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Coffeezilla, a YouTuber Exposing Crypto Scams

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Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#11

Post by photochemsyn »

I'd like to see someone like this really try to explain the global non-crypto currency system as it exists today in similar detail. This after all was one of the touted reasons for crypto - it would allow people around the world to hold wealth in a stable currency that wouldn't be subject to market crashes and currency devaluations.

There are so many interesting questions that remain undiscussed - such as, to what extent does petrodollar recycling matter any more in terms of the value of the $USD relative to the euro and other currencies, such as Chinese and Japanese? If investing in crypto is a scam, why isn't investing in these other currencies also a scam? It would be nice to see some real in-depth compare and contrast writeups accessible to people who aren't professional currency traders etc.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#12

Post by simondotau »

WesolyKubeczek wrote: post #8
simondotau wrote: post #6

Earlier quoted context omitted.

Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are pump and dump schemes, while others are pyramid schemes. Others are just standard issue fraud. Others are just middlemen skimming of the top. Stop glossing over the diversity in the industry. https://twitter.com/patdennis/status/1518637225789042688

You (or the tweet’s author) seem to be very well versed in the fine art of distinguishing different sorts of poop.

I would never call crypto poop. Poop can be combined with water and light to nourish plants which create food, something real and useful for humans.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#13

Post by aww_dang »

photochemsyn wrote: post #11

I'd like to see someone like this really try to explain the global non-crypto currency system as it exists today in similar detail. This after all was one of the touted reasons for crypto - it would allow people around the world to hold wealth in a stable currency that wouldn't be subject to market crashes and currency devaluations. There are so many interesting questions that remain undiscussed - such as, to what ex…

Don't hold your breath waiting for The New Yorker to publish it. Expect something more along the lines of, "Central Banking: Why all detractors are conspiracy theorists, by Paul Krugman"

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#14

Post by Nextgrid »

TimPC wrote: post #4

Quoted post unavailable.

Crypto has exactly one non-scam use-case: a way to transfer value that's more resilient to government interference. Can be used for crime, grey areas or in the very rare case where there's no other financial infrastructure to transfer value.

Cryptocurrencies make various trade-offs around efficiency, energy use, user experience, etc to operate in such a hostile environment, therefore they should really be used as a last resort if there's nothing else that can achieve your objective.

For most people living in the developed world and for whom government interference isn't a problem, there is no need to use cryptocurrencies.

Anything else that's crypto/blockchain based but not a cryptocurrency for the purpose of transferring value is a scam - whether to scam the users (pump & dump, rug pull, etc) or to scam clueless investors who are happy to dump money into anything that uses a blockchain even though a database would be a better solution.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#15

Post by m3kw9 »

simondotau wrote: post #6
TimPC wrote: post #4

Quoted post unavailable.

Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are pump and dump schemes, while others are pyramid schemes. Others are just standard issue fraud. Others are just middlemen skimming of the top. Stop glossing over the diversity in the industry. https://twitter.com/patdennis/status/1518637225789042688

That’s just insulting to ponzi!

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#16

Post by tromp »

TimPC wrote: post #4

Quoted post unavailable.

Technology purist version:

Is it a token on top of another blockchain? Yes -> scam. No ->

Is it anything other than pure PoW? Yes -> scam. No ->

Does it have a ICO/premine/instamine? Yes -> scam. No ->

Do miners get less than 100% of block subsidy? Yes -> scam. No ->

Is the source code mostly cloned from another project? Yes -> scam. No ->

Is majority of supply emitted in first few years? Yes -> scammy. No ->

Do creators have any expected financial gain? Yes -> scammy. No -> Maybe not a scam.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#17

Post by 6sup6 »

Nextgrid wrote: post #14
TimPC wrote: post #4

Quoted post unavailable.

Crypto has exactly one non-scam use-case: a way to transfer value that's more resilient to government interference. Can be used for crime, grey areas or in the very rare case where there's no other financial infrastructure to transfer value. Cryptocurrencies make various trade-offs around efficiency, energy use, user experience, etc to operate in such a hostile environment, therefore they should really be used as a l…

After what the Canadian government managed to do with truckers crypto funds, I think it is more important than ever for people to understand what type of crypto to hold.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#19

Post by colesantiago »

Nextgrid wrote: post #14
TimPC wrote: post #4

Quoted post unavailable.

Crypto has exactly one non-scam use-case: a way to transfer value that's more resilient to government interference. Can be used for crime, grey areas or in the very rare case where there's no other financial infrastructure to transfer value. Cryptocurrencies make various trade-offs around efficiency, energy use, user experience, etc to operate in such a hostile environment, therefore they should really be used as a l…

MPesa, Paytm, Worldremit, etc.

All worldwide. No need for a blockchain. Ever.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#20

Post by risyachka »

Nextgrid wrote: post #14
TimPC wrote: post #4

Quoted post unavailable.

Crypto has exactly one non-scam use-case: a way to transfer value that's more resilient to government interference. Can be used for crime, grey areas or in the very rare case where there's no other financial infrastructure to transfer value. Cryptocurrencies make various trade-offs around efficiency, energy use, user experience, etc to operate in such a hostile environment, therefore they should really be used as a l…

You’d think the case is very rare, but then a war happened and it literally saved me as an instrument of storing value using stable coins. Not so rare after all. And this is only one example.

Is 99% of crypto scam? Yes

Are there hundreds of legit use cases? Yes.

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