patrick.net

Bitcoin is really nothing

Really? But the Bitcoin fluffers told us this shit is going to replace fiat currencies!

Currency, fiat or otherwise, need to have transaction utility in order to be...em, currency.

A friend of mine is a retired professor of economics at UC.
He said crypto is a scam, virtual gold, gambling but better odds than Vegas or the lottery.
He recommended I buy crypto with 1/2 of 1% of my net worth.
I'm still chicken.

Ask him how Tulip Mania worked out for everyone.

UkraineIsTotallyFucked says

Ask him how Tulip Mania worked out for everyone.

Fine, if you were not the last investor. If you buy into the Ponzi, just get out early enough to leave a little profit for the next guy.

No. Not fine.

This is still a strawman. Nobody uses it for currency or has really discussed that much in about a decade - until

They still do whenever they pitch that it will replace the USD, blah, blah, blah.

Will replace gold maybe in certain scenarios... In fact, I suspect to the ire of gold bugs I suspect gold would be much higher right now if it didn't exist.

Central banks are buying gold right now, not BC.

True but rumor is we'll hear that at least one is by the end of this year.

Rumor = bullshit, like bicoin itself.

We shall see but would you rather that or the CBDCs they are planning to shove down our throats?

Nice comeback.

1) I don't want either and 2) we'll get both anyway.

For those that don't know: 11 bitcorn ETFs were approved by the SEC this year. It's not going to go away.

We shall see but would you rather that or the CBDCs they are planning to shove down our throats?

We shall see but would you rather that or the CBDCs they are planning to shove down our throats?

BTW, what is the rumor exactly?

Then only one I have heard is Venezuela selling their oil (what little they still produce) for crypto to sanctions proof their revenue. All the crypto fluffer idiots them plastered social media with posts like "See! See! The USD's days are FUCKED! Crypto rules!" And many of them automatically assumed it would be Bitcoin...because fluffers gotta fluff, after all.

...then it was revealed that the crypto Caracas is talking about is Tether.

see, so by fluffers saying it'll replace the $ you saw that on reddit or something - not on patnet.

Stablecoin issuer Tether has said it will freeze wallets that are using USDT to evade sanctions on oil exports in Venezuela.

The decision comes after Reuters reported that Venezuela’s state-run oil company PDVSA increased its use of tether after the U.S. reimposed sanctions on oil exports.

The firm froze 41 wallets tied to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list in December...

Oh looky! Seems that crypto doesn't live up to its jive after all;

Except there are services where people send in their bitcorn which gets shuffled with other peoples bitcorn and then returned to them which does obfuscate ownership.