Look, no one in this thread is defending crypto ponzi schemes. I think everyone of the people discussing here think crypto is a scam and just there to leech money from retail investors who seek to be in on the ground floor of “the next Bitcoin”. It’s basically Wallstreet 2.0.
The only difference between us is that some of us separate Bitcoin from crypto, because it’s not the same. It has a completely different origin, it has no CEO, no company, no TV spots and marketing campaigns. It is the original invention by the cypherpunks, an attempt at creating decentralized money that can’t be changed, censored and is accessible to everyone.
I get it that you see money laundering and tax evasion as a concern. But those things have existed long before Bitcoin, and they are magnitudes bigger every year than Bitcoins whole market cap. None of that is solved by allowing governments to tamper with Bitcoin. Who should be able to control it anyway? China, the US, Russia, the EU? This is an invention that belongs to everyone, not a single country, so it’s the consensus of the people that counts.
Bitcoin is a triple-entry ledger technology, the prove of work added to each block (or page of the ledger if you so will) makes sure that everyone can individually, without any additional knowledge validate that all the transactions are valid and that the history is not tempered with. This is what Bitcoin does, it keeps a record of every transaction, makes sure they are permanent and distributes that ledger around the world.
It’s like honest book keeping enforced with math and energy. This is what Bitcoin does, it’s essentially the core functionality.
It should be extremely obvious that you don’t get rid of money laundering and terrorist financing by allowing tempering with the ledger. The ledger has to be intact. Money laundering and terrorist financing are a human problem that has to be solved on a human level, utilizing the tamper resistant ledger as irrefutable prove.
It happens to the best of us, The one day I finally choose to step outside and go fix a pc at a customers home I get a text message from the local health service “You have been in contact with someone who recently contracted covid, click here to order a test kit”
I typed in the link in the text to the browser on my computer instead of clicking on my phone then…Red alert from Virgin Internet…This website is not secure…Do not enter any personal info…
There are also parcel and postal scams that work in a similar way, they seem to know you’re expecting a parcel so lots of people fall for it.
They need to arrest this man and seize the BTC assets he moved over to other exchanges, I’m shocked that around 80% of his “Lunatic” community is backing his idea to create a new Luna blockchain without the stablecoin.
He should sell the BTC and give money lost back to his community. or at least give everyone back a good percentage of their initial investment. I think the problem with some of the younger generation is that they move way too fast, I’m baffled as to why he is trying to create a trading platform, a crypto currency, a stablecoin, and an exchange all rolled into one.
Why not just create a trading platform with good staff and build that up for a couple of years? They could use their own money earned from transaction fees to finance other projects instead of using other peoples life savings in a risky manner.
When will people calm down and realize they can’t turn 1m into 10 million in the space of a week.
Apparently there is going to be a Luna airdrop soon, A new luna blockchain will be created without the stablecoin, and all of the new luna will be given to the “Lunatic” community.
Super convenient, if you don’t want to reimburse people for the losses you caused, you just print some new shitcoins out of thin air and hand them out.
Yes, that is true, it started right after the arrest bankers, something that they do not like. If tehy are rich, why would they need to be policed? Wallstreet 2.0 is wallstreet but no governments interfering, like a wild west. Or just a banana republic.
I do not see the average person getting better from it, to the contrary, if anyone told me Klaus Schwab was the man behind BTC I would say that’s the best guess ever, at least the slogan “You will own nothing and be happy” would be 100% right, I do not see that slogan become right in any other way. However, a bank outside the control of governments will lead to wars as the (crypto) bankers will fuel issues between nations to get what they need. And yes, this is what already happens but there will be no brakes. No people held accountable. it will be total freedom for the richest and slavery for the poor. And society changes on accasion, we had a dark age after the fall of the “evil” Roman Empire. Mostly because people think “If the Romans are gone, it will all be much better.” But it wasn’t and most people suffered. But the rich were reasonable happy. Not as happy as you and me are because we have toilets and the King of France didn’t. Let’s not go back to those times.
I must admit this has opened my eyes a bit, I suppose I was blind to stuff like this because I do everything so carefully.
I definitely get why some folks like Aedaxus is talking the way he does as what’s gone on with Luna gives crypto a really bad name. Terra and Luna are Ponzi schemes all I can say is this is not the fault of real crypto, this is people using it to fulfil their unrealistic and greedy ambitions.
If anyone could make a good profit on it, why isn’t everyone doing it?
Also if anyone can make a profit from electricity, why wouldn’t electricity manufacturers mine bitcoin as they don’t need to pay consumer prices for the electricity? It’s from an economical standpoint “beyond absurd” (and I made sure to modify the words I used to be as lenient as possible) the consumers should mine.
If malware exists that propagates mining bots, even removes competing mining malware… isn’t the “real cost” too much?
They said “if you legalize prostitution, it will be fine”. It turns out that prostitution is not profitable, because slavery isn’t allowed. Too much freedom leads to abuse. Not sure how you guys keep looking away of it.
If 1Kwh of electricity costs $1 to “buy” and ANYONE can make $2 from it… do you understand the economical joke? Open your eyes. You can google "texas bitcoin ". <3 I assumed it was an easy rebuttal thing.
On a side note, bitcoin in euro is today 28.556,97 so it’s -1.798,37 (-5,92%) over a year.
I assumed it would be around this time it’d be going back positive, and you could show how it’s non-stop free money but I was wrong. I guess when the holidays start you’ll be able to find a lot of fresh “investors” for the money of the future …
Because you think it’s worth nothing or based on nothing, so you equate it to owning nothing?
Boy will you be surprised when you find out how fiat is created. It’s a bit like owning less than nothing, because it’s not actually money, it’s all credit.
Yeah, regulation would make sure at least the rich are protected and only retail gets wrecked. Now everyone gets scamed, it’s such a shame.
That’s dark man. You think an independent ledger that just records the truth and can’t be manipulated will lead to war. What’s the mechanism for that? How do you even justify that view?
Thinking only money under centralized control is working is not unlike the believe that the economy can’t work without central control. History shows it doesn’t work that way and the interference in most market dynamics are just making it worse.
Listen to the podcast from Saifedian above. While there is a lot if stuff I completely disagree with him, he has some very intreresting points that any rational person can easily follow.
I do think the fiat system is a scam, and I think Bitcoin is the only chance to get rid of it for good.
Everyone can easily open a chart and see for themselves if they look at the monthly or weekly that there was an insane rally from 10k to 65k and now it corrected to 25-30k.
It’s like not super hard.
If you make posts like this where you deliberately pick some arbitrary points to make it look like it’s loosing value over time, when clearly everyone with a brain can see what you are doing, what are you actually thinking? Do you think that is a honest approach to represent what is happening? Do you think that’s a good argument?
Honestly, I like to discuss this topic. But sometimes it just feels like, what’s the ■■■■■■■ point when the only arguments against my position is just obvious ■■■■■■■■ and low effort troll posts.
I guess if you totally ignore that in order to turn £1 to £2 through mining and being paid in BTC one has to purchase a new or 2nd hand gaming computer then yes it would seem like a joke.
Also, if one chooses to do mining for a full time job then they will have to invest time in installing, maintenance, fault finding, purchasing, admin, So no, it really isn’t just as simple as turning £1 into £2 as you put it.
The economical joke is that the people elected to govern countries are a bunch of muppets who have no clue what they are doing and don’t think rules apply to them.
There is an “election”, but everybody on the ballot is the same sort of stooge. So the election is just theater.
I think most people in government have a pretty clear understanding of what they are doing - trying to get reelected while enriching themselves in the process. The unelected, appointed people can focus more on the enriching themselves part.
There are no rules, not really. There is a pretend set of rules that is applied with less and less rigor the higher you move up the ladder.
I assumed it was an easy rebuttal thing. 
