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Merged Bitcoin - Part 3

psionl0 said:
or transferring vast sums of wealth around the world rapidly and without authoritarian interference.
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Money laundering, the word you are looking for is money laundering. Oh and pay for stuff you don't want others to know about like illegal drugs and child porn.
 
carlitos said:
Sure you can take your money, just not during "scheduled maintenance" that happened while Tether's peg went back up 2 cents to $1USD.
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I was talking about crypto exchange taking the money and running .. as a way how crypto exchange can go bankrupt. I know perfectly well how users can lose money. I just don't understand how exchange can do it .. beside getting hacked of course.
 
psionl0 said:
If you ever get the time, go through the old bitcoin threads. These issues have been discussed many times. The short answer is the bitcoin is not useful as an everyday currency because of its price volatility and also because of a hard limit of only a few thousand transactions per block. The proof-of-work algorithm is also a big no no (since it is basically an electricity burning competition).

Bitcoin is basically useful only for hodling or transferring vast sums of wealth around the world rapidly and without authoritarian interference.
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So it's just some form of circle jerk? Unless I can find someone that accepts it is worth something, it is useless . . . sorry . . . "not useful as an everyday currency". Got it.
 
Dr.Sid said:
I was talking about crypto exchange taking the money and running .. as a way how crypto exchange can go bankrupt. I know perfectly well how users can lose money. I just don't understand how exchange can do it .. beside getting hacked of course.
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If you read the Global News article I posted above, it will give you some understanding (at least with respect to algorithmic stablecoin).

For example:
Ryan Clements, a professor at the University of Calgary who studies fintech, predicted eventualities like this in his 2021 paper titled, “Built to Fail: The Inherent Fragility of Algorithmic Stablecoins.”

He told Global News in an email this week that the algorithmic stablecoin’s premise is essentially a “confidence game” based on perceptions of supply and demand, rather than underlying assets with fundamental value like their centralized counterparts.
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JoeMorgue said:
Always has been. It's like a Pyramid Scheme but a circle.
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I laughed when I saw a commercial for a credit card or debit card that offered the option to get your annual cash back bonus in Bitcoin. Spend your money on something real, get part of it back in pixie dust and unicorn farts.
 
Again because crypto currencies are trying to be or claiming to be:

- An actual functional day to day alternative currency for normal purchases.
- A secret underground "That coin from John Wick" currency.
- A get rich quick scheme.
- A quasi-legal money laundering method.
- Basically a purely symbolic handshake for people super into deep state economy conspiracy theories.

And it can't be all of those things at once.
 
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Back in 2013/2014, there was a single season science fiction series called "Almost Human" (which I thought was pretty good). It was set in 2048 and numerous people were shown paying for things with Bitcoins, which were apparently carried around on USB drives. Wishful thinking.
 
Know someone that 'lost' 6 figures in this luna fiasco. They luckily got in near the bottom so in actual investment low 5 figures, and they have spent a certain amount so probably broke even. But 5 days ago if it was taken out that was real money, and now.. gone. Many a convo about this possibility, unfortunately didn't help. I honestly blame the traditional financial systems for this. There is no safe return out there, forcing the choice between guaranteed loss with little risk or possible gain with extreme risk.
 
Dr.Sid said:
I was talking about crypto exchange taking the money and running .. as a way how crypto exchange can go bankrupt. I know perfectly well how users can lose money. I just don't understand how exchange can do it .. beside getting hacked of course.
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When volatility happens, these exchanges develop convenient technical glitches, and retail investors get screwed while institutional money and insider trading gets a leg up.

They can basically do anything they want, since they are unregulated gambling sites. Just yesterday, at crypto.com "fortune favors the brave:"

 
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psionl0 said:
Can you name an example of something that is valuable (you can get money for it) even if nobody accepts that it is worth something?
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Geeze. I can always find some one to take real money. It may be a giant scam on the part of our governments (fiat currency et al) but an awful lot of people buy into the idea. I think everything I have bought has been with money. Never had anyone reject it.
 
JoeMorgue said:
Again because crypto currencies are trying to be or claiming to be:

- An actual functional day to day alternative currency for normal purchases.
- A secret underground "That coin from John Wick" currency.
- A get rich quick scheme.
- A quasi-legal money laundering method.
- Basically a purely symbolic handshake for people super into deep state economy conspiracy theories.

And it can't be all of those things at once.
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It can be get rich quick and get poor quick at the same time. So why not the other things ?
 
Dr.Sid said:
It can be get rich quick and get poor quick at the same time. So why not the other things ?
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Because it's a get rich (or get poor) quick scheme because it is so volatile and you can't have a currency that works that way.

Nobody buys Bitcoin going "Oh I might make a .5% return on investment over the course of the next 10 years" and nobody is going to use a currency that might spike or plummet 500% if Elon Musk makes a tweet about it.
 
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