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>>Bitcoin has been around 13 years at this point and you still don’t get why folks need to use energy to secure their money. In those 13 years it has proven to

>>Bitcoin has been around 13 years at this point and you still don’t get why folks need to use energy to secure their money. In those 13 years it has proven to be nothing more than a Ponzi scheme for cryptobros and probably one of the most wasteful endeavours that humanity has ever started. One can only hope that the next 13 years kill it for good, either by imploding internally, or it being outlawed in every country that can.

smokey_circles 5y ago
> Ponzi scheme Doesn't meet the requirement: New investor money to pay old investors. Which is not to say it's problem free, but that problem is at the exchange level. Art suffers the same flaws. And Yachts. And on and on and on. That's why we have regulations. Desperately need regulation at the fiat/crypto exchange
- lodovic 5y ago
  Yes it does - Bitcoin is mainly used for speculation. Paying for groceries with Bitcoin is too expensive (transaction fees) and you typically cannot use your Bitcoin savings as a collateral for another investment due to the price volatility. This means that if you want to cash out, you need someone else to invest their "new investor money" in Bitcoin.
  - randomhodler84 5y ago
    Nah, a lot of things are that without being a ponzi, like Amazon stock. It pays nothing. Does nothing. Requires you to find someone who will pay more than you paid and sell it to them to make money. It’s not.
newswasboring 5y ago
> it being outlawed in every country that can. Being pedantic for fun. Isn't all crypto currency already outlaws? They operate outside of all the financial laws and regulations we have. In fact I think some proponents are citing this as a feature.
- gambiting 5y ago
  >>Isn't all crypto currency already outlaws No? Here in UK you can legally buy/sold/hold crypto. HMRC even tells you exactly how to pay taxes on it with official documents explaining the process.
  - newswasboring 5y ago
    Oh, I didn't know. I was trying to use the original definition of outlaw, where a person is excluded from protections of the law. Do crypto transactions enjoy the same level of regulatory protection (assuming UK has any) that normal cash transactions do? Like if I am defrauded in a rug pull, can I sue the rug puller?
    - gambiting 5y ago
      Well since it's a civil matter sure, you can sue whoever defrauded you. But no, general protections enjoyed by other financial transactions don't apply generally.

smokey_circles 5y ago

> Ponzi scheme Doesn't meet the requirement: New investor money to pay old investors. Which is not to say it's problem free, but that problem is at the exchange level. Art suffers the same flaws. And Yachts. And on and on and on. That's why we have regulations. Desperately need regulation at the fiat/crypto exchange

lodovic 5y ago
Yes it does - Bitcoin is mainly used for speculation. Paying for groceries with Bitcoin is too expensive (transaction fees) and you typically cannot use your Bitcoin savings as a collateral for another investment due to the price volatility. This means that if you want to cash out, you need someone else to invest their "new investor money" in Bitcoin.
- randomhodler84 5y ago
  Nah, a lot of things are that without being a ponzi, like Amazon stock. It pays nothing. Does nothing. Requires you to find someone who will pay more than you paid and sell it to them to make money. It’s not.

newswasboring 5y ago

> it being outlawed in every country that can. Being pedantic for fun. Isn't all crypto currency already outlaws? They operate outside of all the financial laws and regulations we have. In fact I think some proponents are citing this as a feature.

gambiting 5y ago
>>Isn't all crypto currency already outlaws No? Here in UK you can legally buy/sold/hold crypto. HMRC even tells you exactly how to pay taxes on it with official documents explaining the process.
- newswasboring 5y ago
  Oh, I didn't know. I was trying to use the original definition of outlaw, where a person is excluded from protections of the law. Do crypto transactions enjoy the same level of regulatory protection (assuming UK has any) that normal cash transactions do? Like if I am defrauded in a rug pull, can I sue the rug puller?
  - gambiting 5y ago
    Well since it's a civil matter sure, you can sue whoever defrauded you. But no, general protections enjoyed by other financial transactions don't apply generally.