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Yes, Crypto Is All a Scam

stephendiehl.com

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Re: Yes, Crypto Is All a Scam

#21

Post by cmrdporcupine »

mdrzn wrote: post #9
senttoschool wrote: post #3

Earlier quoted context omitted.

everyone else just want to hold some coins. Until those people inevitably get rug pulled, scammed, ponzied. Then they will be convinced. Actually, most people who "hold some coins" know 99.99% of crypto is a scam but they still do it anyways in hopes of making money.

So what is the utility in writing the same articles and screaming the same points over and over again, to those who are still holding coins, and are clearly not interested in selling because "it might go to zero"? "You're an idiot, it's a scam, it's a ponzi, why are you still holding????" Live and let live.

Because one sees the damage to individuals and society, and wants to try to help to mitigate it?

Not selfish enough of an explanation?

Re: Yes, Crypto Is All a Scam

#22

Post by JumpCrisscross »

ShowalkKama wrote: post #16

I'd like to remind the readers that some people use crypto as a payment method and do not speculate. As far as I know there is no alternative with the same level of convinience that crypto provide (KYC-less and fast payments to anyone in the world with just one secret). Remember that next time you suggest something among the lines of "crypto should be made illegal".

> no alternative with the same level of convinience that crypto provide (KYC-less

There is a legitimate argument for creating KYC-light rails for small global transfers. That argument is not advanced by crypto's wanton criminality.

Re: Yes, Crypto Is All a Scam

#24

Post by jqpabc123 »

Not just a scam, it is the *ultimate* scam.

There is no product being sold. People are being convinced to surrender working currency in exchange for a public database entry that records the fact they were duped.

Re: Yes, Crypto Is All a Scam

#25

Post by JumpCrisscross »

capableweb wrote: post #18

> scam /skæm/ (noun): a clever and dishonest plan for making money This fits many projects in the cryptocurrency space. But what about the first successful cryptocurrency Bitcoin? Was it dishonest? What about Ethereum, is it also dishonest? Seems like yes, there are lots of scams in cryptocurrency. But there is also projects that are not, so in the end, the title ends up being clickbait, which I (just like you) fell…

> Bitcoin? Was it dishonest?

Bitcoin per se, no. Bitcoin as practiced, yes.

Broadly brushed, there are legitimate academic questions in crypto/blockchains/web3. The moment the work is remunerated for something other than its intellectual value, however, it's fair to revoke the benefit of doubt.

Re: Yes, Crypto Is All a Scam

#26

Post by leeroyjenkins11 »

I just want currency that won't be arbitrarily inflated, is digital that some group of people can't control my spending. I just want something that is a unit of value that I can trade for things I want. And it doesn't need to be traced either, I don't want the government to know how much I spend on steak.

Re: Yes, Crypto Is All a Scam

#27

Post by valdiorn »

Crypto absolutely has value, and the price of Bitcoin will never go to zero. NFTs are useful.

That's because the value these things provide is money-laundering, bypassing of international financial regulations and tax fraud.

Yeah that's a superb value proposition right there, and definitely something we want to keep free and available /s

The current system is flawed in many, many ways, but none of it happened arbitrarily; the restrictions we have are the because malicious actors abused the system.

Re: Yes, Crypto Is All a Scam

#28

Post by zmxz »

ShowalkKama wrote: post #16

I'd like to remind the readers that some people use crypto as a payment method and do not speculate. As far as I know there is no alternative with the same level of convinience that crypto provide (KYC-less and fast payments to anyone in the world with just one secret). Remember that next time you suggest something among the lines of "crypto should be made illegal".

Alright, because of the unknown number of users that use it and don't speculate - we'll keep the Ponzi scheme going, ignoring the damage and abuse caused so far. Is that good enough solution or?

Re: Yes, Crypto Is All a Scam

#29

Post by tootie »

capableweb wrote: post #18

> scam /skæm/ (noun): a clever and dishonest plan for making money This fits many projects in the cryptocurrency space. But what about the first successful cryptocurrency Bitcoin? Was it dishonest? What about Ethereum, is it also dishonest? Seems like yes, there are lots of scams in cryptocurrency. But there is also projects that are not, so in the end, the title ends up being clickbait, which I (just like you) fell…

I think it's hard to ascribe intent to Satoshi and it seems the Eth creators are sincere in their beliefs thus far. SBF also seemed sincere. I think that the author of the piece is lumping together acts of pure deception with acts of self-deception. Bitcoin may not be an explicit ploy by the creators to steal money but it's still a nonsense product destined to fail and leave everyone else holding the bag.

Re: Yes, Crypto Is All a Scam

#30

Post by empthought »

ShowalkKama wrote: post #16

I'd like to remind the readers that some people use crypto as a payment method and do not speculate. As far as I know there is no alternative with the same level of convinience that crypto provide (KYC-less and fast payments to anyone in the world with just one secret). Remember that next time you suggest something among the lines of "crypto should be made illegal".

> KYC-less

Is your argument seriously that crypto shouldn't be illegal so it can remain a convenient method of payment for illegal activities?

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