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Jure Repinc @lemmy.ml
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Don’t Get Fooled Again by Crypto

www.nytimes.com Opinion | Don’t Get Fooled Again by Crypto

Politicians’ newfound love of crypto probably has more to do with a cynical bid for young voter support and Silicon Valley cash than a maturing of a financially perilous set of assets.

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19 comments

  • Crypto as currency = good.

    Crypto as investment = bad.

    First one is technological progress, the other is a Ponzi scheme.

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    • Problem is, for the smart contracts to run, someone needs to profit. If crypto was stable (stablecoins) no one would have any incentive to mine or run a stake pool. Investment/greed is literally the oil that this machine runs on. It’s just a new way of paying for computation. Our current system also runs on greed. It’s just that only one party benefits from running one server.

      We already pay for server time. Now, we can pay for server time and the payment goes to many small actors rather than one rich server farm operator.

      The truly decentralized projects (non scam projects) have already achieved this and then some…it’s just that our media has a tendency to zoom in on projects that did violate trust while others hum along without a single blip, truly decentralized. They like to highlight the scam projects because our media is owned by banksters and people that benefit from the dollar. They seek to edge out their competition and love to conflate scam projects with all crypto projects. However, the reality is that there are currencies other than the dollar that I’d rather have my money stored in because I live in a country that may not exist in 20 years and I want my belongings not to be within reach of the banksters that fuck me at every opportunity.

      Scams: Funny thing is, I’ve never been scammed in the crypto world. You know how I did it? I could tell which projects were a scam from a mile away.

      There are four questions you have to ask yourself: 1.) is this project TRULY decentralized? 2.) is this project open source? 3.) were the initial tokens allocated only to insiders? 4.) are they promising a return on investment?

      FTX wasn’t even decentralized. Two seconds of vetting/research caused me to stay miles away. Terra Luna as well. They weren’t even remotely decentralized and the protocol was closed source. Whoever looked at the insane, promised 30% ROI/Y from Terra Luna and believed it wasnt too good to be true deserved to be scammed.

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    • Problem is that barely anyone use crypto as currency. Almost everybody treat it as a stupid get rich quick scheme.

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  • This article is the usual uninformed nonsense.

    A funny part is that crypto barely crashed for a few days and has already recovered.

    The funniest part is how they blame crypto for a market crash but completely fail to mention that this crash was overtly caused by the insane instability of debt-based currencies (yen carrry trade).

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  • This makes me really want to buy crypto.

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  • To paraphrase: “Just because Kamala Harris is literally a puppet of banksters who want to convert the dollar to a CDBC and prosecute any potential competition (real crypto projects that are actually decentralized), allowing the government to revoke your money any time they want, you should still vote for her because Trump and Kennedy bad.”

    If the big banks had their way, any company working on crypto will either dissolve or leave this country for fear of being the next target of the bankster’s attack dog, the SEC.

    This article says that you should vote for Kamala Harris because she isn’t the corrupt hucksters Trump or Kennedy. Honestly, I don’t think any of our choices are appealing in the slightest.

    People tell me that Trump will bring about fascism. I agree. However, I also posit that what we get under this crop of Democrats is just another flavor of fascism (flagrant corporatism perhaps?) where CDBC’s (the digital dollar) are forced upon us while the SEC attacks truly decentralized projects with integrity, calling them “securities” just because they invade on the territory of their impending (and VERY centralized, fascist) CDBC.

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    • I can't imagine looking at their differences on so many issues, and then reducing it all to this and thinking this is the issue you're going to decide on. Absolutely mind-blowingly weird to me.

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      • I can’t imagine being braindead enough where you read that and thought I have made a decision. Did you even read it or did your shitlib dog whistle brainwashing kick in and cause you to reflexively/involuntarily smugly chime in here?

        neoliberal clap back

        The subject of the article was crypto. It’s a subject that I know a ton about. I spoke truthfully about how each of the pieces of shit that we’re expected to cast a vote for are aligned in regards to impending fascism.

        Edit: actually I accidentally deleted my other comment. Our discussion wasn’t THAT infuriating. I just want to express my opinion without someone jumping down my throat as a Trump supporter or reflexively downvoting me. Truth be told, I hate Trump very much but understand that it’s the power vacuum and corruption on the “left” that has allowed Trumpism to gain a foothold in the US.

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      • I can’t imagine reading what I wrote and thinking I have made a decision. There is no fucking decision to make. It’s yet another election where we have shit sandwich vs. turd burger and you idiots eat it up like it’s some important moment to stop fascism. A call to arms! Hahaha

        I’ve got news for you: fascism is on the menu no matter how you vote.

        I love how establishment sheep love to crawl out of the woodwork to silence me for sharing my fucking opinion of a sham Democracy in which I refuse to take part because I already have no voice; The same voice you are trying to stifle.

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    • People tell me that Trump will bring about fascism. I agree. However, I also posit that what we get under this crop of Democrats is just another flavor of fascism

      Can you explain to me what fascism is?

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      • Fascism:

        Fascism (/ˈfæʃɪzəm/ FASH-iz-əm) is a far-right, authoritarian, ultranationalist political ideology and movement,[1][2][3] characterized by a dictatorial leader, centralized autocracy, militarism, forcible suppression of opposition, belief in a natural social hierarchy, subordination of individual interests for the perceived good of the nation or race, and strong regimentation of society and the economy.[2][3] Opposed to anarchism, democracy, pluralism, egalitarianism, liberalism, socialism, and Marxism,[4][5] fascism is placed on the far-right wing within the traditional left–right spectrum.[6][5][7]

        I’m guessing that I have to wake you up and inform you that these things are happening with BOTH Democrats and Republicans in office. The only difference is the branding and which specific corporations benefit from having their team capture regulatory agencies. Case in point: try speaking up about the genocide happening in Palestine and watch yourself be either prosecuted or fired for “antisemitism” or try speaking up about the militarized police training facility in Georgia referred to as cop city. These are things Biden and Kamala enthusiastically support. In fact, I’d call cop city Kamala Harris’s raison d'être.

        Further reading: https://en.wikipedia.org/wiki/Anti-BDS_laws

        Here’s a Kamala speech dripping with what I would characterize as FASCISM: https://youtu.be/McK8bPR8pzU?si=nVLjs5SjYfogmYTF

        Oh look! Yet another example of fascism: https://www.congress.gov/bill/118th-congress/house-resolution/845

        Edit: imagine downvoting this comment. I guess it’s something that the people who think Kamala is the only thing standing in the way of fascism don’t want to hear.

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  • Have no fear I would not waste one penny on the crypto con job.

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