What People Won't Tell You About Crytpo Currency

[JAJT]

I disagree with so much of what you said and the reasons behind them that I don't think I have the time or patience to break it down.

So all I'll say is you have an "interesting" viewpoint of the world and I hope it serves you well.

For myself, I have vastly different ideas regarding matters of moral, ethical, criminal, environmental, technological and financial viewpoints.

 

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[MJ DeMarco]

#landfill

I disagree.

I'm someone who is interested in pros/cons of cryptocurrency as I consider myself in the investigation and learning stage.

That means I'm interested in hearing BOTH sides, naysayers and fanatics alike.

I'll sort through the information/opinion and form my own conclusions.

I didn't mean to post this on the inside.

Moved outside.

 

[MJ DeMarco]

The thread has just turned into bashing my character.

Sorry, but I'm not seeing that. I see people countering your arguments.

Please delete or dump it to the landfill.

I don't believe the thread deserves to be deleted or needs to go to the landfill.

It is educational and will help people form an opinion, either one that mimics yours or the other side, or somewhere in between. That's why we're here.

 

[C-Jay]

No offence man, but this is complete garbage imo. Should not go to the outside.

 

[maverick]

#landfill

 

[Fox]

You should be scared of something that a guy in a 3rd world country could never start doing because his local library will never let him use the internet in that purpose.

What?

We can't start anything new because every third world countries can't do it too???

So that rules out space exploration, advanced science, and dozens (if not millions) of other technical advances.

Maybe we should start handing out participation ribbons instead of getting too far ahead of other countries.

 

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[MJ DeMarco]

The chance of a bitcoin crash is greater than 80%

Love how they use historical data based on an asset class that has existed for decades. Transferring that data to BTC is like predicting how the Model-Ts would affect the use of dirt roads using horse-and-buggy data from the 1800's.

 

[Guest92dX]

The following argument is a moral, financial, and historical account of crytpocurrency.

Get up to speed by reading this:

Eight Things Cryptocurrency Enthusiasts Probably Won’t Tell You

Let's go deeper on why you shouldn't hop on the crypto bandwagon. Or, why you jump ship as soon as possible.

1) All cryptos are made off "computers" doing work which is already active energy rather utilizing the infinite potential of humans. This is inherently morally wrong and anti-entrepreneurship.

You should be scared of something that a guy in a 3rd world country could never start doing because his local library will never let him use the internet in that purpose.

FYI: it is entirely possible to base "mining" off of people in 3rd world countries or 1st world homeless picking up trash and trying to find stuff to sell.

Electricity mining and real world trash mining are both arbitrary.

The difference is that one mechanism is more sustainable and reduces the carbon footprint. The other method actually uses up electricity and catapults us to environmental disaster.

2) Every market built on trading or exchange has been taken over bots. Two major examples are: 1) Day Trading 2) Poker.

You're an idiot if you try and day trade now. Unless you're able to beat midstakes in poker you're an idiot for getting into the game because it's fast moving towards zero sum or GTO just like day trading.

Every zero sum system moves towards this end game.

Chess and Go are two other examples. Go is the most complex game in the history of humanity and has reached this point.

3) Everyone who says they've made a lot of money won't release information on those numbers.

The numbers I've seen when calculated from anyone who is not an institutional investor amount to much less than you could have actually made just doing something to benefit humanity.

Seriously you can make much more benefitting humanity rather than trying to be in on the next ICO, trade event spanned by news, or even longterm holding onto some Lololololol (electricity).

Yes, your coin is fundamentally electricity. It only becomes a "physical object" when it hits the register in the CPU.

You made millions trading or building applications? Why not openly state it so the large majority and will come in and throttle you? Why just try to sneak in laggards and buffoons who will lose money?

4) All cryptocurrencies are hackable. That alone should scare you.

5) the trust rule theory of cryptocurrencies is a dubious premise. It is also the fundamental premise. You need a 3rd party just like with Fiat. You need people in tech to manage everything and keep the system up. Now you need even more people keeping up your system.

6) The vast majority of people who use cryptos are shady. So if the trust principle is right then you're already F'd.

7) This next one is a question: do you understand how your physical crypto wallet is secured? How about your computer? Can you make upgrades? Have you ever heard of an STIG or baseline? If not, stop using crypto because you're a guppie in there with some sharks.

It's all cryptography and security. If you don't understand it then just stop. Like stop now.

8) The vast majority of money made off the new system will be from developing infrastructure and software for all crypto. Can you write software? Also, see #7.

9) If the handful of billionaires trying to save you and the rest of the world think cryptocurrencies are more useful as a FIAT and bank opportunity then you shouldn't be using it.

Note: the video doesn't cover everything these guys have said on it. It does give you a general consensus that it is A) a bank technology B) Not a currency C) better for information exchange D) More useful for withdrawing money from customers.

View: https://youtu.be/1sOC_1DPtrc


The infrastructure of Bitcoin is good to replace the monolithic systems of mainframes. However, mainframes haven't been replaced by commodity hardware and data centers because the hardware isn't as good as the legacy systems. Commodity hardware that needs to be scrubbed, changed, and sanitized like yearly or monthly isn't good for the financial industry where you need to keep transactions for decades. It's not good for outages. It's not good because the hardware fails and over heats all the time.

Mainframes last decades. Crypto ledgers last decades. Commodity hardware does not.

However, I would immediately switch from any bank that adopted crypto ledgers because there would be a HUGE financial incentive for the unscrupulous to attack the distributed ledger.

Mainframe or not. Commodity hardware or not.

I would want an entire organization that's paid to literally keep making updates like the internet. I would also want them paid 1000x times what people are paid to keep the internet going.

10) If everything I've said hasn't been enough information to actually educate you, you should listen to this:

As AI becomes more advanced, a rogue technologist can literally build a super computer network designed to topple the entire infrastructure without actively being involved in the attack.

There are already machines that can penetrate and upload viruses to other hardened supercomputers. They'll only get better at it. This is part of the reason why Elon Musk and other notable people involved in the tech sector caution against the adoption of AI.

If you add that to commodity hardware then it's a disaster.

Please read the background section of this:

AlphaGo versus Lee Sedol - Wikipedia

All done on commodity hardware. So, all I have to do is wait until 2020 or 2022, in the next major PC upgrade cycles, and collect a few thousand donated PCs to the Goodwill. Then I can topple Cryptocurrency. Or I can circumvent the Goodwill and collect decent computers from the library that are off cycle with 2012 computational abilities that are already in a network.

It's not that simple. FYI. You need some specialized knowledge.

If there is a real financial incentive then it will happen.

Don't think so?

Look at the Experian crisis!

The difference is that no one will be able to protect you.

11) Anonymity and non-transaction reversal is a bad thing.

Are you cool with psuedo and even relative anonymity with your bank? How about your customer? How about the guy who is paying you?

12) Crypto isn't as HUGE as you think. The boom is over.

The people publishing tax returns are institutional investors and accredited investors. They're already using trading algorithms. When the dumb guys go broke the system goes belly up because it's not based on FIAT and has no insurance.

The other guys are shady people in Asia trying to make a quick buck.

Bottom line:

It's morally wrong.
It's financially immoral.
It's polluted with criminals.
It's environmentally irresponsible and immoral.
It's going to be polluted with AI and bots soon.
Technological advancement is its main weakness.
Its moral assumptions are it's main weakness.
It relies on FIAT.
Regulation won't make the system better. Regulation empowers money laundering. I didn't get into it, but you should see #11

You should be wary of the new shiny thing you hear about.

You've been educated.

Don't lose massive amounts of money in the "electricity" rush. That's what happened in the gold Rush.

13) I am rich if I start the block chain and mining system for "electricity" = Ponzi scheme.

Mining for precious metals is also a similar albeit different scheme where I need to overcome massive regulations then pay millions to buy research. After that, I need to pay millions to buy the land rights. After that, I need to pay millions to speculate and millions more to hire.

Mining in the non-precious metals sector is much different and the same goes for non-metallics. You can usually start those operations for like $70k or something or less.

Note: I'm not talking about gold as the main target. This follows for most precious metals.

 

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[JAJT]

The system is based on the majority of people being upstanding individuals.

Personally I fully believe that the majority of people on this planet are upstanding individuals.

 

[MJ DeMarco]

I'll just watch and see if I can learn something.

My thoughts exactly -- we're all trying to learn something. Separating fact from fiction is an exercise in itself.

 

[Contrarian]

I think the big picture is being missed here.

Cryptocurrency is fundamentally about decentralization.

Decentralization is the overarching theme of innovation sweeping the world right now.

Decentralized, bottom up systems (like free markets) work more efficiently and are much better at self-correction than centralized systems (like governments).

Most of the big battles you see in the news right now (London vs. Uber, Catalonia vs. Spain, Britain vs. the EU) are really about decentralization versus centralization.

The powers that be will do and say anything to try and maintain their monopolies. But they will eventually fail. Because decentralization works.

And that's what's really exciting about cryptocurrencies.

PS. Stuck for business ideas? Want to catch the future instead of riding the past? Look more closely at opportunities to decentralize things.

 

[Johnny Bravo]

Apologies for dredging up this old thread, but I thought I might add a new perspective.

According to the most estimates, somewhere around 2 billion (with a B) people are "unbanked." These people have no access to bank accounts. As you can imagine, this severely limits access to credit and the ability to improve their position in life. Similarly, a very large portion of society has poor access to secure and stable records of life events. Birth, death, transfer of assets, etc.

These two aspects alone are easily solved by distributed ledger technology. (And conveniently destroy the immoral claim.)

There are many companies which are currently in the process of launching mesh networks. Whether terrestrial or satellite, these will couple with the massively expanding trend of smart phone adoption. Most of the globe's population has or will have access to internet within a short period.

Cryptocurrencies and DLT will allow the poorest of the world to enter into the global economy and MASSIVELY increase global wealth.

What's not to love about it?

 

[Johnny Bravo]

Can someone refute these arguments point by point?

For full disclosure, I think Jim Rickards is a scam artist. Every bit of information he puts out is essentially an attempt to get you to purchase something from him. He claims to be an adherent of Austrian economics, but his actual advice seems often to fall outside the realm of the school. Rant complete.

On to the refutation!

1) “It’s a utility token for criminals, terrorists, money launderers, tax evaders.”

I find it interesting that this is even considered a legitimate claim. I can personally round up hundreds of individuals who do NOT fit into this category who use crypto on a daily basis. In fact, a cursory exploration into the exploding market will reveal thousands upon thousands of people who are truly attempting to make this world a better place. How? By circumventing the bullshit shoved down our throats by the entrenched powers that be. (I would have thought more people on this forum would like this aspect.)

As @MJ DeMarco points out in Unscripted , ask yourself why people like Jim Rickards and Peter Schiff are so adamant that only criminals use cryptocurrencies? What incentive could there possibly be? Hint: Look at how they make their money.

2) “It’s clearly a bubble. It looks like the second biggest bubble in history after tulip mania.”

Ahh… the good ol’ tulip mania strawman. He kindly goes on to list a handful of bubbles and claims Bitcoin is “bigger than all of them” without offering one single shred of evidence. Why again is it our job to refute his baseless claim?

I cashed out of Bitcoin when it reached $16,000 because it was clearly evident that “dumb” money had entered the market and was rapidly driving up the market from euphoria alone. The vast majority of people dumping money into the market knew virtually nothing about cryptocurrencies other than the fact that it was “easy money!” I pocketed a ton of cash and bought again after the correction.

How is this different than any other market? Sure, the volatility is pretty wicked at times, but we’re talking about a technology that is less than ten years old. Dot com bubble anyone? I find that most people who despise crypto/DLT simply see it as a get rich quick scheme.

3) “There’s pretty good evidence that there’s a lot of fraud going on.”

Another baseless claim. Have you noticed that he’s simply making statements without any evidence to back them up?

Is Bitcoin manipulated? Heck yeah. (Though not as much as Ripple.) I have made transactions in other coins and watched in amazement as the ticker bounced from my purchase/sale alone. Do you know how tiny this market is? A $100,000 transaction can make some pretty massive changes in the ticker. Late 2016 into early 2017 many people began to hear of this new thing called “crypto” and started dumping in money. Wherever you find money you’ll find sharks. Is this any different in any other market in the global economy? A few ICOs were complete scams. A few investors resorted to the classic pump and dump technique. But guess what? This happens under the auspices of the SEC too. How many times do we see stories of traders, businesses, and other scams making the front page of the news for defrauding investors? Um, constantly. So much for his precious regulation. So the real question is whether or not there is more fraud in the crypto market. I would say not, but I won’t claim that as fact (unlike this blowhard).

4) “Imagine you and I are Bitcoin miners… We just traded back and forth all day.”

This statement alone shows how ignorant he is. You either sell outside of the exchanges in a P2P transaction and, therefore, have no effect whatsoever on current price, or you sell on an exchange and are one tiny fish in a big sea of fishes trying to change the direction of the school. Bitcoin currently has a volume exceeding $8 billion over a 24 hour period. You can certainly manipulate a market as small as that if you are a crypto whale, but “you and I” as Bitcoin miners aren’t doing squat to this market selling a single Bitcoin back and forth.

5) He then goes on a long diatribe about mining and electricity and hitting a wall.

This is the closest to reality he gets. Proof-of-Work is a horrible method of authentication and just about everyone knows it. Almost every coin/token is changing to Proof-of-Stake or another method.

6) Gold is better than Bitcoin because it’s super old. (Paraphrasing)

So… does this mean a horse is better transportation than a jetliner? He claims Bitcoin won’t perform well in a panic. Interestingly, cryptocurrencies are currently being used in many locations around the world in place of fiat currencies and Jim’s precious gold buggery precisely because of uncertainty in the contemporary markets. I would argue that there is an awful lot of evidence suggesting that many people will flee to cryptocurrencies because they are inherently more stable than anything centrally controlled (e.g. fiat currencies and precious metals).

7) Some people are tax evaders so Bitcoin is bad.

Seriously? This guy is hurting my brain.

The video with Peter Schiff is almost 30 minutes long. I don’t have the time nor the inclination to go through his nonsense too.

If you have specific questions I would be happy to give you my opinion.

Hope this helps a bit!

 

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[Joe Cassandra]

The reason no one here believes anything you wrote is because you post ZERO proof of any of your claims.

"The vast majority of people who use cryptocurrencies are shady"...

Why? Because of the "darknet?" You heard that from someone else, who heard it from somewhere else...who read it on some guys blog who lives in his mom's basement and actually used Silk Road to off someone.

There is no proof of that statement.

"All cryptos can get hacked"

Yeah, and so can the whole freakin' US government...DNC was hacked by Russia, Target's been hacked, my TV provider, Comcast was just hacked, Wells Fargo (my bank) has leaked tens of thousands of documents "on accident."

Here's a list of major companies that have been hacked: These Were The Biggest Victims of Recent Hacks

Let's all live off the grid...

One thing I learned since writing copy for a living...no one will change their mind with stupid broad statements like "The vast majority of money made off the new system will be from developing infrastructure and software for all crypto."

Yeah...proof?

 

[GlobalWealth]

OP, you lost all credibility when you made it a morality issue.

Sent from my VTR-L29 using Tapatalk

 

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[hellolin]

For you guys who is against this for ethic reasons, you do understand not just Milton Friedman predicted the emergence of bitcoin in 1999, the founder of bitcoin also used Milton Friedman's framework to create it. Judged by the crazy price of, don't you think the free market is speaking its desires of how many people don't like the current fiat system we have been using?

 

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[James Fake]

As someone is who on the verge of building a business (possibly software with a partner & also another by myself) in the Crypto space.. I am very pro-crypto.

With that said; I couldn't read through all of it tbh. But I will say that from my quick skim: I agree with some points, and dis-agree with others. The parts I dis-agree with are things that will be fixed and evolve on it's way, remember this is only the beginning; the version 1.

Also; remember... blockchain is a technology. A lot of people don't realize that the Blockchain technology itself, there are things that even the greatest developers haven't even found a use yet, or can even describe it. =)

 

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[Castillo]

Crypto isn't going anywhere... People say it's not backed by anything but what is the dollar backed by anymore

 

[TKDTyler]

Most of the big battles you see in the news right now (London vs. Uber, Catalonia vs. Spain, Britain vs. the EU) are really about decentralization versus centralization.

This +++++

Understanding what is driving people in mass this day and age is a skill. Without getting political, think what are people looking for by pushing away centralized government and oversight? More importantly, why are they doing it?

Emotional Investment.

The same reason many of us are on this forum and pursuing entrepreneurial endeavors. The feeling of freedom. To control their own destiny.

Translate that into crypto: how are people becoming emotional about it? Bitcoin and the crypto space has finally grown to an inflection point where emotions have come into play and people invest to satisfy these.

Guaranteed over Thanksgiving, there were tens of thousands of conversations about how bitcoin could possibly be $10,000. Fomo
Then you have those members of the families speaking to everybody about the amazing gains of 10x-100x. Instant freedom
People notice that it is similar to the dot-com boom and are much more informed these days. This could be my ticket out.

Emotions become sparked in minds because something that wasn't inherently achievable by normalized means become a feasible possibility.
Emotion will be the main driving force behind a large portion of fiat moving into the crypto space.

 

[Ascension]

1) All cryptos are made off "computers" doing work which is already active energy rather utilizing the infinite potential of humans. This is inherently morally wrong and anti-entrepreneurship.

There's a bunch of work being done on computers, not the least of which this forum. So should we stop every advancement that people in third world countries don't have access to or don't profit from immediately?
How will those tools ever become widely available if we don't start somewhere?
Besides, I somehow doubt that most people without internet access have access to the current banking system either

2) Every market built on trading or exchange has been taken over bots. Two major examples are: 1) Day Trading 2) Poker.

I fully agree with you on the poker and day trading part. But day trading not being profitable for humans is an argument against trying to day trade but not against the companies being traded. That way it isn't an argument against cryptocurrency itself.
Furthermore, long-term investments can still be very much worthwhile. If you are informed enough to make a decision whether or not there is value in a certain cryptocurrency it becomes less of a gamble and more of a +ev decision.

4) All cryptocurrencies are hackable. That alone should scare you.

So are all banking systems. Also, people can steal money from under your mattress, burn down your house or steal your car. Which effort is greater is not for me to decide.

6) The vast majority of people who use cryptos are shady. So if the trust principle is right then you're already F'd.

I would be interested in the numbers you got on the shadiness of people using cryptocurrencies. I believe that there were a bunch of forum members stepping forward telling about their or their customers' reasons for using cryptos in legitimate ways. Also, the whole point of the blockchain is that the network needs to agree on a transaction for it to go through, removing trust as much as possible.

For clarification, I in no way intend to say that cryptos are totally safe, that nothing can happen to them or that you should blindly throw your money at them. Your reasoning against cryptocurrencies and/or the people who invest in them just seemed a little odd to me and didn't quite match up.

 

[Waspy]

I am by no means a crypto fanatic, and in fact, have never even held any sums of money in crypto.

But even I can see that many of your points are utter nonsense, or misinformed.

All crypto is hackable? I can tell you now, the bank account with majority of my liquid cash in it is FAR easier to hack than a bitcoin wallet.

Majority of people who use crypto are shady? Shall we avoid massively sweeping, irrelevant points? I could say the majority of people who use the internet are shady, and yet here I am... typing an irrelevant point on it.

I think the REAL bottom line, is educate yourself first, then invest if it suits your portfolio. Always be wary of hype.

 

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[MidwestLandlord]

I'm all for a rational discussion about crypto, as I've been learning all I can about it.

But this whole thing just reads as:

1) Crypto currency is bad because of the effects on the third world?

2) Crypto currency is bad because of the carbon footprint of the electricity?

3) Crypto currency is bad because we could be contributing to the greater good and improving recycling tech?

4) Crypto currency is bad because only financial institutions and accredited investors will benefit from it? (great barrier to entry, that accredited investor thing)

Am I missing something besides the typical cliche "for the greater good" argument?

 

[socaldude]

To understand cryptocurrency you have to reason off first principles into more complex insights.

So far I haven't seen anybody use this method of investigation(to prove or disprove).

You have to understand what "money" is. What makes something valuable? Why do people adopt something? What makes something a sustainable currency? why do currencies fail? Does money have to be centralized and have the stamp of approval from a government?

This is where i'm starting out. I know nothing about cryptocurrencies but I know If I want to understand it I have to start there with the basics.

 

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[CPisHere]

LOL, cryptocurrency is immoral.

Centralized banks and monetary policy are immoral. But even then - owning US Dollars is not. Digital currency? Just no.

 

[Longinus]

The thread has just turned into bashing my character.

It's really getting to cyber bullying. That is something I feel strongly about. I feel that a compassionate first approach is important to life.

I also do realize that anything you say on forum will be turned against you.

I started the thread off wrong. I should have used more blog posts and posed it as a question so people can come to the conclusion on their own.

I also shouldn't have used strong language.

Yes, because what you posted here, will haunt you forever until your last days on forum.

Get your shit together and go on with your life. You posted some stupid stuff (haven't we all?), agreed, but you also opened an interesting pro and con discussion.

It could have been worst: at least you did not claim to have become a millionaire overnight or ask consulting fees for "charity"

 

[bettereveryday]

I have no idea what the hell you're talking about OP

You're literally on a computer right now typing as it performs "work" for you. Morally wrong my a$$

I made a thread awhile ago calling "cryptocurrency a crock of sh*t". 99% of the people who posted in the thread bashed me and their counterargument was completely rooted in emotion.

I became even more embedded in my negative opinion, anytime I see people flocking to something and being swept off their feet by the hype, I know it's usually best practice to stay away from it.

That was until JScott came in and broke it down for me, his points were rooted in logic and reason, it made sense and it completely changed my opinion of cryptocurrency.

I'm a believer now, I'm an even biggerbeliever in blockchain and decentralization. That sh*t has the possibility of changing the world and it's power structure, which I don't think will happen cause humans are gonna be humans, but knowing something like that is out there is pretty cool.

This idea and philosophy of decentralization is beautiful. There's developers out there working towards creating a decentralized internet where we no longer have to rely on ISP's, could you imagine that?

It's probably not gonna happen anytime soon, but f*ck its pretty exciting to think about.

Cryptocurrency and blockchain has the potential to take power away from the banks and governments, we no longer have to rely and trust them, we can just trust and rely on the blockchain.

Here's the thing though, this isn't how the f*cking world works. The CryptoMarkets are unregulated and subject to manipulation, the people in power now see an opportunity, Wall Street is swooping in and taking advantage of any chinks in the armor.

And the "crypto-enthusiasts", 99% of em don't give a shit.

Cryptocurrency was created to be a means of exchange and a store of value, an alternative/improvement to the dollar and all these other sh**ty currencies where we have to put our faith in an incompetent govt/power structure.

Well guess what? Everyone just sees it as an opportunity to profit, to make more money in the very currency they criticize (the dollar). People are treating cryptocurrency like the *cking stock market.

On one hand you got governments and Wall Street swooping in, and then you got the masses thinking this sh*t will get them rich, "to the moon we go" as they say.

Cryptocurrency was like a beautiful virgin maiden who got gangbanged and bukkaed by people who saw her beauty as a means of fulfilling their own selfish desires.

I'm not absolved from this shit, I just ate a box of Costo pizza and masturbated as means of curbing my hedonism and lack of discipline and looked in the mirror with absolute disgust, who am I to judge anyone. With that being said, you people make me fuc*ing sick. Disgraceful sons of bit*ches

 

[bettereveryday]

@MJ DeMarco

The thread has just turned into bashing my character.

It's really getting to cyber bullying. That is something I feel strongly about. I feel that a compassionate first approach is important to life.

I also do realize that anything you say on forum will be turned against you.

I started the thread off wrong. I should have used more blog posts and posed it as a question so people can come to the conclusion on their own.

I also shouldn't have used strong language.

I was also a minor victim in Mt. Gox scam and poker scams, even though I made minor amounts of money in poker.

I see the same patterns in the cryptos and wanted to give my view.

There are literally 5 major problems I see:

1. Environment
2. Decentralization (the main draw)
3. Scamming
4. No value creation. I disagree with the premise of the currency, not to say that FIAT is free from problems.
5. Hijacking of Alt coins
6. Deeper need for trust in the tech industry
7. The fundamental question of who should be able mine if true decentralization can't happen.

All of those points are considered non-issues to the community. Some of them must know more than me. Maybe all of them do and can answer those questions for their self.

Please delete or dump it to the landfill.

Best,

Your argument fu*king sucks.

Cryptocurrency inherently, in its very essence, is a positive force. It's beneficial for society, for us as a people.

The problem is, however, PEOPLE. People have tainted and will continue to soil the CryptoMarkets.

You have the vultures (Wall Street, the banks, govt) and the filthy disgusting hyenas ( the masses, the "crypto-enthusiasts") running to the markets like a crackhead does to a dope dealer when he's come up on $20.

Will people make money off this CryptoWave? Of course. Will people get rich off trading cryptocurrency? A very small percentage will. Will crypto-enthusiasts continue to criticize banks and the dollar and then trade cryptocurrency as means of making more of those very same dollars that they criticize? You can bet your life on it.

Will Cryptocurrency lead to any constructive societal change? Will it trump the dollar? Absolutely not.

 

[MJ DeMarco]

I remember when the internet was starting to popularize and companies started to sell thing over the internet. It was not uncommon to hear people saying things such as: The internet is full of scams, who would like to buy things there? putting my credit card information in the internet, are you crazy?

Yup, I actually remember hearing that a few times as an early adopter.

 

[Coalission]

I've noticed a theme with bitcoin defenders and that is, attack the messenger not the message.

Why are you giving homework? If I post a 40 minute video from someone refuting everything in your video, are you going to watch it and break it down point by point, or do you only watch things that fit your narrative and reinforce your existing belief?

The onus is on you to prove blockchain/cryptocurrency is doomed, not the other way around, and one video by a bonafide scam artist with some sales skills is not enough to convince me, sorry. Can we hear from Bernie Madoff instead?

 

[C-Jay]

Well, I'm not going to invest in penny stock ICOs or think I can out trade a bot. I also won't think I'll build the next secure exchange or coin based application.

Only talking about myself here in this.

I hope all of you become successful millionaires or billionaires off it. I'll have to miss out on the coin rush.

#coinfoil

Trading is just one simple methodology for investing in crypto. Most people are terrible traders, myself included.

Bots are present in major exchanges for conventional stocks and have been for years.

I don't understand what these facts have to do with the industry/technology itself. Nobody is denying it's a risky business. It absolutely is risk-ridden, but it's quite a stretch to try and turn that into some existential moral crisis. I don't see it.