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0 sats \ 1 reply \ @anon 25 Nov \ on: Crypto Exodus: Why Capital Is Leaving Bitcoin bitcoin
This post is total nonsense. Bitcoin is just beginning.
Thanks for the feedback. Is it all total nonsense, or are there some true part ?
Even if I don't agree with most of it, I found out that this part was true.
The decentralization cult told a simple story. Code is law. Uncensorable money. No one can stop a transaction or reverse it.
Most people do not actually want that. They want rails that work, and they want someone to fix things when they go wrong.
You can see this in how people treat Tether. When funds are stolen by North Korean hackers, Tether is willing to freeze those balances. When someone sends a large amount of USDT to a contract or burn address by mistake, can still sign from the original wallet, clears KYC, and pays the fee, Tether will blacklist the stuck tokens and mint replacements to the correct address. There is paperwork and delay, but there is a process. There is a human layer that can admit a mistake and repair it.
That is counterparty risk, but it is the kind people value. If you lose money through a technical screwup or get hit in a hack, there is at least a chance of recovery. With onchain Bitcoin, there is none. If you mispaste an address or sign the wrong transaction, the loss is permanent. No appeal, no help desk, no second chance.
People want the quick and easy way, they don't want to take the time to get educated, and that is sad.
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