pull down to refresh

110 sats \ 0 replies \ @BlokchainB 2 Sep 2024 \ on: Is Bitcoin actually a scam. This video scared me. Lol bitcoin
Man this is all kinds of bad. Save yourself the hour. Things I found wrong with this
  1. Compared main chain transactions to the visa network. Clearly this guy doesn’t understand how the visa network operates. They aren’t even remotely the same.
  2. Says bitcoin has failed due to KYC and VC funding pumping the bitcoin bag to dump on the next fool. While the KYC capture is awful for the hyper focused privacy industry so it’s not the ultimate freedom tool. Even with KYC the software still operates as intended with the hard cap in place. A change of the laws on the books can rid of the KYC mandate.
  3. Called bitcoin a Ponzi scheme which again is wrong. If the miners don’t use energy blocks don’t get mined. Plus buy his logic everything is Ponzi scheme growth stocks that don’t pay a dividend you are hoping another investor to buy your shares at a higher price than what you purchased them hoping the business continues to deliver value. A 365 day network that can send money across the globe nearly instantly with no government or third party is the value proposition for bitcoin and that it can’t be debased. People buy into this ponzi wanting those qualities to transact.
  4. Highlights the affinity scams of NFTs and ETH and how it’s one big crypto cabal and how people are hoping to get rich quick. Fails to separate this out from Bitcoin. In his eyes it’s all the same and the mission of bitcoin has failed.
  5. Somewhat got the history right but glossed over how bitcoin brought many ideas together that was worked on for over 40 years. Wasn’t just born to get rich quick. It was an honest attempt to create a currency on the internet without a central third party.
  6. Never mentioned the genesis block about how central banks and the current system has ruined trust in the system. How the banks and the government bailed out those who were playing fast and loose with bank deposits and completely perverted the system. Bitcoin is a solution to that. No third party risk. While bitcoin does have zero risk what it does allow is for transparency. Everything is out in the open to verify yourself. A banks balance sheet doesn’t even offer that!
I think this is enough. Obviously I am bias but I was curious to see what others have to say. Step out my echo chamber and see if someone can give an honest critique about bitcoin and this is just lazy. Sad to see MKB endorse this video but to each is own.
write
preview