Sh*t Nocoiners say about Bitcoin \ stacker news ~bitcoin

1682 sats \ 28 comments \ @lvurz 25 Oct 2023 bitcoin

Ponzi Scheme
Fake internet money

Anything else? 😆

680 sats \ 0 replies \ @nullcount 25 Oct 2023

I dont understand how it works, therefore I am too scared to learn about it
I understand everything because I did 10-hours of research, therefore I don't need to know anything more
My fiat banks aren't censoring me. My money is insured. My portfolio of index funds and bonds is safe. I don't need the risk.
We need the Fed to adjust rates and print money to maintain stability. Covid would have been much worse without the fed's soft landing.
Is not scarce if there are 10k copycats
Is not secure if MtGoX, FTX, Celcius can lose it
what about all the coins that were lost? No way I can trust myself to guard 12 words.
I need a phone number to call so I can clawback a mistaken transaction
I can't buy a house with noKYC
its used in crimes and scams
my bank says I shouldn't use it
Who is Satoshi? I don't trust him, seems shady.
Who are these devs that control it? Seems shady.
what happens when they change the code to take all your money?
It uses too much electricity
bitcoin is dirty, wasteful
I don't like the idea of bribing miners so my payment gets processed. My bank has a transparent fee
Needs more inflation to encourage spending
too slow, not private for medium of exchange
too volatile to work as a store of value
its too expensive. I cant afford to buy a single coin
bitcoin can't do X that Y crypto does therefore it will fail
governments will not allow it to be used as unit of account
people with gains on their BTC got lucky
bitcoin is just like all the cryptos, but its already obsolete
what if I buy the wrong Bitcoin?
what if it forks again, how can I know which is the real BTC?

245 sats \ 2 replies \ @CryptominerGMI 25 Oct 2023

While listening to a Twitter Spaces recently I heard a TradFi person claim it is private money, and all historical attempts at private money have failed.

This was the first time I've heard that argument against Bitcoin.

131 sats \ 0 replies \ @nerd2ninja 25 Oct 2023

It makes a man just want to: https://media.tenor.com/zsfT_l5SRvoAAAAM/homer-choking.gif

When they say private money, what they mean is private banking institution issued currency, sometimes community currencies, or company scrip

What they DONT mean is Shell money, Rai stones, Glass beads, or any other organically forming socially constructed money and that is exactly what Bitcoin is and what shitcoins are not, because shitcoins very much are private monies, but the misinformation that has caused their deep association has caused this type of confusion.

75 sats \ 0 replies \ @franzap 26 Oct 2023

How can something completely open, transparent and not controlled by any entity be considered private? Do these people even have a brain?

103 sats \ 5 replies \ @nerd2ninja 25 Oct 2023

We need a "Shit shitcoiners say about Bitcoin" thread too

71 sats \ 2 replies \ @birdeye21 25 Oct 2023

nO uTiLiTy

76 sats \ 1 reply \ @Natalia 25 Oct 2023

what can shitcoiners buy besides the stupid NFT with their shitcoins? 🤣 me: just paid Bitcoin for my food!

50 sats \ 0 replies \ @birdeye21 26 Oct 2023

Fiat brain sees anything you can’t rent seek with as useless

50 sats \ 0 replies \ @harrr 25 Oct 2023

slow blocks
small blocks
no smart contracts
no tokens
no privacy

50 sats \ 0 replies \ @brianh 25 Oct 2023

"it's too expensive, I need to find the next big thing to buy a large bag of"

20 sats \ 0 replies \ @designsats 25 Oct 2023

Its too volatile (ignore the volatility of fiat supply)
its too expansive (ignoreing internation wire fees and card fees)
its used for crime (ignorig USD is most used criminal money)
its not physical (ignoring virtual fiat)
doesnt work without internet (ignroing fiat, internet-connected ATMs)
limit can be changed (ignoring the fact it makes no economic sense)
governments gonna ban it (some did, yet its still used there)

10 sats \ 0 replies \ @gabybaby 25 Oct 2023

"it's not backed by anything" "but it doesn't have any yield or a dividend!" "why should I buy it compared to the other 20,000 cryptos?" "it's too volatile, I need something more stable like bonds or a CD"