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All crypto are a scam. They can not be anything else because transaction fees make them a negative sum game. Everything else is just a lot of smoke and mirrors
by chx 4y ago
All crypto are a scam. They can not be anything else because transaction fees make them a negative sum game. Everything else is just a lot of smoke and mirrors over this very basic and fundamental fact.
- marcusverus 4y agoAll non-cash transactions have associated fees--they're just obfuscated because consumers don't pay them directly. Visa takes 1.15% of every transaction, for example. There's no such thing as a free lunch. Crypto fees are too high, though. The average ETH transaction is, I think, ~$6. That means it's uneconomical in the vast majority of cases. Of course, everyone who uses it knows this, which makes for an odd scam, don't you think?
- chx 4y agoBut you can have cash transactions, the rest is convenience. You can not have that with crypto.
- diego_sandoval 4y agoThe fees in most Bitcoin Cash (BCH), Monero and Litecoin transactions are fractions of a cent.
- rom-antics 4y agoAll of life is a scam. The net amount of entropy in the universe continually increases. Existence itself is a negative sum game. In a cosmic blink of an eye, the sun will swallow the earth and humanity will go extinct. Any meaning people find in life is just a lot of smoke and mirrors over this very basic and fundamental fact.
- notch898a 4y agoUsing your standard the same is said of cash. It costs money to print it, labor to count it, etc. Currencies are almost always negative sum at least if you don't count the utility of the use of the currency itself. Maybe you can argue gold or something like that is excepted as it can be used as productive capital as catalyst for chemical reactions or as a conductor etc.
- geommr 4y agowhat about crypto that have zero fees?