Terrorists use Bitcoin, therefore Bitcoin is bad.
Drug dealers use Bitcoin, therefore Bitcoin is bad.
Nazis use Bitcoin, therefore Bitcoin is bad.
The ‘Guilt by Association’ Fallacy
One of the ways how bitcoin falls under attack and scrutiny is through the guilt that the trolls build. The mainstream media and uninformed individuals really do not know how to go about the portrayal of Bitcoin. Looks like pop culture is always confused about such things, whether to love or to hate them is always a little more than blurry for them. It is enjoyed none the less, for the fact that it makes up for some really fun sensationalist fiction that has no intrinsic purpose than to appeal to the viewers and readers and to make money for the businesses. The funny and ironic thing is that for these websites, video channels, analysts, bitcoin news and analysis is not the product, the people consuming the news are the product because that is how they generate their advertisement revenues and ratings.
Child Porn Sells on The Dark Web
Yes, this is exactly why we need to hate bitcoin. But, bitcoin did not create child pornography, sickos did. Bitcoin as an institution is not remotely associated with the dark web and what goes on there, it is merely used badly. Just like fiat is used for selling B and C grade cheap and expired poisonous drugs, revenge porn, hit men, human trafficking, prostitution, and slavery. These things are exactly what is wrong with the development of human civilization, and the perpetrators must be penalized in however way possible, but bitcoin is not a vehicle for this gunk. And it must be freed of this image of being associated with it.
Price Manipulation is Fun!
Do not invest in bitcoin they said, it is manipulated they said. Do you regret listening to these absurd, completely random and crazy ‘they’ too? The concerns are overblown. Fiat is overrated and manipulated by history, by governments, by thinkers, politicians, economists, and policymakers.
Anyone who is not here for short termed gains understands that the manipulation adds thrill in here, and it is okay to be a little volatile.
You’ll get entities like whales and panic sellers dumping their coins on the market fairly regularly, but this just ensures the transition of Bitcoin to stronger hands. Those investing sensibly set their sights further than a single market cycle, this is usually described as a higher time preference, where immediate expenditure is offset for the greater reward at a later date.
The ‘dust’ phenomenon refers to the creation of minuscule transactions that may be used to either ‘spam’ the Bitcoin network and take up block space, or to pepper certain addresses with tiny UTXOs in order to attempt to deanonymize users that go on to transact with them. This is a way to block the traffic so that the perps car cannot be seen in from the bird’s eye view.
None of this mean that bitcoin is bad, it only means that there are a hell lotta sickos that still need to be taken out of the system.