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Responses to FUD

I’ve been having convos with two friends about two diff types of FUD. I’d love to hear what approaches / resources you’ve all found useful to respond with.

Nic Carter has been awesome in dispelling almost all “energy usage” FUD. I’d like to find equally good resources for these other two items.

FUD # 1 – Btc is used for criminals

I already found a quote from a Forbes article

[Forbes article](https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/?sh=751188243432)

According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laundering and illicit activity. This means that criminal activity using cryptocurrency transactions is much smaller than fiat currency and its use is going down year by year.

I also once saw a guy in a congressional
Hearing talk about how on chain analysis makes criminal activity much easier to track than in fiat…but can’t find the video any more.

What else is out there in this? Is there anything talking about the dollar in particular?

FUD # 2 – btc could still get overtaken by another better tech or coin

I’ve heard Breedlove talk about network effect… that is compelling to me but I haven’t found anything concise enough to share with a friend (he isn’t going to read a book).

I also think Antonopolous has talked about the possibility of btc simply adapting to swallow up any completion in the future… but I’m not sure how compelling that is.

What do you all think is the best (most compelling) approach to this FUD?

Appreciate thoughts.



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8 Comments

  1. >This means that criminal activity using cryptocurrency transactions is
    much smaller than fiat currency and its use is going down year by year.

    That’s like saying the number of fish you can catch in a lake is smaller than in the Atlantic Ocean. Obviously true, but a useless comparison.

    Since you’re talking in absolute terms, 2021 saw the highest dollar value of cryptocurrency losses through fraud, and 2022 is only down because the valuations have dropped 70%.

    You can’t have it both ways if you want to be credible.

  2. 2 is not fud. Remember myspace? vhs? ipod? Polaroid instant photos? Uber drivers do not buy a $250,000 taxi medallion to operate. There is no need for F. But there is definitely U and D. Everyone must remain cautious and in tune with ongoing developments in this space.

  3. Lex’s Friedman’s interview with Michael Saylor was good where he explains the important events that led to Bitcoin becoming the chosen technology.

    At 2:43:13 the Satoshi Nakamoto section

    https://youtu.be/mC43pZkpTec

    Nic Carter also talks about how the beautiful thing about Bitcoin is that if it fails there will never be something similar because of the network adoption and the amount of time it spent being essentially worthless and distributing around the world.

    I’ve also always heard and felt that for a system to be uprooted completely and replaced with a new system it needs to be 10x better. Bitcoin might be 100x better than gold and certainly 10x better than tradfi. Not sure we will ever see anything 10x better than Bitcoin in our lifetimes. Think of a tech like Google. Doubtful that the majority of people will switch to a different search engine unless it were significantly better. Going from phones to smartphones with the initial iphone,

  4. FUD #2 – you’d have to ask yourself what you mean by a “better” coin.

    “Better” coins have been attempted throughout the past decade. The problem is that what many people see as flaws of Bitcoin are in fact features of Bitcoin, and so “improving” them means compromising a core feature of Bitcoin.

    Many of the hard forks acknowledge this and try to downplay the benefits of decentralisation etc. But this just makes it “not Bitcoin”.

    So you have to define what “better” means, and the likelihood of this being accomplished in a way that won’t already be adopted by the bitcoin network.

    And if such a coin ever happens… then it happens. Is your friend suggesting we should just stick to the current flawed fiat system forever until we have an alternative that we’re 100% certain can never ever be surpassed by another?

What do you think?

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