NFT's are Fundamentally a MLM-Type Scam Designed to Get You to Buy Crypto

Communications Center Out Of Pod Experience
1241

Why? As I said this info has been top of the financial news for a very long time. It certainly isn’t something I need to prove because it is common knowledge and if someone really wanted to know about it they would start with google.

I did not make any claim, I was aware of a fact and typed about it.

A claim is something like “I earned 12 BTC last year” the reason why it’s a claim is because it isn’t easy for anyone else to prove as only I would know how many BTC I earned and there is a possibility I’m not being honest if I provide proof then others will believe.

A fact: “People have invested an astronomical amount in BTC” This is a fact because it is apparent. Are you aware of how much the ASIC’s cost to mine BTC? There are easily obtainable charts to show what hashrate many countries are providing to mining BTC, they did not get these asics for free they paid for them.

Who do you think owns Crypto Exchanges? groups of rich people who have collectively invested billions and made it available to anyone who wants to sell their BTC.

So I’m sorry I feel I don’t have to prove a fact, and I will say what i said earlier. If you’re not bothered to find these things out for yourself BEFORE typing here then it might not make much sense you typing here.

Don’t hold your breath.

Start with google and search “how much has been invested in BTC?”

You can also Youtube “BTC mining factory” and you will see footage of factories the size of 10 football pitches filled with 10,000 or more asic devices each worth £10k to £60k. you’ll find there are hundreds of similar factories all over the world.

Do some of your own research buddy, it’s a fun subject to learn about.

1242

Yes, it is speculation.

Anyways, it is (presented as) EVERYTHING. You can google it and you will get ALL CONTRADICTING ANSWERS.

The key feature of crypto currency is its peer-to-peer payment system (user to user, without intermediaries).

The key feature of crypto currency is that it’s traded on an exchange or through Contract For Difference. Peer to peer is strongly recommended against due to the dangers of being scammed.

They key feature of crypto currency is that it can replace other forms of national currency.

They key feature of crypto currency is that it’s very interesting for active investors and traders due to it’s high volatility and no interference by the laws and until recently wasn’t taxed. Thus a high risk investment and not a currency.

Since Bitcoin’s release in late 2008, the cryptocurrency has grown and proven itself as a disruptive technology, resistant to sovereign law and international financial regulations, and an alternative to the sovereign state’s concept of fiat money. The Wild West nature of cryptocurrency has enabled a number of individuals, criminal organizations, terrorist groups, and sovereign states to use Bitcoin, among other cryptocurrencies, to avoid detection, interference, or punishment from regulatory agencies to commit actions such as money laundering, trafficking narcotics, purchasing weapons, and bypassing international sanctions. (from https://www.hsdl.org/?view&did=814716)

India (6th biggest economy) bans crypto like China (second biggest economy) and they succeed. Yes, some drug dealers and human traffickers still use crypto there but the real (legal, mainstream) economy doesn’t ( India's crypto ban bill could mean arrest and jail without a warrant or bail for violations | Euronews )

Due to the inherently digital nature of crypto-asset services, ▌ third-country firms are often able to offer own services ▌ to customers without any physical or legal presence ▌ in the Union. That poses a significant risk of circumvention of this Regulation and of putting crypto-asset service providers authorised in the Union at a competitive disadvantage vis-à-vis third-country competitors. No legal or natural person should therefore be allowed to provide crypto-asset services to Union citizens on a non-occasional basis without having a legal representative in the Union and without being authorised under this Regulation, even if such services are provided solely at the own initiative of Union clients. ESMA should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures. The Commission should, in its final report, analyse the scale and severity of any circumvention of this Regulation by third-country actors and propose concrete and effective dissuasive penalties to be imposed on such entities in order to end or significantly reduce such circumvention. Practices such as the inclusion by a third-country firm of general clauses in its terms of business or the use of online pop-up “I agree” boxes, whereby clients agree that any transaction is executed on the exclusive initiative of the client, should not be deemed to be an attempt to circumvent this Regulation.
(from https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html)
I think that in the current context it appears that ‘regional crypto’ (controlled and monitored by governments) will be the future and the current “wild west style wildcat crypto will not be able to thrive long”. But there is still some time to profit while the net is closing in. You can see the India-China market where there will probably only be government issued crypto, Europe will have European crypto. Switzeland… I guess requires the identity of seller and buyer but my German isn’t as good as it used to be.( https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/390/20200101/de/pdf-a/fedlex-data-admin-ch-eli-cc-2015-390-20200101-de-pdf-a.pdf ) The UK, the advertisements about crypto may no longer be misleading, but don’t worry, Aaron this does not apply to the posts here. :stuck_out_tongue: ( Government to strengthen rules on misleading cryptocurrency adverts - GOV.UK ) …

1243

@Anderson_Geten @Aedaxus @Gadget_Helmsdottir

If you think BTC is a scam then why are you here talking about it? I mentioned earlier there is no evidence anyone in the world can show you to make you see otherwise so why bother?

I’m totally fine with you thinking it’s a scam, I think that belief is stupid and ignorant but I’m fine.

Once I believe something is a scam, I don’t hang around asking 1000 of the same questions over and over again expecting the answer to mysteriously and magically change to what I want it to be, what I do is ignore it and get on with my life.

You three and others seem to have the mistaken belief that I’m trying to convince you to believe in crypto. I am not. You seem to think my success depends on recruiting others, It does not. I am not here to find more people to mine. I am only here to discuss to discuss logic and fact.

So do not ask me to prove anything as this is not the type of convo I’m having. Go ahead and believe crypto is a scam for the rest of your lives for all I care.

So if you don’t mind, stop asking me to prove anything, It will never happen.

More crappy texts you have no hope of ever proving simply because the actual people who mine won’t agree with you. But to you it wont matter if they don’t agree with you because you think you know someone elses job better even though you’ve never done it before and never will.

Yet I earn real money from what I talk about. But obviously you are deluded, you think just because you believe it and type it it must be true.

Abuse huh? what’s the matter You’re angry with an online stranger who doesn’t share the same views as you? I don’t think you are mentally very well if you have to type like this.

Anyway this thread seems to have run it’s course, it’s just a bunch of ignorant and deluded haters left who are angry and frustrated that people have found other ways to earn money.

I know you will never understand this but no one gives a ■■■■ about your belief on this. No one gives a ■■■■ if you trust BTC. and no one cares if you think it’s a scam. You’ll be happier once you accept these facts.

1244

No, people didnt invest in it so much.
They bought it for lesser amounts.
Simple. When they say that bitcoin is worth $60k, its only few orders on top, the rest is on smaller amount of $. So all the bitcoins are worth a lot less, and even lesser when the price starts dropping and its a bear market, when people are not eager to pay a lot for bitcoin. And not all people are willing to pay $60k. In fact a lot of them doesnt even want to buy it, and they are out of the bitcoin market. For them bitcoin may be in fact worth whole 0.

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1245

You know something is dangerous to the state and good for you, when the state wants in on the action, with their own monopoly backed by force.

We seen it with PGP and Clipper in the 90’s.

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1246

Gambling is dangerous to people, as is to the state too because it creates more poor people and only few rich ones who own the cassinos or have luck, all of it without work. Thats why they regulate it and limit the apparent but false attractivenes of it. People on their own are too stupid to see why they shouldnt gamble and have to be deterred.

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1247

The state runs lotteries and lottery bonds. “It’s ok when we do it”.

1248

I know you’ll disagree or say it’s not true, but try to understand figures for companies are public knowledge.

Binance is the biggest crypto exchange in the world. I googled: “How much money does Binance have”

Binance reported a profit of between $800 million and $1 billion in 2020 . We estimate that Binance has 28.6 million users as of October 2021. Binance annual spot trading for 2021 is already seven times larger than its 2020 value. Its peak 24 hour trading volume is $76 billion.

It’s silly to ask me to prove something that is already public knowledge, It’s evident that the folks here who think BTC is a scam are poorly informed or not bothered to get informed.

1249

Most states allocate a small amount of the money they receive from the lottery to addressing gambling addiction. Many also put a percentage of their lottery funding into a general fund that can be used to address budget shortfalls in important communal areas like roadwork, the police force, and other social services.

The rest is usually allocated to public works, most commonly the educational system. 14 states mandate that all of their lottery revenue go toward education, either through public school funding or through college scholarship programs.

This is what they make with this money.
State knows that people will gamble anyway, and they put the regulated ones and spend the money to treat the cause of gambling. Its lesser evil.

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1250

“It’s ok when we do it”.

1251

Yes, because people will do it anyway, and they have to do it for people who will help them get rid of the habit, or prevented.

1252

So you think anyone investing in hardware for mining, or investing in BTC and people who run crypto exchanges are all gamblers? lol.

Please could you include all other tradable items like coffee, salt and stocks and shares, currency vs currency trading.

If I was to buy lots of one fiat currency with another fiat currency and try to earn money from it why is this not gambling but btc is? I’m sure you had nothing to say about trading before BTC took off.

1253

When your sole argument is “you are in the minority”, you know you are wrong.

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1254

If you think BTC is NOT a scam then why are you here talking about it? I mentioned earlier there is no evidence anyone in the world can show you to make you see otherwise so why bother?

That was easy, now the answer;

My reason is to investigate a “hobby” or “financial investment” that is being promoted and looks shady. I ask about it, talk with some people about it and try to get all information as it appears to be very complex. If I can understand it’s not a scam, I could become rich too! If it’s a scam, a very complex one, it’s important to clearly show all red flags to others who are desperate and would understand it once they are stuck in it.

I assume, since you make money with it, you just want to promote it to make everyone in the world rich.

We both have our reasons and they are both very noble.

We ask in general, not specifically you, everyone is free to answer our questions and refute our objections.

And “the state” is the representation of the people, so it’s anti-social until it’s regulated.
The laws are here to protect the weak (and strong alike).

It’s OK when the profits go to “All the people” instead of to 1% of the richest people who despise the “poor” and hate to share their taxes and try to come up with anti-social schemes.

With a world GDP of US$78 trillion in the same year, the illegal drug trade may be estimated as nearly 1% of total global trade. Doesn’t make it a good thing.

Those are completely legal and regulated, just like your crypto will be in a few years from now. Coffee is a legal drug, when I buy that drugs, I pay around 20% taxes to the government (which you distrust) so it can make hospitals, roads, … and we don’t depend on corporations to be good for their employees. ( History of labour law - Wikipedia )

1255

We all know that’s “on paper” and “in theory” but not in practice. There is this thing called the Paradox of Democracy where they are voted in by the majority but passes regulation unfavourable to the majority.

All things are not equal. They have outside influence. That is called Regulatory Capture. Companies are not people.

1256

We all know what happens when governments fall, rich opportunists fill their pockets even more. So regulated economies are safer and better than unregulated ones. The whole idea of society is that people agree on rules and those rules are enforced. European laws will protect the consumer who invests in crypto, something the crypto community didn’t care about as it’s not in their interest (just make profit, don’t have any rules to share with the rest of the community of which they use the means).

1257

Explain Enron then?

Explain gold manipulation then?

Explain Forex manipulation then?

Explain banking corruption then?

Explain insider trading then?

There is regulation and accountability, but there is also authoritarianism. We’re creeping into the latter and in some ways very much there. When you have to justify what you spend your money on or where it came from.

Democracy is when you know all about the state, tyranny is when the state knows all about you.

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1258

In the early 1990s, he helped to initiate the selling of electricity at market prices and, soon after, Congress approved legislation deregulating the sale of natural gas. This was the issue, no oversight. And the little reporting they had to do was made very difficult to analyze. However unlike bitcoin they could not run and hide.

Enron was still able to "attract large sums of capital to fund a questionable business model, conceal its true performance through a series of accounting and financing maneuvers, and hype its stock to unsustainable levels.

WOW, you literally found an earlier version of Bitcoin. Awesome, and thanks.

1259

All those are crimes and can be brought to court. You can’t go to court and say “Judge, I read on some forum Bitcoin would make me rich, I invested in a computer and started mining but with the taxes and all, I’m running losses.”.

What do you suggest, have economy without oversight? People get murdered every day, do you suggest we remove the law about murders and just consider it acceptable social behavior?

1260

And yet the FED is printing money like its the end of the world and you have yet to feel it yet due to the Cantillon effect and politicans are benefiting from being closer to the decision source (insider trading).

The closer you are to the King the more you benefit.

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