this post was submitted on 13 Nov 2024
934 points (98.3% liked)
People Twitter
5221 readers
1701 users here now
People tweeting stuff. We allow tweets from anyone.
RULES:
- Mark NSFW content.
- No doxxing people.
- Must be a tweet or similar
- No bullying or international politcs
- Be excellent to each other.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
There's scams with fiat currency, but you don't show that as evidence that dollars aren't ready for mainstream. When people get scammed out of their crypto it's not blockhain's naivety, it's the victim.
Edit: you all are comparing money, banking, AND government regulation to crypto. They are not comparable and that's not a fair comparison. Crypto is a ledger, like QuickBooks or bank accounts. I'm not even arguing that it should have a great value, but technically it does have value and it serves its purpose. Crypto is only like 15 years old.
When people get scammed in traditional currency, you can revert the transaction. You cannot revert anything with blockchain, and that's a feature, which means if you get scammed out of your bitcoin, there's nothing you can do. That money is lost, and the scammer keeps it.
And if you get scammed out of cash by another person how will the government step in to revert it? Theft happens every day. You are talking about banking, you are not talking about money. They are not the same thing.
Also, when I try to scam someone using my bankaccount, my bank goes "Uhhh, please show us that this isn't a scam". My bitcoin wallet doesn't care.
What schemes exactly? I know there are schemes using fiat currency, but that’s quite different from the currency itself being a scam.
Blockchain isn't inherently a scam, Bitcoin, Litecoin, etherium, monero and others are valid ledgers. They serve their intended purpose technically. You are specifically pointing out that there are investment scans in new shitcoins that are pumped up and dumped, or that never even really exist. You are correct that this doesn't exactly happen with fiat currencies but there are still nearly identical scams, like pyramid scams where people "invest" and they see their account value go up in USD or other fiat, and every month their account balance is inflated. Some people may be able to withdraw their money at first, or maybe nobody can ever withdraw anything.
Blockchain isn't inherently a scam, pretending to launch a coin or launching a coin and abandoning it is hardly different from existing scams that are settled in USD that sell land that doesn't exist or scammers that try to get you to invest in their business and then disappear with your money. You're characterizing all Blockchain currencies as scams, it's just not true. I spent my career working in IT, I look at Blockchain as a technical invention. There are ways to transact securely on Blockchain.
The difference is the government exists to step in and punish scammers, and regulates markets to prevent many scams for being possible.
one of many benifits of the blockchain is that there are ways of using it without directly giving up your name or government ID. A minor side effect is that scams will exist using it.
That is also possible with blockchain, its partly enforced with KYC (know your customer) laws. Granted there isn't currently a great example that I know of where auditing and reversal is possible but that doesn't mean it's not technically possible.