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Crypto (currencies) are not a scam. These are currencies and like any other currency are subject to devaluation and abolition.
by AnonCoward42 3y ago
Crypto (currencies) are not a scam. These are currencies and like any other currency are subject to devaluation and abolition.
- mvdtnz 3y agoFunny thing about crypto enthusiasts is that they'll claim cryptocurrencies are currencies when it's convenient then claim they are "assets" or "a store of value" when it's not.
- AnonCoward42 3y agoObvious strawman.
- yjftsjthsd-h 3y ago> they'll claim cryptocurrencies are currencies when it's convenient then claim they are "assets" or "a store of value" when it's not. It's been a while since I took an econ class, but aren't all currencies, by definition, assets / stores of value? Edit: Oh, you mean they're only assets but don't meet other criteria to be currencies?
- mvdtnz 3y agoYeah, your edit. It's a common refrain among Bitcoiners when faced with the deficiencies of their scambucks.
- AnonCoward42 3y agoHow is Bitcoin a scam for you. Tell me.
- mvdtnz 3y agoI didn't say Bitcoin is a scam. It's almost exclusively used for scams and other crimes, though.
- AnonCoward42 3y agoYou said "Bitcoiners" and "their scambucks" in one sentence. Before eCommerce took off the internet was almost exclusively used for scams and arguably that is still the case even if not exclusively it's still a big part, so we should declare the internet a scam I suppose. Disclaimer: I am not even heavily invested (in any sense). It's just a means to pay for stuff for me.
- JumpCrisscross 3y ago> aren't all currencies, by definition, assets / stores of value? Yes and no. Modern currencies separate the medium of exchange and unit of account functions, on one hand, from the store of value and standard of deferred payment functions, on the other hand. Paper and deposit dollars are the former, Treasuries are the latter. Someone complaining about inflation eroding their cash under a mattress's value is literally using their dollars wrong.
- injeolmi_love 3y agoThere’s over 1.8 million crypto tokens. You can find one for any concept that’s been thought up.
- creatonez 3y agoThey are very unlike other currencies, in that almost all of them are rigged for a period of rapid hype-based growth followed by a deflationary apocalypse where late adopters are squeezed out by those who perpetuated the ponzi scheme (which is to say, nearly the entire community aside from Satoshi and maybe Vitalik Buterin -- who are probably good people, but hold silly beliefs)
- AnonCoward42 3y ago> They are very unlike other currencies, in that almost all of them are rigged [...] So you're actually agreeing with me, that crypto currencies are not a scam. The number of currencies is also irrelevant even in a more colloquial sense. What's more important is how much is really invested in a given currency and the bad tokens are a niche. Ponzi scheme (or just new) coins are usually for gamblers and not in broad use and are comparable to jettons in a casino. Are jettons a scam in that sense?
- creatonez 3y agoWe should be alarmed about any money system that has the properties that give way to gambling and ponzi-like systems. I would not hesitate to criticize both the money system and the con artists who took advantage of it, when it's so clear that the money system's rules have such inevitable outcomes. I don't mind abolishing any of the money systems that turn out to be harmful and are pushed without broad sociopolitical consent.
- AnonCoward42 3y agoOur current money system has the properties that give way to gambling. You can't pretend that gambling didn't exist before crypto.
- anonymouskimmer 3y agoVery few people are swapping yen and euros trying to get rich from them. The standard gambling that happens with "our current money system" can also happen with self-written IOUs. This kind of gambling isn't about the money, per se, whereas with crypto you get an additional kind of gambling on the currency itself.