<story><title>Three Arrows Capital reportedly facing insolvency</title><url>https://www.fxstreet.com/cryptocurrencies/news/three-arrows-capitals-zhu-su-speaks-out-after-400-million-liquidation-due-to-celsius-and-terras-luna-fiasco-202206150841</url></story><parent_chain><item><author>wpietri</author><text>I appreciate the feeling, but the problem is that Bitcoin just isn&amp;#x27;t very useful for the original vision, &amp;quot;a purely peer-to-peer version of electronic cash&amp;quot;. [1] It&amp;#x27;s fine for a little light crime, where people are willing to put up with slow transactions, high costs, inconvenience, and significant risks to e.g., buy some mail-order LSD. But when you compare it with things like debit cards, Venmo, and M-Pesa, it&amp;#x27;s just not competitive.&lt;p&gt;I think Bitcoin was a really interesting idea in the pre-iPhone era, but for a variety of reasons it just didn&amp;#x27;t pan out. Which is why the space was so readily colonized by scammers, grifters, criminals, fraudsters, speculators, and loons.&lt;p&gt;[1] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;bitcoin.org&amp;#x2F;bitcoin.pdf&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;bitcoin.org&amp;#x2F;bitcoin.pdf&lt;/a&gt;</text></item><item><author>nice_one</author><text>Is there any downside to this? Seems to me this is a positive outcome if it encourages speculators to leave the cryptocurrency space.&lt;p&gt;Crypto was never intended to be used (and abused) in such a way, and is a considerable deviation from Satoshi&amp;#x27;s original vision regarding Bitcoin. Perhaps it&amp;#x27;s time to get back to basics.</text></item></parent_chain><comment><author>kersplody</author><text>It was supposed to be cash without the burden of nation state oversight. Instead, it turned into a giant casino ecosystem of unregulated securities involving more and more layers of abstraction (exchanges, stable-coins, NFTs, bundled transactions, hedges, subchains, ...)</text></comment>
<story><title>Three Arrows Capital reportedly facing insolvency</title><url>https://www.fxstreet.com/cryptocurrencies/news/three-arrows-capitals-zhu-su-speaks-out-after-400-million-liquidation-due-to-celsius-and-terras-luna-fiasco-202206150841</url></story><parent_chain><item><author>wpietri</author><text>I appreciate the feeling, but the problem is that Bitcoin just isn&amp;#x27;t very useful for the original vision, &amp;quot;a purely peer-to-peer version of electronic cash&amp;quot;. [1] It&amp;#x27;s fine for a little light crime, where people are willing to put up with slow transactions, high costs, inconvenience, and significant risks to e.g., buy some mail-order LSD. But when you compare it with things like debit cards, Venmo, and M-Pesa, it&amp;#x27;s just not competitive.&lt;p&gt;I think Bitcoin was a really interesting idea in the pre-iPhone era, but for a variety of reasons it just didn&amp;#x27;t pan out. Which is why the space was so readily colonized by scammers, grifters, criminals, fraudsters, speculators, and loons.&lt;p&gt;[1] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;bitcoin.org&amp;#x2F;bitcoin.pdf&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;bitcoin.org&amp;#x2F;bitcoin.pdf&lt;/a&gt;</text></item><item><author>nice_one</author><text>Is there any downside to this? Seems to me this is a positive outcome if it encourages speculators to leave the cryptocurrency space.&lt;p&gt;Crypto was never intended to be used (and abused) in such a way, and is a considerable deviation from Satoshi&amp;#x27;s original vision regarding Bitcoin. Perhaps it&amp;#x27;s time to get back to basics.</text></item></parent_chain><comment><author>fooey</author><text>Yeah, the original vision was never plausible. BTC has absolutely never been viable as a currency and never will be.</text></comment>