I remember saying that digital currency was a pyramid scheme. I was then told:

Crypto should be viewed more like intellectual property. It’s value comes from faith that it cannot be manipulated.

That comment was followed by:

The only reason why Bitcoin would fail is because it cannot be manipulated by Governments.. Other than that, It’s the perfect currency to buy and sell goods and services with because of the fact that it cannot be forged, deflated, inflated, printed or otherwise duplicated beyond that 21 million limit. The meat goat in Georgia is worth the same coin in Mexico.It indeed does have value. one currency used worldwide, The Value comes in the form of faith that it cannot and will not be manipulated.

I was then spammed with dozens of comments on the virtues of digital currency. It was so bad that I have to filter out all comments on Bitcoin and other digital currency. Now in light of the FTX collapse, how did that age?

Categories: Uncategorized


SiG · November 16, 2022 at 2:24 pm

Did you see the Federal Reserve and a handful of big financial companies have started a trial run of a “Fed Coin”? A digital currency based on cryptocurrency technology to replace the dollar. Don’t worry. It’s just an experiment.

The absolute end of freedom. Everything you ever spend a cent on, if not a thousandth of a cent, will be tracked by the fed.gov.

Aesop · November 16, 2022 at 2:33 pm

Personally-possessed silver and gold are money.
A few other items can be used in lieu of that, and have been, albeit briefly.

Everything else is a Ponzi scheme, on a long-enough time frame.

Some Guy · November 16, 2022 at 2:49 pm

Cue cryptobros in 3…2…1…

    Divemedic · November 16, 2022 at 3:41 pm

    Look at the very next comment.

D · November 16, 2022 at 3:28 pm

I think it’s still a good idea.

The manipulation came from interaction with other currencies (like the US dollar) and one particular coin that *was* designed to be controlled and manipulated along with other fraudulent activities that can also take place with “normal” currencies like the US dollar.

On the flip-side, I will say I’m probably retarded when it comes to cryptocurrency. When bitcoin originally came out, I bought 100 coins and it cost me a total of something like $5.

When those 100 coins reached $300 total I thought “My hosting vendor is stupid, he’s willing to trade a month of hosting for these worthless coins” and I sent them to him.

About 5 years later, he retired a multi-millionaire and I’m still a struggling business owner…so…take my thoughts for what they’re worth. Exactly $0 and $0BTC. 😉

    D · November 16, 2022 at 4:09 pm

    > Look at the very next comment.

    *insert huge eyeroll here*

    I told you about my one and only experience with crypto that happened in the first few months of bitcoin being launched (well before the public knew anything about it)…and that makes me a “cryptobro”?

    As someone who might reasonably be considered a “prepper”, I have plenty of reasons to avoid crypto.

    Do I think crypto would work in theory and practice? Yeah. That doesn’t mean I’m going to use it, or I’m trying to convince people to buy it.

    Like any “currency”, it has exactly as much value as someone is willing to accept for it.

    When the apocalypse comes, no amount of crypto or USD or probably even gold/silver is going to get my to sell my food or ammo.

    Maybe I should have said “how are you going to access your crypto when the power is out?” to avoid your sarcastic disdain.

      Divemedic · November 16, 2022 at 4:22 pm

      Don’t take it as an attack on you personally. I mad ethe comment because of what you said:
      >I think it’s still a good idea.

      The manipulation came from interaction with other currencies < You cant excuse that digital currency was manipulated. It was, which is why digital currency is a scam.

        D · November 16, 2022 at 4:59 pm

        > You cant excuse that digital currency was manipulated.

        I’m not excusing it. I’m saying it was *designed* to be manipulated. If I built and released “dcoin” tomorrow, and I built in a way to programmatically manipulate it, it’s not a surprise that it could be manipulated.

        Heck–you can even manipulate it the same way scammers manipulate stock: “Buy XYZCORP now! It’s about to skyrocket!”. Then when it starts ticking up, the scammer sells.

        There are technological manipulations, and social engineering manipulations. Neither of those are exclusive to digital currency. The work against stocks, gambling, credit cards, the USD, etc…

        Regardless of all that, when the power goes out, I can still access gold, silver, physical USD, bullets, and food. You can’t say the same for credit cards or crypto.

        That’s why I won’t touch it.

        And no offense taken. I don’t take anything personally except a home invasion. 😉

    Brutus · November 16, 2022 at 4:24 pm

    It’s the ones who get in on a Ponzi scheme early that make money.

No Vote On It · November 16, 2022 at 3:38 pm

The CBDC social credit score control grid matrix is mandatory to the owners of the world.
Those with gold in their sacks make all of the rules/rulers and all sides will be co-opted.

Chiefjaybob · November 16, 2022 at 3:45 pm

“It’s value comes from faith that it cannot be manipulated.”

FAITH. Faith it cannot be manipulated.

You’ll have to excuse me. After watching the events of the last 6 years unfold, the onky thing I have any faith in, is that we are governed by amoral, lying thieves, and that EVERYTHING can be manipulated.

Luke · November 16, 2022 at 6:20 pm

I tip my hat to the folks that not only got considerable amounts of real fund through this, but also managed to destroy faith in crypto currencies in one, fell swoop.

joe · November 16, 2022 at 7:40 pm

don’t forget to buy your bored ape nft’s when you buy your worthless crypto money…

Hartz · November 17, 2022 at 12:00 am

Yeah, I looked into Bitcoin three or four years ago. They REQUIRED me to send a photo of my drivers licence or passport just to be able to trade on the major exchange. Get effed ! Such an obvious attempt to steal my identity. If there was a way to be able to trade it with a degree of anonymity I would have gambled a few bucks just to see what the fuss was about. But the risks are simply not worth it.

Differ · November 17, 2022 at 10:02 am

I wonder how long some of the investors who lost money will take to track down the Bankman-Fried guy…..non-extradition treaty country won’t help him, I suspect.

    Jonathan · November 17, 2022 at 5:20 pm

    If that happened more often, people would be more careful when messing with others.
    Unfortunately, I doubt he’ll pay for his crimes…

      Steve · November 18, 2022 at 4:28 pm

      If he’s been ripping off connected Ukrainians, he’ll pay, all right. Probably over the course of several days.

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