291–300 of 328 posts
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So in other words...the system worked exactly as it was designed to work...
I guess but only because there was a very very vocal backlash. It wouldn't have necessarily worked if everyone was just complacent and apologetic for Trudeau. Trudeau had no intention of showing any restraint until the backlash intensified.
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> The fact that cryptocurrencies are even Ponzier than any Ponzi scheme What does that even mean? Especially since most cryptocurrencies factually doesn't fit the definition of a Ponzi scheme.
What is the factual difference? The similarities being that both rely on finding an ever greater number of people to buy in so that early investors can cash out.
In the same way you can argue that investing in gold is a pyramid scheme (since it relies on its price going up), you can argue that crypto is too.
(Note that there are some real Ponzi schemes in crypto too, but they're not real cryptocurrencies either.)
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It's grossly untrue to say it's a Ponzi scheme "like stocks" which are part ownership in companies that actually sell things in the real world and are valued by the present value of their future expected cash flows, rather than cryptocurrencies which have no such relationship to the real world, and some would argue are valued entirely on the premise of returns that can only be sustained by finding the next sucker.
Blockchains (like eth and its alternatives) sell blocks (compute with a ledger). Those blocks "have value" to the people who build things on them like NFT's, defi, ponzi schemes, etc... One can argue that those applications don't have value, are scams, are unethical but people are paying a lot of money for those blocks on a daily basis; and holders of those L1 tokens benefit from that value. If you think of eth as a…
Well, yes… Buying a season ticket is primarily for the perks, events, etc - not as a long-term average Joe investment.
You can’t just call anything that can be resold as a Ponzi.
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There are a couple of "token sales" (they don't call them that) that only allowed accredited investors to invest, and had their "token sales" registered with the SEC before they went live with them. If those were designed to defraud the investors, I'm pretty sure SEC would go after those first.
Yep. It comes down to information asymmetry. Harder to trick and scam accredited investors Most token sales make good money with very low effort scams
Not necessarily, accredited investors are dentists and successful pool-installers.
https://www.bloomberg.com/opinion/articles/2018-09-24/earnin...
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You can only do this as long as you are able to convert fiat to crypto and back. You can also only do this as long as crypto is so small that its not getting banned. And for everyone who doesn't has this issue, crypto is actually bad: the overall benefit of anonymous money transfer benefits who want to do illegal things which are illegal for purposes. Would you like to know that others are doing tax fraud and you are…
>You can only do this as long as you are able to convert fiat to crypto and back. >You can also only do this as long as crypto is so small that its not getting banned. Killing cryptocurrency is impossible if people value it and can exchange it for fiat in-person. >And for everyone who doesn't has this issue, crypto is actually bad: the overall benefit of anonymous money transfer benefits who want to do illegal things…
People stop valueing it when they can't do anything with it. Currently no one cares about crypto for anything besides gambling. There is a very long way ahead for any crypto to become anything else.
". I've lost a ton of trust in the Canadian government after they deemed it illegal to donate to a cause they disagree with." You are still in a democracy. Feel free to move to russia if you prefer a dictatorship. but otherwise its your responsibility to accept democratic decisions you don't like or you don't understand.
I'm not saying its always fair or that democracy/canada is the best thing in the world but for you as an individual, with the current options that actually is the best case for you.
"Only the rich will benefit from banning cryptocurrency." the rich don't care. They benefit from everything which makes money.
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Etherium is looking for a PoS system. Guess what our current fiat system actually is? A highly finetuned evolutionary PoS system. It has features like: - transparency - fraud detection - political sanctions (russia vs. ukraine, north korea, iran...) - fairness due to transparency (you pay your taxes, i do: we both pay our fair share of infrastrucutre cost etc.) - easy to use (my grandparenst were able to use it) - sa…
I'm just going to point out that you said nothing about proof of stake here, and I am getting the sense from your other comments that you do not understand the technicalities of the traditional finance system, or cryptocurrencies.
But let me tell you what the PoS part is in our current fiat system:
I get my salary in fiat. I save my fiat in a bank account for being used later. I might not need to hold 1tb of ram available and proof that i have it running, but i already proof that i trust my fiat because i get my salary in it. I pay with it, i save it.
I have a high stake in it. I also have systems/tools available to me for my fiat like banks and laws.
This is no different to what etherium proposes: For PoS you need to buy and hold etherium and you get etherium for doing so.
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Your logic doesn't make sense. You are part of a system like a country. You are part of that country and the country acts on your behalf. IF there is a good reason that the state only allows sending money after certain criteria are met, its for the good of the country (normal countries, not corrupt ones). Then the country and its laws has the right to reduce that freedom. You might believe in the republic idea of eve…
I'm not the property of a government. And please show me where rights are granted to governments and by who and for what basic purpose. And it's not always about govs. You may be imprisoned. but dont imprison others with your assumptions
I'm totally lost on what you are trying to imply with "And please show me where rights are granted to governments and by who and for what basic purpose."
You are fully aware that there are countries. You should know how they work, you should know what models of representation exists and which forms of gov you are in.
Give yourself the illusion that you are independent while paying taxes and putting on your seatbelt.
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Payments are not speech. Find a better argument.
except that sometimes they reduce to speech. especially in cases where there are incidental human rights violations suppressing those payments. the examples why this cannot be left up to arbitrary governments are abundant. so there's nothing wrong with my argument. if you disagree then please show proof. by the way just a heads up I suggest you learn the value of basic human kindness in your manner.
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Etherium is looking for a PoS system. Guess what our current fiat system actually is? A highly finetuned evolutionary PoS system. It has features like: - transparency - fraud detection - political sanctions (russia vs. ukraine, north korea, iran...) - fairness due to transparency (you pay your taxes, i do: we both pay our fair share of infrastrucutre cost etc.) - easy to use (my grandparenst were able to use it) - sa…
- transparency Crypto, besides privacy coins is the most transparent you can possibily get. It's a public, immutable ledger. The US can literally go in an change the total supply anytime with zero transparency. And since USD is the global denomination of debt, when i increase my supply it actually makes my currency more valuable since everyone is shorting their own currency (Since their debt is in USD) and inflation…
- Crypto is not transparent. Its continuously mentioned as a benefit of crypto. You should be fully aware of all the methods crypto provides to be intransparent. Tumblers, Lightning network or when you go away from bitcoin, monero is inherent intransparent.
- You might ignore the Efficiency of political sanctions, but the struggles for those people are real. I have been to Iran and have seen it by my own eyes.
- Crypto is still not easy to use. Stop lying to yourself. Go to el salvador and look how they use it. There is only one small city able to use the lightning network properly. The rest of the country doesn't know how to handle it properly. They also have fraud as most of them never got their crypto which was promised to them.
- " 20+% on my DeFi Pools" you should understand better what you are actually doing. You do high risk, low sanctioned, under the radar gambling. Stop comparing 20% of some shitty gambling/ponzi schema to anything real life
- "I can provide authorization with a 10 word pneumonic." wow. I forgot my 4 digit pin a few times in the last 10 years. I literally lost my company password and the muscle mnemonic for half a day. I literally can't lose my passport. My country will make a new one for me. Try to rememeber your 10 words when you are 70. Try to make sure that you do not enter your 10 words in a system which can transparently steal your money as soon as you tell it your 10 words.
Have you ever spend the amount of time you spend on learning about crypto to learn about fiat?
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They just stop it as they don't know how to use it and they also don't care about it anyway. Only the corrupt ones might accept a bribe.
So far that’s been true. Would you count on people never learning?
I hope not.