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What does a scam mean? That it doesn’t have value? That it only has value for a select few scammers? Crypto as a way to avoid taxes, buy goods on the black mar
by mruts 8y ago
What does a scam mean? That it doesn’t have value? That it only has value for a select few scammers?
Crypto as a way to avoid taxes, buy goods on the black market, and as an alternative to a shaky local fiat currency are all great examples of crypto’s value.
Also, there’s also the investment angle. It (hopefully) operates as an uncorrelated store of value much like gold or other precious metals.
I think it would be very hard to argue that BTC and ETH are scams, that is, created for the purpose of the scammer stealing from the “scammee.”
- Novashi 8y agoCrypto itself isn't a scam, but its strengths also helps scammers thrive because a financial institution can't reverse malicious activity. This can be thought of as the same risk of loss as any investment. "If I convert to crypto, there's a non-zero chance my money could just disappear". This is (usually) necessary to take this risk into account when valuing crypto assets, so in a sense, scamming is part of crypto as long as crypto wants to be exchanged for fiat currency.