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bamagal62

(3,688 posts)

3. The way I understand it,

Reply to TNNurse (Original post)

Sat Dec 7, 2024, 09:16 AM

Dec 7

It’s just “made up” money. It’s not based on anything. Seems like a huge scam to me.

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So is Crypto a pyramid scheme or something else? [View all] TNNurse Dec 7 OP

DU is not the best place to ask RandiFan1290 Dec 7 #1

It's a rip-off Blue_Tires Dec 7 #10

well, I don't know who this "finance guy" is, but his history of the internet lapfog_1 Dec 7 #16

Need some clarification here. LAS14 Dec 7 #35

Excellent Post! One Minor Flaw. ProfessorGAC Dec 7 #52

It could be transmuted by a particle accelerator ThoughtCriminal Dec 8 #75

Fair Enough ProfessorGAC Dec 8 #77

It is the perfect currency for criminals (drug cartels, gun runners, human traffickers, rogue nation states, etc.) waterwatcher123 Dec 7 #54

Thanks!! This looks like the kind of thing I've been hunting for for years. LAS14 Dec 7 #32

They likely have a very large endowment Redleg Dec 7 #49

You warned me about asking on here. TNNurse Dec 7 #62

The use of blockchain in Crypto LAS14 Dec 11 #86

It's a way to... 2naSalit Dec 7 #2

The way I understand it, bamagal62 Dec 7 #3

All money is 'made up'. Voltaire2 Dec 7 #14

That's the thing... BTC is NOT used as a token of exchange for anything other than money laundering by tha VAST majority Happy Hoosier Dec 7 #33

It is used, to a very limited extent, as an exchange token. Voltaire2 Dec 7 #38

Exactly. Happy Hoosier Dec 7 #44

I know that. Thx. bamagal62 Dec 7 #73

Made up money as opposed to the Drachma... Alephy Dec 7 #19

Your observation of it as a STORE of value is good one. Happy Hoosier Dec 7 #34

"Bitcoin is new" dawg Dec 7 #60

Yes, it is really, really new Alephy Dec 7 #63

Bitcoin is an antiquated energy-wasting protocol. If the world was ever serious ... dawg Dec 7 #66

Sure Alephy Dec 7 #67

It's the currency of the future ... dawg Dec 7 #69

My apologies Alephy Dec 7 #20

Not sure, but if I recall correctly, when you make a reply, the "powers" button below it becomes active for you Attilatheblond Dec 7 #53

Thank you very much Alephy Dec 7 #56

Just passing along what someone else showed me here Attilatheblond Dec 7 #71

It's made-up money, but its primary benefit is that it's untraceable. Lonestarblue Dec 7 #28

This message was self-deleted by its author Chin music Dec 7 #31

Scam, well known. Passages Dec 7 #4

Molly White does a great job of tracking this scam . . . hatrack Dec 7 #5

The perferred method of exchange for criminals the world over. paleotn Dec 7 #6

It's more like timeshares for the new millennium. Hugin Dec 7 #7

Crypto is an experiment in harnessing perception as wealth. Frasier Balzov Dec 7 #8

DU is probably the worst possible place to discuss BTC that I have seen. Years ago, a DU poster put up dozens of Celerity Dec 7 #9

I'll never trust any money I cannot physically touch Blue_Tires Dec 7 #13

Do you use debit and credit cards? Are you paid via EFTs? Celerity Dec 7 #17

I do use debit and credit cards, TNNurse Dec 7 #24

Actually blockchain - the tech behind bitcoins- Voltaire2 Dec 7 #39

Thank you for beautifully illustrating my point Blue_Tires Dec 8 #81

No, I did not illustrate your point at all, sorry. Celerity Dec 8 #82

Like I said before, you're only helping Elmer and Donnie Blue_Tires Dec 8 #84

I do not mine BTC or any other crypto currency, nor do I trade in BTC or any other crypto currency. Celerity Dec 8 #85

It's not strictly true that tulips can't endure. LisaM Dec 7 #37

Yes, but you are now introducing both labour and non-fungibility. Celerity Dec 7 #43

I appreciate your commentary on this topic Alephy Dec 7 #57

thanks Celerity Dec 7 #58

Precisely, I have been in and out of Bitcoin since it first JCMach1 Dec 7 #61

thank you, and OUCH! (the 30 deleted BTC) yikes Celerity Dec 7 #64

I was treating it as an experiment... So I try to laugh JCMach1 Dec 7 #65

well, at least you didn't spend 10,000 BTC on 2 pizzas................ (worth roughly 1 BILLION USD now) Celerity Dec 7 #68

Thank you all. TNNurse Dec 7 #11

It's closer to a ponzi scheme Blue_Tires Dec 7 #12

It's a great way to launder money, too. GoCubsGo Dec 7 #22

IMO, the rise of Bitcoin (and maybe other crypto) is being fueled by hopeium nitpicked Dec 7 #15

The answer is Yes. Wonder Why Dec 7 #18

Mostly yes. Voltaire2 Dec 7 #21

The European Tulip Price Collapse. Jacson6 Dec 7 #23

Fatally flawed analogy, and one that has been trotted out here continously long before I joined DU in mid-2018, as Celerity Dec 7 #40

Excellent comparison. Thank you for that. BannonsLiver Dec 7 #45

And the South Sea Company Amanita Pantherina Dec 7 #55

It's not quite. usonian Dec 7 #25

I never understood what it is. claudette Dec 7 #26

Crypto is electronic barter wrapped around a restrained supply of medallions bucolic_frolic Dec 7 #27

It's a game of hot potato Happy Hoosier Dec 7 #29

Crypto-gypto oasis Dec 7 #30

All currency not based an a physical commodity, but traded in markets are a scheme and a process of continual ... marble falls Dec 7 #36

Have bought and held BTC (only) for a couple years Wavelight Dec 7 #41

Well, I will be 80 in 5 years so I doubt that will be my concern. TNNurse Dec 7 #48

I regret my timidity with it... Mark.b2 Dec 7 #70

It's a threat to the environment. ... littlemissmartypants Dec 7 #42

Yes Blue Full Moon Dec 7 #46

Money laundering, tax evasion, medium for illegal purchases. DJ Synikus Makisimus Dec 7 #47

A speculative mania-- really an improved version of the Tulip mania andym Dec 7 #50

The big money return in crypto is::: keithbvadu2 Dec 7 #51

Very poor way to launder money as BTC has an open ledger JCMach1 Dec 7 #59

Many places take Bitcoin as payment..... Who accepts Trump crypto as payment? keithbvadu2 Dec 7 #72

I've never encountered one place that takes crypto. If I go to the grocery store I can't buy a gallon of milk with it. Vinca Dec 8 #78

I have a Visa debit card through Coinbase RandiFan1290 Dec 8 #79

And the worst part is ... AncientOfDays Dec 7 #74

Laundering Money ._. Dec 8 #76

Plot to crash economy and make US taxpayer pay for it. Kid Berwyn Dec 8 #80

Some fucking crypto is easier to track that others. Bitcoin leave a clear trail. Monero fucking does not. Very different SoFlaBro Dec 8 #83