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

Here's the thing, folks.

is 99% of cryptocurrency uninformed and/or scammy bullshit? Yes.

But the tech *provably* works, and I've learned to ALWAYS bet on tech in the long run.

And alternative currencies are going to look better and better given this economy.

Get educated and consider trying it out. It ain't going away.

@jrm4 @mekkaokereke The tech really does not work. There's no problem it solves. It's not a functional digital currency. Digital currency that does work is a trivial, long-ago-solved technical problem but the hard part is adoption and the solution is incompatible with their libertarian asshattery.

@dalias @mekkaokereke

This is such a weird take because it's provably false today.

You may not *like* what it definitely already accomplishes, but you can't just say it's not functional; it's like saying "guns don't fire bullets"

@jrm4 @mekkaokereke As in @mekkaokereke's reply (and others) it doesn't work meeting the properties of a currency. It vaguely works as a roundabout tradable asset for illegal transactions etc. but that doesn't make it a currency. And of course it works for gambling but that doesn't make it a currency either.

@dalias @mekkaokereke

I agree with everything you've said here, with the possible note that -- that "etc." in your post is working overtime. :)

Yup, cryptoCURRENCY isn't a great name for what we have here. But it's *already* something signficant.