Cryptocurrency may be a scam after all

[rafark]

It costs $0.10 to make a $100 bill.

Isn't this a paradox?

 

[TheVigilante]

Barti I am not going to comment on this thread as a sign of respect haha

 

[aidenhera]

when you make btc transaction, how much goes to owner? 100% minus the fee for the website youre operating on? or there are additional, hidden fees

 

[bartosimpsonio]

Can I add "Troll" to that list?

I find it hard to believe that youve only just learned of tether, bitfinexed etc.

I knew they existed but I didn't believe they were doing what some claimed they were doing.

Now I'm pretty much convinced they are.

Isn't the money that we are holding now made up by the Government? Ever since USD remove the backing of Gold, it is just legal tender piece of paper where the government promises value based upon free market principles. The government can print any amount of money they want using the backing of so call GDP, almost similar to crypto except that crypto is based upon the backing of the public trust?

Well there's nothing backing these coins they use to boost the prices. The USD has something behind it. These coins have nothing.

$9k again. Scamming more users again and again. Sad life for those hoarding up in their wallet.

I think the knowledge of the scheme is gonna go public soon.

Soon as the first arrests are made, the whole house of cards comes down.

Listen dude, Bitcoin doesn’t need to be “using dollars” Dollars need to be using Bitcoin! Bitcoin is an ASSET! The dollar is not an asset. Gold is an ASSET. Oil is an asset. The dollar used to be backed by gold before it became a scam.

At least there's oversight of the dollar. How much of it is printed, who the printed money goes to, etc.

There is no oversight or even proof these coins have any backing.

Isn't this a paradox?

Nope. Fiat money has no intrinsical value. That piece of paper is just a treasury note. Its worth is determined by supply/demand in the world market.

Barti I am not going to comment on this thread as a sign of respect haha

OK

when you make btc transaction, how much goes to owner? 100% minus the fee for the website youre operating on? or there are additional, hidden fees

100% goes to destination. When you send BTC you pay a fee added to the total amount.

You can also agree with the receiver to deduce the fee from the total, but that's a case by case thing you can agree on . If you want to then 100% goes to destination.

 

[litornah]

At least there's oversight of the dollar. How much of it is printed, who the printed money goes to, etc.

There is no oversight or even proof these coins have any backing.

Again, an asset doesn't need to be backed. There's a PUBLIC ledger that shows you how much bitcoin is in circulation. Does the usd have a public ledger that shows you where it was spent, how much was spent, when it was spent, how much is in circulation? No! No one knows how much money is printed and no one knows who the money goes to. You only know as much as they tell you. You can't even compare the usd to bitcoin it's not even in the same league. Ask me or anyone where the usd that they spent came from before it landed in their hands, I couldn't tell you and they couldn't tell you.

 

[arlind-]

Bitfinexed is a paid shill.

 

[Jmarv000]

I knew they existed but I didn't believe they were doing what some claimed they were doing.

Now I'm pretty much convinced they are.



Well there's nothing backing these coins they use to boost the prices. The USD has something behind it. These coins have nothing.



I think the knowledge of the scheme is gonna go public soon.

Soon as the first arrests are made, the whole house of cards comes down.



At least there's oversight of the dollar. How much of it is printed, who the printed money goes to, etc.

There is no oversight or even proof these coins have any backing.



Nope. Fiat money has no intrinsical value. That piece of paper is just a treasury note. Its worth is determined by supply/demand in the world market.



OK



100% goes to destination. When you send BTC you pay a fee added to the total amount.

You can also agree with the receiver to deduce the fee from the total, but that's a case by case thing you can agree on . If you want to then 100% goes to destination.

This is just my personal view. With the government globally taking action forcing exchanges to do proper KYC of their cypto customers, isn't the government indirectly admitting that crypto is an asset and requires proper control (money laundering, market manipulation,etc).

This is like the government slapping themselves hard and admitting that they cannot stop crypto from growing. The can only try to control it.

 

[cheva]

At least there's oversight of the dollar. How much of it is printed, who the printed money goes to, etc.

There is no oversight or even proof these coins have any backing.

I'll ignore the rest of your lack of knowledge. But this point needs to be addressed. There is no oversight of the dollar, it is printed as the master willeth. And there is absolutely no way of knowing who the printed money goes to considering the majority of illegal trade around the world is done in dollars.

Also if you know the history of bitcoin, most oldtimers have called out exchange coins as scams. It has always been the case.

And to validate this point I'll go one step further. If according to you, the legitimacy of the dollar does not decrease based on the scams and illegal trades it is used in, the legitimacy of bitcoin should not decrease based on the number of scam coins that come into existence.

 

[Word Wizard]

 

[litornah]

I'll ignore the rest of your lack of knowledge. But this point needs to be addressed. There is no oversight of the dollar, it is printed as the master willeth. And there is absolutely no way of knowing who the printed money goes to considering the majority of illegal trade around the world is done in dollars.

Also if you know the history of bitcoin, most oldtimers have called out exchange coins as scams. It has always been the case.

And to validate this point I'll go one step further. If according to you, the legitimacy of the dollar does not decrease based on the scams and illegal trades it is used in, the legitimacy of bitcoin should not decrease based on the number of scam coins that come into existence.

Thank you!

 

[bartosimpsonio]

Again, an asset doesn't need to be backed. There's a PUBLIC ledger that shows you how much bitcoin is in circulation. Does the usd have a public ledger that shows you where it was spent, how much was spent, when it was spent, how much is in circulation? No! No one knows how much money is printed and no one knows who the money goes to. You only know as much as they tell you. You can't even compare the usd to bitcoin it's not even in the same league. Ask me or anyone where the usd that they spent came from before it landed in their hands, I couldn't tell you and they couldn't tell you.

All that info is public. https://www.federalreserve.gov/data.htm

Bitfinexed is a paid shill.

Paid by who?

This is just my personal view. With the government globally taking action forcing exchanges to do proper KYC of their cypto customers, isn't the government indirectly admitting that crypto is an asset and requires proper control (money laundering, market manipulation,etc).

This is like the government slapping themselves hard and admitting that they cannot stop crypto from growing. The can only try to control it.

Yes they are heading that way. Slowly integrating crypto into the system.

But I don't think they'll ever recognize crypto as currency.

I'll ignore the rest of your lack of knowledge. But this point needs to be addressed. There is no oversight of the dollar, it is printed as the master willeth. And there is absolutely no way of knowing who the printed money goes to considering the majority of illegal trade around the world is done in dollars.

Also if you know the history of bitcoin, most oldtimers have called out exchange coins as scams. It has always been the case.

And to validate this point I'll go one step further. If according to you, the legitimacy of the dollar does not decrease based on the scams and illegal trades it is used in, the legitimacy of bitcoin should not decrease based on the number of scam coins that come into existence.

This is nonsense. Everything about the dollar is audited. https://www.federalreserve.gov/data.htm

 

[cheva]

This is nonsense. Everything about the dollar is audited. https://www.federalreserve.gov/data.htm

You are joking, right? Almost $2 trillion is laundered every year globally.

https://www.unodc.org/unodc/en/money-laundering/globalization.html

 

[bartosimpsonio]

You are joking, right? Almost $2 trillion is laundered every year globally.

https://www.unodc.org/unodc/en/money-laundering/globalization.html

What's done with the dollar is a different thing.

The emission of dollars, how much there is, where it was initially sent to, etc is all audited.

 

[loseblue]

Is BitFinex printing USDT? Yes
Is Bitcoin a scam because of what a dirty exchange is doing?

99% of all ICOs 2017 were scams
Binance IEOs are scams

Nothing to do with bitcoin

 

[bartosimpsonio]

Is BitFinex printing USDT? Yes
Is Bitcoin a scam because of what a dirty exchange is doing?

99% of all ICOs 2017 were scams
Binance IEOs are scams

Nothing to do with bitcoin

Agree with all points.

But all exchanges are mixing the fake dollars with real dollars.

So unless something's done ASAP, something that is unrelated to Bitcoin will end up killing Bitcoin.

 

[loseblue]

BitFinex is already in court in New York, and this is just the beginning. Sure, when shit hits the fan, and everyone becomes aware of the huge scam of BitFinex and Tether, Bitcoin will probably take a massive hit. But it wont die. There is too much at stake for that to happen

 

[Jmarv000]

All that info is public. https://www.federalreserve.gov/data.htm



Paid by who?



Yes they are heading that way. Slowly integrating crypto into the system.

But I don't think they'll ever recognize crypto as currency.



This is nonsense. Everything about the dollar is audited. https://www.federalreserve.gov/data.htm

I doubt the government will ever recognize something to be legal tender when they have absolutely zero control over it. But the public is definitely growing pretty used to crypto as time passes by. Imagine cross border transfer that happens within an hour at very low fees. And no government control on how much you can move each time. No need for troublesome paper work and income declaration. No need for KYC document process (if you are dealing OTC). And most important of ALL... ZERO TAXES!!!
This is the part that frustrates the government most as they cannot put their hands to get a share of the pie.

 

[drogon]

I think the question is not if Crypto is a scam/ponzi....but how can you make money and cash out before it all crashes!

 

[busyangel]

Well Currencies are placed on value. Crypto has built the brand for over a decade or foremost more than a decade precisely, so i don't see anything as scam though if your country billing mechanism isn't included in the block-chain T'&S, for me it is a virtual currency that will outwit d paper currrency World reserve currency the $$,for security of individual personal Details "Privacy" as the world is heading into virtual simulation, model semantics.

 

[Technabyte]

If you've read my posts here you probably know I always rebuked threads claiming crypto was a scam.

Like I mentioned a couple days ago, I've been reading a few Twitter feeds and I'm beginning to convince myself crypto could turn out to be one of the greatest scams ever.

You people aware that almost all bitcoin traded every day isn't using dollars? You guys know that almost every exchange is creating their own version of "dollars"?

The stuff we see "x dollars" aren't dollars at all. I initially thought this was crazy, but it's true. It's made-up dollars. Unbelievable.

This has been one of the fundamental issues with Cryptocurrency from day one; anyone can create a cryptocurrency. Half of the cryptocurrencies are just using someone else's code base and is almost exactly the same as another coin. Bitcoin and Litecoin for example, all they changed was the block time. People also create forks and create a new coin that follows another direction but the truth is, they are all the same. People are just creating Bitcoin forks and then calling it Bitcoin X and just uses it to earn money but they make it sound like they are trying to change the world (errmm, no). Any developer can change a few lines of the existing Bitcoin code and then create their own coin, its as easy as that.

Ultimately, I think Cryptocurrency will fail in the end, maybe a few good cryptocurrencies will survive but I believe 95% of them will just go to zero.