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When scam becomes self sustaining (even in the face of repeated evidence it’s a scam), is it still a scam? It seems like this is built into the value of Bitcoin
by thom 6y ago
When scam becomes self sustaining (even in the face of repeated evidence it’s a scam), is it still a scam? It seems like this is built into the value of Bitcoin at this point. Someone could stand up and say “behold, I am manipulating the price of Bitcoin for my own gain, through nefarious means” and people would just think “well, after the price collapses because of this, someone else is bound to manipulate the price, so it’ll go back up!”
- totalZero 6y agoIf something (not Bitcoin, but just speaking generally) is a scam, the quality of self-sustainment wouldn't make it any less of a scam. The idea that being able to sustain a scam somehow legitimizes it, is essentially how Bernie Madoff justified his actions. “Everybody thinks the worst of me. The only thing I’m happy about is I was able to help people recover … There’s nothing for me to change from. It’s not like I ever considered myself a bad person.” https://www.politico.com/story/2014/03/bernie-madoff-interview-104838 https://www.politico.com/story/2014/03/bernie-madoff-intervi... "The facts were that the majority of my individual clients were net winners." https://www.cnbc.com/2015/04/07/in-new-emails-madoff-says-fraud-wasnt-so-bad.html https://www.cnbc.com/2015/04/07/in-new-emails-madoff-says-fr...