Buy bitcoin don’t buy “crypto”. What is so hard to understand?
More Crypto Fraud
- Thread starter gwb-trading
- Start date
Why?
What makes Bitcoin different?
What makes you think that Bitcoin has some special unique property?
pretty much everything about it is the opposite of the rest of crypto. I’m not going to sit here and explain it to you.
Let's see what is going on with crypto fraud in Canada.
Canadian company at the centre of alleged international pyramid scheme: authorities
https://www.ctvnews.ca/canada/canad...national-pyramid-scheme-authorities-1.6974263
Canadian company at the centre of alleged international pyramid scheme: authorities
https://www.ctvnews.ca/canada/canad...national-pyramid-scheme-authorities-1.6974263
how is bitcoin a fraud?
What's funny is that they managed to drop the fraud part of the ponzi scheme yet people still give them money.*
With a ponzi scheme it's "buy shares in our ponzi scheme which entitles you to a share in these assets" and they lie about having the assets.
With crypto they don't even bother to lie about having the assets, yet people still fork over their money.
It's really amazing watching the largest bubble in human history play out.
*Not saying there isn't tons of fraud in the crypto space. It seems to be a magnet for the financially illiterate. Listen to one of them talk about it being an "inflation hedge" and then watch them change the topic when you actually start looking at historical data to see what level of inverse correlation it actually has to inflation. I think there's lot of fraud because:
- It attracts people trying to hide their financial activity who can't report it when screwed
- It's a natural magnet for people who don't work through basic questions that would keep one from getting screwed on an investment
What are you talking about? You can't buy a fake bitcoin. If you buy a bitcoin everybody in the network knows about it (their copy of the ledger is updated, and all ledgers have to sync to be part of the network) aka there are no such things as counterfit bitcoin.
Its just amazing to me that the "largest bubble in human history" just keeps going (bitcoin's cap is currently 1.3 trillion!) yet you dont stop to think "hmmm maybe im wrong"
As for the rest of crytpo, save for a few projects (most stablecoins, ether, solana) ... i do agree with you a lot of fraud there at worse and no use case at best.
It's not hard.
Bitcoin is backed by nothing. It's not a stock. Not a bond. Not legal tender for all debts.
It has no earnings and no assets.
It's pretty much like a collectible. No one is obligated to accept it for anything.
You're the literally expecting that past results indicate future returns.
Someone could invent bytecoin tomorrow that's 8 times better and it's value could drop to almost nothing overnight.
Of course it's not. Because it's a commodity.
Because it's a commodity. Please read up on what commodities are and how these markets behave.
Just like other commodities such as silver, gold, and oil you mean?
So you're literally telling people that it's dumb to diversify into commodities for inflation hedges? Because this time is different?
Yes, someone could invent the 'Spice' from Arrakis. Then suddenly on one will want oil for travel through both time and space anymore. WTI contracts could drop to almost nothing overnight.
I'll make sure that Terry Duffy knows about this amazing insight you have. We'll have to overhaul the entire CME though.