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And here comes the obligatory "crypto scam, bad" troglodyte who can't say or think of anything about cryptocurrency with the least bit of nuance for how laws, b

And here comes the obligatory "crypto scam, bad" troglodyte who can't say or think of anything about cryptocurrency with the least bit of nuance for how laws, basic financial definitions or practical use cases work. Why not specify how people using their own money to set up an ATM that dispenses cash for crypto to those willing to exchange one or the other with their OWN money is a scam. Bitcoin itself is also a scam you say? Pray tell, how? By existing as a decentralized cryptographic system of fungible units that the market in general ascribes shifting value to and people happen to be able to exchange? Well shit, that sounds similar to many things that most of the world uses for economic exchange. They're all scams too? Why not at least argue something semi-coherent?

Larrikin 1y ago
By having no use in the real world despite people trying to force it on the world. An entire country tried it out and reverted back.
- robocat 1y ago
  If the bar is set at "no use in the real world", there's a crapload of things that would be canceled in the world. Use is irrelevant.
bigbadfeline 1y ago
Bitcoin is a money scam based on printing monetary surrogates. Why isn't that defined as a scam legislatively? I can't offer direct evidence but there's only one possible reason - people on high places benefit from it. It doesn't take Sherlock to figure it out. > ATM that dispenses cash for crypto to those willing to exchange one or the other with their OWN money All money scams involve something and some "willing to exchange one or the other with their OWN money". > By existing as a decentralized cryptographic system of fungible units. A scam is a scam irrespective of centralization, decentralization or whatever the buzzword of the day is. For example, properly done, decentralized stable coins aren't money scams but Bitcoin most definitely is. > Well shit, that sounds similar to many things that most of the world uses for economic exchange. Close but no cigar, I mean, not even close. > They're all scams too? An interesting question with no binary answer. > And here comes the obligatory "crypto scam, bad" troglodyte... Gaslighting is a common tactic of scammers. Also, bad cops don't make Bitcoin good, implying the opposite is a trivial fallacy. Here's something for the Sherlocks out there - this is how the heavyweight financial gorilla Fidelity defends Bitcoin against the charge that “Bitcoin is not backed by anything.” Says Fidelity: “Bitcoin is not backed by cash flows, industrial utility, or decree. Bitcoin is backed by code brought to life by its stakeholders’ social contract.” Well, it's free code with zero financial value outside the scam. It's like something backed by pink unicorns and Cheshire cats. But hey, they birthed an "explanation"...

Larrikin 1y ago

By having no use in the real world despite people trying to force it on the world. An entire country tried it out and reverted back.

robocat 1y ago
If the bar is set at "no use in the real world", there's a crapload of things that would be canceled in the world. Use is irrelevant.

bigbadfeline 1y ago

Bitcoin is a money scam based on printing monetary surrogates. Why isn't that defined as a scam legislatively? I can't offer direct evidence but there's only one possible reason - people on high places benefit from it. It doesn't take Sherlock to figure it out. > ATM that dispenses cash for crypto to those willing to exchange one or the other with their OWN money All money scams involve something and some "willing to exchange one or the other with their OWN money". > By existing as a decentralized cryptographic system of fungible units. A scam is a scam irrespective of centralization, decentralization or whatever the buzzword of the day is. For example, properly done, decentralized stable coins aren't money scams but Bitcoin most definitely is. > Well shit, that sounds similar to many things that most of the world uses for economic exchange. Close but no cigar, I mean, not even close. > They're all scams too? An interesting question with no binary answer. > And here comes the obligatory "crypto scam, bad" troglodyte... Gaslighting is a common tactic of scammers. Also, bad cops don't make Bitcoin good, implying the opposite is a trivial fallacy. Here's something for the Sherlocks out there - this is how the heavyweight financial gorilla Fidelity defends Bitcoin against the charge that “Bitcoin is not backed by anything.” Says Fidelity: “Bitcoin is not backed by cash flows, industrial utility, or decree. Bitcoin is backed by code brought to life by its stakeholders’ social contract.” Well, it's free code with zero financial value outside the scam. It's like something backed by pink unicorns and Cheshire cats. But hey, they birthed an "explanation"...