Why Bitcoin is worse than a Madoff-style Ponzi scheme
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Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#2Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#3Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit.
Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society. Oil companies also make a lot of money and we can see where that has ended up.
Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#4Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit. Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society.…
The comparison to oil isn't quite fair to oil. Oil has a lot of negative side effects, to be clear, but the benefits to society from the use of oil include pretty much all the things we depend on for modern civilization. That is why replacing oil with renewables is going to be such a challenge.
When it comes to crypto, on the other hand, I think the challenge would be listing any real benefits to begin with.
Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#5https://archive.md/sQhtq
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Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#6Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit. Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society.…
Crypto=/= Bitcoin
Bitcoin offers a decentralized, supply capped alternative to central banking.
If this seems useful to you, use it, if it doesn't, don't use it. Simple as that.
Currently people find the ability to have unconfiscatable money attractive.
Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#7Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit. Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society.…
Oil and natural gas have lifted billions of people out of generational poverty. It wouldn't be possible for you to type that comment on your computer or laptop and post it to Hacker News without their existence.
When I got into Bitcoin I wasn't a "victim" and I'm still not one. Maybe you're the victim of your own preconceived notions.
Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#8Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit. Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society.…
you have let Your emotions take over And are blind to everything. Please explain Why is gold not a Ponzi scheme?
Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#9The counter argument is that Bitcoin provides more than 45 million dollars a day in utility.
edit: Does the lightning network need Bitcoin to work or is it just Venmo?
Re: Why Bitcoin is worse than a Madoff-style Ponzi scheme
#10Fresh in-pouring of victims to sustain the whole thing, while some bigger players benefit. Im sorry, I don't want to argue anymore with crypto advocates. There is no more rational discussion to possibly be had about any of the current contenders in this space. The whole thing needs to be pulled apart. Just because some people earn money from it, doesn't make it moral, a good idea , useful, or bettering human society.…
The comparison to oil isn't quite fair to oil. Oil has a lot of negative side effects, to be clear, but the benefits to society from the use of oil include pretty much all the things we depend on for modern civilization. That is why replacing oil with renewables is going to be such a challenge. When it comes to crypto, on the other hand, I think the challenge would be listing any real benefits to begin with.
I'm not sure whether crypto is a good or bad thing overall but there are plenty of good uses for it:
* In countries with unstable currencies they are useful stores of value (Venezuela, Turkey and Zimbabwe right now). I was in Zim back in 2010 and visited someone's house. It was filled with petrol because he had been paid and had to spend the money before it lost its value so he bought what was available. Bitcoin would have been a lot safer and less likely to cause shortages of goods (and more inflation).
* They offer a much cheaper and simpler way to move money between countries both for ordinary people and small businesses.
* By making online retail anonymous they've allowed the circumvention of all sorts of prohibitions. Sometimes that might be a bad thing, but I think it's a part of the reason we've seen weed legalised in so many US states.
And remember: we don't ban things because you or I don't see the point. If someone else thinks they see a point, and they're not hurting anyone, they have every right to pursue what interests them