Re:Bitcoin is not a Battery – it is a Sink
by ohgodplsno on Sunday March 28, 2021 @03:00PM
(#26613121)
No, I mean that bitcoin as a whole would be back to 2010 values should these exchanges not exist. The only reason bitcoin has value is that leeches decided to speculate on it, and leeches need a centralized exchange.
Centralized exchanges are the reason you don't pay 10000 bitcoin for a pizza. They're the reason why it's even accepter, because there's at least one large place that will exchange your coins for cash.
Calling Bitcoin owners leeches seems a bit of a stretch.
In my opinion there is little to absolutely no reason to ever change Bitcoin back to cash. Maybe take a loan against or rent it out to others for cash interest, if you really want cash.
I don't need a bank. I choose to use a bank for the services they offer. Switching currencies doesn't change this, I will still use a bank and a financial system. So bitcoin only helps me if customers are paying me in bitcoin.
I don't value trustlessness, and in fact lack of trust is a vacuum filled by evil.
I assume you argue that a single army/government could take out/control miners - which would be the better discussion to have. That's where we would talk about the value of the Bitcoin network.