Crypto 360°

Sunday, 11 July 2021

Just sent 5k in BTC. Network fees were $0.21, and it took less than 24 hours for confirmation. What on earth are haters complaining about?

Let's contrast that with the 1k dollars I just had to bank wire to China. Cost me 40 dollars in fees, and the bank said it would take three days. Not to mention I had to have all this crazy information and numbers from the factory I was ordering from, I had to call my bank and spend like 30 minutes getting everything all set up. Vs. the 30 seconds it took to scan the QR code when I sent the BTC.

And this was on chain, using the world's most secure network with its proof of work verification system. This wasn't even using Lightning or something like that. Which don't get me wrong, that's a great service, and I fully expect that or something like it to make BTC viable for retail shopping transactions.

But seriously, what are the haters complaining about? Why would anyone possibly want to replace BTC with some new proof of stake system that's less secure? I just can't wrap my mind around that.

submitted by /u/thorosaurus
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We are at or near The End of the Chinese Communist Government's ability to FUD Bitcoin

Some elements within the Chinese government have opened major short positions on Bitcoin right before announcing major FUD. They have done this at least three times since 2013. I think this last one in May will be the last effective one. Not only because people are catching on to the scam, but also because they have now driven out most miners from the country and banned all transactions. This was perfectly timed with Elon's flip-flop. Elon was then immediately awarded by the Chinese government (where he had previously been struggling with red tape and bad press). The only arrow the Chinese Communist Party have left in their quiver is to ban possession, but that would be impossible to enforce, and would only make the CCP appear weak (the thing they fear the most) due to their inability to effectively enforce. So I think we are at or near the end of the Chinese short-crypto-then-FUD scam.

submitted by /u/Always_Question
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