I just found it really funny that the Bitcoin haters at /r/Buttcoin are talking up how banks are avoiding Bitcoin but the top comment confirming this admits there is massive client side demand from institutions and family offices…
Slow transactions (lightning is BS, good luck getting fake ID sellers to take it over USDT)
High fees
Very volatile and not backed by anything. So not really suitable for trade.
Crypto in general is suseptible to fraud. “Be your own bank” is nonsense. Real banks have Government backing.
There is no obligation for anyone to use it for regular transactions. Not legal tender, you can’t pay taxes with it. There is no reason for any Government to accept Bitcoin because of how restrictive it is (limited supply and all other flaws mentioned).
There are two ways to obtain Bitcoin:
Mine it with ASICs in which case you pay the power company in dollars (or whatever fiat currency), the ASIC seller with dollars
Buy in secondary markets where you still have to pay some fiat currency to get it.
The Government comes in and asks you to pay capital gains tax (in fiat currency) on whatever you mined, if you cannot find someone else to sell the crypto to at the appropriate price, the Government comes in and liquidates your assets and possibly throw you in prison.
It is a casino token for gamblers. The only real reason you hold any crypto is because you expect it to go up in the future, but there are only so many people who want to hold something which has no real use.
No wonder people advocate defederating from hexbear, you’re basically spam. This is the second time you have responded to one of my posts, with the same line, and it’s not a response to the post.
I usually don’t interact with them, I just check out the sub from time to time. Some are actually pretty reasonable and have similar beliefs to Bitcoin maxis, calling out a lot of crypto scams, they just happen to also hate bitcoin on top of that 😂. I wouldn’t go as far as calling it a troll sub.
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