Bitcoin is really bad for using as currency, due to the fact that there is a permanent, public ledger of all transactions. Why would you want anyone you pay to be able to see and trace every transaction you’ve ever made? Pay rent in bitcoin, now your landlord can calculate your spending and who you do transactions with. And yes, there are services that aggregate and obfuscate transactions in order to make them less traceable, but now you’ve just reinvented the same centralized payment processor system that the whole thing is supposed to be replacing… so… what’s the point?
That’s a bad argument. Visa, MasterCard, etc. know who you’re transacting with anyway. That is functionally equivalent to just paying from a Coinbase Bitcoin wallet. On the public ledger, it’ll only show a transaction from a Coinbase wallet. No one would know it’s you other than Coinbase and the porn provider
Woth crypto you could at least send it to your wallet, throw it through Tornado Cash, then put it in another wallet, making it extremely difficult to track
In general though, if the government wants to know who made a digital transaction, they’ll be able to find out. Doesn’t matter if you use a credit card or crypto
What makes Bitcoin bad as a currency is the slow, expensive transaction times
The point isn’t anonymity, but independence and autonomy. It’s hard to shut down and hard to tax. The banks/governments can’t freeze your bitcoins, nor can they simply print more or regulate the value otherwise.
The banks/governments can’t freeze your bitcoins, nor can they simply print more or regulate the value otherwise.
You’re just listing reasons why bitcoin sucks lol. Oh no!!! Flight risk criminals and terrorists had their accounts frozen!!! Oh no, ReGuLaTiOn BaD!!! Grow up.
Finite currencies (like gold/silver/bitcoin) are deflationary currencies and are genuinely absolutely terrible for an economy. That’s why we don’t use gold anymore.
“Flight risk criminals and terrorists had their accounts frozen!!!”
Yes, those criminals, for example, LGBT people who conservatives believe are pornographic simply for existing. God forbid LGBT artists want to have a way of earning a living. Crypto is relied on by a lot of marginalized groups. It’s used by artists who make perfectly legal art, but whose content conservatives object to. Crypto is used by many queer content creators as they face being cut off from payment processing systems, as again, conservatives consider queer people pornographic simply for existing. Crypto is used by sex workers, often people with few other employment options. Oh, and crypto is used by trans people to get access to healthcare that is quickly being criminalized.
How insane do you have to be, in 2025 Trump’s America, to fall back on the idea that anything criminal is bad. Republicans are trying to criminalize the existence of entire swathes of the population. And those people face being cut off from the banking system entirely, if folks like you, who blindly consider legality=morality, have their way.
How are those related? It is possible for some conservatives to want to purge LGBT voices from the internet at the same time other conservatives want to advance crypto. These are not mutually exclusive goals.
It wasn’t my intention to come off as supporting it. I was simply giving the objective reasons for its creation. I see it as a tool that can be useful in some situations, but can be problematic in others.
oh wow, it’s that easy? we should do it with other things like piracy, human trafficking, tax evasion, insider trading, bribery, cyberattacks and environmental violations as well. oh wait, we did? it didn’t stop it? i’m shocked. /s
You can make intermediate wallets to obfuscate transfers, like throwaways, so the wallet that pays your rent is different from the one ordering a dragon dildo and it’s hard to say if it’s the same person, but it’s a hassle and you’ll get extra transaction fees.
It’s trivial to trace the funding of these “throwaways” to link them together… unless this entire system is supposed to just rely on using a standard bank account to fund them, which… circling back to “so what’s the point?” you could pay from that account directly to get the same benefits. Using bitcoin is completely redundant in that scenario
Bitcoin is really bad for using as currency, due to the fact that there is a permanent, public ledger of all transactions. Why would you want anyone you pay to be able to see and trace every transaction you’ve ever made? Pay rent in bitcoin, now your landlord can calculate your spending and who you do transactions with. And yes, there are services that aggregate and obfuscate transactions in order to make them less traceable, but now you’ve just reinvented the same centralized payment processor system that the whole thing is supposed to be replacing… so… what’s the point?
Cash is good for using as currency.
So monero?
That’s a bad argument. Visa, MasterCard, etc. know who you’re transacting with anyway. That is functionally equivalent to just paying from a Coinbase Bitcoin wallet. On the public ledger, it’ll only show a transaction from a Coinbase wallet. No one would know it’s you other than Coinbase and the porn provider
Woth crypto you could at least send it to your wallet, throw it through Tornado Cash, then put it in another wallet, making it extremely difficult to track
In general though, if the government wants to know who made a digital transaction, they’ll be able to find out. Doesn’t matter if you use a credit card or crypto
What makes Bitcoin bad as a currency is the slow, expensive transaction times
The point isn’t anonymity, but independence and autonomy. It’s hard to shut down and hard to tax. The banks/governments can’t freeze your bitcoins, nor can they simply print more or regulate the value otherwise.
You’re just listing reasons why bitcoin sucks lol. Oh no!!! Flight risk criminals and terrorists had their accounts frozen!!! Oh no, ReGuLaTiOn BaD!!! Grow up.
Finite currencies (like gold/silver/bitcoin) are deflationary currencies and are genuinely absolutely terrible for an economy. That’s why we don’t use gold anymore.
“Flight risk criminals and terrorists had their accounts frozen!!!”
Yes, those criminals, for example, LGBT people who conservatives believe are pornographic simply for existing. God forbid LGBT artists want to have a way of earning a living. Crypto is relied on by a lot of marginalized groups. It’s used by artists who make perfectly legal art, but whose content conservatives object to. Crypto is used by many queer content creators as they face being cut off from payment processing systems, as again, conservatives consider queer people pornographic simply for existing. Crypto is used by sex workers, often people with few other employment options. Oh, and crypto is used by trans people to get access to healthcare that is quickly being criminalized.
How insane do you have to be, in 2025 Trump’s America, to fall back on the idea that anything criminal is bad. Republicans are trying to criminalize the existence of entire swathes of the population. And those people face being cut off from the banking system entirely, if folks like you, who blindly consider legality=morality, have their way.
Ah yes, that’s why the Trump administration is one of the biggest proponents of crypto, right?? 🙄 did you even try?
How are those related? It is possible for some conservatives to want to purge LGBT voices from the internet at the same time other conservatives want to advance crypto. These are not mutually exclusive goals.
It does however look really bad that such a massive criminal organization (trump and co) are pushing for it so hard.
All of this before getting into just how insanely wasteful and terrible for the world that crypto is.
Sorry that it helps a few artists, but the cost for everyone else is significantly higher to embrace what crypto is.
It wasn’t my intention to come off as supporting it. I was simply giving the objective reasons for its creation. I see it as a tool that can be useful in some situations, but can be problematic in others.
Myth. Deflation is just negative inflation, and that’s been fine.
It’s a fact.
Yep, that’s a major problem. The total pool of currency needs to be able to grow with the economy. Take a first year econ course before speaking
It’s a myth.
Go on, back up that statement with references from your first year econ course notes.
Under your model, how was the economy able to grow before 1976?
Gold can be mined.
Ah. So the rate of gold extraction exactly matches the expansion of the economy.
Oh, it doesn’t.
Try again.
Hurray! You’ve correctly identified the problem! Congratulations.
Just ban it worldwide and have the police arrest anyone running a node
oh wow, it’s that easy? we should do it with other things like piracy, human trafficking, tax evasion, insider trading, bribery, cyberattacks and environmental violations as well. oh wait, we did? it didn’t stop it? i’m shocked. /s
You can use a p2p service, like Lightning with onion routing.
You can make intermediate wallets to obfuscate transfers, like throwaways, so the wallet that pays your rent is different from the one ordering a dragon dildo and it’s hard to say if it’s the same person, but it’s a hassle and you’ll get extra transaction fees.
Obfuscation is not security.
Amazing username
It’s trivial to trace the funding of these “throwaways” to link them together… unless this entire system is supposed to just rely on using a standard bank account to fund them, which… circling back to “so what’s the point?” you could pay from that account directly to get the same benefits. Using bitcoin is completely redundant in that scenario
But so insanely annoying to handle and carry with you.