4 ms·

Who has bitcoin been corrupted by?

by fartcannon 4y ago

headsoup 4y ago
The exchanges. Clearly and factually.
- ntoskrnl 4y ago
  If I use my private key to send a transaction to your public key, the exchanges have no say in it. You can choose who to trust. If some exchange is corrupted, just don't use it.
  - rglullis 4y ago
    The price of the coin is being manipulated by the exchanges, no matter if you use it or not. One exchange in particular (Bitfinex) is helping to keep the largest fraud scheme in history (Tether/USDT) around.
- fartcannon 4y ago
  I dont understand what you mean. Is there somewhere I can read about this?
  - headsoup 4y ago
    For a straightforward start, this guy piles on a bit, but also holds a lot of the history/evidence on record too: https://mobile.twitter.com/Bitfinexed https://mobile.twitter.com/Bitfinexed
    - fartcannon 4y ago
      Thank you. However that's not bitcoin being corrupted, he suggests that tether, and an exchange are corrupted. When people use USD for crime, is USD corrupted?
      - gitfan86 4y ago
        Corruption is probably a bad description. It is more like what happened to Tulips during Tulip Mania, or Beanie Babies during that bubble. Beanie Babies are not "corrupted". They are "associated" with a bubble. Crypto as a whole is becoming increasingly associated with zero sum scams like Ponzi/MLMs. And it is partially due to the fee extraction entities that are making a profit of off the "investor's" cash.
        fartcannon 4y ago
        I mean Mt Gox was almost a decade ago. Bad people try to do bad things with other peoples money. That's the value in bitcoin though. You dont need to use these exchanges. If you're smart, you dont trust large institutions of any kind with your money.
        dividedbyzero 4y ago
        That mitigates these risks for people who are able to have an in-depth understanding of Bitcoin, which is in itself extremely complex and requires tons of prior knowledge. Everyone else has to trust someone with their crypto needs and is left to be fleeced with no recourse at all. As of now, that merely replaces the group that profits disproportionately with a crypto bros and the like.
        fartcannon 4y ago
        Crypto Bros are the vaguely defined boogeyman, scape goat, and hate magnet for a coordinated disinformation campagain against crypto .. Are you sure you want to associate your position with that kinda PR?
        headsoup 4y ago
        Don't try to stand up a strawman. The exchanges are manipulating the value of Bitcoin, which affects those not using exchanges' ability to trade at a 'proper' value.

Who has bitcoin been corrupted by?

headsoup 4y ago

The exchanges. Clearly and factually.

ntoskrnl 4y ago
If I use my private key to send a transaction to your public key, the exchanges have no say in it. You can choose who to trust. If some exchange is corrupted, just don't use it.
- rglullis 4y ago
  The price of the coin is being manipulated by the exchanges, no matter if you use it or not. One exchange in particular (Bitfinex) is helping to keep the largest fraud scheme in history (Tether/USDT) around.
fartcannon 4y ago
I dont understand what you mean. Is there somewhere I can read about this?
- headsoup 4y ago
  For a straightforward start, this guy piles on a bit, but also holds a lot of the history/evidence on record too: https://mobile.twitter.com/Bitfinexed https://mobile.twitter.com/Bitfinexed
  - fartcannon 4y ago
    Thank you. However that's not bitcoin being corrupted, he suggests that tether, and an exchange are corrupted. When people use USD for crime, is USD corrupted?
    - gitfan86 4y ago
      Corruption is probably a bad description. It is more like what happened to Tulips during Tulip Mania, or Beanie Babies during that bubble. Beanie Babies are not "corrupted". They are "associated" with a bubble. Crypto as a whole is becoming increasingly associated with zero sum scams like Ponzi/MLMs. And it is partially due to the fee extraction entities that are making a profit of off the "investor's" cash.
      - fartcannon 4y ago
        I mean Mt Gox was almost a decade ago. Bad people try to do bad things with other peoples money. That's the value in bitcoin though. You dont need to use these exchanges. If you're smart, you dont trust large institutions of any kind with your money.
        dividedbyzero 4y ago
        That mitigates these risks for people who are able to have an in-depth understanding of Bitcoin, which is in itself extremely complex and requires tons of prior knowledge. Everyone else has to trust someone with their crypto needs and is left to be fleeced with no recourse at all. As of now, that merely replaces the group that profits disproportionately with a crypto bros and the like.
        fartcannon 4y ago
        Crypto Bros are the vaguely defined boogeyman, scape goat, and hate magnet for a coordinated disinformation campagain against crypto .. Are you sure you want to associate your position with that kinda PR?
        headsoup 4y ago
        Don't try to stand up a strawman. The exchanges are manipulating the value of Bitcoin, which affects those not using exchanges' ability to trade at a 'proper' value.