There was always obvious utility to the Internet. None of the ideas behind why bit coin is useful are panning out besides it being the best way to pay for illegal activity by criminal gangs internationally.
The fees are more expensive than banks and credit cards.
Its value is extremely volatile, so legitimate businesses immediately convert to cash if they accept it.
It's not anonymous like cash. Funds are actually easily traceable. So it is pretty much a guarantee that any scam involving bit coin crosses an international border with the blessing of the state.
Mining is a massive waste of energy at this point and if it continues will likely become a major contributing factor to climate change.
I would say bit coin was a nice idea, but currently is a failure in every way except to the people who got in early and to scammers.
Maybe a future crypto could solve some or all of these problems so I'm not in favor of banning the idea, but there's a legitimate argument to be made for banning bit coin. But the people who made a bunch of money from it will fight it extremely hard.
The fees are more expensive than banks and credit cards.
Its value is extremely volatile, so legitimate businesses immediately convert to cash if they accept it.
It's not anonymous like cash. Funds are actually easily traceable. So it is pretty much a guarantee that any scam involving bit coin crosses an international border with the blessing of the state.
Mining is a massive waste of energy at this point and if it continues will likely become a major contributing factor to climate change.
I would say bit coin was a nice idea, but currently is a failure in every way except to the people who got in early and to scammers.
Maybe a future crypto could solve some or all of these problems so I'm not in favor of banning the idea, but there's a legitimate argument to be made for banning bit coin. But the people who made a bunch of money from it will fight it extremely hard.