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12-10 15:53 - 'Verticoins Take your trading to the next level' (self.Bitcoin) by /u/shophia9876 removed from /r/Bitcoin within 45-55min
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Butthead from Fidelity Investments tries to defend Buttcoin. Let's dissect their "myth busting"...
Addressing Fidelity Digital Investments defense of Bitcoin: Note: Sorry about the misleading title. People (including myself initially) were under the assumption this was "Fidelity Investments" or a division of that company. Please see comment from madali0 - this whole press release is misleading and scammy, and apparently has no affilliation with the more more well known "Fidelity Investments" - this is a separate entity called, "Fidelity Digital Investments" which for all we know, is some dude in his mom's basement. EDIT: UPDATE 2: Apparently while it's a separate entity for obvious liability purposes, it does appear to be associated with the main Fidelity company one way or another (which makes it look even worse for Fidelity to be associated with such vapid propaganda, but there it is. See: https://www.fidelity.com/fidelitydigitalassets/blog Also, NOTE that Fidelity calls it a "blog" - which if it's like Forbes, Huffington Post or other sites that offer user blogs, they basically will let just about anybody post under their moniker (as a shady way to drive traffic), whether it's been vetted or approved. So take it with a grain of salt. I would bet the author of that post is neither employed by any "Fidelity" company. Note: This has also been added to our official De-facto list of examples of what crypto is good for document.
Criticism #1: Bitcoin is too volatile to be a store of value. Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.
First off, bitcoin's volatility has not "historically decreased." It continues to dramatically drop and rise randomly. Since bitcoin is not mapped to any tangible asset or entity, there's no way to perform due diligence or technical analysis on it. Its price is a reflection of demand, nothing else, and demand is driven by marketing. In related news, if you add vitamins to water, it becomes a source of useful nutrients. If you take beanie babies, and build a state-sanctioned infrastructure around them, they'll become less volatile. Fidelity's argument here is, if you take a rock, add some bone broth, veggies, proteins, and spices, the rock becomes soup.
Criticism #2: Bitcoin has failed as a means of payment. Response: Bitcoin makes deliberate trade-offs, such as limited and expensive capacity, to offer core properties such as decentralization and immutability. Given its high settlement assurances, Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails.
Translation: Is bitcoin a crappy payment system? Hey, look over at that shiny thing in the corner. Isn't it shiny? Did we mention bitcoin is decentralized and the blockchain is immutable? We've already shown that blockchain isn't better, and being de-centralized isn't better. So if that's the best argument, which isn't really an argument at all, just a distraction, that's sad. Even I could come up with a better argument than a Red Herring.
Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails.
Anyone know what "transactions" exclusively fit Fidelity's description? Anyone? Buehler? Yes, that's right, you got it: Criminal transactions, money laundering, drug deals, ransom payments, etc.
Criticism #3: Bitcoin is wasteful. Response: A substantial portion of bitcoin mining is powered by renewable energy or energy that would otherwise be wasted. Additionally the energy the Bitcoin network does consume is a valid and important use of resources.
This is an unstated major premise. Argument from anonymous authority. Where's the evidence that this energy would be wasted if it weren't spent on mining? This is another common myth that is going around. Second, even if the energy were "free", it could be better spent on something than mining, which wastes tremendous amounts of energy and creates nothing useful. Most power plants scale their energy generation based on demand, and even renewable energy sources have ways to not waste energy that isn't needed at that time. This argument is completely false. Note that any example Fidelity may cite of mining operations using unused energy resources is not in any way representative of the even a sizeable portion of the mining pool's energy consumption. The exception doesn't prove the rule. A picture of a mining rig with a gas flare in the distance is not evidence that rig is using energy that would otherwise be wasted. Ultimately, "hey it would be wasted anyway" is the absolute worst argument ever. That's basically a justification for the Tragedy of the Commons.
Criticism #4: Bitcoin is used for illicit activity. Response: Bitcoin, like cash or the internet, is neutral and has properties that may be valuable to good actors and bad actors. However, as a share of total transactions, Bitcoin transactions connected to illicit activity are very low.
Notice they didn't actually refute this point. They just sidestepped it. We know for a fact that a huge percentage of crypto transactions are wash trades. Even if you just count those transactions, it would probably account for the majority. At this time, because there may be more market speculation transactions than drug deal transactions, doesn't mean the activity is not "illicit." Any exchange that ever disappeared, was most likely engaged primarily in illicit transactions. Is bitcoin "neutral?" That's hard to say. It lends itself to criminal transactions much more easily than alternative methods, especially when it comes to stealing peoples' value. One thing Bitcoin does that's unique, is it allows someone to steal their bitcoin from thousands of miles away without them even knowing. That is one feature that's a lot harder to do with virtually every other monetary/value system. So given that unique attribute, I think their claim it's not "used for illicit activity" is bullshit. It's not only used for illicit acitvity. It's uniquely designed to be particularly efficient at it.
Criticism #5: Bitcoin is not backed by anything. Response: Bitcoin is not backed by cash flows, industrial utility, or decree. It is backed by code and the consensus that exists among its key stakeholders.
Bitcoin is backed by code? What is code worth? What is a consensus worth? How does that offer any stability? Code changes all the time. So does consensus. Fidelity here is mixing apples and oranges. This is a totally retarded, non-sensical argument. Hey, I need you to buy magic spreadsheet numbers. They're backed by "code". What "code?" Don't worry about it. A "consensus" of people you don't know think it's cool. That's all you need to know, right?
Criticism #6: Bitcoin will be replaced by a competitor. Response: While Bitcoin’s open-source software may be forked, its community and network effects cannot. Bitcoin makes trade-offs for core properties that the market deems valuable.
This makes no sense. Communities fork along with code. That's the whole point of forking. A fork also changes the "effect" of the network, you idiots. Does this guy really know anything about how crypto works? Fidelity's argument is absurd and wrong.
Conclusion While this piece does not cover the exhaustive list of criticisms against bitcoin, we believe the responses outlined here may be adapted to address other common misconceptions. Bitcoin is a unique digital asset for an increasingly digital world that requires digging deeper than the surface level to understand its core properties and trade-offs. It pushes onlookers to question pre-conceived notions of what is right and widely accepted to begin to understand its full value proposition.
Feel free to dig deeper. But note that none of you people have found the bottom of the pile of bullshit yet. Keep going. Conclusion What have we learned from this press release? Some people at fidelity have some bags they've recently bought into that they hope to unload soon.
Here is a look at the best mining rigs to help you choose which ones are right for you and your mining operation. Name Description Price in USD Hash Power Energy Consumption Beginner Friendliness Number of Minable Coins Score; Antminer T15: The Antminer T15, created and distributed by Chinese mining company Bitmain, is a popular piece of mining hardware due to its efficiency. ~900: 23.TH/S: 0 ... What Are The Best Bitcoin Mining Rigs. We’ve gotten past the CPU and GPU miners, and though they are quite capable at calculating hashes, they have been trumped by different technology that is specifically built for such calculations. Let’s take a closer look at FPGA and ASIC miners and see why these are the miners of choice in the current environment. What Is A FPGA Miner. An FPGA miner ... Over the last year, cryptocurrencies have lost a lot of value yet bitcoin miners continue to process transactions and earn block rewards. A bunch of new mining rigs were announced in 2018 that ... Hobby Bitcoin mining can still be fun and even profitable if you have cheap electricity and get the best and most efficient Bitcoin mining hardware. Bitcoin mining is competitive. It’s not ideal for the average person to mine since China’s cheap electricity has allowed it to dominate the mining market . Best mining rigs and mining PCs for Bitcoin, Ethereum and more By Matt Hanson , Brian Turner 14 September 2020 If you still fancy mining cryptocurrencies, these are the best pre-built rigs and PCs
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