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Bitconnect founder indicted in global $2.4B cryptocurrency scheme

justice.gov

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

#31

Post by mstipetic »

jmyeet wrote: post #26

Crypto may well be the biggest solution looking for a problem I've ever seen. Apart from the obvious issues (eg energy expenditure) the one myth that needs to die about crypto is that it is extragovernmental and indictments such as this and the Bitfinex laundering case recently should underline that. The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have tomor…

For me it’s funny to see twitter comments now asking can we impose crypto sanctions on Russia. It’s like all these institutions and mechanisms we have are there are for a reason

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

#32

Post by leashless »

jmyeet wrote: post #26

Crypto may well be the biggest solution looking for a problem I've ever seen. Apart from the obvious issues (eg energy expenditure) the one myth that needs to die about crypto is that it is extragovernmental and indictments such as this and the Bitfinex laundering case recently should underline that. The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have tomor…

The problem is climate change.

https://medium.com/humanizing-the-singularity/can-the-world-...

Smart contracts are the best shot we have of doing carbon, methane etc. tracking, managing offsetting payments and everything else required to start getting a grip on the CO2 emissions of the consumer economy.

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

#34

Post by [deleted] »

cinntaile wrote: post #19
beaconstudios wrote: post #6

Earlier quoted context omitted.

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

You're moving the goal posts. It's fine to be against cryptocurrencies, but I think it damages your credibility when you claim bitcoin is a ponzi scheme. Since it shows a lack of understanding of what a ponzi scheme actually is. By you I don't mean you in particular, I mean it in a more general sense.

[deleted]

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

#36

Post by samarama »

jmyeet wrote: post #26

Crypto may well be the biggest solution looking for a problem I've ever seen. Apart from the obvious issues (eg energy expenditure) the one myth that needs to die about crypto is that it is extragovernmental and indictments such as this and the Bitfinex laundering case recently should underline that. The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have tomor…

No post body was provided.

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

#37

Post by samarama »

NeutralForest wrote: post #24
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.

If it looks like a duck and quacks like a duck... Even without the Ponzi scheme and market manipulation; Proof-of-Work based cryptocurrencies are an ecological catastrophe. Other Proof-of-Something™ currencies do not bring much to the table either. At some point it's only normal there's a push back against cryptocurrencies.

That’s why the vast majority of L1s are not proof of work.

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

#39

Post by shock-value »

cinntaile wrote: post #19
beaconstudios wrote: post #6

Earlier quoted context omitted.

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

You're moving the goal posts. It's fine to be against cryptocurrencies, but I think it damages your credibility when you claim bitcoin is a ponzi scheme. Since it shows a lack of understanding of what a ponzi scheme actually is. By you I don't mean you in particular, I mean it in a more general sense.

We can argue about what constitutes a proper Ponzi scheme, but the idea that the promotion of crypto thus far has existed to allow early adopters to cash out at the apparent expense of later adopters, while bringing essentially no other utility to any of its backers or the public at large, is pretty obvious.

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

#40

Post by namdnay »

leashless wrote: post #32
jmyeet wrote: post #26

Crypto may well be the biggest solution looking for a problem I've ever seen. Apart from the obvious issues (eg energy expenditure) the one myth that needs to die about crypto is that it is extragovernmental and indictments such as this and the Bitfinex laundering case recently should underline that. The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have tomor…

The problem is climate change. https://medium.com/humanizing-the-singularity/can-the-world-... Smart contracts are the best shot we have of doing carbon, methane etc. tracking, managing offsetting payments and everything else required to start getting a grip on the CO2 emissions of the consumer economy.

I’ve got to admire the Chutzpah of claiming that crypto is the solution to climate change… and seriously, why on earth would this sort of tracking need smart contracts rather than say a database managed by a certification organization? Or even the UN?
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