Re:Filecoin Suspends ICO After Raising $186M in One Hour
by orthecreedence on Friday August 11, 2017 @03:18PM
(#14993255)
> the bitcoin network has utility
Utility and potential for utility are incredibly different. Bitcoin has no utility. I can't safely store value in it, nor can I use it for quick transactions.
Its only utility is speculative. The energy consumption is fueling a somewhat randomized, opt-in wealth redistribution service. That's not to say I think bitcoin or its ilk are terrible, but rather that the energy, in most cases, could be better used elsewhere (or like, not at all).
It's ok to like bitcoin. But let's not fool ourselves about the bad parts of it.
Utility and potential for utility are incredibly different. Bitcoin has no utility. I can't safely store value in it, nor can I use it for quick transactions.
Its only utility is speculative. The energy consumption is fueling a somewhat randomized, opt-in wealth redistribution service. That's not to say I think bitcoin or its ilk are terrible, but rather that the energy, in most cases, could be better used elsewhere (or like, not at all).
It's ok to like bitcoin. But let's not fool ourselves about the bad parts of it.