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What makes you so sure that "Bitcoin and the honest cryptos" aren't just a way some folks are exploiting to be the new wealthy tyranny by playing a game they ca
by libertine 4y ago
What makes you so sure that "Bitcoin and the honest cryptos" aren't just a way some folks are exploiting to be the new wealthy tyranny by playing a game they can win faster by duping others?
These types of games have been played for ages, the behavior is similar, and the end result seems to be the same: major gains for a few bunch, and losses for the late comers.
We've seen it all: ICOs, DAOs, NFTs, what other scheme will resurface next until there are actual regulations in place to prohibit false advertising and bogus claims.
Of course I'm throwing the baby with the bath water when I say this, but reality is that the barrier of entry for scams and schemes is so low that something must be done.
- survirtual 4y agoThat isn’t what Bitcoin is about. People can still manipulate the social mechanics involved. They just can’t manipulate the fundamental rules. That’s it. Anyone can send any transaction anywhere. The monetary supply is fixed, no one gets to decide arbitrarily when money is created. And to make new money, there are specific conditions which simultaneously contributes value to the network. It doesn’t fix inequality, it just fixes the rules and makes it so we can at least trust the fidelity of the system. People take for granted the honesty of the existing systems. But when we bailout big failed banks and big business by printing more money and let the common person crash and burn, it is clearer how dishonest it is. Most people do not have a friend that can get the government to bail them out — but some people do. That is just scratching the surface on the problem with intermediaries infecting a monetary supply. At least with bitcoin, we all play by the same rules. There is value in that kind of honesty.