Title: The Bizarre World of Bitcoin Believers: Why Are They So Irrational? Introduction: Welcome, dear readers, to a journey into the fascinating realm of Bitcoin believers! In this whimsical article, we'll embark on an exploration of why these enthusiasts sometimes exhibit behaviors that leave us scratching our heads. So, grab a cup of coffee (or maybe some Bitcoin, if that's your thing) and join us as we delve into the quirkiness that is the world of Bitcoin believers. 1. Magical Thinking: One of the reasons why Bitcoin believers may be seen as irrational is their unwavering faith in the cryptocurrency's ability to solve all of life's problems. From financial crises to global hunger, they often attribute near-magical powers to Bitcoin. While their optimism is admirable, it's important to remember that no currency can single-handedly save the world, not even one as intriguing as Bitcoin. 2. The Mystique of Satoshi Nakamoto: Ah, the enigma that is Satoshi Nakamoto! Bitcoin believers, like modern-day treasure hunters, find themselves captivated by the mystery surrounding the elusive creator of Bitcoin. Their unwavering belief in Nakamoto's genius gives them a sense of belonging to an exclusive club, and they relish in the
Why crypto is nonsense?
Cryptoassets aren't currencies, because by design they lack the centralised monetary controls to make them stable to use as a medium of exchange for goods and services. There can be no separation of money and state, because the state is the only party that could issue money almost by definition.
What is the main problem with cryptocurrency?
Critics, however, see crypto assets as not merely inherently worthless but a front for crime, scams, and gambling. They also point to their dizzying volatility. Bitcoin, for instance, soared from $200 a decade ago to nearly $70,000 in 2021 before plunging to around $29,000 today.
Why does crypto have a bad reputation?
The crypto industry faces reputation challenges, largely stemming from the actions of a few bad actors. While these issues have resulted from rapid financialisation, they're not inherent weaknesses in blockchain technology itself. To improve crypto's image, the market must distance itself from criminal associations.
Why do governments hate crypto?
Governments often oppose the concept of decentralized monetary systems, like Bitcoin and other cryptocurrencies, even though gambling is allowed in many places. The main reason for this is that decentralized monetary systems put the government's authority over the financial industry and money flow in jeopardy.
Is crypto morally wrong?
As a consequence, many public figures hailed cryptocurrencies as morally-dubious projects, such as Janet Yellen, the U.S. Secretary of the Treasury, expressing her view in January 2021 that cryptocurrencies are used “mainly for illicit financing” (De, 2021).