What a idiotic essay, the same arguments could be made for the ban of most precious metal mining since majority of it goes to storage deposits.
Cryptocurrencies actually bring several benefits and better solutions for the problem of trust in a store-of-value or exchange contract. The world needs Bitcoin now more than ever, we are already living in a multilateral world where US and China exert pressure to force international contracts to be denominated in USD abs RMB.
That is an awful deal when both countries can print unlimited amounts and distribute to their preferences like happened during this pandemic, specially in the US.
Governments print money to keep society from collapsing.
What you rail against is a feature not a bug. So many cryptocoin advocates don’t seem to understand how societies work.
The world can do without BTC just fine. Now more than ever. It doesn’t actually solve a problem we face.
Only those who have Bitcoin seem so adamant about it. No coincidence right? Because we know it needs more ‘suckers’ to buy into the ponzi because no value is ever created.
A centrally controlled emission is a feature that has significant downsides. Whether we want this feature is the point of discussion... Societies with economies existed before fiat and this centrally controlled emission seems to be quite shaky now.
It’s not about suckers or even wealth, it’s about whether control should be given to a greater entity who may save us, or if such a thing is too important to trust to a very human and often flawed agency.
People who are adamant about Bitcoin were already sold on it before they found it. Just as those who adamantly oppose it.
Cryptocurrencies actually bring several benefits and better solutions for the problem of trust in a store-of-value or exchange contract. The world needs Bitcoin now more than ever, we are already living in a multilateral world where US and China exert pressure to force international contracts to be denominated in USD abs RMB.
That is an awful deal when both countries can print unlimited amounts and distribute to their preferences like happened during this pandemic, specially in the US.