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Coffeezilla, a YouTuber Exposing Crypto Scams

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Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#101

Post by 1337biz »

danieldevries wrote: post #35

I've followed Coffeezilla for a while. I was doing an AI course from another youtuber named Siraj Raval in 2019. The course ended up being totally amateur and full of empty promises. Mr Zilla did a video about it: https://www.youtube.com/watch?v=7jmBE4yPrOs 'AI Guru makes $238,800 with misleading paid course. doesn't credit developers. | Siraj Raval FGF' Then Zilla started exclusively focusing on crypto/NFT scams. Th…

I guess crypto videos get him more views. Most of the videos are super boring, like yeah who would have thought that some shady YouTuber promoting a token on Binance Smart Chain would turn out to be a scam.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#102

Post by michael1999 »

effingwewt wrote: post #45
michael1999 wrote: post #26

Earlier quoted context omitted.

You can’t store wealth stably in inanimate things. Wealth is always social in nature. Currencies are claims on the future production of people who want them. Their future desires and capacities defines the value.

Gold. Other precious/rare metals. Property. You are speaking of collectibles, not wealth/currency.

The natural rate of return “saving” in metals is negative. Rust, security, and other storage costs are real, and inanimate things provide no return to carry them. And property is only valuable in the context of social uses. Else why is land so cheap in Detroit?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#103

Post by everfree »

austinkhale wrote: post #100
everfree wrote: post #89

Earlier quoted context omitted.

Algorithmic and partially backed stablecoins (like Luna's TerraUSD) are perpetual motion machines. Fully backed stablecoins (all other popular stablecoins with the arguable exception of Tether) are not perpetual motion machines.

What do you mean “fully backed”? The last time I checked on USDT (which was a while ago) I thought they admitted it was a fractional reserve, primarily denominated in undisclosed commercial paper. Additionally, they had not yet received an unqualified audit report from any of the big four. Has something changed in the last year or so?

As I said, Tether (USDT) is an arguable exception. You seem to be arguing that exception. I don't disagree with you.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#104

Post by Marazan »

syzygyhack wrote: post #62
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…

> Unregulated stable coins have proven to be as stable as the titanic was unsinkable. When in the last five years have you had difficulty cashing out USDT, USDC, or DAI at dollar value?

Have you ever redeemed Tether?

As opposed to selling it to another chump on am exchange?

Have you ever taken your Tether holdings and redeemed them at Tether.io for US Dollars?

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#105

Post by danieldevries »

1337biz wrote: post #101
danieldevries wrote: post #35

I've followed Coffeezilla for a while. I was doing an AI course from another youtuber named Siraj Raval in 2019. The course ended up being totally amateur and full of empty promises. Mr Zilla did a video about it: https://www.youtube.com/watch?v=7jmBE4yPrOs 'AI Guru makes $238,800 with misleading paid course. doesn't credit developers. | Siraj Raval FGF' Then Zilla started exclusively focusing on crypto/NFT scams. Th…

I guess crypto videos get him more views. Most of the videos are super boring, like yeah who would have thought that some shady YouTuber promoting a token on Binance Smart Chain would turn out to be a scam.

Yep. Ironically I felt he turned into the very thing he was uncovering. Towards the end of 2021 he made this promise to donate X dollars to a charity if he reached a million subs. It came across as pretty disingenuous.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#106

Post by tromp »

ratsmack wrote: post #46
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…

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.

It produces objective immutability of the transaction history.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#107

Post by stouset »

syzygyhack wrote: post #94
polygamous_bat wrote: post #64

Earlier quoted context omitted.

Because past performance is _always_ indicative of future performance, am I right? > When in the last five years have you had difficulty cashing out USDT, USDC, or DAI at dollar value? You could have said the exact same thing about Terra/UST right until sometimes last week. It works until it doesn't.

1. UST hasn't existed for 5 years, the others have. 2. "Algostable" coins are experimental, and this one was propped up by ponzinomics on Anchor. It is not comparable to collateralized stablecoins, and claiming otherwise is intellectually dishonest.

1. The beanie baby craze lasted a bit shy of 5 years. 5 years is nothing.

2. Collateralized stablecoins are stable insofar as they actually have enough liquid collateral to redeem. None of these coins have even remotely been tested yet.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#108

Post by stouset »

paulpauper wrote: post #99
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…

The main value proposition of crypto is cryptographic security. You cannot confiscate crypto like you can other assets (unless obv. you have the key or miners somehow collude). Is this worth $1 trillion? Probably not.

> You cannot confiscate crypto like you can other assets.

You're correct. In most cases it's dramatically easier to confiscate the crypto. See: the horde of people who've had their cryptocurrency and NFTs stolen. To say nothing of the uncountable Bitcoin billionaires who've had a hard drive crash, lost their keys, forgotten a password, etc.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#109

Post by syzygyhack »

Marazan wrote: post #104
syzygyhack wrote: post #62

Earlier quoted context omitted.

> Unregulated stable coins have proven to be as stable as the titanic was unsinkable. When in the last five years have you had difficulty cashing out USDT, USDC, or DAI at dollar value?

Have you ever redeemed Tether? As opposed to selling it to another chump on am exchange? Have you ever taken your Tether holdings and redeemed them at Tether.io for US Dollars?

With a corporate account, not personal, but yes. They make it relatively simple. I don't imagine it's any different for an individual, aside from the verification process.

Re: Coffeezilla, a YouTuber Exposing Crypto Scams

#110

Post by shreyshnaccount »

ratsmack wrote: post #51
shreyshnaccount wrote: post #49

Earlier quoted context omitted.

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.

Thats one of the very obvious drawbacks.. Money is a store of value, but crypto just tries to 'be' the value, which doesn't go well, because well it's not valuable at all
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