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Because it is not a scam. Bitcoin is a credibly neutral asset class, mathematically proven to be beyond the control of any single entity. You might call it a s

Because it is not a scam. Bitcoin is a credibly neutral asset class, mathematically proven to be beyond the control of any single entity. You might call it a scam if you lump it with other shitcoins. But that's similar to lumping NVDA with penny stocks. Or you might associate it with fraudsters like SBF. But that's similar to lumping AAPL with Madoff or the wolf of wall street. Or you might be objecting to its energy usage. I will agree with you on that, but that doesn't make it a scam. That just makes it a tragedy of commons. And unfortunately, investors won't give a shit about its energy usage as long as they make their dough, just like with any other investment with bad societal influences (tobacco or gambling or marijuana etc). Finally, if you live in a stable society with a decently governed monetary policy and like the role the government plays in your life, it will be very hard for you to understand the value of Bitcoin.

smoldesu 3y ago
> You might call it a scam if you lump it with other shitcoins. But that's similar to lumping NVDA with penny stocks. With the difference being that Nvidia has a living CEO that makes administrative decisions directing the company's future, and Bitcoin does not. Besides that minor and almost negligible bullet-point they're practically the same business though, of course. > But that's similar to lumping AAPL with Madoff or the wolf of wall street. Well that's definitely not a very compelling metaphor. > if you live in a stable society with a decently governed monetary policy and like the role the government plays in your life, it will be very hard for you to understand the value of Bitcoin. You're right. I spent an overly-long period of my time with a self-custody wallet that never became useful for anything. I'm done holding cryptocurrency and I'm not recommending it to anyone else (and haven't in years). That's not to say it doesn't have it's "uses", narrow and poorly-defensible as they may be. But it also doesn't take long to realize that your fiat-evading bedfellows are terrorists and criminals, many of whom you'd never recognize without deliberate identification. Past that point you'll have a hard time defending the altruism of Bitcoin (or any truly "good" crypto). I get it - recognizing and refuting the flaws in government is philosophically satisfying. Bitcoin, in it's original inception, is nerd pornography. Today, it has created a vitriolic order that's magnitudes worse than the system it conspired to replace. There is no logical application of Bitcoin besides using it as an aggregate chain for L2 systems - in other words, it's dead, Jim.
- RestlessMind 3y ago
  > There is no logical application of Bitcoin besides using it as an aggregate chain for L2 systems - Best application is to be a store of value - similar to Gold, which a lot of entities (individuals, governments, corporations) can use in addition to gold to hold their savings in. > in other words, it's dead, Jim. I offered this during the depths of the crypto bear market and can offer now as well - wanna bet about what happens in 10 years? I take the side that BTC will still be around and will have reached newer highs in that period.
  - smoldesu 3y ago
    I've already shorted it. Bet all you want, it's your money not mine. Just don't piss and moan to me when you're caught in the mining difficulty death-spiral come a few years.
    - RestlessMind 3y ago
      Sounds good. I have gone long. See you in a few years.

smoldesu 3y ago

> You might call it a scam if you lump it with other shitcoins. But that's similar to lumping NVDA with penny stocks. With the difference being that Nvidia has a living CEO that makes administrative decisions directing the company's future, and Bitcoin does not. Besides that minor and almost negligible bullet-point they're practically the same business though, of course. > But that's similar to lumping AAPL with Madoff or the wolf of wall street. Well that's definitely not a very compelling metaphor. > if you live in a stable society with a decently governed monetary policy and like the role the government plays in your life, it will be very hard for you to understand the value of Bitcoin. You're right. I spent an overly-long period of my time with a self-custody wallet that never became useful for anything. I'm done holding cryptocurrency and I'm not recommending it to anyone else (and haven't in years). That's not to say it doesn't have it's "uses", narrow and poorly-defensible as they may be. But it also doesn't take long to realize that your fiat-evading bedfellows are terrorists and criminals, many of whom you'd never recognize without deliberate identification. Past that point you'll have a hard time defending the altruism of Bitcoin (or any truly "good" crypto). I get it - recognizing and refuting the flaws in government is philosophically satisfying. Bitcoin, in it's original inception, is nerd pornography. Today, it has created a vitriolic order that's magnitudes worse than the system it conspired to replace. There is no logical application of Bitcoin besides using it as an aggregate chain for L2 systems - in other words, it's dead, Jim.

RestlessMind 3y ago
> There is no logical application of Bitcoin besides using it as an aggregate chain for L2 systems - Best application is to be a store of value - similar to Gold, which a lot of entities (individuals, governments, corporations) can use in addition to gold to hold their savings in. > in other words, it's dead, Jim. I offered this during the depths of the crypto bear market and can offer now as well - wanna bet about what happens in 10 years? I take the side that BTC will still be around and will have reached newer highs in that period.
- smoldesu 3y ago
  I've already shorted it. Bet all you want, it's your money not mine. Just don't piss and moan to me when you're caught in the mining difficulty death-spiral come a few years.
  - RestlessMind 3y ago
    Sounds good. I have gone long. See you in a few years.