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Coffeezilla, a YouTuber Exposing Crypto Scams

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Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#51

Post by ratsmack »

shreyshnaccount wrote: post #49
ratsmack wrote: post #46

Earlier quoted context omitted.

The whole "proof of work" concept regarding crypto is a sham. Normally, the expenditure of energy produces tangible products or services. In the case of crypto currency, massive amounts of heat is wasted to produce a number with questionable "value". I just can't wrap my head around this.

I've been thinking for a while that proof of work should be replaced with some other type of real work, such as training a Neural Net, but that runs into major issues after thinking about if for more than a second. Hopefully though, someone much smarter than me can figure something out

The "value" must be produced outside of the crypto system then moved into the system as a value store. I don't know how this is not an obvious concept.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#52

Post by paulryanrogers »

nyolfen wrote: post #44
johnebgd wrote: post #42

Blockchain has two proven use cases: 1.) Speculative investment assets. 2.) Moving value outside of a financial system. Unregulated stable coins have proven to be as stable as the titanic was unsinkable. Number 1 is really a problem because of Number 2. Number 2 is a fancy way to describe a primary use case being money laundering. Of course though there are some instances where that’s helpful like backing a foreign g…

your talking points are from like 2012 man. off the top of my head: remittances, online retail, trustless decentralized computational systems

Trustless or distributed trust (up until the point of a 51% attack)?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#53

Post by imperio59 »

colesantiago wrote: post #34

Coffeezilla is right. ALL crypto is 100% scams. There is no 99%. In fact 100% of the time, they have no use case at all and they are even worse than the current system. Crypto has totally failed time and time again to prove itself. We now need to come to terms with this failed experiment and call it all off and make them all illegal, where it rightfully should reside in. I lament to think of the time wasted of many e…

Peak Silicon Valley. Shit on the latest trend. Say engineers should "make the world a better place.". Well done.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#54

Post by yowlingcat »

johnebgd wrote: post #42

Blockchain has two proven use cases: 1.) Speculative investment assets. 2.) Moving value outside of a financial system. Unregulated stable coins have proven to be as stable as the titanic was unsinkable. Number 1 is really a problem because of Number 2. Number 2 is a fancy way to describe a primary use case being money laundering. Of course though there are some instances where that’s helpful like backing a foreign g…

> Number 2 is a fancy way to describe a primary use case being money laundering.

That's not entirely true. I think a more principal use case for Number 2 is purchasing things (dark web drugs, gambling, etc) outside of the usual centralized financial system rails which would stop them at the edges.

Bitcoin seems like a poor choice for money laundering because of how traceable it is; you'd need to use privacy coins for that, and even then, it's questionable (51% attack is doable in the same way that many Tor nodes are compromised).

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#55

Post by TimPC »

I think the one university that closed in Illinois due to a ransom attack made possible by Crypto will in the long run prove to be more valuable to society than all of crypto. If only we had some way of preserving all the things crypto destroys.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#56

Post by simmerup »

Banana699 wrote: post #29
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…

The entirety of modern money seems to me like a scam. Questionable abstractions left and right, legal fictions left and right like there's no tomorrow. I started reading The Ascent of Money: A Financial History of the World by Niall Ferguson so that I can understand more, the first chapter explains Fractional Reserve Banking and... Holy Shit, that's a scam, no 2 ways about it. It's terrifying what Modern Money is and…

When you use modern money you get the knowledge that the biggest militaries in the world are invested in maintaining its value.

You don't get that with many other stores of value

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#57

Post by crispyambulance »

colesantiago wrote: post #34

Coffeezilla is right. ALL crypto is 100% scams. There is no 99%. In fact 100% of the time, they have no use case at all and they are even worse than the current system. Crypto has totally failed time and time again to prove itself. We now need to come to terms with this failed experiment and call it all off and make them all illegal, where it rightfully should reside in. I lament to think of the time wasted of many e…

Not 100%, but just as bad.

I'd say that is wild mix with hard-to-measure ratios of...

* scammers and crooks - who are attracted to crypto like flies on s***.

* the naive marks of scammers - who the scammers (and everyone else) are extracting from

* true believers - who find value in the concepts. They're willing to overlook the s*-show and actually believe in a libertarian pipe-dream of a better future with crypto as money.

* amoral speculators - who could not care less wtf crypto means but just want to dip-and-pull. They're "in it" ONLY insofar as they can convert the funny-money into real-money.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#58

Post by dubswithus »

messutied wrote: post #48
nyolfen wrote: post #44

Earlier quoted context omitted.

your talking points are from like 2012 man. off the top of my head: remittances, online retail, trustless decentralized computational systems

Can you link a couple of sources that show companies that successfully leverage this use cases?

https://brave.com/transparency/

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#59

Post by dubswithus »

TimPC wrote: post #55

I think the one university that closed in Illinois due to a ransom attack made possible by Crypto will in the long run prove to be more valuable to society than all of crypto. If only we had some way of preserving all the things crypto destroys.

Was ransomware really not a thing before Bitcoin?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#60

Post by Nextgrid »

simondotau wrote: post #21
Nextgrid wrote: post #14

Earlier quoted context omitted.

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…

> Crypto has exactly one non-scam use-case: a way to transfer value And even then, its usefulness in this regard is limited when its valuation is highly volatile. Probably not an issue when the full transaction life cycle can be fully completed (buyer acquires crypto, buyer and seller trade crypto, seller offloads the crypto) in a matter of hours. But this narrows the use case even further.

It's currently volatile because there's lots of hype about it. But when it all dies down the value would more or less stablize to the value it provides for its only true use-case.
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