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Bitconnect founder indicted in global $2.4B cryptocurrency scheme

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Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#321

Post by TimJRobinson »

beaconstudios wrote: post #6
cinntaile wrote: post #2

Nice job. Now if only some people would see the difference between an actual ponzi scheme like this one and bitcoin and other cryptocurrencies. That would be nice.

Show me one cryptocurrency that has driven real world industry more than financial speculation and scamming.

Alchemix, Axie Infinity, Balancer, Aave, Pool Together, DyDx, Sorare.

Hundreds more too, I list them in most of these threads and yet every time, same question. The amount of people who confidently proclaim crypto does nothing useful without actually looking into the cool things that are happening is getting old.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#322

Post by TimJRobinson »

malermeister wrote: post #243
neither_color wrote: post #180

Earlier quoted context omitted.

What's "deserved" is subjective, but I'll bite. People from countries that are fiscally irresponsible and have tight capital controls "deserve" access to an asset that, while volatile, gives them a better hedge than hyperinflation and can't effectively be blocked by their dysfunctional government. See Zimbabwe, Venezuela, and citizens of any country that has a black market exchange rate for dollars/euros(Argentina, L…

Are you sure crypto will solve the problem of volatile currencies ? BTC crashes on around a yearly basis [0], it's to find any currency more volatile than that. [0] https://www.yahoo.com/video/7-biggest-bitcoin-crashes-histor...

Yes, they're called stablecoins. Dai is a decentralized stablecoin that is always pegged to $1 USD. Rai is a stablecoin that is pegged to itself (using a feedback mechanism).

Both are on Ethereum and if you keep wealth in them that wealth cannot be confiscated or censored (except with a physical wrench attack).

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#323

Post by TimJRobinson »

Yetioko wrote: post #175
TrapLord_Rhodo wrote: post #151

Earlier quoted context omitted.

how is it less efficient? Obviously btc can't replace the financial system but crypto can. Investors in the next 10 years are going to realise that an omnipool was all that was needed in the first place and the NYSE is a dinosaur in comparison.

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…

Can you buy options, derivatives, futures? Can you invest in startups? Can you easily send money anywhere in the world in seconds?

99% of the world can't, either because of where they live, or the government deciding they're not allowed to because they're not rich enough to join the elites.

This is the world Ethereum unlocks - a global financial system that allows anyone to participate regardless of where they were born or their background.

If you value freedom you'll see it's a far superior financial system than the one we have today.

It's not technically ready yet, but the path is clear and it will be there sooner than you think.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#324

Post by TrapLord_Rhodo »

Yetioko wrote: post #296
meowkit wrote: post #214

Earlier quoted context omitted.

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.

I'm fully aware how PoS in context of crypto works. 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 sy…

this comment shows a bit of misunderstanding on what the point of POS is.

It is not some saving mechanism, it is a concensus mechanism. It ensures fraud doesn't occur and that more crypto isn't being created out of thin air. It is a way to incentivice node operators to act fairly.

If the USD had a POS system, I would 100% have all my money in it. but i can't verify the whims of the FED

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#325

Post by jonathankoren »

tenuousemphasis wrote: post #282
jonathankoren wrote: post #222

Earlier quoted context omitted.

You just need to regulate the end points. At some point, someone needs real money instead of robux.

Those are the exchanges I mentioned. But no, if it's widely enough used, it can be an entirely self contained system.

But it’s not widely used, that’s the whole problem.

Say you created a business accepting exclusively cryptocurrencies. You need to ship an item? You need “dirty fiat”. Let’s say you’re only selling NFTs or services, your hosting provider wants paid in real currency. Food? Housing? Utilities? Fiat. Fiat. Fiat.

Unless it’s accepted for the entire supply chain of LIFE, you’re screwed.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#326

Post by chemmail »

abvdasker wrote: post #289
ziml77 wrote: post #192

Earlier quoted context omitted.

Not untrue. If you're quick to get in and time your exit right, you can make some seriously good money. Basically leveraging someone else's scam to scam people yourself.

This is the fundamental nature of bitcoin and all cryptocurrencies.

bitcoin and crypto is just a technology, a tool at the end of the day. It is like saying nuclear fusion is only for mass destruction and extinction of the human race. Oh wait, nevermind. I retract that.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#327

Post by Yetioko »

TrapLord_Rhodo wrote: post #324
Yetioko wrote: post #296

Earlier quoted context omitted.

I'm fully aware how PoS in context of crypto works. 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 sy…

this comment shows a bit of misunderstanding on what the point of POS is. It is not some saving mechanism, it is a concensus mechanism. It ensures fraud doesn't occur and that more crypto isn't being created out of thin air. It is a way to incentivice node operators to act fairly. If the USD had a POS system, I would 100% have all my money in it. but i can't verify the whims of the FED

No post body was provided.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#328

Post by Yetioko »

blueprint wrote: post #312
Yetioko wrote: post #297

Earlier quoted context omitted.

You are part of a system not the property of it. 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…

Just answer the question. If you can't then perhaps you should admit you're arguing about your ideas rather than specific facts. Nuances actually matter here. You said a government has a right to reduce my freedom to participate in a certain system. I'm asking you to cite it so we can speak about something real instead of following a path that leads very clearly to imprisonment of those with whom the buck actually st…

No post body was provided.
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