Austrian Economics Bullshit to the Max - The Bitcoin Fraudsters' Lies
Lies the fraudsters tell you...
- Bitcoin is the new gold
- Bitcoin is the new gold standard (and the best store of value and world reserve)
- Bitcoin is the new internet (of value / money)
- Bitcoin proof-of-work / waste hashing is creating "intrinsic" value
- Bitcoin proof-of-work / waste hashing power is a measure of the strength of the network
- Bitcoin mining is free (the coinbase block rewards are freebies)
- Bitcoin mining is the beginning of a renewable energy revolution
- Bitcoin HODLing creates wealth
- Bitcoin is a singularity - no copies ever possible (or accepted) - Bitcoin Cash (BCH) is NOT Bitcoin (BTC), Bitcoin Cash Satoshi Vision (BSV) is NOT Bitcoin (BTC), Bitcoin Cash ABC (BCHA) is NOT Bitcoin (BTC) and is NOT Bitcoin Cash (BCH)...
- Bitcoin is the beginning of a new era of world peace
- Bitcoin makes wars impossible - no more buying weapons with inflated national money or on public credit
- Bitcoin is the beginning of a new era of a trust-less "honest" banking and decentralized austrian finance utopia - no scams, no wash trading, no money laundering, no ponzis, no million dollar banker bonuses, no hedge fund speculation, no central banks, ...
- Bitcoin is banking the unbanked poor and unwashed
- And many more lies
What the bitcoin maximalists do NOT tell you...
- Bitcoin is a gigantic ponzi (what's a ponzi? fools "invest" because they expect profits (easy money - number go up!),
no intrinsic value, the cash out profits from older investors come from new investors "greater fools"
and bagHODLers - it's a zero-sum pyramid game that will collapse)
- Bitcoin is an environmental distaster (burning 36.95 MtCO₂ - comparable to a country like New Zealand -
with an estimated 77.782 TWh energy usage per year)
- Bitcoin is anti-efficient - Bitcoin's proof-of-waste is getting ever more wasteful
if the network hashing power goes up
(or to the moon) -
the "every 10-minute a new block!" lottery (and processing seven transactions a second maximum)
stay ever the same
- Bitcoin is computer code that you can change (no gold-is-a-mineral geological "hardware" laws apply to "software" code) -
What block size? What 21-million limit? One network update (hard fork) and done
- And much more... see Best of Crypto Books »