How the trillion dollar cryptocurrency scam works. It's like the dot com bubble but more fraud. (YT Vid)

[Nomis Elpmis]

A note of caution from a real good guy and veteran software developer. (Disclosure: He is a Bitcoin BSV acolyte)

 

[Casey Jones]

Interesting.

He reflects a lot of my instinctive reactions, and he's able to explain it with documented facts/details.

 

[Ebie]

FR note is more secure?
That is what he seemed to say.

 

[newmisty]

Just to bring all of you skydivers back to Earth, real money is completely devoid of electronic nonsense. Anything else is just a tool or a toy.

Real money is dug up out of the Earth and can be worn or eaten.

 

[Casey Jones]

FR note is more secure?
That is what he seemed to say.

Moar secure than crypto.

I'd rather have PMs; but right now, ALL forms of wealth are under attack.

Currency is fiat and is being deliberately debased.

PM prices are manipulated.

But crypto currencies...are a CONSTRUCT. And I've suspected, a long time...a trap; either designed that way or to be used as one, when convenient.

 

[nickndfl]

I been saving shells and wampum. I am gonna corner the real estate market in Manhatten when property prices crash there.

 

[<SLV>]

Love is the purest form of money.

 

[Son of Gloin]

I been saving shells and wampum. I am gonna corner the real estate market in Manhatten when property prices crash there.

I’m big into Himalayan Pink Salt. I’m stacking it like crazy.

 

[the_shootist]

I’m big into Himalayan Pink Salt. I’m stacking it like crazy.

That's all we use here. I buy it by the ton!

 

[Son of Gloin]

As far as the OP video goes, I agree with him, since I’ve believed from the get go on Bitcoin that it is nothing. That’s been my opinion, that it’s nothing. I can’t say that I’m certainly right, but it’s my gut feeling on it. I only buy what I like and understand. It’s a simple minded philosophy for a simple minded guy, I guess.

 

[Son of Gloin]

That's all we use here. I buy it by the ton!

It really is great stuff. It tastes much better than that Morton’s stuff. And to top it off, if things get really bad, I can hire my own legions and pay them in salt. I can have a standing army.

 

[spinalcracker]

I’m big into Himalayan Pink Salt. I’m stacking it like crazy.

just make sure you check the expiration date

 

[Son of Gloin]

just make sure you check the expiration date

Yeah, I’m worried that I won’t make it to the expiration date of my salt.

 

[the_shootist]

Some real money and some fake money here

 

[TAEZZAR]

Some real money and some fake money here

View attachment 256705

Keep it away from yer ammo !!

 

[arminius]

Keep it away from yer ammo !!

Says the voice of experience...

 

[the_shootist]

Keep it away from yer ammo !!

That's not mine Taezz, mine's at the bottom of every lake in the region...waiting for daddy to fish it back out when the time comes!

 

[Casey Jones]

Love is the purest form of money.

I used to buy love.

There were professional venders, and not all of them looked like Medusa, or stood under a streetlight.

Now, with all the issues...and all the Wokeidiocy...it's far more dangerous. I got old just in time...

 

[Mujahideen]

it’s interesting to note comments were turned off.

How is an open source ledger based on proof of work a scam?

 

[coopersmith]

I used to buy love.

There were professional venders, and not all of them looked like Medusa, or stood under a streetlight.

Now, with all the issues...and all the Wokeidiocy...it's far more dangerous. I got old just in time...

It is mindboggling the things you can buy with $100 bills.........

 

[the_shootist]

It is mindboggling the things you can buy with $100 bills.........

It's ALWAYS about the Benjamin's folks! "That I can tell you!"

 

[coopersmith]

It's ALWAYS about the Benjamin's folks! "That I can tell you!"

 

[Argentsum]

Once upon a time the possession of mint condition #1 issues of a comic commanded a great price.
But then the number of titles of comics and publishers who created comics kept increasing. The market became saturated with comic
titles and the value of most fell precipitously.

A Digital currency may be strictly controlled but new digital currencies keep rolling out for investors. In theory, they all do the same thing so why do we need so many different types? Eventually the market will be saturated with competing digital currencies. Perhaps one or two digital currencies will maintain some value but I find that there is a lot of wild west froth in this market. That, and I have difficulty assigning value to anything that is virtual. If it's virtual it can be copied. If not the coin then competing digital currencies.

 

[Casey Jones]

it’s interesting to note comments were turned off.

How is an open source ledger based on proof of work a scam?

I thought it was explained well in the video. It's layers of fraud over theft.

People who buy crypto, do not know what they are buying. It's trackable scrip.

People who mine bitcoin, depend on high prices. People who USE bitcoin, depend on the "miners" who are part of the network. Price down, miners switch off, the network is non-functional.

No regulation, only serves people who flourish without regulation. Meaning con artists. Without proofs of identity or fiduciary responsibility, many anon exchanges have, and will, disappear with units. The poster cites mybitcoin.com.

No regulation, means, anyone with a computer and website can set them up, take money, and abscond.

I can also understand why comments were turned off. Religious fanatics and autistics, both react badly when told what they don't want to hear. And many bitcoin hodlers are pumper-dumpers. So even if they have control of their emotions, their business interests require they find and smear the naysayers.

Bitcoin...holders, for lack of a better term...can do what they want. The issues discussed, as I said, were my intrinsic fears regarding this. I'm glad someone went to the trouble of pouring over that "white paper" - I never would have; I wouldn't have known where the objectivity ends and the BS starts.

 

[chieftain]

People who buy crypto, do not know what they are buying. It's trackable scrip.

We knew this when fucking around with bitcoin mining when it first appeared, back then it was piss easy to mine but the ledger was a deal breaker.

I used to have PC's I built mine bitcoin as a form of stress testing.

 

[newmisty]

Love is the purest form of money.

*Scoots chair forward
Reminds me of an old song that goes...

"Money can't buy me love...because it already is."

...or something like that

 

[Mujahideen]

People who mine bitcoin, depend on high prices. People who USE bitcoin, depend on the "miners" who are part of the network. Price down, miners switch off, the network is non-functional.

Where is the scam at?

Isn’t this supply and demand?

No regulation, only serves people who flourish without regulation. Meaning con artists. Without proofs of identity or fiduciary responsibility, many anon exchanges have, and will, disappear with units. The poster cites mybitcoin.com.

The website was an exchange, it’s not Bitcoin. That’s like a bullion depository stealing its customers bullion and then saying gold is a scam.

I do agree that pretty much everything but eth and btc are nonsense.

 

[<SLV>]

Love is the purest form of money.

True love is not desire, a good feeling, etc. It is "A conscious decision of the will to sacrifice for the benefit of another."

If this world was empty of selfishness and full of love, money would be completely unnecessary.

 

[Fiat Metaler]

I have a heuristic that says that if someone has an argument, and is too lazy to explain it but instead posts a YouTube video, its a bad argumetn.

Further, the weakness of the argument is directly proportional to the lengthy of the YouTube video.

Since this was only 23 minutes, I decided to take a peak. Highlights from the first minute:
- put all of your money in banks.
- the DotComs were all frauds. (I guess he overlooks Google and Amazon and a host of other survivors).

I should have trusted my heuristic.

 

[Mujahideen]

A lot of crypto is a scam. If it’s not proof of work and if it’s not open source it’s likely to be a ponzi or pump and dump.

 

[Son of Gloin]

I have a heuristic that says that if someone has an argument, and is too lazy to explain it but instead posts a YouTube video, its a bad argumetn.

Further, the weakness of the argument is directly proportional to the lengthy of the YouTube video.

Since this was only 23 minutes, I decided to take a peak. Highlights from the first minute:
- put all of your money in banks.
- the DotComs were all frauds. (I guess he overlooks Google and Amazon and a host of other survivors).

I should have trusted my heuristic.

Yeah, I’m with you on his opinion of banks. The idea that your money is safe in the bank is absolutely nuts, in my opinion.

 

[Fiat Metaler]

A lot of crypto is a scam. If it’s not proof of work and if it’s not open source it’s likely to be a ponzi or pump and dump.

True, but Bitcoin and Ethereum likely will become the Amazon and Google of the future. He can't see the forest for the trees.

 

[Goldbrix]

As far as the OP video goes, I agree with him, since I’ve believed from the get go on Bitcoin that it is nothing. That’s been my opinion, that it’s nothing. I can’t say that I’m certainly right, but it’s my gut feeling on it. I only buy what I like and understand. It’s a simple minded philosophy for a simple minded guy, I guess.

#MeToo

I’m big into Himalayan Pink Salt. I’m stacking it like crazy.

Salt is hard on your blood pressure.

 

[ds_mustang]

That video has some truth but the conclusions he draws are a load of horsesh*t. Like a lot of people focused on BSV and Craig Wright he's stuck on some very old view of what bitcoin was supposed to be and hasn't come to terms with the reality that things change and crypto is now much larger and full of diversity. The crypto space will continue to change and evolve because that's what technology does in a free market. And yes, the crypto space is full of scams just like with the early dot com market, but also like with the early dot com market there are a lot of genuine companies. And remember that the early dot com market was a mass of competing ideas where an incredibly important new technology emerged that changed the world despite the early scams--crypto is similar.

Here are a few of my responses to many of his claims:

His biggest mistake is to equate the existence of scams in crypto as meaning all of crypto is a scam. Lots of scams exist, but most of the larger projects are genuine. If you want to avoid scams, avoid the smaller projects or projects run by anonymous people. It's not that difficult.

Next he's identifying issues bitcoin has and then wrongly applying them to the entire crypto space. For example, he correctly points out bitcoin isn't anonymous but fails to mention there are crypto, such as Monero, that have been developed that are anonymous. There are also tools for various crypto that can make transactions anonymous, e.g. Tornado for Ethereum, and bitcoin has had anonymizers almost since the beginning. If you care about being anonymous, use a crypto meant for anonymity or use anonymizing tools.

He identifies a theoretical problem where bitcoin might go to zero if it falls in price low enough to where newly mined coins and fees won't have enough value to fund the miners. First off nearly all of the new cryptos coming out these days use proof of stake and don't have miners or this issue. And secondly bitcoin won't actually go to zero from this problem even if it happens because in the real world some miners will run even at a loss for a period of time to keep the network going until 'difficulty' reduces enough that mining is once again profitable. They will do this because it is obviously in their long term interests to keep the bitcoin network running even at a loss for a short time. Bottom line the theoretical idea of a mining flaw where bitcoin will go to zero is total bullcr*p.

He talks about exchanges that were scams that stole depositors crypto. That's true but so what? It doesn't invalidate crypto or make it a scam. If you want to avoid being scammed by an exchange stick to the big US exchanges and don't use small anonymous exchanges. It's not 2011 anymore.

He identifies Tether has a potential problem with backing. Most everyone in crypto knows this already. If you don't like Tether, don't use it. There are dozens of alternatives.

He's right that the original bitcoin project was essentially taken over by Greg Maxwell and others that changed the original idea of Bitcoin, but so what? It's a free market with lots of choices. Choose what you want. The existence of choices you don't like doesn't mean the whole market is a scam. Crypto IS like the early dot-com market, and despite the scams the technology will change the world and eventually the googles, amazons, and facebooks of crypto will arise. Seems like something you might want to pay attention to.

Anyway he goes on and on with half-truths that have almost no bearing on crypto today. Absolutely nothing in his rant is particularly relevant today or will be valuable to anyone watching.

 

[Casey Jones]

Yeah, I’m with you on his opinion of banks. The idea that your money is safe in the bank is absolutely nuts, in my opinion.

It is safe there. Compared to "investing" with a faceless, non-insured, non-regulated site run by unknown people you cannot even identify with certainty, much less sue to collect from.

Yes, there's serious questions about the FDIC and its ability to endure a major series of bank failures and make depositors good. There's also legal questions, interjected by court rulings to the effect that individuals are creditors, not owners of the assets deposited in banks.

Still and all, there is some level of protection. Much more than Mt Gox offered. Much more than mybitcoin.com offered. Probably more than (unregulated) Greyscale offers.

The bank fails, and the FDIC only settles in a percentage, you still have legal redress. Maybe it works; maybe not; but that's more than someone has with a website with fake information on their portal page.

Posters can do what they want. I'm just encouraged that others had much the same reaction as I always had, even after some digging into the issue.

 

[ds_mustang]

It's been over 10 years of exponential growth in crypto--I'm sure it's just about to die. Any minute now...

 

[ds_mustang]

A note of caution from a real good guy and veteran software developer. (Disclosure: He is a Bitcoin BSV acolyte)

I just got an email that Voyager exchange is delisting BSV. Not really the direction the "real" bitcoin should be headed...
Bitcoin is at nearly $40,000 and BSV is at $74. Even Bitcoin Cash is at $284. At what point do you decide you're in a failed project?

 

[Scorpio]

one of the originals, netscape................gone

again, aol connections...........absorbed, almost gone

yahoo didn't make any money existing in its origination, it only exists today because it took a flyer on a chin li start up, alibaba
if it wasn't for that, they too wouldn't exist,

apple was toast, yeah that apple, until they brought back the founder and created the phone, otherwise they wouldn't even exist

long long list of use to be's

 

[Son of Gloin]

#MeToo

Salt is hard on your blood pressure.

So they say.

 

[just n case]

Salt is hard on your blood pressure.

Now there is a conspiracy too look into. Real Salt (not the processed table salt marketed and fed to the masses) is probably one of the best things for ones health. -----

Why everything you know about salt may be wrong​

Why everything you know about salt may be wrong - Times of India

Have you ever been told that consuming more salt will make you thirstier? Well, it could be just an old wives’ tale now.

timesofindia.indiatimes.com

The Salt Fix: Why Experts Got It All Wrong - and How Eating More Might Save Your Life https://www.chemistryworld.com/revi...ing-more-might-save-your-life/3008453.article​