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There’s no wrong with crypto if you understand it’s simply a ponzi. I wish I’d realized it early then I could have approached it correctly instead of paying at

There’s no wrong with crypto if you understand it’s simply a ponzi. I wish I’d realized it early then I could have approached it correctly instead of paying attention to the question of whether it represents anything real.

yashg 3y ago
And if it didn't waste electricity equivalent to a country.
- jakupovic 3y ago
  [flagged]
  - FranzFerdiNaN 3y ago
    It doesn’t matter that other things also use electricity. That’s what seven year olds use to excuse their behavior, when they go “but mom, my friend may do X so why can’t I?????”.
    - jakupovic 3y ago
      [flagged]
  - vr46 3y ago
    This rambling whataboutery is definitely the more tired talking point. BTC really does waste energy and it’s the context for this entire page.
    - jakupovic 3y ago
      It's rambling as you don't agree and are stuck in "bitcoin bad boo". Learn some things about life, buy some bitcoin and don't repeat stupid talking points formulated by others ...
- Grangar 3y ago
  How much energy is spent, and how much pollution is caused by traditional finance?
  - kd913 3y ago
    Are you really gonna spew this line of reasoning dear crypto bro? You know the answer and energy cost of both here. One serves an entire a nation at an energy cost that is less than this waste of computation. The other causes a enegy cost equivalent to entire countries for a total of 250k transactions. Never mind the sheer monumental ewaste generated. Bitcoin is a trash currency and any advocates are garbage for the sheer environmental disaster they cause. It single handedly undoes renewable trends but le number goes up. The fact this low hanging fruit hasn’t been banned from above is frankly shameful.
    - x86x87 3y ago
      Wow. That's a really high horse you're riding over there. Are you saying that the "crypto bros" are using free electricity to power the likes of bitcoin? If they are paying for the electricity what are you actually arguing against? The free market? Freedom? Next time you start getting ideas abour banning things look into history for examples when banning shit was attempted and what happened.
      - kd913 3y ago
        If it is unclear what I am saying, read my comment again. Pretty obvious what I am saying that as a currency Bitcoin is garbage. The value is artificially propped up with tether, easy trading and illegal activity. The energy costs undoes any green movements all so number goes up. It provides 0 useful economic activity for a Country and should have been banned years ago if governments were run competently. The world would be a better place if it never existed and proponents are garbage people.
        npoc 3y ago
        On what grounds could a country's public servants prevent people using electricity in a way that harms no one else, after purchasing said electricity in the free market from approved suppliers? It's absolutely none of your business what I do with electricity after I've purchased it, so long as I don't use it to harm anyone else. If you try to stop me, I'll sue you for damages.
jakupovic 3y ago
[flagged]
- realusername 3y ago
  I gained money from it in the past and still think it's a ponzi. "You're jealous" never was a good argument. I'd say that there's even less reasons to join now than in the past, at least 10 years ago you could have said "there's a potential" with a straight face.
  - jakupovic 3y ago
    Well you shouldn't have sold as that bolsters my argument. Also, "you're jealous" fits perfectly here by your own admission. 1 more, just to seal this, nothing has changed for bitcoin 10 years vs now. It's you who changed, but I'm guessing, wishes you hadn't.
    - realusername 3y ago
      > nothing has changed for bitcoin 10 years vs now. That's kind of the problem you know. That was the best summary of cryptocurrency in a single sentence, yes nothing happened. Bitcoin didn't change indeed, it's my perception that it could work one day which changed since 10 years are now gone and nothing did happen. And I don't regret spending coins since it's supposed to be a currency ... isn't it?
      - jakupovic 3y ago
        [flagged]
- andrewstuart 3y ago
  No not interested.
  - deleted 3y ago
    [deleted]
HeartStrings 3y ago
USD is a ponzi, too
- LargeTomato 3y ago
  It is not because the entity issuing the dollar (America) grows and produces stuff. Ponzi schemes are money laundering schemes. These are entirely different.
  - Terr_ 3y ago
    > Ponzi schemes are money laundering schemes. No, that's like saying "bank-robberies are drug-smuggling." A Ponzi scheme involves investors being defrauded by someone lying about the status of assets and money flows. It does not automatically imply any kind of money laundering, and in fact it can operate just fine even when every single scent being invested is from entirely clean sources.
    - LargeTomato 3y ago
      "Money laundering" as in the flow of cash and assets is obfuscated to appear as something it is not.
      - Terr_ 3y ago
        No, laundering it's far more specific than that, it means the original money is somehow "dirty" (revenue from criminal activity) and is being "cleaned." In contrast, a Ponzi scheme can operate just fine with 100% clean investment money coming in some unsuspecting victims, and the (smaller) amounts flowing back as dividends would also be clean.
        LargeTomato 3y ago
        The most precise definition of money laundering may be that. But in general, laundering anything means to pass it off as something it may not be, particularly in a dishonest way. But good on you for really getting your definitions down I'm sure you're super fascinating at parties.
kaliqt 3y ago
The same applies to the money in your bank. It just so happens to have stronger maintainers behind it.
- deleted 3y ago
  [deleted]
Terr_ 3y ago
> simply a ponzi *sigh* Welcome the 2020s, where anything economically unsustainable-looking that somebody doesn't like gets blithely tarred as a "Ponzi scheme". Bitcoin? Ponzi scheme. Social Security? Ponzi scheme. Housing market? Ponzi scheme. Monopoly™ board game? Ponzi scheme. No, at a minimum any "Ponzi scheme" requires somebody to be telling you actual lies about assets and money flows. Without that, you are at the very least dealing with a different category of scam. https://www.investopedia.com/terms/p/ponzischeme.asp https://www.investopedia.com/terms/p/ponzischeme.asp
MailleQuiMaille 3y ago
I feel like the entire country at this point runs on the statement « You just had to be there sooner ! » Whether it is stocks, houses, jobs, even life expentacy (!!!), newer generations get the shiniest toys and the best memes, but apart from that, I understand why some people have nostalgia for a time they didn’t know. Ah, it’s just a transition, I hope !

yashg 3y ago

And if it didn't waste electricity equivalent to a country.

jakupovic 3y ago
[flagged]
- FranzFerdiNaN 3y ago
  It doesn’t matter that other things also use electricity. That’s what seven year olds use to excuse their behavior, when they go “but mom, my friend may do X so why can’t I?????”.
  - jakupovic 3y ago
    [flagged]
- vr46 3y ago
  This rambling whataboutery is definitely the more tired talking point. BTC really does waste energy and it’s the context for this entire page.
  - jakupovic 3y ago
    It's rambling as you don't agree and are stuck in "bitcoin bad boo". Learn some things about life, buy some bitcoin and don't repeat stupid talking points formulated by others ...
Grangar 3y ago
How much energy is spent, and how much pollution is caused by traditional finance?
- kd913 3y ago
  Are you really gonna spew this line of reasoning dear crypto bro? You know the answer and energy cost of both here. One serves an entire a nation at an energy cost that is less than this waste of computation. The other causes a enegy cost equivalent to entire countries for a total of 250k transactions. Never mind the sheer monumental ewaste generated. Bitcoin is a trash currency and any advocates are garbage for the sheer environmental disaster they cause. It single handedly undoes renewable trends but le number goes up. The fact this low hanging fruit hasn’t been banned from above is frankly shameful.
  - x86x87 3y ago
    Wow. That's a really high horse you're riding over there. Are you saying that the "crypto bros" are using free electricity to power the likes of bitcoin? If they are paying for the electricity what are you actually arguing against? The free market? Freedom? Next time you start getting ideas abour banning things look into history for examples when banning shit was attempted and what happened.
    - kd913 3y ago
      If it is unclear what I am saying, read my comment again. Pretty obvious what I am saying that as a currency Bitcoin is garbage. The value is artificially propped up with tether, easy trading and illegal activity. The energy costs undoes any green movements all so number goes up. It provides 0 useful economic activity for a Country and should have been banned years ago if governments were run competently. The world would be a better place if it never existed and proponents are garbage people.
      - npoc 3y ago
        On what grounds could a country's public servants prevent people using electricity in a way that harms no one else, after purchasing said electricity in the free market from approved suppliers? It's absolutely none of your business what I do with electricity after I've purchased it, so long as I don't use it to harm anyone else. If you try to stop me, I'll sue you for damages.

jakupovic 3y ago

[flagged]

realusername 3y ago
I gained money from it in the past and still think it's a ponzi. "You're jealous" never was a good argument. I'd say that there's even less reasons to join now than in the past, at least 10 years ago you could have said "there's a potential" with a straight face.
- jakupovic 3y ago
  Well you shouldn't have sold as that bolsters my argument. Also, "you're jealous" fits perfectly here by your own admission. 1 more, just to seal this, nothing has changed for bitcoin 10 years vs now. It's you who changed, but I'm guessing, wishes you hadn't.
  - realusername 3y ago
    > nothing has changed for bitcoin 10 years vs now. That's kind of the problem you know. That was the best summary of cryptocurrency in a single sentence, yes nothing happened. Bitcoin didn't change indeed, it's my perception that it could work one day which changed since 10 years are now gone and nothing did happen. And I don't regret spending coins since it's supposed to be a currency ... isn't it?
    - jakupovic 3y ago
      [flagged]
andrewstuart 3y ago
No not interested.
- deleted 3y ago
  [deleted]

HeartStrings 3y ago

USD is a ponzi, too

LargeTomato 3y ago
It is not because the entity issuing the dollar (America) grows and produces stuff. Ponzi schemes are money laundering schemes. These are entirely different.
- Terr_ 3y ago
  > Ponzi schemes are money laundering schemes. No, that's like saying "bank-robberies are drug-smuggling." A Ponzi scheme involves investors being defrauded by someone lying about the status of assets and money flows. It does not automatically imply any kind of money laundering, and in fact it can operate just fine even when every single scent being invested is from entirely clean sources.
  - LargeTomato 3y ago
    "Money laundering" as in the flow of cash and assets is obfuscated to appear as something it is not.
    - Terr_ 3y ago
      No, laundering it's far more specific than that, it means the original money is somehow "dirty" (revenue from criminal activity) and is being "cleaned." In contrast, a Ponzi scheme can operate just fine with 100% clean investment money coming in some unsuspecting victims, and the (smaller) amounts flowing back as dividends would also be clean.
      - LargeTomato 3y ago
        The most precise definition of money laundering may be that. But in general, laundering anything means to pass it off as something it may not be, particularly in a dishonest way. But good on you for really getting your definitions down I'm sure you're super fascinating at parties.

kaliqt 3y ago

The same applies to the money in your bank. It just so happens to have stronger maintainers behind it.

deleted 3y ago
[deleted]

Terr_ 3y ago

> simply a ponzi *sigh* Welcome the 2020s, where anything economically unsustainable-looking that somebody doesn't like gets blithely tarred as a "Ponzi scheme". Bitcoin? Ponzi scheme. Social Security? Ponzi scheme. Housing market? Ponzi scheme. Monopoly™ board game? Ponzi scheme. No, at a minimum any "Ponzi scheme" requires somebody to be telling you actual lies about assets and money flows. Without that, you are at the very least dealing with a different category of scam. https://www.investopedia.com/terms/p/ponzischeme.asp https://www.investopedia.com/terms/p/ponzischeme.asp

MailleQuiMaille 3y ago

I feel like the entire country at this point runs on the statement « You just had to be there sooner ! » Whether it is stocks, houses, jobs, even life expentacy (!!!), newer generations get the shiniest toys and the best memes, but apart from that, I understand why some people have nostalgia for a time they didn’t know. Ah, it’s just a transition, I hope !