I have issue with the finiteness of bitcoin (and crypto in general), like in a couple of generations we would have locked in huge generational wealth for people that happened to have lived, had the disposable income and interest to invest in crypto at a specific time in history. like kids born in a couple of decades, crypto is not a good deal for them basically just living off the crumbs.
also, as mentioned the environmental impacts (electricity and e-waste of asics and other components like gpus designed for crypto with no video outs) and how inefficient they are. trying to remember but i'm sure someone compared ethereums compute capabilities unfavorably to a raspberry pi - and buying time in gas prices is dumb because the more demand on the network the more expensive it is to access the network, how is this meant to be used widely?
it is only a store of wealth built on the belief on people because there is little utility in crypto and so it seems like the only way for people invested to have their investment increase is to evangelise and get more believers but the value for new entrants is always less than people already invested where the people who invested long ago benefiting the most like a pyramid scheme.
and like fudge having so much of your life for ever on the blockchain, medical records, voting records whatever. also metaverse and web 3.0 is dumb. DAOs are dumb.
its crazy its popular but i reckon the gfc and some govts actions really screwed with peoples attitudes towards certain institutions.
also, as mentioned the environmental impacts (electricity and e-waste of asics and other components like gpus designed for crypto with no video outs) and how inefficient they are. trying to remember but i'm sure someone compared ethereums compute capabilities unfavorably to a raspberry pi - and buying time in gas prices is dumb because the more demand on the network the more expensive it is to access the network, how is this meant to be used widely?
it is only a store of wealth built on the belief on people because there is little utility in crypto and so it seems like the only way for people invested to have their investment increase is to evangelise and get more believers but the value for new entrants is always less than people already invested where the people who invested long ago benefiting the most like a pyramid scheme.
and like fudge having so much of your life for ever on the blockchain, medical records, voting records whatever. also metaverse and web 3.0 is dumb. DAOs are dumb.
its crazy its popular but i reckon the gfc and some govts actions really screwed with peoples attitudes towards certain institutions.
Re: Generational Wealth.
In your first paragraph replace the word "bitcoin/crypto" with "land". Thats the way things with finitness & demand work, they will go up in value for increased cost to future generations.
Generational wealth has to be "created" at some point, by someone willing to take a risk with their money. Wether that is risking their money in buying a block of land on Manhattan island, a few pictures of flowers buy some guy who cut his ear off or putting their life savings ($500) in buying a 1/2 share in a block of Oklahama land that eventually struck oil (J.Paul Getty). I see BTC as something that MAY become something that MAY create wealth for my future generations. I'm ok with taking that risk.
Re: Value for new entrants less...
Early adopters always get the cheapest price & best returns as they take the biggest risk. I dont think buyers of Amazon shares should get the same price/value today with a proven business model as those who invested in a guy selling books from a garage. Same with BTC - Biggest risk : Biggest Reward