Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud

Post by Viker » Thu, May 17, 2018, 7:24 PM UTC

ryanlol wrote: post #17

hudon wrote: post #6

- The space is littered with fraud. - Wallets have bugs that lose hundreds of millions of dollars - Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018 - Promoters yelling “decentralize everything” while exchanges, development teams and mining are all highly centralized - No legal use case found to date Blockchain is a parasite on society.

>No legal use case found to date How do you expect anyone to take you seriously?

Post by ryanlol » Thu, May 17, 2018, 7:30 PM UTC

lotyrin wrote: post #22

ryanlol wrote: post #17

Earlier quoted context omitted.

>No legal use case found to date How do you expect anyone to take you seriously?

Do you have counter examples? Anything using the currencies as stores of wealth or mediums of exchange seem to be better suited by traditional finance which are less volatile and capable of higher volume. Anything using the ledger as a distributed datastore seems like it would be better suited by a datastore that wasn't wrapped up in a currency ledger and uses a consensus algorithm less costly than proof-of-work.

Post by ballenf » Thu, May 17, 2018, 7:31 PM UTC

findyoucef wrote: post #4

ballenf wrote: post #2

Article is non-paywalled for once. Exhaustive analysis of ICO white papers shows about 1/4 contain major red flags. The bar the WSJ set is pretty low (as in easy to pass without raising flags). Any white paper that didn't plagiarize long passages, re-use others' headshots or fail to name principals, or fail mention risk basically passes. It's also worth noting that the multi-billion dollar figure cited for total fund…

There is a pay wall.

Post by dboreham » Thu, May 17, 2018, 7:34 PM UTC

ryanlol wrote: post #23

lotyrin wrote: post #22

Earlier quoted context omitted.

Do you have counter examples? Anything using the currencies as stores of wealth or mediums of exchange seem to be better suited by traditional finance which are less volatile and capable of higher volume. Anything using the ledger as a distributed datastore seems like it would be better suited by a datastore that wasn't wrapped up in a currency ledger and uses a consensus algorithm less costly than proof-of-work.

We receive up to six figures in cryptocurrency payments every week for multiple perfectly legal products. If that’s not a “legal use case”, I don’t know what is. Are we going to argue next that credit cards have no use case because other forms of payment exist? Another example: I just bought a watch off of a guy on a forum using bitcoin, bank transfers or WU would have been a far bigger pain in the ass.

Post by [deleted] » Thu, May 17, 2018, 7:36 PM UTC

ryanlol wrote: post #23

lotyrin wrote: post #22

Earlier quoted context omitted.

Do you have counter examples? Anything using the currencies as stores of wealth or mediums of exchange seem to be better suited by traditional finance which are less volatile and capable of higher volume. Anything using the ledger as a distributed datastore seems like it would be better suited by a datastore that wasn't wrapped up in a currency ledger and uses a consensus algorithm less costly than proof-of-work.

We receive up to six figures in cryptocurrency payments every week for multiple perfectly legal products. If that’s not a “legal use case”, I don’t know what is. Are we going to argue next that credit cards have no use case because other forms of payment exist? Another example: I just bought a watch off of a guy on a forum using bitcoin, bank transfers or WU would have been a far bigger pain in the ass.