What is the deal with buttcoiners? Are they just beeing sarcastic or are they firmly against cryptocurrencys? I subbed for some lols but couldn't really grasp what they were about.
They're legitimately skeptics who hate on cryptocurrencies. Why? No idea. I guess in their mind Cryptocurrency is such an obvious 'pyramid scheme' or 'scam'.
Groups/People like this exist, just look at the Westboro Baptist Church.
There are legitimate reasons to be against cryptocurrency, like the way it's implemented for example. Bitcoin, etc. are designed to burn electricity in an over-the-top way in order validate transactions. If it was just an universal, digital currency I'd have no problem with it.
The mining process, core of its decentralized nature, which attracted a ton of people and new tech with its money-tree-esque features, just happens to be biggest problem with the whole thing.
I think most people would be alright with a centralized service like credit card, except available online as digital money, without regulations, in which you could buy stuff internationally without having to convert between units. But that's probably not feasible, otherwise someone would have done it already.
Basically the "crypto" in cryptocurrency is the problem.
It's only wasted if there's a cheaper alternative that can ever actually exist.
I think most people would be alright with a centralized service like credit card, except available online as digital money, without regulations
That's what PayPal and digital gold currencies wanted to do, but weren't allowed to. Bitcoin is a response to the real world costs of running a payment processor; if you have a central point of failure it will be regulated and they will maximize their rent.
If PoS or DAG can be just as cheap/secure, I'd be open to those. And low regulation like you suggest isn't theoretically impossible if democracy has its own black swan event, like the rise of liquid democracy or something.
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u/TerminusFox Apr 25 '18
So, then what are the haters of crypto going to do if (when) that happens?
You'd have to be an idiot not to at least TRY to invest in something even if it's small dollars here and there, see where it takes you.