I was reading through some comments on this post: https://communities.win/c/GreatAwakening/p/12jd0GCP85/cashless-bitcoin-and-the-devil-w/c/
And realized, I have shrugged off crypto because I simply don't understand it. For someone like me who is now realizing it's a good idea to get involved, how do I do it? It's very overwhelming, but I'm committed to learning. Let's talk!
Every crypto coin is fundamentally, transparently a pump-and-dump scheme, predicated on yet another contrived intermediary currency with zero intrinsic value.
No value is ever created, so it is, by definition, a zero sum game (or worse, because these are usually actually negative-sum games due to the wasteful, value-destroying "mining" schemes employed). And, like poker, if you cannot immediately spot the sucker when you sit down at the table, the sucker is you. You will end up holding a worthless bag of nothing, and you will have nobody else to blame but yourself, and your greedy desire for money-for-nothing.
I presume people here are realizing this, because while there used to be dozens of cryptocurrency posts here every day, this is the first one I can personally recall seeing here in weeks. "Conspiracy people" appear to have paradoxically tended to be attracted to cryptocurrencies, which is odd, because these are all basically scams, dependent entirely on the "greater fool theory", that simply transfer money from the gullible to the connected.
Im in agreement with you anon. It's a big scam.
Several coworkers I know personally have lost thousands attempting to cash out their coin-wallets.
Capital gains/crypto taxes coupled with the exorbitant wallet fees in order to actually transfer your money to your bank acct figuratively translates to ~30% +/- of what you'll actually get from your crypto "value".
It's also rather suspicious the crypto phenomenon began relatively soon after the silk road was shut down and prominent coin "creators" such as Buterin (Ethereum) are outspoken pedophile leniacy advocates...
I say no thanks. I wouldn't want to knowingly contribute to a someone who speaks out defending child porn as a victimless crime and equates pedophilia to harmless self indulgence.
Money is just language used to communicate value, whether it is shells, shiny rocks, paper money or goods, it all is the same and gains value from people wanting it.
"Every crypto coin is fundamentally, transparently a pump-and-dump scheme".
Please tell me you have read the white papers of all crypto currencies to come to this conclusion.
Digital scarcity IS a new thing. While 99% of crypto may be pump and dump ICO etc, a few are actually solving real world use cases using blockchain and crypto assets.
"Digital scarcity"? 🤣
A scarce worthless thing is... yes, that's right. Absolutely worthless.
The idea of digital money in the past wouldn't work because you can always copy bits of data.
If you can just copy/paste inflate your bank account all money would be worthless because everyone would have them.
By creating a digital asset that cannot be copied, bitcoin solved this issue which is at the crutch of financial enslavement. Rather than be at the mercy of the Fed reserve which can issue dollars and devalue your currency. Bitcoin has rules which has to be followed, one is that there will only be x amount ever created.
Like a gold mine with limited resources.
This is why something that is both digital and scarce has value.
Value still depends on people wanting said object however.
Clearly someone who has read every whitepaper on every coin would know how the monetary system works so they know what to look for in a possible solution?
No, money should be those things, but the current system does not reward value creation.
I agree with you, maybe I was unable to articulate what I meant. I am all for the ability of people to decide what they will use as value/trade and get away from centralized Fed enslavment organizations.
Utterly retarded take. Just off the top of my head, what is the value of crypto? 1 alternate governance. By eliminating the central bank, you eliminate the cabal. 2 eliminate counterparty risk. By settling via math and consensus algorithms, your transactions cannot be censored. 4 immutability. Transactions cannot be reversed. Ledger values can be seen but not attacked. 5 cost. By offering low or nearly even zero transaction fees, you eliminate the invisible walls inherent in the traditional banking sector. This extends banking services to the unbanked, allowing them access to value creation, storage, and freedom of opportunity.
We have to make sure that crypto develops the right way to facilitate these advantages.
I think the poster was referring to the fact that there is ZERO backing to crypto-currency; it's all just electrons. The rise in "value" of say, bitcoin, is similar to the famous Dutch tulip bulb investment bubble of 1800's (or was it in 1700's?). All these things favor those who get in early, and get out before it's too late.
It's not just math, it's basic math.
And reality.
SHA-256 is basic math?
"Utterly retarded take"?
This, from the clown who just called for hangings for the first people in the media to publicly, painfully admit they were mistaken. The hell?! Be better.
But back to cryptocurrencies, no amount of "irreversible transactions" and "reduced inherent walls" or "low transaction fees" can wave away the mathematical fact that cryptocurrencies are nothing but zero/negative-sum games, based on intrinsically worthless tokens. As early entrants pull their money out, they are all destined to be laughable GTZ propositions.
Again, waiting for your explanation here, because saying it doesn't make it so:
Again, if you can't see the value in the features I outlined, then, there's not much to discuss.
Huh? It's quite clear what I've said is so, and it's about as uncomplicated as it gets.
Meanwhile, you're doing so toe-tapping routine while repeating the word "knowingly", and then declaring victory or something. It's frankly bizarre.
But aaaanyways, features, I'll bit. So what do "features" matter when the intrinsic worth is nothing.
That's like saying the shipping and handling fees were surprisingly low, and the customer service was helpful and polite, on the $800 you dropped for those super rare, highly collective beanie babies on QVC. I guarantee any "features" won't matter when the intrinsic worth(lessness) of what was bought is finally realized.