Sulfate
Double Nickels on the Dime
El Salvador announced that they're convening a meeting with 44 countries to discuss Bitcoin as legal tender. This is batshit insane, goes against the purpose of Bitcoin and is an economic disaster waiting to happen.
I mean, when BTC dipped last week, we saw what would happen if some Kazakh rug happened again, but in a small scale. The country almost defaulted on its debts because BTC is volatile and unstable. These tech bros that treat BTC like some sort of cool investment are new-age forex goons treating it as unregulatable assets. The whole concept of an unregulatable assets are, in the long term, a recipe for disaster. It poses itself as capitalism's next opportunity for the regular people of the world, but the benefits lie greatly with the rich who control vast percentages of BTC in circulation.
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In its implementation, Bitcoin is a severe financial privacy risk at the roots. Businesses in the country have for nearly a year now been forced to use a currency in which all transactions are as private as your wallet address, which is going to be known by anyone who makes a transaction with you, so it's essentially public, for the world to see. This can only benefit large public listed companies because now they don't need to keep financial records. It's all on the blockchain. Not to mention how techbros treat it like an asset rather than a currency, which basically turned El Salvador's money into shares, secured by nothing.
People seem to forget crypto isn't a sparkly new thing. It's around/over 10 years old. The hightech futurism never left its branding, and the cave-brain public gawked and ate it up. That's like if the trailer for Half Life 2 released a trailer today, and was the exact same as it is in this timeline.
Fucking hate these techbro retard larpers. Bitcoin will never be a real currency, but Nayib Bukele is sending it on a path to ruin.
I mean, when BTC dipped last week, we saw what would happen if some Kazakh rug happened again, but in a small scale. The country almost defaulted on its debts because BTC is volatile and unstable. These tech bros that treat BTC like some sort of cool investment are new-age forex goons treating it as unregulatable assets. The whole concept of an unregulatable assets are, in the long term, a recipe for disaster. It poses itself as capitalism's next opportunity for the regular people of the world, but the benefits lie greatly with the rich who control vast percentages of BTC in circulation.
`
In its implementation, Bitcoin is a severe financial privacy risk at the roots. Businesses in the country have for nearly a year now been forced to use a currency in which all transactions are as private as your wallet address, which is going to be known by anyone who makes a transaction with you, so it's essentially public, for the world to see. This can only benefit large public listed companies because now they don't need to keep financial records. It's all on the blockchain. Not to mention how techbros treat it like an asset rather than a currency, which basically turned El Salvador's money into shares, secured by nothing.
People seem to forget crypto isn't a sparkly new thing. It's around/over 10 years old. The hightech futurism never left its branding, and the cave-brain public gawked and ate it up. That's like if the trailer for Half Life 2 released a trailer today, and was the exact same as it is in this timeline.
Fucking hate these techbro retard larpers. Bitcoin will never be a real currency, but Nayib Bukele is sending it on a path to ruin.