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People need to be discouraged from trusting third parties in "holding" "their" Bitcoin. Ftx debacle was a Darwin moment for a lot of nonchalant investors.

chx 4y ago
No, people need to be discouraged from participating in the scam. All crypto"currencies" are a scam, they have never been anything else and for the foreseeable future they can't be anything else either. Even calling them "currencies" was a genius strike of marketing because they are so obviously not one but it helps building the hype. Which is all there is.
- Operative0198 4y ago
  Unfortunately, as long as there is some potential profit to be made by normies on crypto, it probably won't be going anywhere anytime soon. Though to give Bitcoin some of the (marketing) credit, we get Blockchain, DEFIs, DAOs and soon CBDCs out of it. So, there's some massive innovation to be had in that sector.
  - chx 4y ago
    All of that is just smoke and mirrors over the fundamental scam of it. Try to understand this: all of crypto is a scam. They can not be anything else. Not for now.
    - Operative0198 4y ago
      Sounds like you are making an emotional argument here. Outright scams do exist in the crypto arena since we are in the early days. But 2-3 decades from now, I can see crypto (or some version of it) being robust and ubiquitous.
      - chx 4y ago
        No, it's a mathematical argument often made and rarely understood: due to transaction fees crypto is a negative sum game and that is all.
        Operative0198 4y ago
        Crypto is not just Bitcoin.
        chx 4y ago
        Name but one widely used coin which is not a negative sum game. (nano and iota are hardly widely used.)
        Operative0198 4y ago
        If we take up those two coins you mentioned and use them then your argument starts to fall. Dash is already popular for payments and transactions with low fees. Bottom line, a total miner capitulation event on any of these coins that are cheaper to mine is 100% unlikely. Computing and energy costs go lower and lower every year.
        chx 4y ago
        Low fees doesn't change the fundamental negative sum game nature. It's still negative. Zero fee would change that but for obvious reason those do not become popular: you actually need to put in effort to scam with those. The reason bitcoin became so popular is because the only way to win in a negative sum game is to hype up the game and sell your seat and so everyone buying needed to hype even harder. Playing the game only leads to loss. This dynamic doesn't exist with a zero transfer fee coin.

chx 4y ago

No, people need to be discouraged from participating in the scam. All crypto"currencies" are a scam, they have never been anything else and for the foreseeable future they can't be anything else either. Even calling them "currencies" was a genius strike of marketing because they are so obviously not one but it helps building the hype. Which is all there is.

Operative0198 4y ago
Unfortunately, as long as there is some potential profit to be made by normies on crypto, it probably won't be going anywhere anytime soon. Though to give Bitcoin some of the (marketing) credit, we get Blockchain, DEFIs, DAOs and soon CBDCs out of it. So, there's some massive innovation to be had in that sector.
- chx 4y ago
  All of that is just smoke and mirrors over the fundamental scam of it. Try to understand this: all of crypto is a scam. They can not be anything else. Not for now.
  - Operative0198 4y ago
    Sounds like you are making an emotional argument here. Outright scams do exist in the crypto arena since we are in the early days. But 2-3 decades from now, I can see crypto (or some version of it) being robust and ubiquitous.
    - chx 4y ago
      No, it's a mathematical argument often made and rarely understood: due to transaction fees crypto is a negative sum game and that is all.
      - Operative0198 4y ago
        Crypto is not just Bitcoin.
        chx 4y ago
        Name but one widely used coin which is not a negative sum game. (nano and iota are hardly widely used.)
        Operative0198 4y ago
        If we take up those two coins you mentioned and use them then your argument starts to fall. Dash is already popular for payments and transactions with low fees. Bottom line, a total miner capitulation event on any of these coins that are cheaper to mine is 100% unlikely. Computing and energy costs go lower and lower every year.
        chx 4y ago
        Low fees doesn't change the fundamental negative sum game nature. It's still negative. Zero fee would change that but for obvious reason those do not become popular: you actually need to put in effort to scam with those. The reason bitcoin became so popular is because the only way to win in a negative sum game is to hype up the game and sell your seat and so everyone buying needed to hype even harder. Playing the game only leads to loss. This dynamic doesn't exist with a zero transfer fee coin.