There are two types of Internet Assholes. The first Asshole is one that truly relishes in being a big ol' asshole. What exactly does that entail? Typically, it means having a dumb-ass opinion based on a high level understanding of the subject material in question, and regurgitating that opinion for all to see.
Okay... So there's just one type of Internet Asshole. I for one proudly acknowledge my Smart-Assish Internet Asshole Status. Shit, I embrace it and hold it close to me as if it were Sarah Silverman.
Shut Up. Everyone's Got Their Thing. Mine's the Best, Though.
That's the difference between Internet Assholes like me - with my shenanigans and stuff - and other Internet Assholes like our boy David Black. I'm different in that I know my opinion doesn't make three shits. But this guy writes for Forbes. And by golly he has an axe to grind when it comes to Magic Internet Money. And his opinion matters because he's an Old Head Programmer. And He writes for Forbes.
Or Does it? Let's take a quick gander at his article. Oh, READ IT FOR YOURSELF if you can. Spoiler Alert: it will make you cringe.
Alright Robust And Beautiful Ginger Man, Give Me The "Low Down" On This Article.
Really? Okay, whatever. I gotta sit down with my writer.
So the article starts out with what I feel is actually a really flimsy bait-and-switch type of title:
Who Needs Cryptocurrency FedCoin When We Already Have A National Digital Currency?
My first reaction is who in Merlin's Codpiece is actually advocating for some kind of centralized, government backed crypto? If you haven't noticed already, I'm not a big fan of government getting involved in the crypto space. I know of few, if any people who are comfortable with this idea.
Then, we already have National Digital Currency? Okay David, Now I know you're smoking the good shit and not sharing. Because if he means what I think he means... Well, I'll get to that in just a minute. Let me maintain my composure and get through this as fairly as possible.
SO, the beginning of the article gives us a (actually rather interesting) Cliffnotes of the United States dollar and how it started out as a paper currency, but was slowly but surely became more digital as technology advanced over time. Okay, sure. Now this is a complicated thing, because I would argue that there is a big difference between having a Digital Currency and having a currency whose transactions are largely done digitally. Let me explain.
David is right to an extent. The US dollar does indeed have several practicalities that at the moment, outweigh many benefits of most cryptocurrencies. It has a ridiculous level of adoption, you can carry your card around with you and access it from a bank account, and if you need a little fiat on hand, you can get it easily, exchanging your "digital dollars" with paper dollars. They moral of the story is that the United States Dollar is pretty rad. My water bill and many other things would agree. HOWEVER, what he doesn't explain is that the while a majority of USD does only exist on digital ledgers, it is primarily because transactions are generally more efficient digitally. Of course we are gonna use it to get things done with USD! Do you think if this was the only caveat to good old fashioned greenbacks, that we would be having this discussion right now? Hell no! I'd be agreeing with him entirely instead of calling him an Internet Asshole to score a cheap joke or two.
Decentralization, The Boogy Man of Crypto.
There's this part where he "poo-poos" the idea of having a decentralized currency that offers things like anonymity and no central banks. That... was kinda the idea all along. Centralization is undesirable for many reasons, and the two I like to talk about is how it enables the consolidation of control and provides a single point of failure. The biggest criticism to the first point I see is saying, "bullshit! Lots of cryptos are decentralized! What about the whales?" You're right, and I think that there are many improvements to be made, and I think a solution will be found. However, I should note that there are "whales" in the USD world as well. It's no secret that there is a huge disparity in wealth among people, such as the USA. It seems like this is a predisposition to many types of systems; consolidation seems almost inevitable. You put together a super team of whales to help rule the roost and you get what is more or less, a central bank that can control the price action.
That was a mess. Suffice it to say that consolidation of power is not a problem specific to crypto, and the benefits of decentralization outweigh those of centralized systems. Is there room for abuse? Of course! Again, not a problem specific to crypto. Let us not forget that if the crypto space finds a solution to the whale/wealth disparity problem (which in some small ways, it has. See Brave and LibertyOS) that solution will be more capable of being implemented in crypto.
A Comedy of Inconveneint "Facts"
Okay, so this is really the "meat and potatos" to the whole article, and really why I called the title "bait-and-switch". See, He begins this with a slight; we crypto-philes aren't just enthusiasts; we are a damn cult! That pissed me off. If we are a cult, then Corporate/Financial America is a Mega Church. But that's not all; he glosses over some issues in Crypto... by basically only appealing to Bitcoin. For example:
1.) Crypto Currency is SLOW. Well.. look who knows so much! You see Crypto (in terms of Bitcoin) is only mostly slow.
BOOM. Nailed The Reference.
Yeah, BTC is so slow it's going backwards. No shit. However, there have been technologies developed post-2009 that kick Bitcoin in the balls in terms of TPS (transactions per second). Look at Tron (2000 TPS). Look at Ethereum (Istanbul Fork reached 18,000). That's light speed compared to the paltry 3.8 TPS for Bitcoin. Things have improved, and honestly it's ridiculous to only look at BTC and compare speeds to other digital transactions. It's like saying cars are slow by appealing to the top speed of a Ford Model T.
2.) Crypto Currency can't scale. Ah, appealing to the Model T again, eh? I guess it helps the narrative; Dickhead... er.. I mean David says since Bitcoin "can't scale", crypto in general can't scale. Except... you know... that's bullshit. Nowadays there are many different currencies that have the TPS and supply to scale much higher than Bitcoin. Include the Lightning Network on BTC, and you solve some of the scaling issues for that, too.
3.) Crypto Currency is expensive for users. Yeah... If you only consider Bitcoin. Shit, I can transfer BANANO right now with NO FEES! Many altcoins are like that now.
4.) Crypto Currency is expensive to operate. I'm gonna lose my shit. He's saying since BITCOIN is expensive to operate, then ALL crypto is expensive to operate. He then proceeds to tell us how much processing power and energy Bitcoin uses (true) and says it uses the same amount of energy as Switzerland!
But apparently he hasn't heard of any PoS (Proof of Stake) protocol out there, ever. Like Tezos, for example. They use a fraction of the energy costs that Bitcoin has. Are you kidding me? There are solutions to these problems and he just... ignores it.
The end of the article talks about the security of Bitcoin, and well, the argument falls flat when you actually look at what ELSE has been going on in the space. It's silly. The end of the article just jerks off the United States Dollar and how it's THE Digital Currency™.
Pictured: The Conclusion to The Article.
I know this was a little controversial, but sometimes it's fun to just remember that people are gonna dog this space like nobody's business. For every argument against crypto, I believe there's two in favor. I for one enjoy the space, think there's much value here, and I think that will grow as the space matures. That's not Financial advice, however. That's just an opinion from your friendly neighborhood Internet Asshole.
Thank you SO SO much for reading, I really appreciate it. Check out some other stuff of mine if you like this. If you'd like to see my shenanigans continue in another format, please consider FOLLOWING ME on Steemit. Don't have Steemit? That's okay. Please consider becoming my referral for the app FREE LITECOIN! They pay out regularly, and it's brought to you by the same guys who brought us Publish0x! They can be trusted.
Until next time, keep your eye on the markets, and don't jerk off anyone without enthusiastic consent.