Cryptocurrencies are a massive fraud

Massive fraud?
Don't think so. If you can't manage your assets don't blame the assets.

Not fraud. Treat it as very volatile stock.

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Not fraud. Treat it as very volatile stock.

Yes, very volatile stock that can be made illegal to own or trade for. September 2021 China made Cyrptocurrency trading illegal, for example. So I guess that would be similar to a company going out of business for the investors in that company.

I cashed out a small portion to buy a brand new 2022 Dodge ram with a Hemi V8 in it. It was the sickest looking truck they had on the lot, I walked right to it, and told them this is the one I want. Love the all black trim on it, looks boss as hell. Interior is nice too, It's got pretty much everything you'd want including heated seats and heated steering wheel, it's basically a luxury SUV on the inside.



Vehicle prices are insane right now, and I didn't even give a fuck. It's nice being able to drive by a car lot and say "That truck is fucking siiiiiiick, I want", and be able to just roll in and buy what you want when you want it. I get to do this because crypto isn't a scam. Go right ahead and hate away.

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Turtledove wrote:

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Not fraud. Treat it as very volatile stock.

Yes, very volatile stock that can be made illegal to own or trade for. September 2021 China made Cyrptocurrency trading illegal, for example. So I guess that would be similar to a company going out of business for the investors in that company.

That's why I am holding all my assets in my OWN Ledger Nano X wallet.

Do not trust trading platform.

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Turtledove wrote:

Yes, very volatile stock that can be made illegal to own or trade for. September 2021 China made Cyrptocurrency trading illegal, for example. So I guess that would be similar to a company going out of business for the investors in that company.

I like the term "non productive asset" better. China became a major market for Cyrptocurrency mining due to its cheap electricity. Cyrptocurrency mining uses more electricity than many Countries combine. Cyrptocurrency Mining is an unbelievable waste of resources and a highly polluting waste of power. The enormous power demands of cryptocurrency mining lead to skyrocketing electricity bills and shortages, rationing, and blackout.

Sucking up the world’s electricity for productive work. A technological atrocity as they call it.

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Turtledove wrote:

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Not fraud. Treat it as very volatile stock.

Yes, very volatile stock that can be made illegal to own or trade for. September 2021 China made Cyrptocurrency trading illegal, for example. So I guess that would be similar to a company going out of business for the investors in that company.

One could argue that this is possible for some other stocks as well. It would be a good day if cigarette stock trading was also made illegal. Or casino stocks.

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awesome999 wrote:

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Turtledove wrote:

Yes, very volatile stock that can be made illegal to own or trade for. September 2021 China made Cyrptocurrency trading illegal, for example. So I guess that would be similar to a company going out of business for the investors in that company.

I like the term "non productive asset" better. China became a major market for Cyrptocurrency mining due to its cheap electricity. Cyrptocurrency mining uses more electricity than many Countries combine. Cyrptocurrency Mining is an unbelievable waste of resources and a highly polluting waste of power. The enormous power demands of cryptocurrency mining lead to skyrocketing electricity bills and shortages, rationing, and blackout.

Sucking up the world’s electricity for productive work. A technological atrocity as they call it.

Not all crypto is the same. What you're describing are the blockchains based on proof-of-work, like Bitcoin. There are other kinds of blockchains. For example, proof-of-stake (the largest crypto of which is Cardano, which is also one of the largest cryptocurrencies in the world). Ethereum has also long been playing with the idea of switching to a new mechanism.

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Exile009 wrote:

Not all crypto is the same. What you're describing are the blockchains based on proof-of-work, like Bitcoin. There are other kinds of blockchains. For example, proof-of-stake (the largest crypto of which is Cardano, which is also one of the largest cryptocurrencies in the world). Ethereum has also long been playing with the idea of switching to a new mechanism.

yes
quote:
Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction. In comparison, the world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction. Ripple ($XRP) is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.

https://en.wikipedia.org/wiki/Cryptocurrency#Environmental_impact

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Exile009 wrote:

One could argue that this is possible for some other stocks as well. It would be a good day if cigarette stock trading was also made illegal. Or casino stocks.

Stocks can be delisted or suspended.

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Turtledove wrote:

yes
quote:
Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction. In comparison, the world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction. Ripple ($XRP) is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.

https://en.wikipedia.org/wiki/Cryptocurrency#Environmental_impact

Proof of work is more secure than proof of stake, but it's slower and consumes more energy. Still an energy hoard. Different number on how much energy each transaction would cost; my number is higher. No matter.

Putting thing into perspective, Digital bank transactions could take 0.000002 percent of that energy cost(compare to bitcoin).