President Trump : "Bitcoin is a scam."
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I don't understand the technology but I've been told that it's extremely outdated and there are vastly more efficient coins now, and literally the only reason Bitcoin is to big is because it was the first big coin.
So as long as he doesn't go saying crypto in general is a scam, it's whatever. Especially now that Muskrat is meme-dunking on it so hard.
Bitcoin is outdated in multiple ways, and it's true that it's big because it's the original. Long story short: it was developed by an academic as a proof of concept with an academic mindset and not an engineering mindset and it shows...
However, the new, more efficient coins are so many (and there are dozens of new ones every day) that it became difficult to distinguish between legit projects and exit scams, especially now that scammy practices like premine and PoS became the standard.
Stop being told how thing work! educate yourself.
Bitcoin is great and it is not outdated by any standards , bitcoins value is from work /energy.
These smarter new coins which are supposed to be better, think they can take the "WORK" bit out. i guess they will make it work this time
I thought it was simply more energy intensive than the other coins? That's why Muskrat dumped it at least, iirc.
Granted his comparison was pretty silly, he said Bitcoin production is equivalent to Sweden's energy consumption, which might sound scary until you realize Sweden is like 0.10% of the world's population. Still a lot but it's not like it's gonna be melting the ice caps or nothing.
The fact that it's energy intensive is a good thing because it imbues it with natural value. You can look at the creation of a bitcoin as using literal energy to power math and the sum of those two things can equal a bitcoin.
Work or Energy is what makes it work , it actually is a real cost ( as in energy ) to produce or transact , without the energy cost , who makes its value? the "national bitcoin bank". this is why capitalism works. just investigate man
edit: sry, that was abit snarky. this is a good start for how bitcoin works: youtube.com/watch?v=bBC-nXj3Ng4