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Squashing Bitcoin FUD

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Monetary

6
  • Tether FUD: Unbacked stable coins are used to pump bitcoin and manipulate price
  • Just 2% of people own 95% of bitcoin, it’s not equal and so unfair
  • Bitcoin is not backed by anything, it has no intrinsic value
  • Institutions buying bitcoin means it’s going to be captured by Wall Street and manipulated like silver and gold with paper derivatives
  • It’s a terrible currency or store of value, it’s too volatile
  • Bitcoin is just a bubble waiting to pop or a ponzi scam or a pyramid scheme

Legality

2
  • Governments are going to ban bitcoin when they launch their CBDC
  • Bitcoin is only used for drugs, money laundering and by criminals

Comical

2
  • Infinite Divisibility means there’s no scarcity
  • Bitcoin is for white people

Practicality

3
  • It’s not safe and you can get hacked
  • It’s too easy to lose your keys
  • It’s a terrible currency or store of value, it’s too volatile

Math

1
  • Infinite Divisibility means there’s no scarcity

Technological

4
  • When all 21 million bitcoins are mined, its all over
  • China controls all the mining and so can control bitcoin
  • Quantum Computing will make bitcoin easy to crack
  • Bitcoin is old technology, it’s going to be replaced by something better

Societal

2
  • Bitcoin is used to enrich white supremacists and the far-right
  • Bitcoin is environmentally unfriendly because it uses too much energy

Legality

  • Governments are going to ban bitcoin when they launch their CBDC
  • Bitcoin is only used for drugs, money laundering and by criminals
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