Too many rich people use it to hide wealth and do other illegal shit
Which is insane if you know anything about the public ledger.
Also Bitcoin is still the entry point for buying a lot of other cryptocoins, so it’s not likely to go down unless the entire market goes down.
Just because you have lots of money doesn’t mean you’re smart
a public ledger doesn’t hide that much, just use a ton of mixers and stuff for the transactions and no one can tell where the moneys gone
This works in theory, but the mixer knows, and we know that several of them have been infiltrated by various government agencies, and records extracted for criminal investigations. I’d put 50/50 odds on any current mixer being already infiltrated and having some enforcement agency collecting data on the transactions.
If not law enforcement, I wouldn’t trust the mixer operators to not be gathering data and profiting off of it somehow. You’re talking about money launderers. Trustworthiness isn’t exactly the status quo. Hell, for all you know the people operating any given mixer are actually backed by Russia or North Korea or something.
yeah that’s true. alternatively you could convert BTC to Monero, send that Monero to another account, and then convert that back to bitcoin, but at that point there isn’t much of a reason to use Bitcoin
Public ledger means nothing when you launder the coins
You can use block explorers to see what they use it for actually
I love the down votes, this should be getting up voted. It’s an “unpopular opinion”, isn’t it?
This is a prediction.
Barring some quantum wizard math breaking the concept, or a state actor fully attacking the network, Bitcoin will never go to zero. It’s too deeply rooted at this point… even if it is a fucking obvious bubble, with nearly zero utility. It had severe shortcomings as a currency you can spend, even before it stumbled ass-backwards into line-go-up gambling, and became too volatile to ever show up in a price sticker. But the fact is - it’s an established commodity. These tulip bulbs will neither rot nor bloom. A bunch of rich assholes just need something to gamble on, and gold is harder to find than computers.
Might still crater by an order of magnitude and somehow ruin everything. It’s just not going away, entirely, unless crypto as a concept goes with it.
Bitcoin will not go to 0, unless a critical bug is found to allow double spending.
It has utility that more and more people turn to, and at the same time it has a strictly limited supply.
It will absolutely dip in value once yet another wave is over (quite shortly), but it will not drop to 0 or go away.
Still, any funds reliant on Bitcoin will take a hit in the meanwhile.
explain how
