The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[MrSquished]

The same can be said of liquor stores, casinos, and pot dispensaries. Threads regarding such subjects also tend to attract caring, wholesome people who know what is best for everyone else and crave the power to force it down everyone's throat instead of minding their own business.

What are you, from the 1930's? Drinking and smoking pot are bad?

Holy backwards stupid comparison Batman.

 

[njdevilsfan87]

As should be obvious, transaction speeds and costs mean that ETH and BTC are unfit for playing that role.

Eth fees have been amazing lately. I was able to deploy contracts and tokens for my project at 5gwei this past weekend. It cost almost nothing and I'm now "part 1" deployed for a fraction of the cost I originally anticipated about a year ago. In fact I wasn't even considering Ethereum until about a month ago and finally pulled the trigger when the costs were too good to pass up.

 

[AdamK47]

The same can be said of liquor stores, casinos, and pot dispensaries. Threads regarding such subjects also tend to attract caring, wholesome people who know what is best for everyone else and crave the power to force it down everyone's throat instead of minding their own business.

That's quite the spin. It doesn't fit. In your scenario people are buying a legal consumable product. The people grifted in Cryptocurrency have their money siphoned off by the grifter. Not even the same. Not to mention it's unregulated, unlike your examples, making it open to a vast amount of illegal activity.

 

[crashtech]

That's quite the spin. It doesn't fit. In your scenario people are buying a legal consumable product. The people grifted in Cryptocurrency have their money siphoned off by the grifter. Not even the same. Not to mention it's unregulated, unlike your examples, making it open to a vast amount of illegal activity.

All the products mentioned have legitimate uses, and illegitimate uses. Plenty of people have uses for crypto that are perfectly reasonable and that have no criminal component. Some folks just have axes to grind and don't care if they hurt or smear the innocent in pursuit of their goal. Same mindset as the grifters they claim to oppose.

 

[brianmanahan]

transferred my tiny crypto holdings over from the (soon-to-be defunct) coinbase pro to regular coinbase and they gave me a free 50$

can't wait till that .002 BTC is worth MILLIONS

 

[MrSquished]

Anybody here still defending crypto is also responsible for the millions of regular people who are now left holding nothing or almost nothing, from not being able to withdraw their money to just losing most of it.

Crypto has always been the greater fools theory and anyone repeating the positive nonsense about it should be ashamed of themselves

 

[AdamK47]

All the products mentioned have legitimate uses, and illegitimate uses. Plenty of people have uses for crypto that are perfectly reasonable and that have no criminal component. Some folks just have axes to grind and don't care if they hurt or smear the innocent in pursuit of their goal. Same mindset as the grifters they claim to oppose.

My ex wife played the circular reasoning game. I learned to win by not playing. I'm out.

 

[Lost_in_the_HTTP]

Wait, are we doing the Wargames Joshua thing now?

 

[AdamK47]

Wait, are we doing the Wargames Joshua thing now?

You can win a war by not playing. Therefore, to win a war you don't play.

 

[KMFJD]

https://twitter.com/x/status/1556583257159790592

https://twitter.com/x/status/1556649437539307520

It keeps happening,anyone else seeing a pattern?

 

[MrSquished]

https://twitter.com/x/status/1556583257159790592

https://twitter.com/x/status/1556649437539307520

It keeps happening,anyone else seeing a pattern?

Yep. I see anyone still supporting crypto as complicit in taking away the money of regular Joe retail investors and also complicit in enabling criminals.

 

[njdevilsfan87]

Yep. I see anyone still supporting crypto as complicit in taking away the money of regular Joe retail investors and also complicit in enabling criminals.

So how do you feel about most of your luxuries having come from someone getting paid $0.25/hr in some third world country to produce for you, the Western consumer?

Oh tight... but that's regulated aka normal.

Regular Joe at least gets paid minimum wage. And just like I don't feel bad for people losing money on penny stocks and options, I'm not going to feel bad for his poor decision making just because it's crypto - and especially when most people on this planet don't even have a chance to make those ultimately poor gambles.

 

[MrSquished]

So how do you feel about most of your luxuries having come from someone getting paid $0.25/hr in some third world country to produce for you, the Western consumer?

Oh tight... but that's regulated aka normal.

Regular Joe at least gets paid minimum wage. And just like I don't feel bad for people losing money on penny stocks and options, I'm not going to feel bad for his poor decision making just because it's crypto - and especially when most people on this planet don't even have a chance to make those ultimately poor gambles.

The two are completely unrelated but as far as in how this world exploits labor, i think it's horrific as well actually, and I don't give a shit if it's considered legal, I consider it wrong, immoral, and a scam - like crypto.

And I think people defending that system of labor and environmental exploitation are also complicit.

I'm pretty consistent on my positions. But please, continue defending a pyramid scheme that does nothing but fuck people over.

 

[njdevilsfan87]

They're relatable through the poor generalization of moral judgement - because you're not some saint here. You can stay consistent. I don't really care. No one in crypto cares either. No one even cares about the DeFi hacks that happen that within crypto. Someone lost their money again? Cool ****ing story for the 10,000th time bro. Because how long have we now known that not your keys = not your coins (or any other asset within crypto). Like a decade?

It's only all of you from outside, that seem to care for some odd reason that I cannot quite piece together - though I think I do think I have a pretty good idea of what it may be.

 

[MrSquished]

They're relatable through the poor generalization of moral judgement - because you're not some saint here. You can stay consistent. I don't really care. No one in crypto cares either. No one even cares about the DeFi hacks that happen that within crypto. Someone lost their money again? Cool ****ing story for the 10,000th time bro. Because how long have we now known that not your keys = not your coins (or any other asset within crypto). Like a decade?

It's only all of you from outside, that seem to care for some odd reason that I cannot quite piece together - though I think I do think I have a pretty good idea of what it may be.

I'm not some saint but I'm also not supportive of fucked up systems, of which you are.

 

[DrMrLordX]

There isn't a corner of Cryptocurrency left that hasn't been exploited by grifters.

I could say that about a lot of common things. Retail, banking, etc.

Anybody here still defending crypto is also responsible for the millions of regular people who are now left holding nothing or almost nothing, from not being able to withdraw their money to just losing most of it.

Um, no? You've got to be kidding.

It keeps happening,anyone else seeing a pattern?

Just another overleveraged lending platform. You would think after Bitconnect people would be more skeptical . . .

 

[drnickriviera]

Cryptocurrency attracts caring wholesome upstanding people that just want to make a better world for everyone.

I'd say the banano community is pretty good. Heck they have the #1 Folding@home team by a huge margin

 

[Torn Mind]

People rail about privacy and it allowing misconduct for certain things.

But put on a suit and uniform and hired by the state, and then they get power and prestige, like lawyers and cops.

Crypto is basically the same as the "cash economy" but more convenient for those who can afford it.

 

[VirtualLarry]

Crypto is basically the same as the "cash economy" but more convenient

This.

 

[pete6032]

What a scammy concept crypto has turned out to be.

It's not the currency itself that is scammy, it's the bad actors who are using it to scam others. This happens will all forms of payment - cash, check, credit card. Crpyto is different in that once a transaction is complete, it can never be reversed, unlike credit card fraud, for example, where consumers are not liable. It's disappointing to see so many predatory apps and platforms because the underlying idea of cryptocurrency has great potential IMO.

 

[Lost_in_the_HTTP]

Another Bazinga .....

US bans transactions on crypto system that some used for money laundering

Ars Technica|9 minutes ago
The US Treasury Department blacklisted the virtual currency mixer Tornado Cash on Monday, saying the system "has been used to launder more than $7 billion worth of virtual currency since its creation in 2019.

 

[DrMrLordX]

Tornado Cash is just another mixer. What's funny is Buterin has come out and said he used it to move money to people in Ukraine:

Ethereum Cofounder Says He Used Now-Blacklisted Tornado Cash to Donate to Ukraine - Decrypt

Vitalik Buterin said the need for privacy from Russia’s government led him to use the Ethereum mixing protocol Tornado Cash.

decrypt.co

The real story, though, is that Circle has blacklisted some USDC addresses that were associated with Tornado Cash:

Circle Blacklists Tornado Cash Wallet Addresses, Freezing USDC | The Crypto Times

Tornado Cash will no longer be able to access the USDC funds in those accounts.

www.cryptotimes.io

That woke a lot of people up to the reality that USDC's smart contract on Ethereum has a blacklist function. Some are recommending people stop using USDC:

Erik Voorhees urges MakerDAO community to exit USDC positions after Tornado Cash sanctions

Shapeshift CEO and founder Erik Voorhees recommended the MakerDAO community take precautionary measures after the U.S. Treasury sanctioned Tornado Cash. Specifically, Voorhees advised MakerDAO users to remove their USDC collateral and convert the funds into another stablecoin. But he stopped...

cryptoslate.com

 

[VirtualLarry]

The Treasury Department said Tornado Cash "indiscriminately facilitates anonymous transactions by obfuscating their origin, destination, and counterparties, with no attempt to determine their origin.

Is Treasury moving to ban cash next, and sanction anyone who uses cash?

Because, that's very much what that move sounds like.

 

[DrMrLordX]

Is Treasury moving to ban cash next, and sanction anyone who uses cash?

Because, that's very much what that move sounds like.

a). They partially have already
b). They won't go all the way on it due to where the cash comes from

 

[MrSquished]

It's not a few bad actors. The whole crypto thing has been exposed as greater fools theory and that it actually encourages bad behavior.

It's existence is a negative