryptominer will be publicly executed in front of a cheering crowd. It's not what I want, but crypto bros have got to stop being so arrogant and self righteous.
I think a lot of people here will be cheering along with you. But alas, we can dream...
Another salient and damning article by Stephen Diehl. I would recommend anyone who uses cryptocurrency to read through his work and reconsider your position.
It's a bresh of fresh air to finally have someone technically literate investigating the technology and distilling the reasons why it's harmful to society.
I liquidated my Bitcoin position 16 months ago thanks to Stephen Diehl, and I suggest you do the same.
We are literally boiling the oceans. Are you going to continue to be a part of it?
I had a large amount of savings in Bitcoin in September 2020. However, after reading the salient arguments against Bitcoin made by Stephen Diehl on his Twitter account, I liquidated my entire position.
And I couldn't be happier.
Thanks to his nuanced decomposition of the technology I have avoided the wild price swings over the last year, and protected myself against the inevitable crash.
I would recommend anyone with a position in Bitcoin to read his informed analysis on the technology and cash out while you still have chance.
The best time to get out of Bitcoin was a year ago. The second best time is today.
I don't know how anyone can defend cryptocurrencies after reading this lucid argument. I hope this provokes more discussion on the problem. Excellent work again from Stephen Diehl.
Amazing that you can send almost any amount you want (up to £1 million) to another county and that it can arrive in just a matter of days.
Plus there is the added benefit that sanctions and restrictions for specific countries/individuals can be imposed when neccessary to prevent war.
This blows blockchain out of the water.