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lame54

(39,716 posts)

72. Don't believe the privacy hype...

Reply to steve2470 (Original post)

Sat Sep 11, 2021, 01:41 PM

Sep 2021

It's traceable

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Cryptocurrency aka Bitcoin/Dogecoin/etc : what am I not understanding ? [View all] steve2470 Sep 2021 OP

Good questions. And what the hell is bitcoin mining? Walleye Sep 2021 #1

mostly it is validation of transactions Voltaire2 Sep 2021 #6

I think it's a scam. Archae Sep 2021 #2

I can't imagine president Biden signing the fed and other government agencies jimfields33 Sep 2021 #3

there is nothing backing paper money either Voltaire2 Sep 2021 #5

Bingo! Champp Sep 2021 #18

Bryant? DFW Sep 2021 #55

Paper money has the promise from the US government it is valid DenaliDemocrat Sep 2021 #53

there is one theory that simply accepting tax revenue payments in a currency Voltaire2 Sep 2021 #59

Which economist advanced that theory? LanternWaste Sep 2021 #66

What? Voltaire2 Sep 2021 #68

Even the Federal government sells bitcoins fescuerescue Sep 2021 #13

It may be legal, but it still looks like a scam. Archae Sep 2021 #14

That page was just the first google hit fescuerescue Sep 2021 #32

"Printing money" is a fallacy. hunter Sep 2021 #52

It's a colloquial term. Not a legal one fescuerescue Sep 2021 #61

It's a colloquial term mostly used in a deceptive way... hunter Sep 2021 #64

Unfortunately we have to share our language with both good and bad people. fescuerescue Sep 2021 #65

So, like stocks? Cuthbert Allgood Sep 2021 #20

More like beanie babies MoonlitKnight Sep 2021 #23

#BeanieBabyBucks - soon going viral Champp Sep 2021 #36

It's a brilliant hybrid Ponzi / Pyramid / Chain Letter scheme. hunter Sep 2021 #34

Thank you for your insights. Sogo Sep 2021 #35

Normal currencies are not arbitrary "fiat money." Celerity Sep 2021 #50

All I know, is if I wanna puchase Latisse (eyelash serum) from India, I gotta pay bitcoin LeftInTX Sep 2021 #4

OK. Whatever the hell that is. lagomorph777 Sep 2021 #15

Since it's cosmetic, insurance doesn't cover it. It's very expensive LeftInTX Sep 2021 #22

Acceptance of only bitcoin tells you all you need to know about the seller. lagomorph777 Sep 2021 #45

It's OK. I can buy it in the US LeftInTX Sep 2021 #57

I dont use it for short term gains but long term retirement - 5+ years Iwasthere Sep 2021 #7

LOL. Hey! That's nothing! I made billions!!!1111!!! Better buy now, everyone!!!111!! Ground floor!11 PSPS Sep 2021 #9

Good luck with your retirement! lagomorph777 Sep 2021 #43

unregulated currency. Javaman Sep 2021 #8

Think Dutch Tulip Mania lagomorph777 Sep 2021 #47

even better. Javaman Sep 2021 #58

It's a scam, like a pyramid scheme. PSPS Sep 2021 #10

Can you explain to us how it's a "pyramid scheme"? sir pball Sep 2021 #17

Value is propped up solely by speculation. PSPS Sep 2021 #27

Cryptocurrencies are straddling two opposing purposes Silent3 Sep 2021 #11

You can (and increasingly do) have both with newer crypto projects Amishman Sep 2021 #56

My take is that the crypto-currency business is mainly two things: 1) a way to keep illegal Martin68 Sep 2021 #12

2) Ponzi scheme lagomorph777 Sep 2021 #16

Can you please explaib how it's a "Ponzi scheme"? sir pball Sep 2021 #19

Bitcoin is a textbook Ponzi scheme lagomorph777 Sep 2021 #24

That's nice, and you're wrong. sir pball Sep 2021 #31

I can see I've stumbled into a religious argument. lagomorph777 Sep 2021 #33

I don't deal with cryptocurrencies. sir pball Sep 2021 #37

The originator of bitcoin gave themselves plenty of it, for nothing muriel_volestrangler Sep 2021 #39

I won't argue that position. sir pball Sep 2021 #42

But it was designed to make profits for the originator and early adopters muriel_volestrangler Sep 2021 #49

sir ball, your definition fits cryptocurrency to a T, as lagomorph explained earlier. Martin68 Sep 2021 #69

Bitcoin is a Ponzi lagomorph777 Sep 2021 #26

So the stock market is a ponzi scheme by your analysis. Cuthbert Allgood Sep 2021 #28

No; you can read further down in the second article why that's not so. lagomorph777 Sep 2021 #30

Nah. You just see something you don't understand sir pball Sep 2021 #40

Enthusiasts are almost undistinguishable from sea-lions. LanternWaste Sep 2021 #67

The stock market is based on actual companies that actually produce a product. Martin68 Sep 2021 #70

... Cuthbert Allgood Sep 2021 #21

It is a money laundering vehicle Bettie Sep 2021 #25

Blockchain tracks everything. sir pball Sep 2021 #41

yup. It's least private currency ever invented fescuerescue Sep 2021 #44

Understand that LIBERTARIANS are all about this which means its' total BULLSHIT tenderfoot Sep 2021 #29

Libertarians are mean clueless fucks. hunter Sep 2021 #38

Yet banks are diving into it. fescuerescue Sep 2021 #48

Is there currently a problem with keeping track of the ownership of stocks and bonds? muriel_volestrangler Sep 2021 #51

actually yes there is Voltaire2 Sep 2021 #60

It's done electronically now. fescuerescue Sep 2021 #62

Thanks for this thread. Sogo Sep 2021 #46

It's just something to get all the 48656c6c6f20 Sep 2021 #54

That's assuming people living in a basement apartment have a lawn. Martin68 Sep 2021 #71

Bitcoin is digital gold D_Master81 Sep 2021 #63

Don't believe the privacy hype... lame54 Sep 2021 #72

When most of the super rich investors won't touch it, this tells me it's too risky. Quixote1818 Sep 2021 #73

Irony is you use electronic transactions all the time... think about how little cash you use these JCMach1 Sep 2021 #74