Comments by "k98killer" (@k98killer) on "Crypto: The World’s Greatest Scam." video.

  1. Very poor understanding of Bitcoin on display there early in the video. You don't compare a final settlement system like Bitcoin to a payment clearing system like Visa or MasterCard. The appropriate comparison is against FedWire. You wouldn't buy a coffee from Starbucks with FedWire, so neither would you do so with the Bitcoin base layer. Bitcoin, like FedWire, is a gross settlement network, and the proper use is to build payment clearing and net settlement layers on top of it.
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  2. The assertion that securing the most secure computer network in human history is "wasted energy" is pretty asinine -- might as well say that all the energy used to run the banking system is also wasted.
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  3. The Bitcoin base layer has about half the transaction throughput of FedWire, with the caveat that it functions 24/7 rather than shutting off every week night and weekend. Lightning Network currently has transaction throughput approximately equal to a card network. Right now, there are more people transacting daily on the LN than on CBDCs. So the idea that Bitcoin is dead as a currency is divorced from reality.
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  4. To be fair, when you print 1/3 of all dollars that have ever been printed in a period of 12 months, speculative manias are inevitable. This is modern Weimar Republic stuff rather than something inherent to the technology.
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