Notice how almost all news of Bitcoin now are about its price. Bitcoin used to be exciting in both technical and economical aspects, but has now become just a store of value entirely driven by speculation.
Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more than an hour even at absurd transaction fees of multiple dollars, and is actually pseudonymous, meaning if you can associate an address with a real person, it becomes relatively easy to trace all their transactions unless they were careful to cover their tracks.
It may or may not continue to increase in value long-term, but it has little uses outside of being worth a lot of money.
> boasting much faster and cheaper transactions and real anonymity
Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while
I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling issues yet (already at 30GB+ blockchain with 4-5k transactions per day).
At the same time the other cryptos are progressing rapidly on the one huge advantage Monero has - Ethereum has added zk-SNARKs and there are all sorts of proposals and developments on Bitcoin now that malleability has been addressed and the new opcodes added
edit: also re: Bitcoin News - most of what I read is about the ongoing Segwit2x saga, but it's a bit difficult to avoid the price when it is on such a tear
I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing.
I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well.
(Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the dinner table at the same time)
There's no pyramid scheme. It's a hyped asset, to say the least, but there's no pyramid. Like a hyped startup, it doesn't do much yet, but it is promising, so people buy it. It may be "worth" much or zero in the end, it all depends on the final outcomes.
It's also the easiest/cheapest/most open asset to trade (depending on where you trade).
In the long term, Bitcoin can be seen as a safe heaven in case of economic chaos, like gold, but way easier to buy and hold. It can also be seen as an interesting economic experiment: what if currency wasn't managed by a government? Or you can give trading a try for a few $$ as a gamble (with more chances of success than in a casino).
It's also a useful currency in some cases: I'm a "digital nomad" which my bank can't seem to understand. Getting my Debit Card to work online from a foreign country, with an ever changing phone number (they insist on using SMS as a 2FA), sounds like an obstacle to them, but not to BTC.
I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well.
The thing I keep telling myself is if I'd mined even 1000 bitcoins (which was viable at the time I first learnt about it) I'd have totally sold out at $10.. there is zero chance I would have made it to $1000 :-D
Cryptocurrencies have a niche use, mainly to buy things on the black market but also for small peer-to-peer international payments when other options are not practical. For this reason I don't expect that cryptocurrencies will completely disappear any time soon.
However the value of bitcoin is mainly driven by speculation at this point, a currency that's so volatile is very difficult to use if you're a business. At best you accept it at the current exchange rate and you immediately convert it to fiat. Anything else is very risky.
But that might be temporary, eventually the exchange rate might stabilize, at which point speculation could be vastly reduced and it would work better as a currency. That's kind of a chicken-and-egg problem though, in order for the exchange rate to stabilize you must attach a real world value to the currency by buying and selling things, paying taxes etc... But that won't happen as long as the exchange rate is so volatile.
I'm also very much unconvinced that a deflationary currency can work at all in the long run or that bitcoin will end up fixing the problems its proponents say it will, but that's up for debate.
My view is that its egotistic to pretend to know whats going to happen. even the financial experts dont know.
So i just put 1% of my net worth into it, set a price alert for $20,000 and try not to check the price (or read any stories on it) If i ever get the alert, great. if not, no big deal.
Back in 2002-2005, I knew a whole lot of "tech-savvy" people with top-notch pedigree, who never believed FB/Youtube/Twitter etc would scale as no one had ever built a "many-to-many", pseudo real-time network at that kind of scale before (both technically/financially). Let alone a bunch of 20 year olds.
I was quite convinced by their arguments.
Where I was wrong was believing technical arguments mattered.
For me Bitcoin is neither pyramid nor something which will last forever. I think it is a great experiment in human psychology/nature and in this sense, it's outcome is not destroyable and the facts about people it brought up will be known and usable (for various applications) forever.
It's a pyramid scheme in a sense that you depend on others to keep buying the bitcoin. If everyone suddenly lost trust in bitcoin you would lose everything, because technically, it has zero real value.
That's why all the "bitcoin enthusiasts" keep hyping it up. They know that once the mania stops, people who didn't cash out will be left holding the bag.
Currently, it's nothing more than a speculative asset. You might as well invest in high-yield risky stocks.
It crashed multiple times this year with a lot of people crying 'told you so' and 'it's all over'. But that didn't happen. There might be a big, longer period, crash coming, but since China dropped out, it seems to be pretty stable (including altcoins). I still wouldn't call it investment, but it's safer than most gambles. But sure, never put money you cannot miss as it is a gamble.
It's a virtual currency with a limited supply, but with a constantly growing interest(demand). This interest is not primarily driven by bitcoin's inherent qualities but more through:
1. Using bitcoin to acquire other cryptocurrencies
2. Promises of future profits
3. Getting "free money" by having bitcoin (Bitcoin cash, bitcoin gold)
The first one might actually be healthy, while 2 and 3 are most close to a pyramid scheme / "tulip mania" style scenario.
One thing is for sure. No one knows what exactly is going to happen.
(i am somewhat familiar with the tech but don't follow the business side of bitcoin) what I find weird is the forks. A major selling point of bitcoin is that there will ever be only 21 Mio coins. You know, unless there is a hard fork and now there are suddenly twice as many coins. Presumably one of the resulting coins' value will drop but you are still creating value out of thin air, something that the crypto people hate about fist currency run by a central bank.
I also don't really know what to think about it. I am sure blockchain tech will be hugely successful in the banking and government sector and maybe (a comment I read yesterday) once it is proven to work the central banks will issue blockchain based currency. But bitcoin as a store of value? I don't know...
Best advice I have heard is to learn about the blockchain and look at something like Ethereum. If buying Bitcoins feels to risky, don't invest, but blockchain technologies will certainly have a role to play in the future.
You can’t expect to reason about this without some background in economics. Instead of telling you what I think (because to you I’m indistinguishable from all the other people responding with random guesses), I’m going to suggest that you read some introductory texts about economics and finance and you can probably form some reasonable opinions yourself.
"whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing" --- you can say the same thing about regular money
Bitcoin isn't a pyramid scheme. It just does not have any value. Fools and their money are easily parted. (The comments on this site have as much or more value.)
The Fractional reserve system is(), (Dollar, Pound, Euro, etc.) They require a constant recreation of debt to keep going.
It is very much like a decentralized global pyramid scheme, unfortunately there's no concise resource to explain it all clearly - primarily because there's no VC money pumped into anti-crypto assets that are structured and incentivized like a pyramid scheme, e.g. the most popular blockchains such as Bitcoin and Ethereum's Ether. The issue is the unreasonable amount of wealth transfer that would occur if and as society adopts the crypto-assets more and more, and as bad actors manipulate society to take part - whether through lobbying or bribing politicians or worse; there essentially can be a wealth transfer of 40% plus for people having done nothing except trying to perpetuate this system.
It's scary to see so much faith in bitcoin given it's horrendously wasteful proof-of-work scheme to avoid double spending.
There are better alternatives that minimize latency nearly a hundred-fold and avoid proof-of-work altogether. Example: Algorand (https://people.csail.mit.edu/nickolai/papers/gilad-algorand-...) Even if this new cryptocurrency is "just" a proof of concept there are many others like it that are much less wasteful than bitocin, and this should make people think twice before piling their faith on an important but ultimately flawed first attempt at a usable cryptocurrency.
Thanks for the link, I hadn't heard about Algorand. I don't claim to be really knowledgeable but I found an article on Coinbase that raises the question of whether Algorand needs (or should have?) incentives, so it looks like there's some debate as to whether Algorand is really viable?
I keep being told that Bitcoin will eventually adopt something less wasteful, but given how rocky recent evolutions of the protocol have been, I don't see why I should believe that, versus an altcoin supplanting it.
People seem to like Bitcoin as a gold alternative precisely because it doesn't evolve. But I don't see how that jives with the fact that its energy consumption is completely unsustainable.
Wasteful by what standard? Right now each day it consumes ~$1m worth of electricity in order to protect ~$1.5 billion of new payments. Economically, this "electricity safety fee" works out to less than a tenth of a percent.
I don't know much about bitcoin i'll admit. And I was surpised the other day to read some comments where the poster was saying that the transaction price is somewhere in between 5$ - 20$. Isn't that like... a LOT? I thought the idea of Bitcoins was how easy it would be to make transactions but with a price like that I can image most smaller transactions are discouraged. Also, after the initial hype I haven't really seen much of an implementation of payments in Bitcoins.
So... other than the hype, what's driving the price up if I guess the price is going up way faster than the implementation?
I think the behaviour of Bitcoin price (not the technology) reflects some social phenomenon rather than the real economy. And it is precisely why it is interesting.
I keep seeing my non-it friends boasting on FB how much they profited with Bitcoin this week. I am afraid this bubble will get way much bigger before it bursts.
To me an asset that moves 15% in a day, and which no-one knows what it's truly worth, isn't great as a store of value.
I'm not going to speculate about where bitcoin will be trading when it becomes a stable, useful asset, but in order to justify a market cap anywhere near this high it will eventually need to generate actual utility for its users. Can someone explain where that will come from? Cheap currency conversion and easy money transfer?
Gold, art and wine all have a utility value that's way below their "store of value" value. Bitcoin is just a more convenient store with an equally insignificant utility value. Whether Bitcoin can persist while offering so little value I don't know, just saying these valuations are not unheard of in the asset world.
Just look at what people pay for mediocre Van Gogh paintings I wouldn't hang in my toilet..
"NVT Ratio (Network Value to Transactions Ratio) is similar to the PE Ratio used in equity markets."
The NVT is currently high, but not out of control like it was in 2014. This is the best dataset I've seen for working out if the network is actually being used in a way that matches the valuation, and I think will become invaluable when the CME Bitcoin Futures market opens.
It may be some time until $100M of daily churn doesn't result in a 15% price swing. The market capitalization of BTC would need to increase considerably to accommodate such a scenario.
And it looks like we are quickly approaching such a scenario.
The rich (and super-rich) have a lot of resources to move markets and BTC is currently especially susceptible to this.
Perhaps the biggest derivatives house on the planet announcing that they are going address the specific concern makes it more useful? Because your exact rebuttal won't exist anymore.
the engagement on these posts is insane relative to everything else on here. Seems without heavy moderation Hn would be Crypto-News.
Everyone is afraid to say what they think. The core concept of BTC is fundamentally flawed and unbelievably naive. The value is rising based on hype and speculation alone, no value is being generated in-fact it's being consumed to 'mine' and transact the coins. Those claiming they're spending their BTC on regular purchases are either not being honest or beyond stupid.
There’s no way I’d take this level of risk for a significant sum, but just to play with Bitcoin, and see my own transaction in the blockchain, I bought £100 in September that’s now worth £200.
It’s of course tempting to imagine doubling my entire savings in just two months, but so too could they have halved, or worse.
Imagine a world where you can buy without a merchant, bet without a bookie, get insurance without an underwriter, access finance and loans without a bank, trade without an exchange, purchase commodities without a broker, have law without lawyers, courts and judges, create assets without an issuer, secure escrow without an agent, have internet without an ISP, verify records without a notary, establish reputation and credit without a credit agency, and create identity without a government.
To all the naysayers in this thread, I suggest you watch "Banking on Bitcoin" on Netflix, which is a great introduction to Bitcoin. It might change your thinking.
Also check out Andreas Antonopoulos' videos on YouTube, which are easy to digest and very informative. Here's the place to start: https://www.youtube.com/watch?v=l1si5ZWLgy0
Naysayers? Does that mean you are a yes sayer? Bitcoin is a question?
Seems more like an overpriced valueless commodity controlled in majority by Chinese miners who have ASIC rigs only a couple companies in the world can produce. So its basically centralized even if the protocol isn't.
How much stake do you have in Bitcoin? (Technical people can understand what Bitcoin is and yet despise the blatant canvasing by owners of Bitcoin.) I find the blatant tarlipping to be offensive. Just admit when you have the asset if you are going to try to get people to part with their hard earned money for what amounts to a global ponzi scheme.
The technology that spawned Bitcoin, and the technology that is being developed in its wake is the really exciting part of all of this.
So long as some catastrophic event doesn't completely tarnish the masses opinion on crypto's I think we are in for a wild ride (wild ride either way I suppose). Traditional banks, asset managers and transaction facilitators need to watch themselves.
I get the feeling that younger generations (<35-40) are hungry to separate themselves from traditional banking systems, and the group that pulls off (almost) instant free transactions in a distributed ledger are going to cause a real financial revolution.
Do these people that hold bitcoin or say that they've "made amazing returns" actual cash out at any point? Or are they holding a few bitcoins like everyone else? Isn't that how a bubble forms?
If I got into it, I would get a return I thought was nice (100-200%) and then cash out.
It's the normalisation effect kicking in now that more traditional financial instruments are tacking advantage of Bitcoin and the growing acceptance with regulators and government officials (see UK's report on cyber crime and cryptocurrencies as well as Europol's, see CTFs announced, etc).
HN is like a huge echo chamber and a bitcoin basher. Every single time the same arguments (bitcoin is a currency or store of value), the same questions (should I invest?) and the same reasons for talking oneself out of going into it. Even when bitcoin gets to a half a million value people will still be saying oh it’ll crash any time now, bitcoin is useless, can’t trust bitcoin because it’s not backed by US economy or the government. And you know what, keep living in your bubble because those that capitalize on the shift won’t have to say I told you so. I wholeheartedly agree on many arguments against bitcoin but we have to agree that we are seeing something unprecedented happen and nobody really knows what they are talking about 100%.
What I don't like about the current cryptocurrency climate is that Bitcoin, garbage ICO-s, and BitConnet-like piramid schemes completely distract people's attention from the serious cryptocurrencies that genuinely try to develop a decentralized trustless and efficient payment network, like DASH.
I am betting against the current trend, and holding mostly DASH (and BAT, POWR, RLC and some similar currencies) with practical potential to be used for more than just a store of value like Bitcoin.
Bitcoin has its place and strength, it is the digital gold, but too much bitcoin dominance in the cryptocurrency industry is against innovation and progress.
[+] [-] joefourier|8 years ago|reply
Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more than an hour even at absurd transaction fees of multiple dollars, and is actually pseudonymous, meaning if you can associate an address with a real person, it becomes relatively easy to trace all their transactions unless they were careful to cover their tracks.
It may or may not continue to increase in value long-term, but it has little uses outside of being worth a lot of money.
[+] [-] nikcub|8 years ago|reply
Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while
I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling issues yet (already at 30GB+ blockchain with 4-5k transactions per day).
At the same time the other cryptos are progressing rapidly on the one huge advantage Monero has - Ethereum has added zk-SNARKs and there are all sorts of proposals and developments on Bitcoin now that malleability has been addressed and the new opcodes added
edit: also re: Bitcoin News - most of what I read is about the ongoing Segwit2x saga, but it's a bit difficult to avoid the price when it is on such a tear
[+] [-] Andrenid|8 years ago|reply
I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well.
(Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the dinner table at the same time)
[+] [-] weddpros|8 years ago|reply
It's also the easiest/cheapest/most open asset to trade (depending on where you trade).
In the long term, Bitcoin can be seen as a safe heaven in case of economic chaos, like gold, but way easier to buy and hold. It can also be seen as an interesting economic experiment: what if currency wasn't managed by a government? Or you can give trading a try for a few $$ as a gamble (with more chances of success than in a casino).
It's also a useful currency in some cases: I'm a "digital nomad" which my bank can't seem to understand. Getting my Debit Card to work online from a foreign country, with an ever changing phone number (they insist on using SMS as a 2FA), sounds like an obstacle to them, but not to BTC.
[+] [-] petercooper|8 years ago|reply
The thing I keep telling myself is if I'd mined even 1000 bitcoins (which was viable at the time I first learnt about it) I'd have totally sold out at $10.. there is zero chance I would have made it to $1000 :-D
[+] [-] simias|8 years ago|reply
However the value of bitcoin is mainly driven by speculation at this point, a currency that's so volatile is very difficult to use if you're a business. At best you accept it at the current exchange rate and you immediately convert it to fiat. Anything else is very risky.
But that might be temporary, eventually the exchange rate might stabilize, at which point speculation could be vastly reduced and it would work better as a currency. That's kind of a chicken-and-egg problem though, in order for the exchange rate to stabilize you must attach a real world value to the currency by buying and selling things, paying taxes etc... But that won't happen as long as the exchange rate is so volatile.
I'm also very much unconvinced that a deflationary currency can work at all in the long run or that bitcoin will end up fixing the problems its proponents say it will, but that's up for debate.
[+] [-] AznHisoka|8 years ago|reply
So i just put 1% of my net worth into it, set a price alert for $20,000 and try not to check the price (or read any stories on it) If i ever get the alert, great. if not, no big deal.
[+] [-] mo87|8 years ago|reply
I was quite convinced by their arguments. Where I was wrong was believing technical arguments mattered.
What matters is the psychology of the herd.
[+] [-] viach|8 years ago|reply
[+] [-] oldboyFX|8 years ago|reply
That's why all the "bitcoin enthusiasts" keep hyping it up. They know that once the mania stops, people who didn't cash out will be left holding the bag.
Currently, it's nothing more than a speculative asset. You might as well invest in high-yield risky stocks.
The blockchain itself is pretty great though.
[+] [-] tluyben2|8 years ago|reply
It crashed multiple times this year with a lot of people crying 'told you so' and 'it's all over'. But that didn't happen. There might be a big, longer period, crash coming, but since China dropped out, it seems to be pretty stable (including altcoins). I still wouldn't call it investment, but it's safer than most gambles. But sure, never put money you cannot miss as it is a gamble.
[+] [-] Jommi|8 years ago|reply
1. Using bitcoin to acquire other cryptocurrencies 2. Promises of future profits 3. Getting "free money" by having bitcoin (Bitcoin cash, bitcoin gold)
The first one might actually be healthy, while 2 and 3 are most close to a pyramid scheme / "tulip mania" style scenario.
One thing is for sure. No one knows what exactly is going to happen.
[+] [-] vazamb|8 years ago|reply
I also don't really know what to think about it. I am sure blockchain tech will be hugely successful in the banking and government sector and maybe (a comment I read yesterday) once it is proven to work the central banks will issue blockchain based currency. But bitcoin as a store of value? I don't know...
[+] [-] Delmania|8 years ago|reply
[+] [-] unknown|8 years ago|reply
[deleted]
[+] [-] jboggan|8 years ago|reply
[+] [-] wyager|8 years ago|reply
[+] [-] growt|8 years ago|reply
[+] [-] kibrad|8 years ago|reply
[+] [-] ryanmarsh|8 years ago|reply
[+] [-] AnonToday|8 years ago|reply
The Fractional reserve system is(), (Dollar, Pound, Euro, etc.) They require a constant recreation of debt to keep going.
(less a pyramid more just Ponzi)
[+] [-] hikarudo|8 years ago|reply
[+] [-] loceng|8 years ago|reply
[+] [-] 110011|8 years ago|reply
There are better alternatives that minimize latency nearly a hundred-fold and avoid proof-of-work altogether. Example: Algorand (https://people.csail.mit.edu/nickolai/papers/gilad-algorand-...) Even if this new cryptocurrency is "just" a proof of concept there are many others like it that are much less wasteful than bitocin, and this should make people think twice before piling their faith on an important but ultimately flawed first attempt at a usable cryptocurrency.
[+] [-] abetusk|8 years ago|reply
[1] https://www.coindesk.com/no-incentive-algorand-blockchain-sp...
[+] [-] acjohnson55|8 years ago|reply
People seem to like Bitcoin as a gold alternative precisely because it doesn't evolve. But I don't see how that jives with the fact that its energy consumption is completely unsustainable.
[+] [-] RoboTeddy|8 years ago|reply
[+] [-] duiker101|8 years ago|reply
So... other than the hype, what's driving the price up if I guess the price is going up way faster than the implementation?
[+] [-] d__k|8 years ago|reply
[+] [-] dandare|8 years ago|reply
[+] [-] jdhn|8 years ago|reply
[+] [-] davidmanescu|8 years ago|reply
[+] [-] tinco|8 years ago|reply
Just look at what people pay for mediocre Van Gogh paintings I wouldn't hang in my toilet..
[+] [-] feriancek|8 years ago|reply
"NVT Ratio (Network Value to Transactions Ratio) is similar to the PE Ratio used in equity markets."
The NVT is currently high, but not out of control like it was in 2014. This is the best dataset I've seen for working out if the network is actually being used in a way that matches the valuation, and I think will become invaluable when the CME Bitcoin Futures market opens.
[+] [-] ihsw2|8 years ago|reply
And it looks like we are quickly approaching such a scenario.
The rich (and super-rich) have a lot of resources to move markets and BTC is currently especially susceptible to this.
[+] [-] ringaroundthetx|8 years ago|reply
Perhaps the biggest derivatives house on the planet announcing that they are going address the specific concern makes it more useful? Because your exact rebuttal won't exist anymore.
CME Group is offering futures and options.
[+] [-] lsmarigo|8 years ago|reply
Everyone is afraid to say what they think. The core concept of BTC is fundamentally flawed and unbelievably naive. The value is rising based on hype and speculation alone, no value is being generated in-fact it's being consumed to 'mine' and transact the coins. Those claiming they're spending their BTC on regular purchases are either not being honest or beyond stupid.
[+] [-] marcosscriven|8 years ago|reply
It’s of course tempting to imagine doubling my entire savings in just two months, but so too could they have halved, or worse.
[+] [-] S410520|8 years ago|reply
Imagine a Bitcoin world.
[+] [-] brndnmtthws|8 years ago|reply
Also check out Andreas Antonopoulos' videos on YouTube, which are easy to digest and very informative. Here's the place to start: https://www.youtube.com/watch?v=l1si5ZWLgy0
[+] [-] oldboyFX|8 years ago|reply
A bit like "Cowspiracy".
[+] [-] goldenkey|8 years ago|reply
Seems more like an overpriced valueless commodity controlled in majority by Chinese miners who have ASIC rigs only a couple companies in the world can produce. So its basically centralized even if the protocol isn't.
How much stake do you have in Bitcoin? (Technical people can understand what Bitcoin is and yet despise the blatant canvasing by owners of Bitcoin.) I find the blatant tarlipping to be offensive. Just admit when you have the asset if you are going to try to get people to part with their hard earned money for what amounts to a global ponzi scheme.
[+] [-] markatkinson|8 years ago|reply
So long as some catastrophic event doesn't completely tarnish the masses opinion on crypto's I think we are in for a wild ride (wild ride either way I suppose). Traditional banks, asset managers and transaction facilitators need to watch themselves.
I get the feeling that younger generations (<35-40) are hungry to separate themselves from traditional banking systems, and the group that pulls off (almost) instant free transactions in a distributed ledger are going to cause a real financial revolution.
Cant wait and fingers crossed.
[+] [-] napolux|8 years ago|reply
Somebody will get hurt, sooner or later.
[+] [-] pinchharmonic|8 years ago|reply
If I got into it, I would get a return I thought was nice (100-200%) and then cash out.
[+] [-] artur_makly|8 years ago|reply
So at this point (to me) BTC is a pure pyramid scheme — a digital casino
[+] [-] lin_lin|8 years ago|reply
[+] [-] decentralised|8 years ago|reply
[+] [-] mrhappyunhappy|8 years ago|reply
[+] [-] nadam|8 years ago|reply
I am betting against the current trend, and holding mostly DASH (and BAT, POWR, RLC and some similar currencies) with practical potential to be used for more than just a store of value like Bitcoin.
Bitcoin has its place and strength, it is the digital gold, but too much bitcoin dominance in the cryptocurrency industry is against innovation and progress.