Is this 'Bitcoin' the real deal?

According to the Daily mail "Nearly all of the value of Terra (LUNA), a stablecoin, was wiped out overnight with suicide hotlines pinned to the currency's Reddit page as a result of the 98 per cent drop."
 
According to the Daily mail "Nearly all of the value of Terra (LUNA), a stablecoin, was wiped out overnight with suicide hotlines pinned to the currency's Reddit page as a result of the 98 per cent drop."

Any bollocks investing in anything that can send them to a suicide hotline is a right spa.

Only mess around with what you can afford to lose. There’s some decent projects there but they’re surrounded by a shit load of scams that are fucking up the whole shebang.

I know a fella that took a personal loan from the banks of €30k to put into Ethereum when it was at €3.5k per coin. He’s focked the dozy hoor, his old doll doesn’t know and he’s getting married later on in the year.
 

Hank Scorpio

Full Member
I bought some bitcoin to get stuff online years ago and had 30 or 40 quid left in my bitcoin wallet and forgot about it.

Had nearly 2 grand when I checked it last year.

Cashed out.
 

How bad boy

Full Member
IMO, crypto is the biggest pyramid scheme in history.

It's just very very different to those that came before. The fact that it underpins a huge amount of the criminal economy means I'm pretty certain it will never be killed off.

I heavily dislike cryptocurrency for a number of reasons:

1. It wastes a vast amount of power. Bitcoin alone burns more energy than Argentina

2. It's great for crime, shit for everything else. You want to launder money, go buy crypto currency, can move it across borders and wash it very quickly and effectively. Transaction costs are stupidly expensive for normal transactions, but incredibly cheap for money laundering.

3. The currencies (except for stable currencies which are another bag of cats) are useless as a means of exchange, especially as it's highly volatile relative to the real economy. Having 50% value changes on the up and down in a year is a useless currency.

4. People claim it's secure. It very fucking much isn't. The core blockchain might be secure, but 95% of people aren't using that. They're using wallets set up by techbros who are classic examples of the Dunning Kruger effect. There's wallets compromised every single week.

5. People claim it's decentralised. See point #4. For most, they centralise around the wallets.

6. I really need to reiterate how fucking stupid crypto mining is. It's idiotic, "waste enough power and you might get a reward". Fucking hell.

7. Bitcoin is limited to 7 transactions a second. Visa does approximately 1,700 transactions a second and can peak to a hell of a lot more

8. You can replicate a blockchain with an append only timeseries database. You can do a million small writes to an AWS Timestream time series DB for 50 US cents.


it needs to die, for the sake of society, but I think the organised crime and gullible fools will keep it going for the foreseeable future.
 
IMO, crypto is the biggest pyramid scheme in history.

It's just very very different to those that came before. The fact that it underpins a huge amount of the criminal economy means I'm pretty certain it will never be killed off.

I heavily dislike cryptocurrency for a number of reasons:

1. It wastes a vast amount of power. Bitcoin alone burns more energy than Argentina

2. It's great for crime, shit for everything else. You want to launder money, go buy crypto currency, can move it across borders and wash it very quickly and effectively. Transaction costs are stupidly expensive for normal transactions, but incredibly cheap for money laundering.

3. The currencies (except for stable currencies which are another bag of cats) are useless as a means of exchange, especially as it's highly volatile relative to the real economy. Having 50% value changes on the up and down in a year is a useless currency.

4. People claim it's secure. It very fucking much isn't. The core blockchain might be secure, but 95% of people aren't using that. They're using wallets set up by techbros who are classic examples of the Dunning Kruger effect. There's wallets compromised every single week.

5. People claim it's decentralised. See point #4. For most, they centralise around the wallets.

6. I really need to reiterate how fucking stupid crypto mining is. It's idiotic, "waste enough power and you might get a reward". Fucking hell.

7. Bitcoin is limited to 7 transactions a second. Visa does approximately 1,700 transactions a second and can peak to a hell of a lot more

8. You can replicate a blockchain with an append only timeseries database. You can do a million small writes to an AWS Timestream time series DB for 50 US cents.


it needs to die, for the sake of society, but I think the organised crime and gullible fools will keep it going for the foreseeable future.
It is right up there with NFT's and the power usage is a massive concern especially with a climate crisis and high energy costs.

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Bennyton

Full Member
NFT and Crypto is fucking stupid, dishonest, enables a black economy, wastes energy, and is highly speculative.

It's a pyramid scheme, people comparing NFT to normal art auctions are brushing over the fact that Art prices being so ludicrous is largely a way for people to offset their tax and/or hide their wealth in a physical asset.

Another sign of a new recession on the way.
 

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