Rubén D.’s Post

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“Trusted middleman” ha if you google Bitcon Scams, more than a $1bn has been “lost”, Wormhole, FTX, Centra Tech and that not counting lost tokens. As soon as you have this concentration of money, it will attract crooks.

I value the REAL benefits of technology to real people... but to use technology ideas as real $$ is different.... Currency is something different... Currencies around the world (technically the most "efficient" markets in the world (more transactions daily by far) has suffered currency crashes that ruined entire countries... based on the trusts between governments and everything it implies (ie. real people/real lives)... I am disappointed that bitcoin isn't anything more than a quirky idea of trading between techies that trust how it works... transacting around the world is not about transaction ease... currency is not an idea that sounds cool... it represents things way beyond the confidence of our fascination with everything "online"... bitcoin creates potential for stealing from ALL people in ALL places who aren't techies... btw, I have worked in Fx at P&G, Amazon, and Microsoft... Technology creates real value. To all the people pushing this to the masses as a currency: You should know better... Shame on you.

Whenever I think of Bitcoin, one word springs to mind: tulips. That is, the trading of tulip bulbs. History teaches us a lot, yet clearly we often repeat behaviours. So isn't Bitcoin simply a collective belief in the marketing of the value of a token, or a product or a thing? Phrases like pump and dump, cycle of capitalism, peaks and troughs, boom and bust - whatever we call it, it's the belief in something without inherent value, that is like a form of societal hypnosis: so is the digital fin-economy becoming this.. it creates a thing, creates the demand, PR's it using groupthink-futurist FOMO, that's then naively adopted, by the many simply trying to amplify excess wealth? Or I am probably wrong. (btw I bought bitcoins way back when they were at only $86, but lost the wallet key - ho hum!).

It seems like a compelling set of arguments but currency and other mechanisms in the real world have a bunch of desirable properties that crypto, by design, can't meet. I'm sure some will disagree, but I like the fact that governments can enforce deposit controls to make illegal activities harder. I like the fact that credit card companies can help indemnify against fraudulent use of a credit card. I like the fact that governments provide insurance against bank failures for deposits. There is a long long list of real world mechanisms built into our current financial systems to deal with the messy reality of preserving value. Crypto, by design, prevents these sorts of interventions. If someone steals your coins, or you lose them, you have no recourse. If the institution that you are using to do your bitcoin transactions or store them, steals them, then theoretically you can pursue legal action, but that has been mightily unsuccessful. Crypto as it stands today is a genuinely awful means of trading value. You certainly can't use it for point of sale. It's very expensive to transact. It's often poorly fungible for any significant amount of money. But it is very good for speculation or illegal activities. And it has great hype.

I love the way he explained Bitcoin (and even Blockchain network) without using the technical jargon we hear, see and read today. This is what a true explanation of any Web3 element — crypto, nft, Blockchain, smart contract, defi etc should sound like. Not the technical content filled with buzzwords that we see around. He explained decentralization by simply saying eliminating middleman and without the need for any entity before you transact. So apt and on point. Marketing content, advertising copies, and press releases often dive into technical jargon, describing products as 'built on Solana network with a pitch of Solidity and touch of smart contract, utilizing interoperability and immutability features of blockchain.' But who truly understands these terms? Operating at the intersection of Web3 technology and user comprehension, I specialize in demystifying complex technical concepts for a wider audience. My approach hinges on breaking down intricate Web3 and blockchain concepts, just like Peter Van did with Bitcoin, into digestible, accessible narratives without compromising accuracy or context. You can check my portfolio here: https://abdulmuminweb3writer.github.io/myportfolio/

Bitcoin #BTC has the potential to change everything... For the better!

Bitcoin is here and it will be here for a very long time until something breaks. Bitcoin is there but cannot be seen and that doesn't change the hype around it. To all those that have invested, some seem happy if they made a profit, others no so happy if they lost their life savings. For the financial sector, yes they are most probably pissed that none of them nor their government controls it. For everyone else that owns a piece of the pie, the fight will go on until that buble pops.