Bitcoin is fucking dumb and useless
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  1. #1

    Bitcoin is fucking dumb and useless

    I challenge any crypto shills to tell me one merit that bitcoin has TODAY that outweighs its negatives.

    As far as I can tell it's absolutely useless for anything other than buying drugs and child porn online. It has no practical purpose. Nobody uses it, even the stores that do accept it only do so if it's immediately converted into real currency so it doesn't actually do anything but add a layer on top of normal payment for silicon valley tech bros.

    In return the entire thing wastes a fuckton of energy for no purpose and uselessly increases demand on things like GPUs which have actual useful applications.

    I'm even saying this as someone who has invested into cryptocurrency just because I think it's a fad that's not gonna die. At least I don't delude myself to cope with the fact that it's never going to actually become useful.

    The saddest thing is that allowing people to buy drugs online is probably the only good thing bitcoin has done for society because it makes it so you don't have to risk getting shot in a parking lot or having your heroin spiked with lethal doses of fentanyl.
    Last edited by oops_ur_dead; May 14th, 2021 at 05:33 PM.

  2. #2

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by oops_ur_dead View Post
    The saddest thing is that allowing people to buy drugs online is probably the only good thing bitcoin has done for society because it makes it so you don't have to risk getting shot in a parking lot or having your heroin spiked with lethal doses of fentanyl.
    that is a HUGE plus, tbf.
    Quote Originally Posted by Blinkstorteddd02 View Post
    naz, he's claiming to have been at your house last night and infected you. I know u were drunk but PLEASE try as hard as you can to remember... That burning you felt the next morning when you went pee was from me, not him.

  3. #3

    Re: Bitcoin is fucking dumb and useless

    restricting it to "TODAY" is very unfair, because it prevents us from bringing up bullshit idealistic hypotheticals that may never happen. I demand you rescind this condition at once!
    Quote Originally Posted by Blinkstorteddd02 View Post
    naz, he's claiming to have been at your house last night and infected you. I know u were drunk but PLEASE try as hard as you can to remember... That burning you felt the next morning when you went pee was from me, not him.

  4. #4

    Re: Bitcoin is fucking dumb and useless

    Bank transfers take like 5-10 business days.
    Bitcoin transfer takes about 30 minutes.
    Doge transfer takes like 30 seconds.
    (And the crypto transfers can be done 24/7 unlike bank)

    Now don’t get me wrong, I don’t think Bitcoin or doge is the answer but there is an idea there that we do need to implement into society
    Last edited by aamirus; May 14th, 2021 at 06:09 PM.
    Have you ever heard the tragedy of Darth Jar Jar the wise?

  5. #5

    Re: Bitcoin is fucking dumb and useless

    I mostly agree with your sentiments on cryptocurrency.

    The one argument that I've heard that cryptocurrency truly does better than traditional banking: In many developing countries they might have internet access, but no access to secure banking systems or infrastructure. Or even any banking system at all.

    So cryptocurrency allows people in these countries to have a secure store for their money.

    Although that fact alone doesn't outweigh the cons, and that fact is certainly not the thing that has driven cryptocurrency to be as popular as it is now.

  6. #6

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by oops_ur_dead View Post
    I challenge any crypto shills to tell me one merit that bitcoin has TODAY that outweighs its negatives.

    As far as I can tell it's absolutely useless for anything other than buying drugs and child porn online. It has no practical purpose. Nobody uses it, even the stores that do accept it only do so if it's immediately converted into real currency so it doesn't actually do anything but add a layer on top of normal payment for silicon valley tech bros.

    In return the entire thing wastes a fuckton of energy for no purpose and uselessly increases demand on things like GPUs which have actual useful applications.

    I'm even saying this as someone who has invested into cryptocurrency just because I think it's a fad that's not gonna die. At least I don't delude myself to cope with the fact that it's never going to actually become useful.

    The saddest thing is that allowing people to buy drugs online is probably the only good thing bitcoin has done for society because it makes it so you don't have to risk getting shot in a parking lot or having your heroin spiked with lethal doses of fentanyl.
    I have been a long term hater of crypto but just bought into something called Safemoon. The question you ask is one I have been chewing on for the last month or four.

    One thing I see crypto as is like Gold. You can not eat it or do anything useful with it but it holds and grows in value based on some fucked off supply/demand driven by social appeal. Crypto is not much different in the respect of an investment. If you can quantify the social draw you can invest and make money.

    For Bitcoin itself I believe payment integration has been moving forward for a while. Multiple people have told me you can buy stuffs off new-egg and other respected sites and I have herd whispers Amazon is looking at payment integration. I personally feel like the more bitcoin integration is pushed the more all crypto will go up in value simply because the bottle neck is the exchange between currency and crypto. When that is no longer needed things change in a specific way..

    Something I have been watching is the potential collapse of USD. I am not sure if I have talked about it here but in 1994 Mexico had its currency go to shit. They pushed their debt too high and their interest rates skyrocketed. To counter it they inflated their currency and bought up their debt which destroyed the Peso. This pattern has happened over and over with so many nations.. Now USA has been holding back interest rates for about 5 years while hiking debt and this year they are starting to inflate the USD do counter that offset. The stage is set for some major shifts if things go south and there is huge potential for shifts in wealth if they do happen.
    What this has to do with Crypto is that if the USD collapses the global market will probably shift to crypto based where value based currency's become a thing of the past and market driven values become the new basis.

    There is a lot of swing in there and I hope I am wrong but I have spent a decent bit of time and energy preparing for some financial movements if that train goes down that track.

    Outside of all that I do feel buying into crypto in general holds value because as soon as it is viable to traverse any nation and its payment is integrated it will become a much stronger investment.

    (Also, buy Safemoon)

  7. #7

    Re: Bitcoin is fucking dumb and useless

    If the kick back was only the 5% to everyone I'd say yeah this is a cool test case coin, but the fact that another 5% goes to... I have no idea where... I am assuming the owner(s), I find it pretty nebulous. Seems like a grift coin trying to capitalize on the volatility of crypto that is paying "hush" money so everyone plays along.

  8. #8

  9. #9

    Re: Bitcoin is fucking dumb and useless

    I think land and gold are better investments than BTC tbh. The one problem with land is that if some revolution or w/e happens, you lose it. Gold doesn't have that problem, and its price is likely to remain stable until asteroid mining can become profitable enough to seriously pump out gold. Given that asteroid mining doesn't even exist at present, and that even when it does become a thing - it'll likely be extremely expensive to perform regardless, gold will remain stable for a long time from now.

  10. #10

  11. #11

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by aamirus View Post
    Bank transfers take like 5-10 business days.
    Bitcoin transfer takes about 30 minutes.
    Doge transfer takes like 30 seconds.
    (And the crypto transfers can be done 24/7 unlike bank)

    Now don’t get me wrong, I don’t think Bitcoin or doge is the answer but there is an idea there that we do need to implement into society
    This is a function of the US bank system being shitty. In Europe bank transfers are instant, faster than crypto transfers.

    Quote Originally Posted by LagAttack View Post
    I mostly agree with your sentiments on cryptocurrency.

    The one argument that I've heard that cryptocurrency truly does better than traditional banking: In many developing countries they might have internet access, but no access to secure banking systems or infrastructure. Or even any banking system at all.

    So cryptocurrency allows people in these countries to have a secure store for their money.

    Although that fact alone doesn't outweigh the cons, and that fact is certainly not the thing that has driven cryptocurrency to be as popular as it is now.
    I agree with this, though I do think that there are much better ways to do this than bitcoin and it's a bit of an accident that it worked out this way.

    Ironically enough, cryptoshills are indirectly working against this advantage by increasing the volatility of crypto with their speculation trading, and skyrocketing transaction fees, at least for bitcoin. The transaction fee for a single bitcoin exchange (which btw is a flat fee, making its adoption in the larger financial world even less viable) is about 10% of the monthly wage of someone in Venezuela.

    Quote Originally Posted by Helz View Post
    I have been a long term hater of crypto but just bought into something called Safemoon. The question you ask is one I have been chewing on for the last month or four.

    One thing I see crypto as is like Gold. You can not eat it or do anything useful with it but it holds and grows in value based on some fucked off supply/demand driven by social appeal. Crypto is not much different in the respect of an investment. If you can quantify the social draw you can invest and make money.

    For Bitcoin itself I believe payment integration has been moving forward for a while. Multiple people have told me you can buy stuffs off new-egg and other respected sites and I have herd whispers Amazon is looking at payment integration. I personally feel like the more bitcoin integration is pushed the more all crypto will go up in value simply because the bottle neck is the exchange between currency and crypto. When that is no longer needed things change in a specific way..

    Something I have been watching is the potential collapse of USD. I am not sure if I have talked about it here but in 1994 Mexico had its currency go to shit. They pushed their debt too high and their interest rates skyrocketed. To counter it they inflated their currency and bought up their debt which destroyed the Peso. This pattern has happened over and over with so many nations.. Now USA has been holding back interest rates for about 5 years while hiking debt and this year they are starting to inflate the USD do counter that offset. The stage is set for some major shifts if things go south and there is huge potential for shifts in wealth if they do happen.
    What this has to do with Crypto is that if the USD collapses the global market will probably shift to crypto based where value based currency's become a thing of the past and market driven values become the new basis.

    There is a lot of swing in there and I hope I am wrong but I have spent a decent bit of time and energy preparing for some financial movements if that train goes down that track.

    Outside of all that I do feel buying into crypto in general holds value because as soon as it is viable to traverse any nation and its payment is integrated it will become a much stronger investment.

    (Also, buy Safemoon)
    Gold at least has industrial purposes and uses. Bitcoin doesn't even have that. In terms of value, gold mining is ~10x more efficient than bitcoin in terms of carbon emissions. Bitcoin also inherently requires a functioning global internet, electrical infrastructure, and powerful computational hardware just to maintain its value.

    I think the rest of your point may be valid but tbh if the world goes down such a shit path that the US dollar crashes then the world economy and overall situation is going to be so fucked that you're going to need guns and bunkers rather than bitcoin. At that point you're basically betting on if the apocalypse happens at which point your bitcoin isn't going to do you much good. It's also a bit funny for me that a lot of the arguments for bitcoin ever becoming useful pretty much start with "well first we wait for the world to end, then..."
    Last edited by oops_ur_dead; May 15th, 2021 at 07:02 AM.

  12. #12

  13. #13

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by oops_ur_dead View Post
    This is a function of the US bank system being shitty. In Europe bank transfers are instant, faster than crypto transfers.



    I agree with this, though I do think that there are much better ways to do this than bitcoin and it's a bit of an accident that it worked out this way.

    Ironically enough, cryptoshills are indirectly working against this advantage by increasing the volatility of crypto with their speculation trading, and skyrocketing transaction fees, at least for bitcoin. The transaction fee for a single bitcoin exchange (which btw is a flat fee, making its adoption in the larger financial world even less viable) is about 10% of the monthly wage of someone in Venezuela.



    Gold at least has industrial purposes and uses. Bitcoin doesn't even have that. In terms of value, gold mining is ~10x more efficient than bitcoin in terms of carbon emissions. Bitcoin also inherently requires a functioning global internet, electrical infrastructure, and powerful computational hardware just to maintain its value.

    I think the rest of your point may be valid but tbh if the world goes down such a shit path that the US dollar crashes then the world economy and overall situation is going to be so fucked that you're going to need guns and bunkers rather than bitcoin. At that point you're basically betting on if the apocalypse happens at which point your bitcoin isn't going to do you much good. It's also a bit funny for me that a lot of the arguments for bitcoin ever becoming useful pretty much start with "well first we wait for the world to end, then..."
    (+1) lol

  14. #14

    Re: Bitcoin is fucking dumb and useless

    I don't see much of a difference. If I have a piece of paper with 100$ written on it it only holds value because the other people I want to exchange goods and services with agree that it does. With normal currency that agreement was built upon the logic that it could be redeemed for things of value (such as gold, later silver and oil.)

    Then they got rid of that and it was just 'backed' by such items.

    Now I don't feel like its backed by anything. The USD has a large portion of being backed by oil reserves but when the value of oil goes down you do not see the currency go down in value. Then theres the issue of that the currency is printed in ratio to how well its backed to establish its value but money is created. If you deposit 100$ in a bank you have 100$ but the bank then uses your money to invest or give loans. This means the same 100$ you own is then an asset to the bank and then an asset to an individual or a company so your 100$ just became 300$. Yet there was no tripling of the items backing the currency and the currency value does not drop by 66% even though it just tripled.

    When you think about it. The US Dollar is kinda as bullshit as a crypto coin and it only has value because people agree it does. I did point out the potential value of a world economy shifting to crypto in the event of a currency crash but really that does not need to happen at all. The moment you can spend Bitcoin on Amazon or it is widely accepted in markets the Dollar becomes as arbitrary as any other crypto imo.

    One thing I like about crypto is that its spitting in the face of established financial cartels. Governments cant track and tax it and investment groups dont have a protected and gamed market like we see with stocks. I only threw like 5k at the stuff because I felt like Safemoon was a safe bet and the risk/return is excellent given a crypto's value is based on its social appeal and its been trending like crazy although inaccessible but its just a different form of legal gambling at the end of the day. Given I bought in at .000004$ per coin if the thing hits 1 cent I make half a million dollars or something and I don't know another market that provides 100% return on investment in a few weeks.

  15. #15

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by SuperJack View Post
    Sending money between my bank accounts and between my wifes is always instant. (Although we both use the same banking company)
    No it’s not. Neither are EU transfers instant. For convenience the money may show in your account but it’s not actually “settled” yet. If you sent $10k to your wife rn and then she tried to withdraw all the money from her account, the bank would reject the withdrawal.
    Have you ever heard the tragedy of Darth Jar Jar the wise?

  16. #16

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by aamirus View Post
    No it’s not. Neither are EU transfers instant. For convenience the money may show in your account but it’s not actually “settled” yet. If you sent $10k to your wife rn and then she tried to withdraw all the money from her account, the bank would reject the withdrawal.
    Really? Excuse my ignorance, but why doesn't that apply to payments too? I've transferred money to others and they've been able to pay right away, even if they are not permitted any kind of overdraft

    p;edit https://en.wikipedia.org/wiki/Faster_Payments_Service
    Last edited by yzb25; May 15th, 2021 at 04:43 PM.
    Quote Originally Posted by Blinkstorteddd02 View Post
    naz, he's claiming to have been at your house last night and infected you. I know u were drunk but PLEASE try as hard as you can to remember... That burning you felt the next morning when you went pee was from me, not him.

  17. #17

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by yzb25 View Post
    Really? Excuse my ignorance, but why doesn't that apply to payments too? I've transferred money to others and they've been able to pay right away, even if they are not permitted any kind of overdraft

    p;edit https://en.wikipedia.org/wiki/Faster_Payments_Service
    I meant withdraw like walk into the bank and say I want all of this in cash right now. Payments are different because they are also just promises. The store doesn’t actually get your money right away, they are getting a promise from your financial institution that it will give them the money. That’s why on your statement the charges will just show as pending for a couple days before changing to complete
    Have you ever heard the tragedy of Darth Jar Jar the wise?

  18. #18

  19. #19

    Re: Bitcoin is fucking dumb and useless

    https://www.youtube.com/watch?v=rtlTZL3Q5ts

    Here is an interesting bit on inflation that runs into some of what I am talking about in terms of 'transitory inflation' and the devalue of the dollar by warren buffet. If the true value of the dollar is based on what that dollar can buy you 2020 and 2021 has seen a massive amount of inflation regardless of what it is said to be worth and is in line with natural markets (if that makes sense)

    Expect 2022 to have fucking MASSIVE implications on the stock market. This is not financial advice but if I had money in stocks or a 401k I would sell the fuck out of it and hold that shit as cash or throw it into bonds/crypto.
    Last edited by Helz; May 16th, 2021 at 03:33 AM.

  20. #20

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by Helz View Post
    https://www.youtube.com/watch?v=rtlTZL3Q5ts

    Here is an interesting bit on inflation that runs into some of what I am talking about in terms of 'transitory inflation' and the devalue of the dollar by warren buffet. If the true value of the dollar is based on what that dollar can buy you 2020 and 2021 has seen a massive amount of inflation regardless of what it is said to be worth and is in line with natural markets (if that makes sense)

    Expect 2022 to have fucking MASSIVE implications on the stock market. This is not financial advice but if I had money in stocks or a 401k I would sell the fuck out of it and hold that shit as cash or throw it into bonds/crypto.
    So I am not an economist but I function off what I can see in society. The more I look at this the more I question the financial state of the dollar and how it can be said 'inflation' of the dollar is at a 4% rate this year yet the price of what the dollar can purchase has jumped so substantially across all fields and currency production has spiked heavily. Do I need to get a tin foil hat or is there about to be a massive global wealth shift?

  21. #21

    Re: Bitcoin is fucking dumb and useless

    Many of you seem to be conflating fiat currency with a financial/banking system. You can absolutely bet that if everyone used crypto, then pretty much all the drawbacks that Helz and aamirus are talking about would still exist because nobody is going to actually use blockchain transactions for paying eachother in cash. At $12 USD per transaction (currently) it makes no sense. There will definitely be a banking system layer on top of crypto if it ever escapes meme status and starts to be used as a currency and not a meme speculation vehicle. It'll make everything much more complicated, in fact, because you won't be able to hand your buddy $5 or pay in cash at a food truck because transaction fees will be more expensive than whatever amount you're handing over, and any transaction takes like half an hour to confirm, all while using a fuckton of energy.

    People will still be able to "create" bitcoin like they can create "cash" to Helz's point, because that's a function of the concept of lending. People are still going to have lending when bitcoin "takes over".
    Last edited by oops_ur_dead; May 17th, 2021 at 01:09 PM.

  22. #22

  23. #23

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by aamirus View Post
    I meant withdraw like walk into the bank and say I want all of this in cash right now. Payments are different because they are also just promises. The store doesn’t actually get your money right away, they are getting a promise from your financial institution that it will give them the money. That’s why on your statement the charges will just show as pending for a couple days before changing to complete
    the more you know. If I may ask a couple more questions:

    So I'm under the impression they (the recipient bank account) is waiting for the paying bank to make good on the promise and actually transfer the money and demonstrate they have it. But if a bank is transferring internally shouldn't they know they have the money anyway? Why should there be any delay when the bank is essentially giving money to itself?

    What would happen if I paid for something and the bank found out after the fact they can't provide the money. Would my purchase be nullified? Would I owe the vendor or would my bank? And what happens if the money changes several hands before it's confirmed it doesn't exist? I guess this is hopefully not something we'd have to worry about, but a bank could fail to make a payment purely because another bank failed to make good on its transfers to the first bank, and it isn't clear to me how the "blame" is apportioned.

    erm sorry for asking you to basically teach me these things. If you could at least recommend somewhere I can learn this I'd appreciate that lol.

    p;edit I probably should have put this in a pm instead my bad
    Last edited by yzb25; May 17th, 2021 at 03:40 PM.
    Quote Originally Posted by Blinkstorteddd02 View Post
    naz, he's claiming to have been at your house last night and infected you. I know u were drunk but PLEASE try as hard as you can to remember... That burning you felt the next morning when you went pee was from me, not him.

  24. #24

  25. #25

    Re: Bitcoin is fucking dumb and useless

    NFTs are also fucking stupid btw, actually they're even worse than bitcoin and anyone who is unironically into NFTs is a massive GOOF and they are GOOFY as fuck.

    I am honestly considering starting an NFT-based grift because I think people who are so GOOFY that they believe that NFTs are good deserve to get scammed for all their money.

  26. #26

  27. #27

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by oops_ur_dead View Post
    NFTs are also fucking stupid btw, actually they're even worse than bitcoin and anyone who is unironically into NFTs is a massive GOOF and they are GOOFY as fuck.

    I am honestly considering starting an NFT-based grift because I think people who are so GOOFY that they believe that NFTs are good deserve to get scammed for all their money.
    To answer your thread, the people who buy into it are the people who want it to succeed. So the only people you'll find vouching for this stuff are going to be the BTC and altcoin owners. This is no different than owning super expensive artwork. If you hype up the work of a dead artist's work that you own a lot of already, then when you sell you will gain incredible wealth. This is no different.

    Originally, the purpose of this coin was to be run on home PCs so that anyone can own the decentralized currency, especially in places of political volatility. But the bitcoin creators didn't have the foresight to: (1) create the proof-of-stake model first to avoid the wastefulness of cryto solving by high energy intensive ASICs and GPUs, and (2) see that big mining farms and big corporations were going to exploit it for more financial gain.

    By the way, I have to mention how disgusting your language is. This is very offensive to Canadians when you use the G-word.
    Last edited by HentaiManOfPeacesGhost; November 25th, 2021 at 08:37 PM.

  28. #28

    Re: Bitcoin is fucking dumb and useless

    Quote Originally Posted by HentaiManOfPeacesGhost View Post
    To answer your thread, the people who buy into it are the people who want it to succeed. So the only people you'll find vouching for this stuff are going to be the BTC and altcoin owners. This is no different than owning super expensive artwork. If you hype up the work of a dead artist's work that you own a lot of already, then when you sell you will gain incredible wealth. This is no different.

    Originally, the purpose of this coin was to be run on home PCs so that anyone can own the decentralized currency, especially in places of political volatility. But the bitcoin creators didn't have the foresight to: (1) create the proof-of-stake model first to avoid the wastefulness of cryto solving by high energy intensive ASICs and GPUs, and (2) see that big mining farms and big corporations were going to exploit it for more financial gain.

    By the way, I have to mention how disgusting your language is. This is very offensive to Canadians when you use the G-word.
    Treating bitcoin or any crypto as a speculative investment like that runs exactly contrary to its success as an actual currency. Hence, the people buying into it are either doing so to make money regardless of its success, or think they want it to succeed and that they're helping its success as an accepted currency but unfortunately they just aren't very bright. Often cryptobros believe both at the same time.

    PoS is a bad system for separate reasons. Sure, it's less power hungry, but it doesn't necessarily solve the transaction fee issue that's plaguing pretty much all major cryptos right now (for instance the transaction fees for ETH is in the tens to hundreds, and even BTC is about $15 right now). It's also much easier to perform a 51% attack on a PoS crypto since all it takes is just buying out 51% of the currency, while a 51% attack on a PoW crypto is less feasible due to cost and simple resource constraints.

    As a Canadian I understand the offence from the G-word, this is an issue I have spoken to admins with at length about. My use of the word is in protest to that, pointing out the absurdity of me being unable to use other descriptive language (since it would reduce fun) while considering such hateful terms as okay.

 

 

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