The incredible promises of Bitcoin!

Nobody buys a toothbrush on the basis that the toothbrush market will go to the moon! (There hasn’t so far been a toothbrush asset bubble.) This is, however, the standard selling point for cryptocurrencies. As is claiming the selling point is anything other than hope that it will go to the moon.

Advocates claim all manner of practical use cases for Bitcoin. A lot of the claims contradict each other, and indeed the actual software; others merely run aground on reality. They mix up hypothetical ideas (most of it) and what is robust technology that actually exists (almost none), with bogus economics to boot. Just as long as they can get you to buy Bitcoin.

After the first Bitcoin bubble popped, many of these claims were  carried forward unaltered into contemporary business “Blockchain” hype.

The Bitcoin Wiki answers many common objections on a “Myths” page.28 The answers are of varying persuasiveness.

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