I Hate Bitcoin And I Admit It – Why is it so?

However I’m not a paid shill, I am merely against bitcoin for ethical, economic and ideological reasons.

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I’m not making this thread to start a flamewar but to confront bitcoin extremists about the several flaws and the several ethical impact bitcoin has :

the fact that bitcoin has not been deemed illegal by the law or the fact that bitcoin isn’t regulated does NOT make bitcoin legal

most of bitcoins are held by a very small number of people, this oligopolous distribution of bitcoins is obviously not fair but the problem isn’t there, who are these people holding so much coins?

We don’t know who they are and what they could do with all these sums of money, finance drug networks, finance terrorist networks, do unethical actions?

We fiat we have the same you’ll tell me but there is no such distribution.

There are 5000 billion dollars of currency in circulation in the whole world, the richest person has 67 billion which is 1,3% and money supply keeps growing due to inflation in many developing countries such as India, China. Not even mentioning US QEs.

In bitcoin world, Satoshi has 10% of all bitcoins and will have 5% in 2140.

Several other people have over 100 000 bitcoins.

We’ve all seen the end of Mt. gox, hundreds of thousands of bitcoins lost and probably never to be seen again.

Probably some people suicided due to that, others got their lives totally ruined and many lost faith in bitcoin (and for that last one it’s a good thing).

bitcoins help finance the worst things we can ever imagine in this world.

Ever took a look at the deep web? You want to kill someone? Pay your hitman with bitcoins.

You want to launder cash? Buy some bitcoins.

You want some drugs? With bitcoins it’s possible too.

You want to bet on assassination markets, you want to buy stolen credit cards, you want to buy guns? Bitcoins make it possible too!

Bitcoin is vulnerable to the 51% attack, recently could have had used their power to take over the network, people don’t seem to realize how dangerous is that.

What is hilarious is that people hate fiat but forget that bitcoin is almost exactly like fiat : it has no intrisic value like gold or silver, it’s value just depends on trust that people put on it i.e. bitcoin is worthless. With gold you hold a precious metal, with bitcoins you just hold encrypted information, a mere set of numbers and letters.

miners have extreme control of the network, they can blackmail bitcoin users anytime if they wish and rebel, they could for example ask for higher transaction fees and if that is refused then they will invalidate all transactions and hence freeze the network

Lost coins cannot be replaced at all, it’s lost forever which means that in the end less and less bitcoins will be able to be moved

no company will be interested in bitcoins because it has a volatile market price, today they can sell a product for $100 in bitcoins and tomorrow bitcoin price crash and the value crashes to $20, this is unsustainable for any reasonable business, it’s as if you were using stocks as a mean of payment

bitcoin mining is unethical and uses unnecessary electricity costs, this is harming the environment

And there are so many other reasons why bitcoin is a failure and will fail, I’m not saying the price will not go very high, it will maybe but when all the system is unveiled and when people realize the fraud bitcoin is the price will crash like never ever.

I’ll have a good laugh the day the first quantum computers are out, your bitcoin system will be hacked and cracked, stop bragging about your DSA algorithm because when the feds end the construction of the first quantum computer, your bitcoins will be worth nothing.

And that’s why I counter bitcoin, because it is full of flaws and allow drugged junkies to buy drugs and in any case it’ll be cracked sooner or later by the feds when they get their quantum computer.

Sally is a professional copywriter with an experience of 15+ years. She wishes to share her keen knowledge of the online gaming world. Besides that, she loves watching sci-fi movies and is a tech enthusiast.