Chia Miners Resell Used SSDs as Brand New Amidst Coin Plummet

[Selaya]

[ ... ]

What crypto needs to do is stop using precious commodities as it's basis for whatever is the proof of unit. Be it hard disk space, power, or something else, that's always gonna suck. And no, it's not really trying hard enough.

doesn't work, theres a reason people use(d) gold as currency and not iron

 

[R-T-B]

doesn't work, theres a reason people use(d) gold as currency and not iron

That is part of the issue, but you can tie it to something that isn't "burned" as easily, like the USD.

 

[Bzuco]

... worlds biggest pyramid scheme.

How did you come to this conclusion? Do you even know what is the essence of the pyramid scheme?
Did any cryptocurrency promise you that if you involve more people under your position in the pyramid, you would be richer? No cryptocurrency depends on the pyramid scheme.
Those rich people you see, are just a side effect, because people can and do trade in everything.

 

[b4psm4m]

There some lack of understanding by some people here.

Yes, there are and have been cryptocurrency pyramid schemes - bitconnect being the most famous currently. That does not mean all cryptocurrencies are pyramid schemes. Bitcoin is literally the opposite of a pyramid scheme, there can only ever be 21 million coins, not 23/22/24 - 21 million, that's it.

The usd on the other hand.... That is a pyramid scheme, it has no supply cap and can be (and is) printed at will. What is this FIAT currency tied to?? Nothing... Nada, thin air since the 1970s. The fact is, you are dealing with cryptocurrency already, as these fiat currencies are digitised assets, the money in your bank doesn't actually exist. In the UK, if everyone tried to withdraw 3 percent of their money to cash, the system would collapse. The banks create more fake money to lend based on the money they already hold of yours - they lend money which doesn't exist (fractional reserve). How about you turn the graph around and bitcoin isn't booming, but the usd is tanking?

These fiat currencies are pyramid schemes and are all destined to fail at some point. In 2020 to us printed 20 percent of all dollars ever created, and that's not a problem to you? Not a red flag?? If that was a traditional cryptocurrency which did that, you would label it as a scam.

Suggest you look up fractional reserve and quantative easing before labelling all crypto currencies a scam and pyramid shceme.

Additionally, smart contract platforms can be used for so much more than just a currency. They can be used to track supply chains, provide immutable audit chains, allow cross platform sharing of records (again immutable) the list can go on.

 

[Bzuco]

Only institutions(trading companies, banks,..) and people can be associated with the concept of a pyramid/ponzi scheme and not the commodity itself(BTC, $, €, ...). Good example of system which is using pyramid scheme is pension system.
Pyramid and ponzi terms are associated with investments.

No matter how many USD are printed, no matter what is the value of BTC in $, €, ...it all belongs and is associated with trading.

Do not mix terms related to investing with terms related to trading.

If people would know why we have crypto currency here(BTC, ...the rest is useless), how crypto is working, what is blockchain, what is the true value, then they would never trading with it as we see.

 

[csendesmark]

Oh no!
Anyway...

 

[Space Lynx]

How did you come to this conclusion? Do you even know what is the essence of the pyramid scheme?
Did any cryptocurrency promise you that if you involve more people under your position in the pyramid, you would be richer? No cryptocurrency depends on the pyramid scheme.
Those rich people you see, are just a side effect, because people can and do trade in everything.

Yeah... whales manipulating the market is not a pyramid scheme at all... you are right...

See you next year when Congress 100% passes new taxes on all crypto. Governments of the world will tax the living crap out of crypto, new taxes to support fiat. Can't escape government.

 

[Bzuco]

Yeah... whales manipulating the market is not a pyramid scheme at all... you are right...

See you next year when Congress 100% passes new taxes on all crypto. Governments of the world will tax the living crap out of crypto, new taxes to support fiat. Can't escape government.

Who cares about taxes from cryptocurrencies? only stupid people. No one needs to change crypto <> fiat.
Crypto and especially BTC is value holder, you can send and receive that value with anybody on the planet without paying taxes in fiat. Fiat moneys are not needed as value holder anymore.
If governments introduce taxes on cryptocurrencies, it will only be positive, as it will accelerate a more even distribution of BTC in the population. What we need to see in the future is massive and long term BTC drop in $ value, when people owning a large amount of BTC start selling it at lowest price and people without BTC will start buying it. And again, you don't need any official trading company or system controlled with government, because you can change anything with anybody without third party.
The question is how BTC "rich" people will be finding people hungry for BTC? I don't know and don't care, that will be their problem.
What I am describing here is one of the reason, why BTC mining process was scheduled for so many years and not only for eg. 10 years. People behind BTC were thinking about many scenarios, what happens if, ...what happens if, ...otherwise BTC would be these days completely gone.