The article is worth a read. I don't think he's jaded about the missed opportunity, he's upset that he's dedicated so much time to creating this platform which is free to use and now it's getting abused by people who want to mine for free.

Also aside from these people piggybacking off of this guy's hard work in order to earn a quick buck, it's especially infuriating how inefficient it is: often people who run these services get popped with outrageous electricity bills so someone can mine 1/50th that cost in some shitcoin.

While it's easy to paint all articles like this in a broad stroke, and some of his rants fall into the "extremely uneducated about crypto" category, his main complaint is real and needs addressing.

He doesn't make a single invalid point in the whole article.

"Crypto is just a tool to make money". All critical responses are about money. Congrats, you just played yourselves.

His arguments against crypto as a whole are mostly wrong and he clearly doesn't have a strong grasp of what crypto is.

His arguments on how people are now abusing proof of work are valid.

you can't replace the word "currency" here with the intended underlying definition without looking ignorant.

Try it.

Why does he qualify the word later:

Its because he doesn't know what hes talking about

I don't think his claims are wrong that Crypto:
A) Is mostly about making money
B) Is chock full of scams and bad actors
C) Has had a MLM effect on the coding industry (think of twitter account blurbs)

Its even questionable that his claims about the environment or failing economies is wrong.

Good for people in Venezuela who were already rich enough to own crypto, but that is a miniscule portion of the population

Sure, hes probably not entrenched in the space. Too bad there isn't a lot of consistency within cryptocurrency so its hard to blame him for being misinformed

Thats because of what the criminals and the maxis/early adopters have in common

You're sharing the same confusion as the writer of that article: people taking advantage of a new technology does not make the new technology worthless.


If it's a store of wealth, then it will only help those with wealth to store. It wasn't designed to lift entire populations out of poverty, so that's not a valid metric to base its success.

I don’t think crypto is worthless.

Two TRILLION in market capitalization is worthless... obviously.

FMP

but at what cost?

How much room do you guys think ETH has to run against the ETH/BTC trading pair this cycle? We are currently sitting at a 3 year high.

Apologies if this belongs in alt coin thread.

Coordi: I guess "worthless" was a poor choice on my part. My point was that the arguments of his which you quoted and agree with are critiques of the market BTC's success has spawned, and not critiques of crypto technology. The author is confused about this throughout the entire article. Understandably so considering his own emotions towards this, but it's still there. To repeat: great article for understanding how people have begun abusing pow, awful article regarding just about everything else.

dylance: That is likely a lot of people's question right now, including my own. Personally I think we get up to .1, but I'll start trading back to btc at .08, wait for a correction then look at redistributing.

coordi has supposedly been around btc since mt-gox and recently didn't know the difference between a wallet and an address. He is not someone who picks things up quickly, if at all.

He seems pretty bitter in general about life/crypto. His analysis generally is TS/Shuffle/Tien/Case3/elcaptain/Redoak/ quality (low)

I recently saw a graph that said addresses at the top and my brain said wallet instead because tracking addresses is stupid

You could dust off the old 2p2 account and hold yourself up to the accountability of things you've said in the past, but I'm sure you would be too embarrassed to go that route

gimmick accounts critiquing posting history of others, you hate to see it

I've just started to move some BTC over to ETH, but unsure of how much to do. ETHBTC now at 0.05 for first time since 2018 and I feel that's going to rise some.

Have fun staying poor.

Times have changed. Have fun getting run over, maxi.

Isn’t this a taxable event?

If you have gains, yes. But when you hold and sell ETH, you can write off the inevitable loss.

Why the hate for the eth Tom.

Longterm holder here of btc and thinking about doing 20% in eth

Crypto doesn't have $2T of value though. Market cap is a joke.

First, Bitcoin, is $1T of that, and isn't "crypto".

XRP is self-mined and held in bulk by Ripple Labs, illiquid at that level, so you'll have to discount there.

Then add in stablecoins, which are definitely not "crypto".

So you might have 400B of value in "crypto", and certainly can be highly overvalued.

Not a fan of shitcoins and scams. Ethereum the chain will also be outcompeted by centralized compatible chains like BSC, as it's completely broken at a technical level. But it does have a lot of bagholders desperate to pump it or find narratives.

But I'm also not a trader. I'm content to just put money in over long periods of time and not worry about if a top or bottom signal is in. Just find the best in class, and throw money at it. I want a portfolio I don't have to touch any more frequently than every 10 years.