Is crypto a scam?

[bartosimpsonio]

We're all used to crypto by now right?

We talk about price and stuff.

But if you zoom out a bit and look at it like someone who's never seen crypto before, it does look like a scam doesn't it?

These prices seem absolutely fake.

Nobody audits the damn thing, there's probably zero dollars backing those dollar coins.

It's legal to manipulate the market and do pumps and dumps.

Every single ransomware uses crypto.

Looking at it like a complete stranger, it does look kinda fishy doesn't it?

Don't get me wrong, I find crypto fascinating.

Just trying to look at it like someone who's never used it before.

 

[Degen]

Did you take over the Baton of mickyfu?

BTC will not reach 100k in your lifetime!!

 

[bartosimpsonio]

Did you take over the Baton of mickyfu?

BTC will not reach 100k in your lifetime!!

Didn't realize mickyfu did cryptos.

Anyway, is there the expectation that BTC will reach 100k? I find that far fetched.

 

[Izzma]

Lol, BartoSim,

I know you love these trolling threads, BTC is the game, LTC in now defunct.

The rest are based upon ideas/hopes ADA is most prime time

 

[bartosimpsonio]

Lol, BartoSim,

I know you love these trolling threads, BTC is the game, LTC in now defunct.

The rest are based upon ideas/hopes ADA is most prime time

It's not meant as a trolling thread. Not this one LOL

I was just browsing some crypto websites and suddenly it all looked pretty fishy to me.

I mean if IM'ers just look at some of those deals and stuff would surely look scammy. Why is it OK to do this stuff in crypto? It'd look bad in any business to not be audited and shit.

No trolling at all implied.

 

[jasonforrest]

Is crypto a scam? by asking this question, you should be MORE interested in:

1: Is fiat currency a scam?

or

2: are stock markets a scam?

Bitcoin has a ledger available for anyone to see. The price of BTC is based on market demand, you can watch live every transaction if you really want to. Is Bitcoin a scam, no, it is hard money, probably the best money/SOV we'll experience in our lives.

Scam = fiat (yet i know many won't allow themselves to believe this)

Look up
- quantative easing
- stimulus
- negative or zero interest rates

 

[Mr Positive]

Its fine if people don’t understand cryptos or even label it as a scam, a while ago I would argue with them but then I realised it’s best to leave it let them be happy with their own thoughts peace

 

[G2 Maker]

I don't know money neither, and it looks like a scam for me to give food or work for that paper that i can't eat or use

 

[YujinTan]

as long end of the day convert back to cash with extra who care is scam or legal whatever
anyway Gov themselves also invest on crypto currency to be honest.

 

[Deleted member 1333509]

I think you're right that if you have only just heard about crypto and don't know much about it, it looks unbelievable.

Also people had the opportunity to buy into Bitcoin when it was $10 many of them thought it was a scam then too and didn't want to take the risk. Now ironically many people have seen the huge profits that have been made over a decade and think it's a scam for a different reason.

People will always be suspicious, unless they have all of the information.

The difference is that once you understand how crypto works (blockchain etc) and the unique value it can provide, you understand the profits being generated.. it all makes sense.

Once you understand how much more massive the mainstream financial market is, how tiny crypto is in comparison, and therefore the realistic potential for huge growth over the coming decades as crypto builds more real-world use cases and becomes more accepted as a mainstream financial asset, you understand why people today would pay $11,000 for one BTC knowing what the future will undoubtedly be like.

New people though, 100%, why wouldn't you think this is a scam.

 

[jasonforrest]

Well to anyone who buys Bitcoin legally, you know the KYC hoops you must jump through. Some say it's not reglated, which is obviously not true. Try buying Bitcoin and let us know your experience with the on-ramp. (moving your cash to buy BTC).

 

[moonshine7000]

The monetary system itself is a scam. Money is an idea created by man to measure value. It's all numbers on a computer screen.

 

[vividus designs]

Anything can be scam if you are not careful.

 

[thevideoguy]

We're all used to crypto by now right?

We talk about price and stuff.

But if you zoom out a bit and look at it like someone who's never seen crypto before, it does look like a scam doesn't it?

Of course it looks like a scam to someone who knows nothing about money or cryptocurrency.

These prices seem absolutely fake.

They don't seem fake.

Nobody audits the damn thing, there's probably zero dollars backing those dollar coins.

Cryptocurrencies like Bitcoin have public blockchains, you can audit it anytime you want. The code is open source, you can audit that anytime as well.

It's legal to manipulate the market and do pumps and dumps.

No it isn't, not in most countries.

Every single ransomware uses crypto.

Almost, yes. But the average person doesn't have to deal with randomware and probably don't even know what it is so that doesn't matter.

Looking at it like a complete stranger, it does look kinda fishy doesn't it?

Don't get me wrong, I find crypto fascinating.

Just trying to look at it like someone who's never used it before.

Sure, it looks fishy in the same way that the USD would look fishy if the average person was to start looking into that.

But there are 2 types of people who have never used Bitcoin before. The first is the type who don't need it and/or will never need it; it's quite difficult to explain it to them. The second type are those people who could benefit from using Bitcoin and these people are much easier to get on board.

Normal people don't need to use Bitcoin or any cryptocurrency right now so it doesn't really matter if it seems kinda scammy and confusing. It can still become vastly more successful as a currency then it currently is with them thinking that.

 

[nakamura]

The whole financial system is a scam mate. You already know it. The fish is rotten from the head down.

 

[bartosimpsonio]

Of course it looks like a scam to someone who knows nothing about money or cryptocurrency.

Right. The people who know nothing about it are the potential adopters. Because everyone else is already in on it. So if it looks like a scam to regular people, how's it ever gonna go mainstream?

They don't seem fake.

They do look absolutely fake to me. No audits, these exchanges don't even have a proper address anywhere, they're companies in tax havens in the middle of nowhere with zero employees.

Sure, it looks fishy in the same way that the USD would look fishy if the average person was to start looking into that.

That would make 2 wrongs then.

One still looks fishy if two look fishy, right?

Normal people don't need to use Bitcoin or any cryptocurrency right now so it doesn't really matter if it seems kinda scammy and confusing.

So all that talk about mainstream adoption isn't for real? I thought they wanted normal people aboard.

 

[moonshine7000]

The whole financial system is a scam mate. You already know it. The fish is rotten from the head down.

Yeah the key to survival is to acquire as income generating assets with the currency as much as you can and keep reinvesting the currency to repeat the process just like the game of monopoly. So the currency grows with inflation .Life is a game

 

[smartsoft]

Ponzi schema in new package.

 

[Gogol]

Last time I said bitcoin and crypto are scams, people almost wanted to kill me (just kidding, nothing serious. It was just an intense debate with more than 3 members at once).

I still did not change my view on this though. Cryptocurrency is a SCAM and it will remain the same. Yes, you can still earn some money with it, agreed. But, it's nothing but a ponzy scheme at the end of the day...


Dog save me now. I have opened the pandora's box again.

 

[Willyfish]

99% of people lose money on the long term with forex/crypto, maybe if you are in the game for 10 years you will become profitable and rich, it's easy to see the lucky ones who won a lot because we speak about them but not about the 99% of people who lose. I think from my perspective that time will be better used creating a legit business, statistically you have more chance and it will not affect you psychologically as much (I don't say creating a business is easy and not stressful but the choice is obvious for me).

But I agree that there is a very attractive aspect about crypto that want you to trade again and again, it's addictive, it's why having a very addictive personality I stay outside of it