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Debated: The Simple English Argument Against Crypto is oversimplified and an angry, fist shaking at good new technology

This is my response to the Simple English Argument Against Crypto found here:

  • Unsupportable claims from the start. The people who created the project don’t necessarily dislike government.
    However, I’m sure they dislike corrupted government officials or bureaucracies.
  • Money is normally created by national governments though that isn’t necessarily a good thing.
    Who normally creates gold?
    Why can’t currency be a community-based, local measure of value?
    Or an international index on trade like Bitcoin is?
  • Banks controlling how money is lent between people is not necessarily a good thing.
    Why have a human do something when an algorithm can do it better and without bias?
  • Slow to update is a matter of perspective. Compared to the ACH system Bitcoin is 432 times faster to settle.
    The first confirmation can show up within ten minutes.
    Last mile credit extension is all that is needed to bridge the gap of the first ten minutes.
    Problem solved.
  • Bitcoin works well for price in a world where we don’t have fiat currency systems manipulating
    price and inflation rates.
  • This article contains climate alarmism. Despite efforts to prove detrimental global warming due solely to
    man-made impacts these efforts have been unfruitful. Yes we have an impact, though nothing near what
    naturally occurs. Read the book “Unsettled.”
  • Snake oil salesmen can infect any industry. Shitcoins aren’t a bad thing. It’s the people who sell them
    can be. Same as any other time in history. Another sucker is born every minute. People should use their brains.
    That’s why so many laws and regulations exist in the investment space and did long before cryptocurrency.
    New things will always attract both the good and bad of society.
  • Crypto was really good for paying taxes because an immutable record was kept of all transactions as well as
    exchange rates at the time so it was easy, maybe even easier, to pay taxes.
  • NFTs: another tulip bubble. Not crypto’s fault. Don’t get caught up in the hype train.
  • Crypto didn’t make anything worse, it just showed us the system as it is. If anything crypto brought it
    to light so we could see and address it.
  • Crypto didn’t steal anything from anyone and won’t. Crypto gives access to all who use it.

The article is very anti-rich and makes many unsubstantiated claims.
There are plenty of good rich people and it’s really easy to criticize something.

I challenge the author of the article to use data to drive and support the criticisms.
The devil, and the angels, are in the details.

As dark farce or satire this article is fun to read. Yet it is not to be taken seriously due to
factual inaccuracies and oversimplifications of the space.

Categories: Uncategorized

Kent Bull

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