That "fairly concise analysis" has way too much "gun manufacturer says guns are not a problem" energy to be trusted. Specially comming from an investment firm, which are the Masters of Scamming.
Comment on Gonna be a great day!
Void_Sloth@lemmy.world 7 months ago
For anyone who is interested here is a report from Fidelity that provides a fairly concise analysis of Bitcoin and it’s value proposition.
fidelitydigitalassets.com/…/1012662.3.0 Bitcoin F…
I encourage everyone to take the time to read at least the first few pages, I think you’ll be surprised by what you find.
DarkenLM@kbin.social 7 months ago
thethirdobject@lemmy.world 7 months ago
This report has no critical value, they’re trying to convince sceptic investors that bitcoin has a value as an investment. Their whole argument is that it has the qualities and potential to replace other monetary goods. There is no questions regarding how the system works, the speculation, the inequalities, etc. Looking at the state of the world and the role of capitalism in this tragedy, it feels completely disconnected to read that bitcoin is great because it could maintain the statu quo.
Ibaudia@lemmy.world 7 months ago
I also noticed that it was strikingly uncritical. Does not reivew any mass-adoption scenario, lists very few drawbacks, and seems to be a hype piece targeting individual investors.
Fades@lemmy.world 7 months ago
B-b-but the internet said it’s made up and dumb!!!
itsAsin@lemmy.world 7 months ago
so it’s NOT a pyramid scheme?
or it IS a pyramid scheme, and that’s why we should get on board?
snooggums@kbin.social 7 months ago
Gotta get in early so you aren't at the bottom of the pyramid!
Kbin_space_program@kbin.social 7 months ago
It's a pyramid scheme that the old farts have already invested in, so they want it to become standard.
Void_Sloth@lemmy.world 7 months ago
Did you read the report I linked?
db2@sopuli.xyz 7 months ago
404 - Page Not Found
Nothing to see here.
A blo>ckchain is an immutable ledger, but alas, our website is not. The page you’re looking for is either unavailable or no longer exists.
db2@sopuli.xyz 7 months ago
Bitcoin isn’t. A lot of shitcoins are.
Ibaudia@lemmy.world 7 months ago
The fact that institutional holders are some of the biggest holders is a red flag in itself given that crypto marketed itself as a solution to problematic power structures. So far it has no use other than speculative value.
Ibaudia@lemmy.world 7 months ago
The report doesn’t seem to address any of the most damning arguments I’ve heard against crypto currently. Namely:
In my opinion, there’s a reason why you haven’t been able to do anything with your Crypto besides bet on it for over a decade now. It’s because it’s just a bad product, engineered by techbros who think they know better than the global banking system how to create a decent financial product.
deadlyduplicate@lemmy.world 7 months ago
What you are saying is inaccurate…
BTC has a performant layer 2 called lightning. And if layer 2s are not your jam, there are plenty of L1s that can handle 1000s of transactions per second
Crypto solves the problem of having a central bank control the money supply. Also having private organizations controlling digital payment rails. Provides options or underbanked people in countries with unstable financial systems. I could go on…
Blockchains do not use an enormous amount of energy. You are thinking of the consensus mechanism used by proof of work cryptocurrencies. There are alternative consensus mechanisms that use much less energy
Also the adoption rates are not a measure of utility. The Linux desktop has been around 30 years and has an adoption rate under 5 percent. Mastodon has not grown as fast as twitter did. Democracy is not used by the majority of governments and where it is, voter turnout is low.
Is it also your opinion that these things are bad products?
Decentralized systems just take longer to mature. It’s crazy to me that fediverse users don’t understand this.
Imgonnatrythis@sh.itjust.works 7 months ago
It’s not crazy. You are just shouting into the Gartner trough of disillusionment. Statistics favor an angry opinionated mob currently. I don’t know what the time line is (or I’d be rich) but eventually the response to this sort of comment will move away from grunt and downvote.
Jakeroxs@sh.itjust.works 7 months ago
skullgiver@popplesburger.hilciferous.nl 7 months ago
I like the idea behind decentralised currency and I value the ideals of those wanting to free themselves from the four or five financial institutions controlling the world, but the people who want to buy groceries with their Bitcoin are a tiny minority. Cryptocurrency has become a vessel for speculation, fraud, and money laundering, abusing the good intentions of its inventors.
During the Bitcoin hype, some online stores actually started taking cryptocurrency as payment, but few stores still have that option available. For a sweet, short period there was a glimpse of hope for cryptocurrency, but that quickly collapsed.
Your first point accentuates that there are too many options to transfer blockchain money for most normal people. Living in a place where payment terminals in supermarkets don’t accept credit cards (debit card based culture) and where banks decided to go with Maestro rather than Mastercard, I can tell you from experience that “you need to pay with a different thing here” will confuse the hell out of people.
Your second point is actually the problem behind cryptocurrency that’ll make it impossible to use as a real currency. There are no control mechanisms, so the value jumps around wildly. You’d be smart to store your money through cryptocurrencies in countries with explosive inflation (Argentina, Turkey) but when a country’s currency starts to collapse, limits to exchanging money are often the first policies to get inflation back under control, so there’s a real risk you’ll end up unable to access your money because banks suddenly refuse to take your return transfer.
Your third point is kind of invalidated by the fact you default to naming Lightning as your primary fast transaction mechanism, since it operates on Bitcoin which is stuck in the PoW world and probably always will be. It’s major competitor Ethereum is kind of okay these days, but gas prices make it useless for doing any real payments so you’ll end up using some kind of wrapper for that too.
You can’t compare a form of government to a product, so I’m not sure what the democracy argument is about.
And let’s be honest, for mainstream consumers, the Linux desktop and the Fediverse are failures. How many of your real life friends and family have a Lemmy account compared to Facebook or Twitter? Even within my tech nerd bubble most people stick with mainstream services and mainstream operating systems. The best thing to happen to the Linux desktop was Valve picking it up and stuffing it into a console. Android deserves an honorable mention, but they way that got Linux into the mainstream was to hide Linux as much as possible. Twitter started collapsing and Bluesky and fucking Threads ate Mastodon’s lunch. The Fediverse sure has grown, but unless you’re into Linux or computers, you won’t find a Twitter or even Reddit alternative here.
Even still, I myself can get my social media itch scratched by the Fediverse, but I still can’t pay for my groceries through Dogecoin or Lightning or Ethereum.
There are also reasons why I’m not planning on using an iteration of cryptocurrency for real life finances even if such a thing becomes available. Most importantly, the public payment history associated with wallets. It’s not exactly difficult to link wallets to companies once they start operating at larger scales and soon enough you’ll have companies selling your payment history (and wage/employer history) straight off the blockchain. Unfortunately, that’s not really something that can be fixed with the current model.
There’s also the theft problem: if someone steals my bank account details and uses it to transfer all of my money to a foreign country, my bank will lock down my account and probably call me. Steal my wallet seed phrase and everything is gone in an instant, with no recourse. This adds major risk to keeping any significant amount of money in cryptocurrency form, and both enthusiasts and professionals have lost millions upon billions this way.
deadlyduplicate@lemmy.world 7 months ago
My point is that just because something doesn’t achieve widespread adoption immediately does not mean it is a failure. I use both Linux desktop and the Fediverse and the fact that they are not in widespread use doesn’t rob them of virtue for the people that use them. Technology adoption is a complex thing and its incredibly reductionist to just say "crypto has been around for a decade and a half and you still can’t use it for anything therefore its a failure. Our legacy financial system is very entrenched and its not to going to unseated overnight. These things take time.
Ultimately I think it should come down to consumer choice, those that prefer centralized finance should use that and those that are OK with the added overheard of decentralized finance should be able to have that choice. That is why I make the analogy to these other systems. Linux desktop for a long time was harder to use but it was worth it for people whose values aligned with open source software. Crypto has a similar trajectory and faces similar uphill battles including negative attitudes from those using competing systems. But for those who value what it provides, it is worth it.
Meowoem@sh.itjust.works 7 months ago
I think the reason s lot of people don’t think crypto is a useful currency is because they’ve tried to use it to buy drugs and the process is awkward, slow, incredibly expensive, and messy.
There are so many little steps where someone else takes a cut of your money and waiting to see if the transaction goes through is agonisingly long. When buying weed it’s understandable but no one is going to accept that for anything where there’s other options.
EndlessApollo@lemmy.world 7 months ago
🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓🤓
Sanyanov@lemmy.world 7 months ago
Dude makes shitty argument to propel position that is wrong
Dude is disproven
Everyone: 🤓🤓🤓 What a toxic nerd
schmidtster@lemmy.world 7 months ago
Do you not have stores that let you pay with bitcoin and other crypto? It’s a thing in Canada atleast.
Ibaudia@lemmy.world 7 months ago
There are but virtually no one uses them, and I’m sure if they did they would take it away the due to the aforementioned issues. It’s just kind of a mess. It’s not not a good vehicle for commerce and it never has been.
schmidtster@lemmy.world 7 months ago
Weird that it works in other places…
Riven@lemmy.dbzer0.com 7 months ago
There’s some in the US too.
FlyingSquid@lemmy.world 7 months ago
Considering the volatility of Bitcoin, those store owners are nuts.
schmidtster@lemmy.world 7 months ago
Shy it coverts to cash and they are paid in cash?
Void_Sloth@lemmy.world 7 months ago
Ibaudia@lemmy.world 7 months ago
I fail to see how crypto alleviates the problems with fiat that exist under failed regimes. If anything I feel like it would exacerbate them given that crypto operates on a public, append-only ledger that gives disproportionate power to those that leverage their existing influence and are able to interact with the ledger in bad faith/deceptively. Empowering the unbanned is a common talking point but I don’t see it actually becoming real outside of a few niche cases that tend to be exaggerated in crypto spaces. And even then I’m not sure those will stick around in the long run.
I will believe in initiatives like the lightning network when they actually see mass adoption. I personally don’t see that happening because of the aforementioned problems. Scalability and practicality compared to existing standards being the primary ones.
Power is still an issue considering BTC uses as much electricity as a small nation despite being the hobby of a few hundred thousand people, versus the entire global banking industry which is a million times more efficient as things stand currently. I don’t think “but it’s worth it because BTC is good” is really a good counter to that. It’s not sustainable.
Also “it’s too complicated to explain” isn’t a particularly persuasive argument lol.
Euphorazine@lemmy.world 7 months ago
To add to this concern, centralized currency has its pros. Because it’s centralized, it can be governed. If I wire some money to an unintended target, sometimes that money can be recovered. There’s plenty of stories of people getting unexpected deposits into their bank accounts from their payroll company and everyone tells them to report it and not touch it.
Then there’s the Seth Green incident where he got phished and someone stole his IP rights to his bored ape. If the ape NFTs were centralized, Seth could have reported the fraud and had it returned.
How would this work at scale? Imagine if a company like Apple got their keys leaked and someone siphoned millions of currency away from them. Does Apple just take the loss? What if your grandma gets her account stolen, she just loses her retirement with no recourse?
I’m quite happy that the legal system backed by the police and military are backing up my fiat.
schmidtster@lemmy.world 7 months ago
I can buy coffee with crypto at Starbucks.
ubermeisters@lemmy.world 7 months ago
Do t come to lemmy with actual facts, it’s no better than Reddit in this regard. It’s almost like it’s a society issue.
Ibaudia@lemmy.world 7 months ago
I feel like Lemmy is small enough that my comments might make a small difference lol.
JohnDClay@sh.itjust.works 7 months ago
I think proof of state solves some of the energy and efficiency issues, but I agree it’s pretty over hyped.
Ibaudia@lemmy.world 7 months ago
It is about 99% more efficient than proof of work, making it still enormously inefficient.
ComradeKhoumrag@infosec.pub 7 months ago
youtu.be/QdQixEQpbAc?si=PDPL-rjk2T9Kiu_l&t=12…