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Re:HashCow, BTC.TOP have halted China operations after Beiji... by kypro on Monday May 24, 2021 @04:27AM (#27262147)
It's just pure speculation. No one is in Bitcoin for Bitcoins, everyone I've ever spoken to with Bitcoin is in it to make more USD which really says it all. Arguebly anyone who's holding Bitcoin and is more concerned about the risk inflation than the risk of Elon tweeting something stupid doesn't understand the investment they've made. To me it seems like the inflation hedge arguement is little more than mental gynastics to justify their gambling.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by simias on Monday May 24, 2021 @04:58AM (#27262316)
Most alt-coins created these days are designed as pure pyramid schemes (coin burned to artificially reduce the supply, n% of every transaction is spread among existing wallets etc...). Blatant scams like SafeMoon have hundreds of thousand of "holders". Beyond that one of the most successful cryptocurrencies over the past few months was DogeCoin, which has absolutely no value proposition besides using a meme dog as a mascot.

This shows pretty clearly that behind all the posturing and deflecting we've seen over the past decade, the crypto world is really embracing its profound pyramid scheme nature. Any supposed "tech" is only valuable if it can be used to pump the price. Projects like Monero or Ethereum that actually attempted to improve the tech fare no better than LiteCoin clone #25156. Projects like Iota and Nano who once aimed to revolutionize cryptocurrencies have faded into irrelevancy and are now largely ignored.

At this point there's usually somebody who replies "but I actually use Bitcoin for grocery shopping, it works" and I'm sure that you do, but you have to be aware that you're part of a vanishingly small minority.

Re:HashCow, BTC.TOP have halted China operations after Beiji... by xvector on Monday May 24, 2021 @06:41AM (#27262853)
Just because “good” crypto isn’t the most successful today doesn’t mean it’s not successful.

XMR for example already gets plenty of use on Darknet markets.

Widespread adoption takes time. In the meantime you have volatility and people trying to cash in on volatility. It’s not a big deal, just ignore it, what matters is the tech - which, as XMR has proven, is what matters when push comes to shove.

Re:HashCow, BTC.TOP have halted China operations after Beiji... by atweiden on Monday May 24, 2021 @05:21AM (#27262428)
“Digital gold” is just a euphemism for speculative store of value. Unlike most altcoins including several of the ones you mentioned, Bitcoin never (mis)represented itself as anything but that. Bitcoin never tried to say its use case was anything but the safest safe haven asset. Every other coin had to invent a reason for its existence which without fail never differs from “speculative store of value” underneath all the sophistry and buzzwords.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by ChainOfFools on Monday May 24, 2021 @05:34AM (#27262495)
"Bitcoin: A peer-to-peer electronic cash system" is the title of the original whitepaper.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by tristanj on Monday May 24, 2021 @04:41AM (#27262216)
Everyone I’ve ever spoken to who is in equities is in it to make more USD which really says it all.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by khamba on Monday May 24, 2021 @05:10AM (#27262376)
Equities are not (marketed as) a USD alternative? This is a bad faith argument.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by tristanj on Monday May 24, 2021 @05:55AM (#27262599)
Disagree. Equities, specifically index funds, are marketed as an asset that will increase in USD price over time. There is an entire movement founded on this belief (FIRE).
Re:HashCow, BTC.TOP have halted China operations after Beiji... by sudosysgen on Monday May 24, 2021 @07:33PM (#27270963)
Well yes, but that's because of profit from the capital they represent. Bitcoin is not a means of production.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by thebean11 on Monday May 24, 2021 @11:11AM (#27265269)
They are marketed as a savings account / CD alternative..
Re:HashCow, BTC.TOP have halted China operations after Beiji... by imtringued on Monday May 24, 2021 @05:22AM (#27262431)
Even special cases like Venezuela where people are fleeing from hyperinflation, they mostly benefiting from the exposure to the USD. The only benefit is evading capital controls and price is irrelevant for that usecase.

Capital controls (blocking foreign exchange) are stupid because for every person selling a hyperinflationary currency, there is someone on the other side paying with a stable currency who is partially relieving some of the inflation pressure.

There are Venezuelans in Miami that send their paychecks back home to support the local economy yet capital controls prevent something like this from happening.

Re:HashCow, BTC.TOP have halted China operations after Beiji... by kemonocode on Monday May 24, 2021 @10:25AM (#27264708)
Capital controls, evading economic sanctions, as well as draconian KYC/AML measures that for Venezuelans can be very difficult to fulfill as you're asked for things like existing bank accounts (there's only a tiny handful of international banks that allow Venezuelans to open accounts with them at the moment) or a valid passport (can go upwards to hundreds of dollars and with waiting times in months and sometimes years) not to mention the chance you're just silently dropped only because you are Venezuelan. True, having USD would be vastly preferred for most, but it's just plainly not possible in some cases as local cash supply is very restricted and risky.

Just because most people in first world countries only see cryptocurrencies as speculative toys it doesn't mean they're without uses for the rest of the world, even if those uses can be seen as immoral or against the spirit of the law from a western point of view.

Re:HashCow, BTC.TOP have halted China operations after Beiji... by Geee on Monday May 24, 2021 @04:56AM (#27262304)
That's quite a broad statement. I'd say that most bitcoiners are in it for bitcoin.
Re:HashCow, BTC.TOP have halted China operations after Beiji... by pdpi on Monday May 24, 2021 @08:17AM (#27263470)
Some of us were in crypto for principled reasons around using it as a tool for social change. I gave up on it when it became an investment toy.