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Do people still think crypto is a scam in 2025?

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Re: Do people still think crypto is a scam in 2025?

#41

Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…

"works as advertised, so technically it's not a scam."

It often does not work as advertised. It is not an efficient form for transferring money compared to say, Wise. I used to be able to buy a game off Steam or a burger off a crypto wallet, but neither of these things are available today.

So the use case then becomes that they hodl on to something that increases in value in time. But that sounds a little like a scam as well.

Stablecoins are in actual use and not a scam, but they're effectively USD to USD, at a loss.

Re: Do people still think crypto is a scam in 2025?

#42
post #36

Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…

Can someone help me understand: in the Venezuelan example, wouldn’t holding USD be the same as an inflation hedge if you live in Venezuela? In countries that have strict currency control so you can’t hold USD at all, wouldn’t those areas also prevent you from buying crypto? Do Venezuela s banks not allow you to open an account for USD, but allow you to on ramp into crypto currencies?

I think the problem is also "Venezuelan banks". Bank runs tend to happen in these countries. A bank run is when people expect a bank to collapse, so they pull out money, forcing the bank into debt, and actually collapsing them. The patch for this is government insurance but Venezuelans likely don't trust their gov enough. Bank runs happen plenty in uninsured finance e.g. crypto too, but crypto exchanges today are more stable.

So crypto helps as an alternative method of holding money. You can buy/sell in USDT over some wallet or exchange. Your wallet is your own, in your device. The government can make it illegal, but that doesn't mean they can stop you. It doesn't collapse, but there's always the risk of being robbed, as with cash or jewelry.

Re: Do people still think crypto is a scam in 2025?

#43

Crypto exchanges sure seem like scams… All the convenience and security of a bank account without the security or regulation. People talk up crypto for being decentralized and then park their money in exchanges run by fraudsters…

This is my favorite part of the whole crypto ecosystem.

"It's decentralized! Code is law! I own my wallet!"

*proceeds to use third party wallet service that handles 40% of all wallets and then gets mad when they're hacked and there's no recovery process".

I genuinely believe the vast majority of crypto proponents are financially illiterate.

Re: Do people still think crypto is a scam in 2025?

#44

Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…

> 1. Money can be transferred from one person to another without intermediaries such as banks. By replacing them with the intermediary of cryptocurrency exchanges and the blockchain itself - both of which charge fees on transfers which are often significantly higher than traditional banks. Is this actually a benefit? > 2. It provides an alternative to hyper-inflating currencies in places like Venezuela. Can you point…

> By replacing them with the intermediary of cryptocurrency exchanges and the blockchain itself - both of which charge fees on transfers which are often significantly higher than traditional banks. Is this actually a benefit?

Your puny brain can't grasp the 4D chess here... it's just like how those Federal agencies are so bloated, that completely bypassing them will fix everything (hint: follow the money -- who's going to get rich when they replace the "bloated" middleman with their own infrastructure? In the case of crypto, it rhymes with boin-case).

Re: Do people still think crypto is a scam in 2025?

#45

Earlier quoted context omitted.

Your government has murdered uncountably more innocent people than those who've died from voluntarily choosing to ingest drugs.

Why would you say something so obviously false? A half-million people in the USA have died of drug overdoses in the last five years alone.

You think the death toll of the US government is below 500,000? I have some most unfortunate news for you...

The US government killed over 250,000 civilians in Hiroshima and Nagasaki, and remains the only government to ever deploy atomic weapons in combat, to say nothing of knowingly and intentionally deploying it against civilians.

The US is responsible for a substantial portion, though not outright majority, of the >1.5 million civilian deaths on the Northern side during the Korean War.

The US government killed over 180,000 civilians in Vietnam - miraculously few considering they dropped over 7 million tons (14 BILLION lbs) of ordnance on a force of only 860,000 troops occupying less than 110,000 km². For reference, that's about 63.5 tons / 127,000 lbs of high explosives per square kilometer of the entirety of Northern Vietnam. That's also over 8 tons / 16,000 pounds of high explosive per combatant.

These represent just the civilian deaths of just 3 of the 123 military conflicts that resulted in at least 1 civilian fatality (5 ongoing) that the US has been involved in - a microcosm of the all deaths that have ever been inflicted by the US government.

Remember, not all military combatants voluntarity chose to fight. Think about how many Russian and Ukranian men have been conscripted against their will (at gunpoint), never killed another person, and were killed in a war they didn't even want to be fighting, left with no alternative choice. Are those men's deaths morally justified simply because they were in uniform, or is it possible many of those, too, were innocent, good people forced to participate in an ugly tradition?

If you add even 10% of combat fatalities inflicted by the US government, that figure exceeds the combined total of all documented drug overdose deaths in American history, though it's worth noting that records on that don't go back very far, as the war on drugs that has destroyed millions of lives is a very, very recent thing in American history - it started less than 60 years ago as a plan to weaponize government against political opponents (anti-war activists who care more about preserving human life than about enforcing American political will around the globe).

Read a history book or two, you might learn something that your government-funded schools conveniently skipped over.

Re: Do people still think crypto is a scam in 2025?

#47

Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…

Maybe a better analysis would be placing it between other industries to compare its uselessness/usefulness?

Re: Do people still think crypto is a scam in 2025?

#48
In my circle, nobody with some education considers crypto a scam.. And more joiners every day.

The fact that backbone financial institutions are replacing their dinosaur infra with XRP is a big indication that crypto is here to stay.

All the arguments against crypto are still superficial and non-convincing. It seems like most financial institutions could be replaced by smart contracts. People who are into speculation also have a place away from the exclusive stocks club. Others who dont trust governments and banks have a solution now (truckers protest in Canada)..

We are somehow back to the "is internet a scam", or before it "is electricity a scam".. They are not, they are a necessary evolution to meet people'd needs.

Re: Do people still think crypto is a scam in 2025?

#49

Earlier quoted context omitted.

Why would you say something so obviously false? A half-million people in the USA have died of drug overdoses in the last five years alone.

You think the death toll of the US government is below 500,000? I have some most unfortunate news for you... The US government killed over 250,000 civilians in Hiroshima and Nagasaki, and remains the only government to ever deploy atomic weapons in combat, to say nothing of knowingly and intentionally deploying it against civilians. The US is responsible for a substantial portion, though not outright majority, of the…

You really scooted away from the fact that yes, since drug overdose deaths have been tracked, more people have been killed by drug overdoses than by the US government in combat. You brought in a bunch of irrelevant data to hide the fact that you are lying out of your ass.

You are a pathetic excuse for a propagandist.

Re: Do people still think crypto is a scam in 2025?

#50

Earlier quoted context omitted.

You think the death toll of the US government is below 500,000? I have some most unfortunate news for you... The US government killed over 250,000 civilians in Hiroshima and Nagasaki, and remains the only government to ever deploy atomic weapons in combat, to say nothing of knowingly and intentionally deploying it against civilians. The US is responsible for a substantial portion, though not outright majority, of the…

You really scooted away from the fact that yes, since drug overdose deaths have been tracked, more people have been killed by drug overdoses than by the US government in combat. You brought in a bunch of irrelevant data to hide the fact that you are lying out of your ass. You are a pathetic excuse for a propagandist.

Your assertion is factually untrue, unless you include deaths from comorbidities arising from the use of government-approved carcinogens like alcohol and tobacco.

Remember, the war on drugs isn't about protecting you from harmful substances. POSIWID. The purpose of the war on drugs was to silence and oppress Nixon's political enemy, the anti-war movement.

You cite no data, just unsubstantiated ad-hominem attacks against my character. This makes you appear to be engaging in bad faith.

I hope you're at least being paid well for advancing the interests of the US federal government against the interests of innocent people. Regardless of your intentions, that's the effective result of your words.

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