Viewing a single comment thread. View all comments

Rezhio t1_iy1t5jj wrote

So when are people going to wake up and realize it's all a big Ponzi scheme?

133

MechaSheeva t1_iy1vocn wrote

I miss when it was about using crypto to pay for sketchy shit and not investing/speculation.

96

Rezhio t1_iy1vsb1 wrote

Most crypto are not even good for sketchy shit since all wallets can be traced.

41

iruleatlifekthx t1_iy2a1c7 wrote

It depends? There are cryptocurrencies available that are stricter on privacy that people are able to skirt the law with. Certainly not unheard of. But most of is true, and that's crypto was originally meant to be a currency that couldn't be controlled or manipulated by any one government entity, free to be used by the world over. It was not meant to skirt the law.

5

taradiddletrope t1_iy2vk8f wrote

“Stricter on privacy” is not the same as untraceable.

Tons of mf’s in jail right now that committed crimes before DNA was used in crime investigations who got caught with DNA evidence.

10

JViz t1_iy2hwie wrote

Use a coin built on privacy. Monero, Decred, Zcash, and Grin were all built to be private.

So.... people think I'm wrong? Why/how?

−11

DevAway22314 t1_iy45ba3 wrote

It sounds like you're shilling coins more than giving legitimate suggestion. I've spent a decent amount of time on darknet market places and never heard of decred or grin. Zcash I think I've seen like once, maybe?

The biggest oddity is that you didn't suggest Monero, which has been the #1 privacy coin for the entire history of privacy coins. It's also the only one you could regularly use to buy "sketchy shit"

3

JViz t1_iy8phc0 wrote

That seems to have garnered me even more down votes. Whatever, c'est la vie.

1

JViz t1_iy45pjp wrote

I know this might seem odd, but I hadn't actually heard of Monero. I added it to the list.

0

[deleted] t1_iy1ymfj wrote

[removed]

−108

promonk t1_iy28djj wrote

Are you referring to the $32 million he contributed to Democratic election funds, or the $24 million he contributed to Republican election funds? 'Cause it kind of sounds like you're trying to make this about Dems vs. Repubs, and from where I'm sitting, neither looks very clean.

31

phonafona t1_iy276cf wrote

It’s not a Ponzi scheme those last longer. He wasn’t paying out people with new investments he was just stealing all the investments.

28

optagon t1_iy3gx6m wrote

I have a coworker who's still saying bitcoin is the solution to the financial problem, and the inflation is the banks faults and they must be stopped. If onlyyyyy everyone would start using bitcoin all problems will be sorted out.

I'm always at a loss and just walk away.

4

jdmgto t1_iy556tc wrote

Bitcoin is massively deflationary and that just freezes the money supply in the other direction.

Crypto bros are just gold bugs 2.0.

4

Kedama t1_iy293q4 wrote

US Dollars are used for ponzi schemes too, but that doesnt make the dollsr complicit in that bullshit. Blame the people, not the tech

−7

xdissent t1_iy2gor1 wrote

What percentage of all dollar transactions would you say are ponzis? (minuscule) What percentage of crypto transactions are ponzis? (a lot, more revealed every day) The difference is oversight and regulation. Show me a non-fraud use case for the tech that has value other than buying drugs or weapons, which basically doesn't even happen anymore since the markets are so unstable.

5

bamfalamfa t1_iy1v442 wrote

something tells me you arent living a rugged libertarian lifestyle in a cabin in the mountains raising your own livestock and growing your own crops

−35

Rezhio t1_iy1v96p wrote

Because I do not believe in crypto but don't live by myself in the wood that makes me an hypocrite?

22

WolverineDifficult95 t1_iy1vxni wrote

Wait til you realize the USA just is FTX with a military that can’t even beat Afghanistan.

−64

Rezhio t1_iy1w358 wrote

Good thing I'm no American. Also can't beat Afghanistan is bullshit because if they wanted they could turn the country to glass.

23

WolverineDifficult95 t1_iy1w8w9 wrote

Can’t turn someone to glass when you have rules of engagement. America would never fight a war like that because the outrage here would implode us instantly.

−45

[deleted] t1_iy1xbju wrote

[removed]

−46

WolverineDifficult95 t1_iy1y9hz wrote

Americans here are furious when someone insinuates we are anything less than gods gift to earth and our money is not the most sacrosanct pact ever made backed by a military that has never failed and possesses absolute power over the planet.

−42

didsomebodysaymyname t1_iy26mx5 wrote

I think people just accurately assessed your opinion was idiotic because you think USA=FTX, not because they shove flags up their own ass.

I don't think the US is the most sacrosanct whatever, I can just tell the difference between a corrupt nation-state and a ponzi scheme.

Rome lasted for centuries. Ponzi schemes last years.

25

WolverineDifficult95 t1_iy3roya wrote

Apparently you can’t tell the difference because social security is a textbook ponzi scheme. Newer deposits are being used to pay older investors.

Last time I checked Rome wasn’t running a Ponzi scheme like the USA is.

0

didsomebodysaymyname t1_iy56m4e wrote

You either don't understand how a Ponzi scheme works or how SS works or both.

The fundamental problem with a Ponzi scheme is that there's no actual business that's generating wealth.

But with SS there is real wealth generation, the entire US workforce. In a sense, the US workforce is the "business" that generates wealth for the retired. They do not (normally) put your SS payments in a bank for 40 years, they give them directly to retirees.

So literally the only way for SS to not have money to pay retirees something is if everyone is unemployed.

A ponzi scheme can run out of investors to buy in.

Do you think the US can reach 100% unemployment?

It is true that benefits can drop if there aren't enough workers making enough money, but the only way SS can completely fail is for no one to be employed. It should be obvious why that isn't going to happen.

2

belouie t1_iy20hx8 wrote

Funny because it sounds like you’re describing a 2008 righty, but you’re actually describing a 2022 lefty

−30