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Bitcoin Sucks

There are two reasons bitcoin is worth money. Neither is because it's so wonderfully libertarian.

1) Bitcoin facilitates crime. it's really helpful for paying for illegal goods and services, money laundering, etc

2) Bitcoin is a ponzi scheme. It's like amway where the people who get in first get money from the people who get in later.

PS both bitcoin and etherium are absolute and total shit on technical grounds. here's one example from a few days ago. i've read many, many more. issues with bitcoin include limits on transactions, transaction fees, and the ridiculous problem that when someone pays you, you both have to wait and see if the payment actually happens or not, and you can be pretty confident the payment will be permanent after like an hour (but you're still not actually 100% sure).


Elliot Temple on July 24, 2017

Comments (4)

Lauren Southern is clueless about bitcoin:

https://www.youtube.com/watch?v=G1JtJLRuqgo

Anonymous at 1:28 AM on July 24, 2017 | #8871
2 days after this post:

https://www.fincen.gov/news/news-releases/fincen-fines-btc-e-virtual-currency-exchange-110-million-facilitating-ransomware

> FinCEN Fines BTC-e Virtual Currency Exchange $110 Million for Facilitating Ransomware, Dark Net Drug Sales

> Treasury’s First Action Against a Foreign-Located Money Services Business

Anonymous at 11:40 PM on July 26, 2017 | #8874
Stefan Moleneux takes bitcoins as donation. He likes it.

I regretted not buying bitcoin when it was cheap.

The Ransomware, child porn, illegal drugs,bitcoin problems I read on the news etc has made me lose all hope for the libertarian currency. ;-(

FF at 12:17 PM on July 27, 2017 | #8884
Maybe Molyneux doesn't follow bitcoin closely. So he doesn't know about how involved it is with crime and how terrible the technical software details behind bitcoin are.

Lots of bitcoin fans really don't know much about it.

If he does know much about it, then he has bad judgement.

If he doesn't know much about it, he still has bad judgement to get involved. But not as bad as if he actually was just totally fine with money laundering or something...

Anonymous at 12:20 PM on July 27, 2017 | #8885

What do you think?

(This is a free speech zone!)