Hey I don't have the energy to write a long thread on why this current Bitcoin "rally," is not a real rally, so I'm going to lazily do this in one post:

* BTC is still a failed currency. No one buys anything with it. It's still slow and bad.
* The trading patterns are still weird. More whale and exchange nonsense.
* Anyone telling you to buy BTC now, probably lost a ton of money on NFTs, FTX, Luna/Terra, Axie, DAOs, or all of the above. Their judgement is bad.

#BlackMastodon #BlackTechMastodon

@mekkaokereke

I have yet to hear a legitimate use case for #crypto in general that’s worth all the downsides, at least in the U.S.

One day #Bitcoin might be a legitimate currency, but today is not that day

@zamallama Bitcoin will never be a legitimate currency. Ever. The sooner we all accept this, the less harm will be done.

@mekkaokereke

I wouldn’t personally say never, there’s been a lot of unbelievable turnarounds in the world of tech

However, a slim chance that it might one day be legit isn’t a reason to invest into it today

@zamallama

I'm not arguing with you on this.

Bitcoin can't even solve the "Amazon socks" problem. People's feet get cold in winter. People buy socks. One website (Amazon), owned by one company (Amazon), sells socks. Bitcoin struggles to handle the global transaction volume of socks on Amazon. Be serious. 🤡

Don't talk to me about lightning or L2. That's just admitting "Bitcoin is only fast if you don't use it."

One transaction uses enough electricity to power a Texas home for 1.5 months.🤡🤡

@zamallama There's enough written on this already that we don't have to have this debate again.

But hey, if you think all of us folks that have built planet scale transaction systems for decades are wrong, and that people like Elon and SBF are right, then buy Bitcoin! Hey, buy it on margin! I wish you luck!

@mekkaokereke

It actually sounds like you are trying to argue with me as if I am a Bitcoin supporter

All I said was that I personally wouldn’t say it will >never< be a legitimate currency, because crazier things have happened

If you want to have the debate with someone I am not that person, I have nothing invested in Bitcoin and likely never will

@zamallama No, I am not saying you're a Bitcoin supporter.

I'm saying specifically what I said: That Bitcoin would never be a legitimate currency. Ever. Its design prevents it from ever being so.

You said, "I wouldn't say never," and I said, "I said what I said, and I'm not debating this."

@mekkaokereke

Ah thank you for clarifying

In that case, I also said what I said, and I’m not debating this either