Good, because of this people should stick with what they know and invest in fiat money only if they are looking to invest in something. People must stop being lead into these schemes (SBF’s scheme) where a currency they don’t understand is used.
So, ultimately if you think BTC is a ponzi and feel free to advise people of what you believe just don’t expect someone who has taken lots of time to do their own research to agree with you.
You must start understanding that people who have a full and absolute understanding of what BTC is will never keep their BTC on an exchange, it will be a private wallet. sure they will deal with exchanges on an adhoc basis. Everyone must remove their crypto from exchanges and protect themselves from centralised people and organisations taking advantage of a de-centralised currency.
Evictions are rising for example, if one want’s regular incomes then spend the millions and buy sought after apartments for rent, maintain them, get trustworthy tenants and do some good work where all parties are happy and money is flowing, when you’ve earned enough sell the apartments for a little profit if the market is good.
If one does keep their money with an investment firm like FTX then be aware that you could lose it all if the economy goes the wrong way or if the CEO of this firm is a self-entitled idiot.
This is very much what I’m doing with my rigs, each rig seems to be heating each room nicely and saving me around £1.00 per hour, not a typing error I really save £1.00 per hour.
So, instead of me mining to earn money it has now become mining to save money, The little BTC I do earn is used on a new Nicehash product called easy mining, for around £1.50 in BTC I can direct mine Zcash, Bitcoin cash, and BTC directly for an hour and earn a large amount of that coin if I find a block.
So if I direct mine Zcash for £1.50 for an hour and I am successful at finding a block I could earn £80, the odds are around 1:81 which isn’t too bad, I can do this around 3 or 4 times a week just from heating my home.
My GPU rigs have put in some good work the money I paid for them is not lost
It is like arguing that gold could be a good currency, but every time somebody gets robbed, you tell them that they should have kept their gold buried somewhere that nobody knows about.
Keeping Bitcoin on some cold-storage wallet/vault is kind-of the opposite of what money is for.
Crypto coins are de-centralised and should be treated as such. according to recent events centralising crypto in one place where you don’t own the keys seems to be a recipe for disaster. It’s important we listen to the people who lost their life savings and avoid negative outcomes.
A cold wallet isn’t connected to the internet and only you have access, the money it contains isn’t going anywhere without your say so which is the way it was meant to be. All of us work too hard to just lose all life savings over a weekend.
Crypto exchanges will have to accept a limited profit from ad-hoc transactions as loaning crypto isn’t profitable.
Using BTC is a recipe for disaster then.
BTC as a substitute for money lacks important properties. People who still want to use BTC need to find technologies that propose those missing properties.
You can’t pretend that BTC is as good as fiat currencies and then complain that people find solutions to problems you don’t want to see. That’s plain fanaticism. And a “true bitcoiner” fallacy.
This. But some people can’t accept facts and need to bury their head in sand rather than understand that what they thought was a scam.
Storing money in a finite-money system results in deflation, that is an artificial increase in the value of the stored money. That’s also called speculation and is bad for the monetary system. That’s why banks try to have a little inflation : when there is little inflation, you should invest in production more than in speculation.
BTC is not a substitute for fiat money. Fiat money will always exist and anyone thinking otherwise is wrong.
I’m not sure where you’re getting this “BTC is a substitute for money” from, just understand that you alone are the only one who thinks that. A knowledgeable bitcoiner has a full understanding bitcoin works in addition to fiat currency, it should be pretty obvious too because everyone around the world will see their local currency VS BTC this is how the value is measured.
Hold on a sec, stupid people like SBF are running around making poor investments, lending crypto to failed firms, buying houses with money which isn’t his…trusting people who have no idea what they are doing with billions in crypto…
Let me be clear, burying ones head in the sand is not the action of noticing all the above happen and taking an action to secure ones hard earned BTC/crypto from incompetent CEO’s and putting it in your custody where only you have access, again this is not burying your head in the sand, this is doing something about the current situation.
Time is needed to unravel all of SBF’s dodgy trades and schemes. and I think holders of crypto need a miinute to asses what’s happening,
There were a large number of Youtubers that were paid by FTX to promote investing in FTX, now they have to apologise to their community of followers as many of the followers lost their life savings… It’s clear the problems here stem from mismanagement by people and not BTC itself.
Investors do need to take some responsibility themselves as well, how many of them read the satoshi white paper and had a solid idea of what BTC is? very few I would think, investors listened to the wrong people.
Because it’s the main argument : “BTC is teh future”
And because, it’s the only way to not have it be a gamble. As long as people use both of them, then BTC is only a more expensive, slower, less regulated way of moving your money : buy BTC, give them to someone, then they sell them for money. It’s only acceptable when you are laundering money, or when you are using BTC as an investment ( = “financial product” ).
Nope. When you make a monetary system, you have to take into account how the system can be abused. The abuse is encouraged in the case of BTC, simply because it has no regulation.
You just don’t understand that regulation by a central entity is required to not have a system scam the people. Believing that nobody will use the holes in your system is plain criminal.
“It’s a revolution”. In the sense of making the same mistakes that were made in the past for the sole sake of techno BS. In the sense that you disregard any lesson from the past in order to repeat its failures. In the sense that you consider your ignorance as a token of success. The road to hell is paved with good intentions.
BTC relies on a ponzi. Anyone who knows what a ponzi actually is, would recognize it as one. You hide your head in the sand of your ignorance. You are responsible for the loss so many suffered, by the sheer facts that you promoted that scam. Stupidity is not an excuse.
Is he stupid? I bet he gets away with it and gets to keep a bunch of money. Either that, or he “commits suicide” before he can reveal all of his shady dealings.
So when Madoff scammed people was the fiat monetary system abused? at that point money was regulated to the hilt. Did Elizabeth Homes abuse the fiat money system? I know you have no response for this point because you are just ignorant. Go ahead and pretend nobody in the history of mankind has used fiat money to scam, the result of what you’re saying is falsehood.
Your arguments must be all encompassing, you can’t say BTC is a scam because it was abused when fiat money has been abused 1000 times more than BTC. What you’re doing is extreme ignorance and you refuse to acknowledge it’s actually the SBF’s and the DoKwons of the world who are fully responsible for the issues in people completely losing their BTC/crypto.
Would you put someone who didn’t know what they are doing into a position where they control billions of dollars? And they were consistently losing millions? At what point would you draw the line? When they already lost £5 billion? £10 billion? It’s stupidity at the highest levels.
The lady was saying she uses elementary maths to asses million dollar investments, come on man.
They weren’t losing money. They were laundering money. You don’t need good returns in order to launder money. Granted, it would have been better for everybody if they had not flamed out spectacularly.
Maybe you should read the crypto news as this is not accurate. The problem is the misappropriation of investor funds by SBF and FTX/Alemeida research. SBF isn’t a terrorist or drug dealer, he’s an idiot.
Anyway, I don’t know how common or uncommon it is for exchanges to gamble with clients’ money. I do know that it happens, and it almost never makes the news. I can imagine that most of the time they just get away with it.
