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Bitcoin is Stupid and Does Not Deserve an Emoji (blog post) (thedabbler.patatas.ca)

submitted 3 months ago* (last edited 3 months ago) by smallpatatas@lemm.ee to c/technology@lemmy.world

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35 crypto companies got together to make a change dot org petition called "Bitcoin Deserves an Emoji".

F that

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[+] CeeBee_Eh@lemmy.world -24 points 3 months ago

Bitcoin isn't a scam. All non-bitcoin cryptocurrencies are scams.

People often hear about stuff like coins that are pre-mined, or proof-of-stake and the schemes and scans that come out of those, and immediately associate Bitcoin with the same thing.

[-] shortwavesurfer@lemmy.zip 17 points 3 months ago

That is also not 100% true. There are several altcoins with fantastic utility. Monero and Ethereum come to mind.

[-] sugar_in_your_tea@sh.itjust.works 10 points 3 months ago

Exactly. Most cryptocurrencies are scams, but a handful are fantastic. Ethereum is cool for being proof-of-stake (so no high-energy mining), and Monero is cool for being super privacy-oriented. There are a handful more, but honestly, if you stick with Bitcoin, Ethereum, and Monero, you'll be fine.

[-] shortwavesurfer@lemmy.zip 3 points 3 months ago

That's pretty much exactly my thought. I hold a very very small amount in Polygon, but only in order to pay the gas fees for the Polygon network. So I never have more than a few US dollars worth in it at a time.

[-] sugar_in_your_tea@sh.itjust.works 2 points 3 months ago

Yeah, I basically just do Monero, and I use it as a spend account and use it anywhere it's accepted. I don't invest in any cryptocurrencies because I don't think cryptocurrencies have positive expected return (it's all hype), so I keep the amount of crypto I have small.

[-] Mubelotix@jlai.lu 8 points 3 months ago

Ethereum has scam characteristics though. The creator Vitalik gave himself time to mine it alone before giving public access. He secured for himself quite a nice stash

[-] shortwavesurfer@lemmy.zip 1 points 3 months ago

That's true. I suspect the application programming is the only reason that it actually took off.

[-] CeeBee_Eh@lemmy.world 2 points 3 months ago

I wouldn't argue with that. I was mostly generalizing.

[-] glassware@lemmy.world 0 points 3 months ago

Of course bitcoin is a scam. It's a "currency" you can't spend anywhere. It's only purpose is a pump and dump scheme for early adopters.

[-] 0x0@programming.dev 2 points 3 months ago

It’s a “currency” you can’t spend anywhere.

You could've at least pretended to have done some basic research...

[-] CeeBee_Eh@lemmy.world -2 points 3 months ago

It's a "currency" you can't spend anywhere

Lol

It's only purpose is a pump and dump scheme for early adopters.

This is exactly what many alt-coins are but Bitcoin is decidedly not.

You're confusing "easy to mine" with "early adopter scam".

this post was submitted on 04 Aug 2024

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