the “currency” is rife with scammers because the “currency” is a scam.
its a pump and dump ponzi. Its digital Bernie Madoff for the new millenium.
all of them are. Every single one.
Yes even the one you, dear reader, like. Especially the one you like.
Thats why they are so unstable.
And its also why anyone that tried to use them as currency abandoned it almost as soon as they started, because losing 20% of your transaction in the 5 seconds the transfer and processing takes isnt a deal anyone but the most desperate to stay in the shadows criminals are going to accept.
Not sure why your down voted. I have used them before to transfer money and works fine. It’s exactly why it exists. I wouldn’t store money there, but for transfers and transfer out, they work perfectly fine.
a lot of people on here are geezers and don’t understand it. they are literally calling USD (the actual currency of the United States!!!) a pump and dump scam. thats all you need to know.
It’s been around for 9 years now. I use it sometimes for transfers, and that’s it. It’s not an investment I’m looking to throw money into and hope it doesn’t go belly up. If you really look, I’m sure you’re right. Probably all of them do some level of unethical to illegal activity. I am just commenting on the fact that to use the stable coins for transfers it’s going to be pretty safe and I am not worried about it, unlike the pump and dump coins that pop up.
I only say this because the parent comment was in reference to payments and the reply was talking about investment inflation / deflation. for strictly sending payments, stablecoins can be okay. but as for crypto shit as a whole I’m not a fan of what it’s become.
Crypto is a failure because of design failures not because “it’s some control ponzi scheme”.
I take issue with OP attributing the problem through appeal to emotion rather than actually learning what went wrong. As you implied the tech behind crypto is very interesting and there’s a lot of value there that has been buried.
Now, idiots like OP convolute all of this process with idiotic reductionism that helps no one and will just lead us to repeat the same mistakes.
You know it’s possible to be critical of something without lying? You literally invalidate all of your points and I say this as a crypto hater myself. Just stop this stupid shit that is not helping anyone and just infect people with stupid.
Yeah it seems kinda crazy these days to believe that society should organize itself democratically through trust and merit but Americans be like: “oh no the system failed me once - time to destroy everything!”
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If only that currency wasn’t rife with techbros, scammers, and techbro scammers.
the “currency” is rife with scammers because the “currency” is a scam.
its a pump and dump ponzi. Its digital Bernie Madoff for the new millenium.
all of them are. Every single one.
Yes even the one you, dear reader, like. Especially the one you like.
Thats why they are so unstable.
And its also why anyone that tried to use them as currency abandoned it almost as soon as they started, because losing 20% of your transaction in the 5 seconds the transfer and processing takes isnt a deal anyone but the most desperate to stay in the shadows criminals are going to accept.
except there are things like tether and usdc which are fixed to the value of the US dollar permanently.
Not sure why your down voted. I have used them before to transfer money and works fine. It’s exactly why it exists. I wouldn’t store money there, but for transfers and transfer out, they work perfectly fine.
a lot of people on here are geezers and don’t understand it. they are literally calling USD (the actual currency of the United States!!!) a pump and dump scam. thats all you need to know.
It’s because supposed stablecoins often also end up being scams.
Yeah, i get that. But the 2 mentioned are fine and not going anywhere unless something catastrophic happens. I wouldn’t use some sketchy ones either.
Lol Tether a company that claims to have $100 billion in reserve to back its currency but has never had an audit. Nothing sketchy about that at all.
It’s been around for 9 years now. I use it sometimes for transfers, and that’s it. It’s not an investment I’m looking to throw money into and hope it doesn’t go belly up. If you really look, I’m sure you’re right. Probably all of them do some level of unethical to illegal activity. I am just commenting on the fact that to use the stable coins for transfers it’s going to be pretty safe and I am not worried about it, unlike the pump and dump coins that pop up.
Lemmy fuckin hates crypto lol
anyone with a functional brain and a flash of cognitive self awareness hates crypto.
cause its a fuckin scam designed to screw over rubes.
Guess what buddy, Fiat currency is a scam too & Govts have recognized the legitimacy of CryptoCurrency via implementing CBDCs
One of those stable coins was once found to not having a single cent backing it, unlike what the team behind it claimed.
Risk for risk, I stick to the feeless coins.
I only say this because the parent comment was in reference to payments and the reply was talking about investment inflation / deflation. for strictly sending payments, stablecoins can be okay. but as for crypto shit as a whole I’m not a fan of what it’s become.
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Way to reinforce the meme that all crypto haters are idiots by straight up lying and making shit up. Come on man.
And here we are - greedy scam idiots on the left, angry ignorant haters on the right and we chug along through mud. The internet is so tiring…
I empathize, smart people tend to be politically neutral Also very few people talk about the tech behind Crypto
Crypto is a failure because of design failures not because “it’s some control ponzi scheme”.
I take issue with OP attributing the problem through appeal to emotion rather than actually learning what went wrong. As you implied the tech behind crypto is very interesting and there’s a lot of value there that has been buried.
Now, idiots like OP convolute all of this process with idiotic reductionism that helps no one and will just lead us to repeat the same mistakes.
Maybe we need a new community here in Lemmy, for discussing BlockChain tech applications ?
Pump elsewhere.
the rubes do get so very hostile when they are told the truth.
Gotta protect the fragile ego instead of admit you fell for something.
You know it’s possible to be critical of something without lying? You literally invalidate all of your points and I say this as a crypto hater myself. Just stop this stupid shit that is not helping anyone and just infect people with stupid.
Sounds like someone is used to spaces where FUD gets you banned.
Yeah it seems kinda crazy these days to believe that society should organize itself democratically through trust and merit but Americans be like: “oh no the system failed me once - time to destroy everything!”
Your right, its better that these bankers can deny a business its income.