Is cryptocurrency the future? Not necessarily.

RedViking said:
Cryptocurrency in its nature is perfectly designed for ponzi schemes. Even it was "the future", the amount of schemes will be 100x worse it is now.
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Which do you think has lost more to ponzi schemes. Dollars (regular fiat) or crypto?
 
ghoti said:
Which do you think has lost more to ponzi schemes. Dollars (regular fiat) or crypto?
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At the moment regular fiat of course with crypto climbing very quickly the more popular (or desperate people get). In its unregulated form, crypto if becoming "the currency" will be much much worse. It's a scammers wet dream.
 
RedViking said:
At the moment regular fiat of course with crypto climbing very quickly the more popular (or desperate people get). In its unregulated form, crypto if becoming "the currency" will be much much worse. It's a scammers wet dream.
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I kinda feel the same way about fiat (most weapons, drugs, etc are bought with fiat), but I get your point.
 
ghoti said:
I kinda feel the same way about fiat (most weapons, drugs, etc are bought with fiat), but I get your point.
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Of course it will be, as it is still a main currency that's been around for ever. It would be interesting to see some sort of chart or study on the amount of schemes started for normal fiat that's been around for 100's of years compared to crypto in its small time of existence. I won't be surprised if the results are shocking.
 
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RedViking said:
At the moment regular fiat of course with crypto climbing very quickly the more popular (or desperate people get). In its unregulated form, crypto if becoming "the currency" will be much much worse. It's a scammers wet dream.
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How do you reckon? It's easier than ever to follow the money so it's actually much much worse for a scammer.

There's no option to simply hide the cash away as well, it's all traceable.

I can't agree less with your statement that it's perfect for ponzi schemes.

That it's used as a very good lure for Ponzi schemes, that's certainly true as is the case for anything new and fresh people don't really understand and has the benefit of not being a tangible product in this case, but that's just the "in" for the scheme and not the underlying structure of it. In most cases, the crypto never exists and isn't a real backbone for the scheme.
 
SauRoNZA said:
How do you reckon? It's easier than ever to follow the money so it's actually much much worse for a scammer.

There's no option to simply hide the cash away as well, it's all traceable.
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Afaik there's no known BTC address in the MTI thread showing all the bitcoin movement. Where's the trace for all those billions? Also I can send crypto to an exchange or crypto tumbler and back into a fresh wallet, so the traceability argument is kinda moot. It takes a lot of resources to even get close to linking IP to wallet addresses etc. Happens very rarely in the US even.

I can give you a wallet address and by this evening there's fkall you can trace. The cashing out is harder to get around, not so much the traceability.
 
What makes a ponzi good (effective) is their ability to market it, so whether fiat or cryptocurrencies it's probably all the same
 
the downfall is also that you have to market it, get your name involved and sell the con etc
 
saor said:
Afaik there's no known BTC address in the MTI thread showing all the bitcoin movement. Where's the trace for all those billions? Also I can send crypto to an exchange or crypto tumbler and back into a fresh wallet, so the traceability argument is kinda moot. It takes a lot of resources to even get close to linking IP to wallet addresses etc. Happens very rarely in the US even.

I can give you a wallet address and by this evening there's fkall you can trace. The cashing out is harder to get around, not so much the traceability.
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For sure you can jump through the hoops and try to hide it, but there is still infinitely more traceability than the age-old FIAT cash wouldn't you agree?

Also when Exchanges and their KYC protocols get involved it becomes easier to put two and two together and trace a pattern.

I do actually recall seeing plenty of wallet addresses floating around in the MTI thread that had traces of the money moving through them.

And like you say to cash it out has to happen somewhere and likely only with an exchange so short of spending it directly it's going to get pretty damn tricky.

My point is that it's a lot more traceable than FIAT (cash).
 
SauRoNZA said:
My point is that it's a lot more traceable than FIAT (cash).
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Ja but a non-crypto ponzi scheme doesn't accept briefcases of notes. They use bank accounts into which participants can deposit their funds. And bank accounts require humans to be id'd. Sending fiat around the world (digitally) is kinda tricky to do anonymously & quietly.

The only point at which fiat becomes less traceable than crypto is when that billion ZAR is converted to hard cash and carried around in a briefcase. Until then the money is linked to bank accounts and withdrawals at any ATM globally can be identified and even camera-ID'd.

Imo setting up bank accounts and global SWIFT transfers etc. requires far more divulging of personal info and susceptibility to tracing than the anonymity of crypto.
 
pfff, cryptocurrency is the future, guaranteed, 100% ... let's not forget central banks are on a path to issue their own cryptocurrency, article title used the generic "cryptocurrency", that doesn't mean just bitcoin / ether / monero
 
SauRoNZA said:
For sure you can jump through the hoops and try to hide it, but there is still infinitely more traceability than the age-old FIAT cash wouldn't you agree?

Also when Exchanges and their KYC protocols get involved it becomes easier to put two and two together and trace a pattern.

I do actually recall seeing plenty of wallet addresses floating around in the MTI thread that had traces of the money moving through them.

And like you say to cash it out has to happen somewhere and likely only with an exchange so short of spending it directly it's going to get pretty damn tricky.

My point is that it's a lot more traceable than FIAT (cash).
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If BTC is so transparent and traceable why do all the darkweb sites use it (like Silkroad)?
 
If local banks (devils that I know) start offering crypto services I might consider exposure to crypto world. Right now I am unable to tell between genuine crypto service providers and MTIs.
 
There's a critical weakness in crypto that I have not seen addressed anywhere.
If our computing power explodes (quantum computing, silicon electron wafer slabs, etc), your current crypto will be near worthless as the new machines will be able to mine at unbelievable rates.

This seems like a big issue.
 
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Brenden_E said:
There's a critical weakness in crypto that I have not seen addressed anywhere.
If our computing power suddenly explodes (quantum computing, silicon electron wafer slabs, etc), your current crypto will suddenly be near worthless as the new machines will be able to mine at unbelievable rates.

This seems to me like a pretty big issue.
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Only 21 million BTC can be mined...
 
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