The enthusiasm for the money (some) people are making on Bitcoin has completely overshadowed the tremendous energy cost. At least the public discourse is starting to acknowledge it recently, but it has been a huge problem since 2013, inherent in the same system that made Bitcoin popular in the first place.
Transparency is true, even if some coins like Monero attempt to claim anonymity - simply using Monero and similar coins marks you as suspicious, just like showing up to a Pawn shop carrying a stereo recently ripped out of a car. Transparency in blockchain is (IMO) a great thing, but it is also radically revealing as compared to cash. Every transaction, ever, recorded permanently and irrefutably. I don't think the radical difference of that from the current status quo has really sunk in for a lot of the enthusiasts. Visa and MasterCard track you, but not like cryptocurrency does, and their records aren't open to the public all over the planet.
Freedom, lasts as long as government says it does. Ask China. Once cryptocurrency is criminalized, only criminals will use cryptocurrency. Sure, it will be hard - maybe even impossible - to stop people from using cryptocurrency, but there is a huge difference between open trade sanctioned by law enforcement and underground black market usage.
Security... I'm not 100% sold on this one, either. You may think the government can't seize your cryptowallet. Wait 10-20 years and see what all they can do. In a proof of stake world, where governments hold majority stake in the major cryptocurrencies, they can pull all the same levers they pull today - even faster and easier - in terms of freezing of assets.
Believing they won't is naive. The large centralized ( don't kid yourself, Bitcoin, Ethereum, Ripple, etc. are easy targets for legislation, if not physical seizure ) value chains are targets for regulation.
Indeed. Despite the actual blockchains like the XRP Ledger being decentralised and near impossible to seize funds from, if I get chucked in jail and told my only way out is to give up my private key....
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We're a place where coders share, stay up-to-date and grow their careers.
so those are cons but they don't negate transparency, freedom, or security. these things just come at a cost. right?
The enthusiasm for the money (some) people are making on Bitcoin has completely overshadowed the tremendous energy cost. At least the public discourse is starting to acknowledge it recently, but it has been a huge problem since 2013, inherent in the same system that made Bitcoin popular in the first place.
Transparency is true, even if some coins like Monero attempt to claim anonymity - simply using Monero and similar coins marks you as suspicious, just like showing up to a Pawn shop carrying a stereo recently ripped out of a car. Transparency in blockchain is (IMO) a great thing, but it is also radically revealing as compared to cash. Every transaction, ever, recorded permanently and irrefutably. I don't think the radical difference of that from the current status quo has really sunk in for a lot of the enthusiasts. Visa and MasterCard track you, but not like cryptocurrency does, and their records aren't open to the public all over the planet.
Freedom, lasts as long as government says it does. Ask China. Once cryptocurrency is criminalized, only criminals will use cryptocurrency. Sure, it will be hard - maybe even impossible - to stop people from using cryptocurrency, but there is a huge difference between open trade sanctioned by law enforcement and underground black market usage.
Security... I'm not 100% sold on this one, either. You may think the government can't seize your cryptowallet. Wait 10-20 years and see what all they can do. In a proof of stake world, where governments hold majority stake in the major cryptocurrencies, they can pull all the same levers they pull today - even faster and easier - in terms of freezing of assets.
There is always the $5 wrench attack. And governments can always legislate to make your life uncomfortable if they want.
Believing they won't is naive. The large centralized ( don't kid yourself, Bitcoin, Ethereum, Ripple, etc. are easy targets for legislation, if not physical seizure ) value chains are targets for regulation.
Indeed. Despite the actual blockchains like the XRP Ledger being decentralised and near impossible to seize funds from, if I get chucked in jail and told my only way out is to give up my private key....