Bitcoin is a Ponzi
- Thread starter lib123
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ogc163
Superstar
Youhadasparkwhenustarted
Superstar
Honestly NFT's have more of a future than cryptocurrency since NFT's are basically DRM that's undergone a rebrand, so companies are gonna try to push them. Other than that, I don't see crypto having much of a future beyond a speculative pump and dump and money laundering; Cypto's main use case is already being done faster and cheaper by companies like cash app and shyt.
The returns.
This is like getting a 5% back rewards credit card and carrying a balance on it. The cash back you get isn't gonna outweigh the 17% or whatever you pay in interest.
Your returns on a crypto exchange are meaningless if it ends in them locking you out of your funds and you never see them again as they exchange goes bankrupt.
I just don't see how people justify it.
The $$$ blinds them. It's how ponzi schemes have been so successful for so many years despite the age old "too good to be true" adage being around just as long.
All it takes is a promise of 8% returns and a bunch of celebs and sports figures endorsing it for people to adapt a FOMO mindset and take a chance
ogc163
Superstar
People think they will get out before the Ponzi falls down.
Lv99 Slacker
Pro
If you're a bitcoiner, there's no need to use any of these mega shytcoin casinos. There's non-KYC (know your customer) p2p exchanges, like Robosats, Bisq, Peach, hodlhodl, and others. I've used Robosats myself. There are tutorial videos out there on how to use these. Like this one:
You need Tor browser to access Robosats. I use Strike to withdraw cash from my checking account and pay the seller. Use Wallet of Satoshi (not all lightning compatible wallets work well with Robosats) to receive bitcoin over lightning. Just stay humble, stack sats (bitcoin), self custody (primarily cold storage), and you'll be alright. No trading or leverage shenanigans for me.
the bossman
Superstar
They are the easiest way to buy/sell crypto. FTX folding doesnt mean every exchange will fold. Coinbase for example is probably the most regulated, well run exchange out there as well as Kraken.
When Washington Mutual folded in '08. it didn't mean that every bank is fraudulent. The main problem was leaving your crypto sitting on the exchange as opposed to self-custody in a wallet. Also playing with risky products promising way above average yields and leverage
It was surprisingly mid.
CoffeZilla did a decent job. This is the 3rd of 3 videos. There'll probably be more.
This one was pretty good.
Altcoin Daily is covering this daily and doing a good job as well. Here's the latest, 11/16.
So Coinbase has provisions that if the exchange fails they can't seize your account holdings and use them to pay off their creditors? Coinbase can't pause withdrawals and permanently lock you out of your funds?
the bossman
Superstar
Coinbase wouldn't fail the way FTX did because it's highly regulated. public company. financial statements audited. the whole 9. Customer funds have to be segregated from operations money, etc.
all the FTX shyt happened partly because they were based in Bahamas where they could commit all types of fukkery without any regulatory scrutiny
Regardless of Coinbase's solid rep, it's still better to take your shyt off the exchange if you're not planning on doing any trading
Can Coinbase lock you out of your funds or not? Can they “pause withdrawals” as others have or do they have to guarantee customers can always get access to all their funds?
Suggesting a bank run can’t happen on Coinbase is absurd. If a bank run happens on my actual bank the funds are FDIC insured and if the bank collapses I get up to that $250K back.
If a black swan event happens and there’s a bank run on crypto exchanges I’m guessing I’m shyt out of luck if my funds are in Coinbase and I’m not quick enough.
the bossman
Superstar
of course they can. it's their platform. same way banks can freeze your accounts. Paypal can freeze your account. for whatever bullshyt security reasons
again Coinbase is regulated. If you buy 5 ETH, they have to have the 5 ETH. If you have $500 sitting on there, they have to have the $500. this gets audited. FTX didn't need to because they were in the Bahamas. If a bunch of people tried to pull their shyt off Coinbase right now (like what's been happening the past few days), the website could go down, but when it's back up they'll have access to their shyt. But again this wouldn't be an issue if you simply take your crypto off the exchange if you're not trading. Exchanges serve a specific purpose. holding your crypto shouldn't be one of them
Read what I said again. I said Coinbase wouldn't fail the way FTX did. FTX took customer funds from the exchange to funnel into his hedgefund for risky investments. Coinbase legally cannot do this (without customer consent). It would be fraud. That's why Coinbase would not fail the way FTX did.