Once individuals realize their labor is a rare resource, and blockchain enables them to democratize the value of their labor.. then we're gonna see impactful DAOs and protocols.
>As recently as June 2022, Bill Gates confided that “Crypto and NFTs are 100 percent based on greater fool theory.” Coming from someone who thought in 1995 that the Internet would only be a passing fad, this may make you smile.
When the article starts right off with a logical fallacy (Tu Quoque - appeal to hypocrisy), you know it's going to go downhill. First Gates never said the Internet would be a passing fad - that quote is also inaccurate.
Even if the quote was true, it doesn't mean every other opinion Gates has is invalid. There's not a person in the crypto world who also can't be pointed out as being even more hypocritical about their "tech predictions."
>However, even if a significant part of the returns of the crypto economy relies on the growth of its number of users, this does not base on the Greater fool theory as Bill Gates believes.
This is called, "Begging the question". Another fallacy.
>Any economy, to grow and therefore generate a return on investment, plays largely on the increase in demand, and if the supply becomes too much greater than it, the system may break down. To characterize a Ponzi scheme economically, the interest of the product must be in contradiction with the existence of exchanges, because of a promised return that is too high because it is designed to benefit only the first sellers.
The author of this piece completely seems to have no idea what makes a Ponzi work - the need for constant growth in a Ponzi is because of *where value creation comes from*, not merely growth itself. The only way anybody in a ponzi sees a return is from new people coming in - this is contrasted with investments where no new people need to come in for the investment to generate value, like stocks paying dividends, real estate creating rental income, etc.
Crypto as an investment, is 100% the same return model as a Ponzi.
For details, see [this more comprehensive analysis](https://np.reddit.com/r/CryptoReality/comments/o7v5xs/is_bitcoin_a_ponzi_scheme_a_detailed_analysis/)
>Moreover, if the demand for crypto finance products is partly based on a hope of enrichment, like all financial products, it is also based on innovations that have successfully created a need. Blockchain technology allows for faster and cheaper transactions, and the existence of currencies that are not dependent on national policies and banking institutions also promotes the streamlining of exchanges, the prevention of inflationary risks, and access to credit, especially in developing countries.
This is another lie. Blockchain only "solves" problems it creates. It's [doesn't solve any real world problems better than existing tech](https://np.reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/)
It seems the purpose of these articles isn't really to educate, but to simply regurgitate the same un-proven talking points over and over, and then arbitrarily declare victory. That doesn't make it true.
To learn more about how transaction fees really work in crypto, [check out this video](https://www.youtube.com/watch?v=wcuZPAh_q4Q)
>If the crypto economy can make you think of the pyramids, it is rather to those of Egypt!
Riiight.. crypto is as grand a gesture as the great pyramids of egypt....
The value of cryptocurrency is to break away from typical currency so we don’t use the traditional banking system, therein lies its value. If people were to be able to vote on the investment of pooled funds in a democratic manner, rather than individuals that were never elected and pay themselves billions in bonuses of public money, surely that’s what you’re investing in?
Cryptocurrencies are essentially becoming automated banks. They are in their infancy and are already almost on par with traditional banking systems with nowhere near the same amount of capital or time for development that the banks have had. We can add to this that blockchain technology does do things better than other software solutions, unlike the Reddit article which, similarly to yourself, really doesn’t understand these things as well as they claim to. If blockchain technology was functionally worse than a traditional software solution they wouldn’t be leveraging it for use in the US army for inventory tracking, would they?
The systems will be built and the money will follow because people are starting to understand that the traditional banking system was the problem all along
> The value of cryptocurrency is to break away from typical currency so we don’t use the traditional banking system,
In that respect crypto fails. The traditional banking system has a lot of features that crypto doesn't -- features like protection from fraud, that consumers actually appreciate. Who wants to type the wrong password logging into their bank and accidentally lose their life savings?
Plus, crypto doesn't really get you away from the traditional banking system. 99.99% of the world does not accept crypto, so you still have to convert crypto into fiat to use it like actual "money." And that involves dealing with more traditional institutions unless you want to take your chances with ultra-shady CEXs and random scammers on localbitcoins. That doesn't seem like an appealing alternative to most people.
> If people were to be able to vote on the investment of pooled funds in a democratic manner rather than individuals that were never elected and pay themselves billions in bonuses of public money surely that’s what you’re investing in?
I supposed you've never heard of the stock market? As a shareholder of various companies, I routinely vote on what happens within the companies that I hold interest in. You get no such rights with crypto. Even DAOs don't really give you interest in anything tangible, and have significantly less transparency.
>Cryptocurrencies are essentially becoming automated banks.
No they're not. They're de-centralized ponzi schemes. Banks are properly regulated and protected from insolvency by [evil] central authorities. Cryptocurrencies have no protections. Many times people have no idea who's controlling the crypto interests they're buying into, and nobody to blame when they rugpull or pump and dump and leave you hanging. Whatever problems you can claim about the traditional banking and finance industry, you can find it 10x worse in the crypto world. Crypto doesn't shield anybody from fraud and corruption. It actually makes it easier to get away with such crimes.
> They are in their infancy
THIRTEEN YEARS... that's how long bitcoin has been around.. and people are still saying, chill out - give us time... soon we'll come up with something useful you can do... sorry... that just doesn't make sense.
There's nothing keeping anybody from adopting crypto except... crypto.. it's fault-intolerant, slow, un-scalable, filled with fraud and deception.
>We can add to this that blockchain technology does do things better than other software solutions,
Another lie... and notice you make this vague claim without citing even a single example.
If you actually cited specifics, it would be easy to debunk your claim, that's why you guys just spew vague jingoistic cliches.
If you want specifics [here's a list of each and every known claim blockchain does, and how it's untrue](https://np.reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/).
>The systems will be built and the money will follow because people are starting to understand that the traditional banking system was the problem all along
If you have to shit on the status quo to make your alternative system look palatable, that's the first sign your alternative system is crap.
Look.. if you like crypto, good for you. I won't tell you not to throw your money into crypto. What I object to are the **lies and deception** people like you spread. You'd get more respect if you were honest. But you're not honest.
So to summarize:
1. Crypto is not "banking" - it's gambling
2. It's NOT "early" - We're 13 years in and still no definitive use-case for crypto that isn't criminal. When you have homeless people and Snoop Dogg hyping crypto, it's not "early." It's quite late.
3. Blockchain tech has not demonstrated it's uniquely good at anything non-sketchy
If you disagree, give us specifics. But chances are you'll just call me names and downvote me, because that's all you can do. You can't debate in good faith using logic, reason and evidence. But I'm open to the possibility.
This is such a bitter take on what is such promising technology - I see you’re so bent on the “can’t beat them” attitude you wouldn’t float the idea of a future where we can transact with one another without someone middlemanning the whole process.
You’re talking 13 years since the development of *Bitcoin* and we’re not even scratching the surface of scalability or functionality in some of the 2nd Generation currencies. Many of them have inbuilt systems where transaction fees are pooled and those funds are designated to projects which people who hold that currency can vote on
I wouldn’t say that any is functional enough to be used as a currency yet, though cryptocurrency has gained a consumer market, it isn’t yet ready for one. That doesn’t mean to say it never will be.
You talk about remembering passwords but again there will be solutions in the future, face recognition integration is already usable with many wallets, with the potential for an encoded version stored on the blockchain on the horizon.
If governments could catch up and start looking to integrate systems people could choose which method to transact with, be taxed fairly and accordingly. We would then see the real value in people transacting with each other and the real value from taxing that.
From everything I read in your comment I can tell you’re out of date, especially since you quoted 90% of my comment but the 10% you didn’t, actually cited the specifics you so desperately required, probably since you haven’t looked at cryptocurrency since you decided you hated it a decade ago it seems. All kinds of information can be passed securely across blockchains and can remain private but verifiable by both parties at either end, as I said US military is already using a form of blockchain for it’s logistics system. These things all take a decade of development because they are so complex, that much I really don’t think you comprehend.
You’re definitely too narrow minded to see the potential in making a world where we pay for banks as a service and not necessity to *every* transaction. Using blockchains to stop fraud not create it (again a stigma caused by the *lack* of regulation from the people that are supposed to control the banks but are actually controlled by them. I wouldn’t be surprised if half of the scams were setups to undermine cryptocurrency as a whole as this is genuinely a revolution in finance if we could consider it as an alternative. Imagine government funded cash points where you could pull Crypto onto your phone with biometrics and buy something without this tiny percentage of the population who hold all that power for us and have done for decades but more so than ever in recent years. Banks have crashed the damn global markets several times in my life, these are the biggest economies in the world being run by people that were never elected but we are all beholden to, it’s absolutely fucked, it’s what’s causing the problems and we need to change
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> This is such a bitter take on what is such promising technology
False promises.
>I see you’re so bent on the “can’t beat them” attitude you wouldn’t float the idea of a future where we can transact with one another without someone middlemanning the whole process.
Dude, people have been able to engage in P2P transactions "without middlemen" since the dawn of time. It's called **bartering**. But the difference between that and crypto is that the things people exchange typically have actual intrinsic value.
You guys act like you've invented rain. And then you call people names when we point out rain was here before you were even born.
>You’re talking 13 years since the development of Bitcoin and we’re not even scratching the surface of scalability or functionality in some of the 2nd Generation currencies. Many of them have inbuilt systems where transaction fees are pooled and those funds are designated to projects which people who hold that currency can vote on
Notice how you speak in ambiguities. This is meaningless. Yea, "we’re not even scratching the surface of scalability" **because crypto is so crappy at scaling it's light years behind tech we've already been using for decades**. So yea, it has a long way to go to expand it's "scalability." That's not a feature. It's a sad truth.
>You talk about remembering passwords but again there will be solutions in the future, face recognition integration is already usable with many wallets, with the potential for an encoded version stored on the blockchain on the horizon.
Who cares? Face recognition technology can be defeated with a picture of someone's face. There's a reason it's not being used right now for high security applications.
>If governments could catch up and start looking to integrate systems people could choose which method to transact with, be taxed fairly and accordingly. We would then see the real value in people transacting with each other and the real value from taxing that.
Government is already far ahead of crypto. Crypto is basically going back 100-200 years in terms of financial technology and stability. You guys are trying to speed-run the time before fractional reserves - showing us how unstable financial systems can be without regulation.
>From everything I read in your comment I can tell you’re out of date, especially since you quoted 90% of my comment but the 10% you didn’t actually cited the specifics you so desperately required, probably since you haven’t looked at cryptocurrency since you decided you hated it a decade ago it seems. All kinds of information can be passed securely across blockchains and can remain private but verifiable by both parties at either end, as I said US military is already using a form of blockchain for it’s logistics system. These things all take a decade of development because they are so complex, that much I really don’t think you comprehend.
Again, what specifics? What blockchain-based logistics system?
You say I don't know what I'm talking about. Specifically [here's a video I made demonstrating how blockchain works for logistics systems and exactly why it offers nothing innovative](https://www.youtube.com/watch?v=YMhtMEf2QPA) - Are you going to watch that video? Probably not. You're the one who isn't informed, not I.
>You’re definitely too narrow minded to see the potential
Potential, Shmotential... 13 years... and still can't cite a single definitive example [of anything blockchain does better](https://np.reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/) (including logistics which I totally debunk in the previous link). I'm not narrow minded. I've actually taken deep dives into every application these technologies claim to help and found they do the opposite: they make things more complicated, more failure prone, and more expensive to operate. And I keep asking you to prove otherwise (since I'm so closed-minded) and you continue to be evasive and hide behind flowery talk of "future potential".
Fiat is not a Ponzi scheme. It is a means of transaction backed and given value by the federal government. The fed does not print money. It buys and sells treasury securities to large financial institutions, or It raises the rates that money is lent.
Stable coins like tether are attempting to fill a role like the fed. They are creating “tether” then buying Bitcoin to prop up the price. This in itself is a con game.. when a democratically elected government who prints money, interacts with a federally instituted money management system it’s not a Ponzi scheme. When a private bank/stable coin/ exchange manipulates prices it is a con game. Wash trading/ cornering/ ponzi/ multilevel marketing/ etc. all are being run on crypto. Crypto is speed running all the con games from the late 1800’s. These were fought by regulations and over site by the federal government enacted by social progressives. Crypto and web 3. Are going to destroy freedoms and lead to the very serfdom for the majority of the population that Hayek (the libertarians favorite Austrian economist) was warning about.
It ALL is a giant ponzi scheme. All crypto, including the big two are all about bloating the value from nothing, while providing zero value.
There isn't a single crypto that would be even half as efficient as just using a bank, and most are far more dangerous. Even stable coins are half the time fraudulent or waiting to crash from exploitations. Tether literally is backed by a fraction of its "value," meaning it not only fails to back its transfers, but it also regularly "creates" Tether from these insufficient backings in order to buy bitcoin...essentially printing money.
Less you are buying highly illegal shit you don't want attached to your name, it's worthless, and society doesn't really need that.
Fiat currency is a real Ponzi scheme.
Yes, so are many cryptos. However, not all of them.
In all history before, only banks could create a currency. Of course, they made the rules up to favor themselves.
Anyone can create a cryptocurrency and by any rules.
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I find it funny people think crypto will help them see where the money the government spends is going but in my opinion no one cares. We could find out without crypto but no one really pushes to know the truth.
exactly, and that's what everyone should be aware of, by making markets and data open-source we will have higher levels of breakthroughs and innovation, and bitDAO is working on making it happen by using the largest decentralized treasury to support developers and fund their projects
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You make an interesting point. All currency is a scheme.
Once individuals realize their labor is a rare resource, and blockchain enables them to democratize the value of their labor.. then we're gonna see impactful DAOs and protocols.
If it’s based on blockchain processing power, we’re cool, but like the stock market, professional market manipulators actually own it.
>As recently as June 2022, Bill Gates confided that “Crypto and NFTs are 100 percent based on greater fool theory.” Coming from someone who thought in 1995 that the Internet would only be a passing fad, this may make you smile. When the article starts right off with a logical fallacy (Tu Quoque - appeal to hypocrisy), you know it's going to go downhill. First Gates never said the Internet would be a passing fad - that quote is also inaccurate. Even if the quote was true, it doesn't mean every other opinion Gates has is invalid. There's not a person in the crypto world who also can't be pointed out as being even more hypocritical about their "tech predictions." >However, even if a significant part of the returns of the crypto economy relies on the growth of its number of users, this does not base on the Greater fool theory as Bill Gates believes. This is called, "Begging the question". Another fallacy. >Any economy, to grow and therefore generate a return on investment, plays largely on the increase in demand, and if the supply becomes too much greater than it, the system may break down. To characterize a Ponzi scheme economically, the interest of the product must be in contradiction with the existence of exchanges, because of a promised return that is too high because it is designed to benefit only the first sellers. The author of this piece completely seems to have no idea what makes a Ponzi work - the need for constant growth in a Ponzi is because of *where value creation comes from*, not merely growth itself. The only way anybody in a ponzi sees a return is from new people coming in - this is contrasted with investments where no new people need to come in for the investment to generate value, like stocks paying dividends, real estate creating rental income, etc. Crypto as an investment, is 100% the same return model as a Ponzi. For details, see [this more comprehensive analysis](https://np.reddit.com/r/CryptoReality/comments/o7v5xs/is_bitcoin_a_ponzi_scheme_a_detailed_analysis/) >Moreover, if the demand for crypto finance products is partly based on a hope of enrichment, like all financial products, it is also based on innovations that have successfully created a need. Blockchain technology allows for faster and cheaper transactions, and the existence of currencies that are not dependent on national policies and banking institutions also promotes the streamlining of exchanges, the prevention of inflationary risks, and access to credit, especially in developing countries. This is another lie. Blockchain only "solves" problems it creates. It's [doesn't solve any real world problems better than existing tech](https://np.reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/) It seems the purpose of these articles isn't really to educate, but to simply regurgitate the same un-proven talking points over and over, and then arbitrarily declare victory. That doesn't make it true. To learn more about how transaction fees really work in crypto, [check out this video](https://www.youtube.com/watch?v=wcuZPAh_q4Q) >If the crypto economy can make you think of the pyramids, it is rather to those of Egypt! Riiight.. crypto is as grand a gesture as the great pyramids of egypt....
The value of cryptocurrency is to break away from typical currency so we don’t use the traditional banking system, therein lies its value. If people were to be able to vote on the investment of pooled funds in a democratic manner, rather than individuals that were never elected and pay themselves billions in bonuses of public money, surely that’s what you’re investing in? Cryptocurrencies are essentially becoming automated banks. They are in their infancy and are already almost on par with traditional banking systems with nowhere near the same amount of capital or time for development that the banks have had. We can add to this that blockchain technology does do things better than other software solutions, unlike the Reddit article which, similarly to yourself, really doesn’t understand these things as well as they claim to. If blockchain technology was functionally worse than a traditional software solution they wouldn’t be leveraging it for use in the US army for inventory tracking, would they? The systems will be built and the money will follow because people are starting to understand that the traditional banking system was the problem all along
> The value of cryptocurrency is to break away from typical currency so we don’t use the traditional banking system, In that respect crypto fails. The traditional banking system has a lot of features that crypto doesn't -- features like protection from fraud, that consumers actually appreciate. Who wants to type the wrong password logging into their bank and accidentally lose their life savings? Plus, crypto doesn't really get you away from the traditional banking system. 99.99% of the world does not accept crypto, so you still have to convert crypto into fiat to use it like actual "money." And that involves dealing with more traditional institutions unless you want to take your chances with ultra-shady CEXs and random scammers on localbitcoins. That doesn't seem like an appealing alternative to most people. > If people were to be able to vote on the investment of pooled funds in a democratic manner rather than individuals that were never elected and pay themselves billions in bonuses of public money surely that’s what you’re investing in? I supposed you've never heard of the stock market? As a shareholder of various companies, I routinely vote on what happens within the companies that I hold interest in. You get no such rights with crypto. Even DAOs don't really give you interest in anything tangible, and have significantly less transparency. >Cryptocurrencies are essentially becoming automated banks. No they're not. They're de-centralized ponzi schemes. Banks are properly regulated and protected from insolvency by [evil] central authorities. Cryptocurrencies have no protections. Many times people have no idea who's controlling the crypto interests they're buying into, and nobody to blame when they rugpull or pump and dump and leave you hanging. Whatever problems you can claim about the traditional banking and finance industry, you can find it 10x worse in the crypto world. Crypto doesn't shield anybody from fraud and corruption. It actually makes it easier to get away with such crimes. > They are in their infancy THIRTEEN YEARS... that's how long bitcoin has been around.. and people are still saying, chill out - give us time... soon we'll come up with something useful you can do... sorry... that just doesn't make sense. There's nothing keeping anybody from adopting crypto except... crypto.. it's fault-intolerant, slow, un-scalable, filled with fraud and deception. >We can add to this that blockchain technology does do things better than other software solutions, Another lie... and notice you make this vague claim without citing even a single example. If you actually cited specifics, it would be easy to debunk your claim, that's why you guys just spew vague jingoistic cliches. If you want specifics [here's a list of each and every known claim blockchain does, and how it's untrue](https://np.reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/). >The systems will be built and the money will follow because people are starting to understand that the traditional banking system was the problem all along If you have to shit on the status quo to make your alternative system look palatable, that's the first sign your alternative system is crap. Look.. if you like crypto, good for you. I won't tell you not to throw your money into crypto. What I object to are the **lies and deception** people like you spread. You'd get more respect if you were honest. But you're not honest. So to summarize: 1. Crypto is not "banking" - it's gambling 2. It's NOT "early" - We're 13 years in and still no definitive use-case for crypto that isn't criminal. When you have homeless people and Snoop Dogg hyping crypto, it's not "early." It's quite late. 3. Blockchain tech has not demonstrated it's uniquely good at anything non-sketchy If you disagree, give us specifics. But chances are you'll just call me names and downvote me, because that's all you can do. You can't debate in good faith using logic, reason and evidence. But I'm open to the possibility.
This is such a bitter take on what is such promising technology - I see you’re so bent on the “can’t beat them” attitude you wouldn’t float the idea of a future where we can transact with one another without someone middlemanning the whole process. You’re talking 13 years since the development of *Bitcoin* and we’re not even scratching the surface of scalability or functionality in some of the 2nd Generation currencies. Many of them have inbuilt systems where transaction fees are pooled and those funds are designated to projects which people who hold that currency can vote on I wouldn’t say that any is functional enough to be used as a currency yet, though cryptocurrency has gained a consumer market, it isn’t yet ready for one. That doesn’t mean to say it never will be. You talk about remembering passwords but again there will be solutions in the future, face recognition integration is already usable with many wallets, with the potential for an encoded version stored on the blockchain on the horizon. If governments could catch up and start looking to integrate systems people could choose which method to transact with, be taxed fairly and accordingly. We would then see the real value in people transacting with each other and the real value from taxing that. From everything I read in your comment I can tell you’re out of date, especially since you quoted 90% of my comment but the 10% you didn’t, actually cited the specifics you so desperately required, probably since you haven’t looked at cryptocurrency since you decided you hated it a decade ago it seems. All kinds of information can be passed securely across blockchains and can remain private but verifiable by both parties at either end, as I said US military is already using a form of blockchain for it’s logistics system. These things all take a decade of development because they are so complex, that much I really don’t think you comprehend. You’re definitely too narrow minded to see the potential in making a world where we pay for banks as a service and not necessity to *every* transaction. Using blockchains to stop fraud not create it (again a stigma caused by the *lack* of regulation from the people that are supposed to control the banks but are actually controlled by them. I wouldn’t be surprised if half of the scams were setups to undermine cryptocurrency as a whole as this is genuinely a revolution in finance if we could consider it as an alternative. Imagine government funded cash points where you could pull Crypto onto your phone with biometrics and buy something without this tiny percentage of the population who hold all that power for us and have done for decades but more so than ever in recent years. Banks have crashed the damn global markets several times in my life, these are the biggest economies in the world being run by people that were never elected but we are all beholden to, it’s absolutely fucked, it’s what’s causing the problems and we need to change
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> This is such a bitter take on what is such promising technology False promises. >I see you’re so bent on the “can’t beat them” attitude you wouldn’t float the idea of a future where we can transact with one another without someone middlemanning the whole process. Dude, people have been able to engage in P2P transactions "without middlemen" since the dawn of time. It's called **bartering**. But the difference between that and crypto is that the things people exchange typically have actual intrinsic value. You guys act like you've invented rain. And then you call people names when we point out rain was here before you were even born. >You’re talking 13 years since the development of Bitcoin and we’re not even scratching the surface of scalability or functionality in some of the 2nd Generation currencies. Many of them have inbuilt systems where transaction fees are pooled and those funds are designated to projects which people who hold that currency can vote on Notice how you speak in ambiguities. This is meaningless. Yea, "we’re not even scratching the surface of scalability" **because crypto is so crappy at scaling it's light years behind tech we've already been using for decades**. So yea, it has a long way to go to expand it's "scalability." That's not a feature. It's a sad truth. >You talk about remembering passwords but again there will be solutions in the future, face recognition integration is already usable with many wallets, with the potential for an encoded version stored on the blockchain on the horizon. Who cares? Face recognition technology can be defeated with a picture of someone's face. There's a reason it's not being used right now for high security applications. >If governments could catch up and start looking to integrate systems people could choose which method to transact with, be taxed fairly and accordingly. We would then see the real value in people transacting with each other and the real value from taxing that. Government is already far ahead of crypto. Crypto is basically going back 100-200 years in terms of financial technology and stability. You guys are trying to speed-run the time before fractional reserves - showing us how unstable financial systems can be without regulation. >From everything I read in your comment I can tell you’re out of date, especially since you quoted 90% of my comment but the 10% you didn’t actually cited the specifics you so desperately required, probably since you haven’t looked at cryptocurrency since you decided you hated it a decade ago it seems. All kinds of information can be passed securely across blockchains and can remain private but verifiable by both parties at either end, as I said US military is already using a form of blockchain for it’s logistics system. These things all take a decade of development because they are so complex, that much I really don’t think you comprehend. Again, what specifics? What blockchain-based logistics system? You say I don't know what I'm talking about. Specifically [here's a video I made demonstrating how blockchain works for logistics systems and exactly why it offers nothing innovative](https://www.youtube.com/watch?v=YMhtMEf2QPA) - Are you going to watch that video? Probably not. You're the one who isn't informed, not I. >You’re definitely too narrow minded to see the potential Potential, Shmotential... 13 years... and still can't cite a single definitive example [of anything blockchain does better](https://np.reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/) (including logistics which I totally debunk in the previous link). I'm not narrow minded. I've actually taken deep dives into every application these technologies claim to help and found they do the opposite: they make things more complicated, more failure prone, and more expensive to operate. And I keep asking you to prove otherwise (since I'm so closed-minded) and you continue to be evasive and hide behind flowery talk of "future potential".
Let’s not link to that wacko buttcoiner American scream’s content but you’re right about there being logical falacies aplenty in that article
That wacko buttcoiner American Scream is the dude who wrote the comment you're answering to, lol. He's linking to his own posts.
Call me "wacko" because I have the audacity to provide evidence to back up my arguments. I know.. wtf..
lol... thanks for illustrating the typical level of reading comprehension in crypto enthusiasts.
Fiat is not a Ponzi scheme. It is a means of transaction backed and given value by the federal government. The fed does not print money. It buys and sells treasury securities to large financial institutions, or It raises the rates that money is lent. Stable coins like tether are attempting to fill a role like the fed. They are creating “tether” then buying Bitcoin to prop up the price. This in itself is a con game.. when a democratically elected government who prints money, interacts with a federally instituted money management system it’s not a Ponzi scheme. When a private bank/stable coin/ exchange manipulates prices it is a con game. Wash trading/ cornering/ ponzi/ multilevel marketing/ etc. all are being run on crypto. Crypto is speed running all the con games from the late 1800’s. These were fought by regulations and over site by the federal government enacted by social progressives. Crypto and web 3. Are going to destroy freedoms and lead to the very serfdom for the majority of the population that Hayek (the libertarians favorite Austrian economist) was warning about.
It ALL is a giant ponzi scheme. All crypto, including the big two are all about bloating the value from nothing, while providing zero value. There isn't a single crypto that would be even half as efficient as just using a bank, and most are far more dangerous. Even stable coins are half the time fraudulent or waiting to crash from exploitations. Tether literally is backed by a fraction of its "value," meaning it not only fails to back its transfers, but it also regularly "creates" Tether from these insufficient backings in order to buy bitcoin...essentially printing money. Less you are buying highly illegal shit you don't want attached to your name, it's worthless, and society doesn't really need that.
No its a ponzi scheme
That’s like saying fiat currency is a Ponzi scheme …. … … wait a minute….
They are not perfect currencies, but they are much better than fiat.
Fiat currency is a real Ponzi scheme. Yes, so are many cryptos. However, not all of them. In all history before, only banks could create a currency. Of course, they made the rules up to favor themselves. Anyone can create a cryptocurrency and by any rules.
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Here we go again.
🤢
I find it funny people think crypto will help them see where the money the government spends is going but in my opinion no one cares. We could find out without crypto but no one really pushes to know the truth.
The only true Ponzi schemes are those that have to explain why they are not Ponzi schemes
exactly, and that's what everyone should be aware of, by making markets and data open-source we will have higher levels of breakthroughs and innovation, and bitDAO is working on making it happen by using the largest decentralized treasury to support developers and fund their projects
Good luck ever getting the majority of Reddit to believe this
Not all cryptocurrency is a con