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.

 

[darkswordsman17]

Nah, fuck'em. They get what they deserve. Lol.

Nah, the assholes need to be held accountable too.

 

[VirtualLarry]

Nicehash... better than Vegas?

 

[dullard]

Not a good day for cryptos and meme stocks. AMC down over 9% today to lows it hasn't seen since the whole meme stock trend was starting. At least you get a share of APE in return. Oh wait, that is down 60% since it was issued a month ago.

 

[Lost_in_the_HTTP]

Yup, real secure ....



U.S. News // 3 hours ago
Hackers steal $570 million in Binance BNB crypto tokens
Oct. 7 (UPI) -- Hackers stole 2 million Binance BNB cryptocurrency tokens -- worth roughly $570 million -- according to a Friday statement from the BNB Chain.

 

[Heartbreaker]

Nicehash... better than Vegas?

Combing the power wasting, money losing of GPU mining, with the money losing of a gambling... Priceless.

 

[MrSquished]

Combing the power wasting, money losing of GPU mining, with the money losing of a gambling... Priceless.

Crypto was just a huge scam from start to now. On people and on the earth.

 

[Fanatical Meat]

Look it’s totally secure

https://www.pcgamer.com/more-than-half-a-billion-dollars-stolen-from-worlds-largest-crypto-exchange/

 

[DrMrLordX]

Look it’s totally secure

Said it once, said it a thousand times: if you entrust your crypto to someone else then there's no telling what will happen. When it's your wallet and your keys, then it's secure. Anything else and it's a gamble.

 

[Lost_in_the_HTTP]

^^^ Like when you put your sawbucks in a bank instead of your mattress?

 

[Heartbreaker]

Said it once, said it a thousand times: if you entrust your crypto to someone else then there's no telling what will happen. When it's your wallet and your keys, then it's secure. Anything else and it's a gamble.

Unless you forget your password. Estimates place about 20% of Bitcoin in lost wallets...

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes (Published 2021)

Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?

www.nytimes.com

 

[DrMrLordX]

^^^ Like when you put your sawbucks in a bank instead of your mattress?

Neither. Crypto has no cash analog in that respect. Depending on the blockchain, you can "possess" tokens with nothing more than a 40-word keyphrase stuck in your head. Your money can't be stolen out of your "mattress" and it can't be locked away from you by the banks suspending deposits due to a run on the banks. It's indelibly yours. All you need is a connection to the Internet.

Unless you forget your password.

Stupid is as stupid does. I do know someone who has basically lost 32 BTC cuz he died without providing his heirs any way to access it. And that really sucks for his family but. Dude had no contingency plan.

 

[Meghan54]

Neither. Crypto has no cash analog in that respect. Depending on the blockchain, you can "possess" tokens with nothing more than a 40-word keyphrase stuck in your head. Your money can't be stolen out of your "mattress" and it can't be locked away from you by the banks suspending deposits due to a run on the banks. It's indelibly yours. All you need is a connection to the Internet.



Stupid is as stupid does. I do know someone who has basically lost 32 BTC cuz he died without providing his heirs any way to access it. And that really sucks for his family but. Dude had no contingency plan.

Why would there be runs on the banks? You keep bringing that up but shouldn’t happen in the US.

 

[DrMrLordX]

Why would there be runs on the banks? You keep bringing that up but shouldn’t happen in the US.

You keep assuming only people in the United States use crypto.

Also

"shouldn't"

Trudeau vows to freeze anti-mandate protesters' bank accounts

Canada's prime minister says police will also be given "more tools" to imprison or fine demonstrators.

www.bbc.com

Not quite the US, but close enough, don't you think?

 

[Heartbreaker]

Stupid is as stupid does. I do know someone who has basically lost 32 BTC cuz he died without providing his heirs any way to access it. And that really sucks for his family but. Dude had no contingency plan.

When 20% lose access to their money, it doesn't seem like a very good alternative to banking, and that's before you get to regular coin thefts from exchanges, and before you get to all the fraud, and scams.

It's a total minefield.

Too bad there wasn't some place to keep you money that is regulated and safe. Oh wait...

 

[DrMrLordX]

Too bad there wasn't some place to keep you money that is regulated and safe. Oh wait...

Haven't we just gone through this matter on this page? You give up safety for freedom of regulation. It's a tradeoff. In any case, you're veering off-topic from this particular strand of the thread, e.g. people getting cleaned out on exchanges. If you want security for your crypto then you have to keep it in your own wallet. And you have to remember your passwords. It's not complicated.

 

[Heartbreaker]

Haven't we just gone through this matter on this page? You give up safety for freedom of regulation. It's a tradeoff. In any case, you're veering off-topic from this particular strand of the thread, e.g. people getting cleaned out on exchanges. If you want security for your crypto then you have to keep it in your own wallet. And you have to remember your passwords. It's not complicated.

"Freedom from regulation" is a euphemism for helping criminals skirt justice.

So yeah, I guess if you have criminal intent, helping you skirt justice, is higher rank than safety of your funds.

For normal, law abiding citizen, safety of their money is more important.

 

[Lost_in_the_HTTP]

^^^ That is why I hate gift cards. There is virtually NO regulation or accountability and no effort to track them. Once one is reported as lost or stolen, or used in some kind of fraud scheme, the funds should be seized from the point of redemption, be it a bank or merchant. The issuer KNOWS where and when it was redeemed. They have to.

 

[DrMrLordX]

"Freedom from regulation" is a euphemism for helping criminals skirt justice.

Tell me that when you become the criminal.

 

[igor_kavinski]

Anyone seen the crypto ad on Youtube with Elizabeth Holmes' video clip shown at the start? They go on to show some crypto investor's expensive home. He tells the interviewer, "I've made up to 10 million in crypto trades. My total crypto is worth around $20 million. I've never sold a single crypto coin!".

 

[Heartbreaker]

Tell me that when you become the criminal.

I'm not going to, which is why my money is safely in a bank.

 

[Meghan54]

You keep assuming only people in the United States use crypto.

Also

"shouldn't"

Trudeau vows to freeze anti-mandate protesters' bank accounts

Canada's prime minister says police will also be given "more tools" to imprison or fine demonstrators.

www.bbc.com

Not quite the US, but close enough, don't you think?

WT actual F does that link you posted have to do with bank runs? Do you even know what a run on a bank is?

 

[dullard]

WT actual F does that link you posted have to do with bank runs? Do you even know what a run on a bank is?

They both have the word "bank" in them. Thus, banks must be evil or something? I'm not really sure, since Crypto supporters don't follow logic that most of us can follow.

 

[darkswordsman17]

The Paypal story seems to have whipped the crypto nutters up into a frenzy.

 

[VirtualLarry]

The Paypal story seems to have whipped the crypto nutters up into a frenzy.

Yeah, I can see why. It proves that the "crypto nutters" were right all along.

 

[DrMrLordX]

I'm not going to, which is why my money is safely in a bank.

Good plan. Avoid all wrongthink and you'll be fine.