I found this video interesting for its approachability (my parents would understand it) but also for the final third that considers why Bitcoin or crypto in general would generate such a fervent, cultish following.
Now the source is clearly left-biased (its essentially a channel made to directly counter PragerU) but with that caveat this video saliently put to words a sort of nebulous unease I've had with crypto.
The title above is not the same as that of the video on Youtube: "Why Bitcoin Is A Scam". In contrast to the HN title above, I saw only a brief mention of the technology. All the arguments were aimed directly at Bitcoin and Bitcoin-adjacent ideology.
I took the twitter title. Looks like they changed it shortly after upload. @dang feel free to update the title
For the record, I think the title agrees with your observations. It says bitcoin is a scam, and it isn't because of how it is designed, but rather how it is used now.
The biggest evidence for this is the amount of liquidity in exchanges which is often less than 5% across the board. This means if everyone tries to cash in, only 5% will be able to recoup everything.
Of course, the price will go down as people cash in but I guarantee some individuals/organizations have 5% of many cryptos and Satoshi (whoever she/he/they are) currently has almost that much Bitcoin.
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For the record, I think the title agrees with your observations. It says bitcoin is a scam, and it isn't because of how it is designed, but rather how it is used now.
Of course, the price will go down as people cash in but I guarantee some individuals/organizations have 5% of many cryptos and Satoshi (whoever she/he/they are) currently has almost that much Bitcoin.