this post was submitted on 02 Jun 2025
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The amount of ignorance regarding crypto is too damn high. I agree that NFT's are stupid, always felt that way, but when people just say a "all crypto is a scam" really don't understand what they are saying. There's a plenty of legit crypto products out there, but yes, the vast majority are just garbage. Invest in the blue chips, the REAL industry of crypto, not memes or things no ones ever heard of before. (Bitcoin, Solana, Ethereum, etc..)
Solana and Ethereum are both centralized scams that have been going down vs Bitcoin for the last year, despite the bull market.
Scams with ETFs regulated by the government, audited by the government through MANY lawsuits, multiple bills being proposed to regulate the indusy.... so scammy right? Legit products. Both of them. Centralization isn't a make or break for any crypto really, they don't have to be decentralized to be a valid product.
And price doesn't matter at all, not sure why you even mention it. It bears nothing on the conversation at all.
lol yes absolutely they are. Yes the government is allowing legal scams. Yes scammers win lawsuits. Yes congress supports scams. A government stamp doesn't make trusting some corporate CEO a good idea; it just means they paid the bribes.
"Blue chips" typically perform well, especially relative to their risk. You've got all the risks of Bitcoin, plus trust in a central party that needs government permission.
It's a solution in search of a problem. Currencies are government backed because the vast majority of people have faith in their governments' enforcement of legislation regarding use of that currency. It's good to be able to make class action lawsuits against scammers and most in the population will choose anything government backed if they have the option.
So if the goal is to get away from government backing, who do you give control to? In the case of a blockchain, it's the parties with the majority of the "proof of XYZ" creation hardware. Which are not normal people. Then there's the possibility of developers of a blockchain choosing to rewrite the ledger, causing splits. So you didn't invent some unmodifiable currency either, the control lies with people who you probably should trust even less than the parties managing EUR/USD.
Then, it's incredibly energy inefficient. Especially proof of work is a ridiculous waste of computational resources, at least tie the problem to something NP-hard with actual value instead of whatever reverse hashing search is usually done. But wasting resources is the design of the system anyways.
Originally the idea was that it WOULD be normal people using their own CPU cycle time to secure the chain and mint new blocks. Even then, as long as no one party holds the majority of hash power, the incentive is to support the security of the coin rather than subvert it. The moment that changes is the moment that Bitcoin dies, because no one will be able to trust it any more - which also means there is an incentive to make sure there are enough competing BTC farms.
The blockchain is upheld by the combination of the developers and the miners. If the developers aren't acting in good faith and the miners don't like it, they don't move to the new chain. Sure, you get a split, but odds are one of them is going to die.
Sounds to me like you never read the Bitcoin whitepaper.
People don't care because crypto is literally a made up thing.
Sure, people make money off of it. But people make money off loads of things. That doesn't change that it's literally a made up currency that has tons of people scamming the shit out of people for a quick buck.
everything that we interact with in our lives for the most part is a made-up thing
🙄
Sure bud. Act like your digital picture is the same as a painting someone made.
that's a weird argument to make to a graphic artist