15 sats \ 0 replies \ @kepford 16 Jan \ on: Any Arguments Against Bitcoin ? bitcoin_beginners
So, in case you are not aware the ETFs are not bitcoin. They attempt to be indexes on the price of bitcoin. The government while unlikely at this point could seize the funds as they did with gold. Only it would be easier since most is just on Coinbase. Better to get real bitcoin, not your keys not your coins. The best way to hold bitcoin is with no KYC and self custody where only you have the keys.
But since you asked off the top of my head here are the arguments I hear. Many of these are from "respected" financial and government officials over the years.
  • Its to volatile, Don't buy bitcoin
  • Its only uses are for drug dealing, money laundering, and terrorism
  • Its not private. Its not even good for drug dealing, money laundering, or terrorism.
  • It isn't controlled by the USA. The greatest government in the world.
  • Cash is better. This is all a psyop to bring the cashless society
  • A CBDC would be better. It will allow the government to send cash to citizens faster and track how they spend it more easily.
  • Its controlled by a group of shadowy super coders
  • Its open source. How can anything me secure if we all can see the code
  • Both Donald Trump and Hillary Clinton don't like it
  • Its slow. There are much faster cryptos
  • It can't handle all the transaction that happen in the world so it will never scale
  • If something goes wrong you can't call up the CEO of bitcoin and get it fixed
  • What if someone turns off the bitcoin computer?
  • If the Internet went offline it wouldn't work.
  • Gold is better. If gold prices go up miners will mine more gold and bring the price back down. Bitcoin has a fixed inflation rate unaffected by market price, usage, or demand.
  • There will only ever be 21 million so what happens when we run out of bitcoin?
  • The US will ban it like China banned it.
  • Its anti American. Many enemies of the US use it.
  • It must be stopped because nations on the naughty list use it and the US can't stop them from transacting.
  • It allows persecuted groups in oppressive nations to store wealth and transact without censorship.
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