Slashdot, the Facebook of tech idiots, seems excessively anti-crypto and constantly pushes cryptocurrency falsehoods

submitted by SoCo from self.cryptocurrency

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[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

Such as?

[–]SoCo[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (4 children)

You can't really blame people for posting deceptive fluff news articles or falling for their propagandized disinformation, even if it is hyping something said by a lame digital asset exchange moron just learning basics of Bitcoin. Of course stupid easily manipulated polls are always manipulated, so no one knows what users really think. Or some nefariously spun vague utterance from a US watchdog, about what "many people think", equating to a US watchdog proclimaition.

Yet, the mass canvassing of comments are quite concerning. They are filled with so much hate and overt falsehoods.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

You're upset they don't share your optimism for crypto. I'm afraid I don't either any longer. It's peaked, new people aren't flowing into crypto, and the institution investors are probably looking to reduce their exposure rather than increase it. That's why BTC is struggling at $30k rn.

Now we have to establish a fair market value, which I'm not optimistic about because it looks like we're about to facing widespread food shortages. What is a bitcoin worth when you can't afford food or electricity? It doesn't have an immediate practical use.

And what investment value does it have when it underperforms the stock market?

What practical value does it have when transactions take 30 minutes to post, it costs a premium to buy and sell, and then there are transfer fees on top of that, when the average person can Zelle their money or use any variety of methods that don't cost anything and are instantaneous.

I'm afraid the current outlook is bleak. I'm still for investing in crypto, but I want to wait till we find bottom.

[–]SoCo[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

I don't mind people disagreeing with me, but not being hateful and spreading disinformation, which is what perturbs me about the canvassing on Slashdot.

Bitcoins current value is quite encouraging and is so the mass gains of institutional investors and adoption in the last few years. I don't see it as having peaked and failed, I see it as just beginning. I bought all mine at < $500/BTC. There were no UFC crypto bouts, crypto Super Bowl ads, massive institutional investments, governments using or accepting it, nor a cryptocurrency ATM in every rural Illinois gas station back then. It is an interesting and exciting start.

There's no establishing a fixed fair market value, that's just a term for the going rate people would pay for something. While the global economy is massively crashing and becoming swamped with global inflation, cryptocurrency is an important tool to protect people and their financial freedom. When pressured, many governments will oppress their people with authoritarian mischief and reckless floundering. Those government actions can limit use, confiscate, and devalue government-controlled currencies. No one alternative, crypto including, can bring financial safety, but a multitude of diverse options can really help. Bitcoin has repeatedly massively outperformed the stock-market, unless we frame it very carefully and deceptively.

Bitcoin has several immediate and practical uses, which is what backs it's large value. Being an censorship proof and immutable currency is a huge use, its self. So does being a store of wealth immune to theft, fire, destruction, or need for physical storage. Bitcoin's speed of sending wealth world wide in just a second or two, for a mere dollar or less, is quite amazing compared to our banking system. I've waiting a week for a bank transfer, costing a $25 fee, very many times; it isn't fun. No, of course, if you want that Bitcoin to be 100%, you should wait that 30 minutes more after receiving it to confirm several times...and if you want that confirmation to go faster and Bitcoin is being heavily used, then you probably would need to spend like $5 fee. That leads into the most massively valuable use of cryptocurrency...

Cryptocurrency is easily programmatically automated and manipulated securely. Because of this, the entire ecosystem of cryptocurrencies and work together. That Bitcoin that is a little slow and has expensive fees at times, but has massive security, can be used alongside and with other cryptocurrencies with different qualities. You can store your long term wealth in Bitcoin-the-boat-anchor, but trade some for another coin, with faster (or instantaneous) confirmation times and fees less than a penny. Then use that for your spending pocket cash. Then grab some Dogecoins to donate to some good causes and tip everyone in chat or the web forum, just for fun. Then leverage that programmability to use Etheream or another contract platform coin, to do decentralized financing or invest in a corporation that runs on an algorithm. The simple software disperse funds for charity or basic income project, zero-trust loan systems, or the complex decentralized blockchain corporation that algorithmically hires workers, purchases supplies, and sells products.

In the long run, that massive programmability equates to replacing the entire and extremely massive banking industry. In the US alone, that's nearly 5K companies, many with thousands upon thousands of buildings, and collectively with millions upon millions of employees driving to work daily. Replacing that scourge of a wealth-skimming middle-man industry from society, globally, would equate to remove a whole content worth of carbon foot print or more.

When you consider in that credit card companies globally happily ate $32.39 billion in fraud losses in 2021 in a trend that isn't new, but has tripled in the last decade....you start to get the picture that the banking industry is bloated, over paid, and much too wastefully large. It is time for them to be replaced by automation.

Cryptocurrency is the fair, safe, and green banking replacement.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

So, it looks like those slashdot folks were right about heading back towards $25k. I gotta say though, I admire your faith and eloquent writing

I um, absolutely don't want to sabotage you and your endeavors. I think maybe the best thing is you stop reading now, and go on your chosen path. Cause maybe I'm wrong but I'll throw out some counterarguments that sound convincing as hell:

When you consider in that credit card companies globally happily ate $32.39 billion in fraud losses in 2021

With crypto the consumer eats the losses. The credit card companies don't do that for fun. If people were constantly getting ripped off without getting reimbursed, they'd stop trusting the network.

I bought all mine at < $500/BTC.

That's awesome, you gonna take profits or ride it down? You made a fantastic deal. That no longer exists. Peak adoption is past, the numbers are out there, investors are pulling back, value will only decrease. It was speculation, that how speculation goes.

Not to ignore the rest of it, but kinda buzz words. Where's the value? Why wouldn't I wait to buy BTC at $25k since it's headed down there? Why would institutional investors stay on board when the stock market is out performing? When one of those huge whales goes and the value tanks and everyone rushed to get out amid well intentioned fools throwing their money away "on the dip" and the first big exchange goes bankrupt and all the custodial holdings disappear......

Why would you want to even be exposed to that possibly which isn't that far fetched? In an underperforming market no less!

[–]SoCo[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I've remained pretty solid on my outlook for quite a few years. The value seems to be holding pretty well steady at $30K to me. There is many ways to look at that value; It is -30% from last year, but +300% from 2 years ago, and +1500% from 5 years go. The perspective that matters, depend on how long your investment position is.

I consider the massive, growing, yearly credit card fraud rate directly a result of the fundamentally insecure design of credit cards, based on a 1960's security-less concept, then 1980's era half-assed update. Crypto does not have this inherent design flaw. People can see your card number and authorized transaction, without copying it. While people can still be defrauded of crypto, it will not be due to fundamental flaws in the transaction system's design its self. Without that fundamental flaw, I'm not sure I'd expect credit card companies to pay for mistakes squarely of users. With crypto, there is no company getting rich, by duping people into using an insecure system, so there is no one to hold liable for user mistakes.

Profit taking is a rational part of investing. Yes, I took a portion of profits out, reported them on taxes, and really wasn't hit bad at all by it. Now, I can say I made (a humble) tens of thousands in profit (from my humble investment of $20-50 per paycheck for awhile early on), even if it goes to zero now; Can't lose.

The world economy is crashing. Current stocks and most assets are very irrational right now. Buying stock dips and the crypto dip is quite an opportunity for those fortunate enough to be able to do so. I expect this crypto dip to be temporary, but I am very patient. On the long run, most of these stocks that crashed were hugely, massively, overinflated in value, thanks to massive debt, encouraged by so very long of low interest rates; most will never recover that value again fully. Crypto on the other hand, may have been overpriced for the current time and current uniquely dire world economy situation, especially due to inflation uncertainty, but I consider it's current value extremely too low for the long term. It's still in its infancy, leaving its value to be not yet fully realized and to be extremely volatile. I expect volatility to seriously calm and the value to seriously rise over time, as adoption increases, the crypto system expands and matures, and common market tools such as those silly trading things like index funds, futures, options, and the such, pin the value to the value of other things; these types of market tools are what helps stabilize most stock values.