While bitcoin is being sold as a “Greater’s fool theory” all other Cryptocurrencies are hurting because of it.
are lost to Bitcoin’s controversial/hazardous mining and the characters that come along wanting to coattail off it’s popularity.
Open for discussion
Ethereum is also not really environmentally friendly.
And even if you get people to acknowledge that PoS chains should not be in the same boat, there are still the questions if it all makes any sense at all.
Up to now, nearly all the profits in cryptos come from speculation, from giving the risk if there is a further increase in prices to the next generation hired by excited YouTube videos.
For most of the problems that are promised to be solved by blockchains – from health records to education certifications – the solutions without blockchains seem much more simple. In fact, the blockchain solutions nearly always require almost the same infrastructure than the classical solution and the blockchain adds little value.
This makes it easy to dismiss it as: “Crypto bros desperately seeking another problem for their senseless solution.”
And then there are NFTs and other tokens invited every day. On the one hand, people should perhaps be allowed to trade anything they want. We also didn’t prohibit them trading Magic: The Gathering cards, after all. On the other hand, warning people of putting their life savings into something like that should almost be obligatory.
So, it’s probably not only Bitcoin that is giving the bad name.