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Thread: Scam or Legit? Who knows?

  1. #16
    Advanced User alpacino's Avatar
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    I had mined US$ 3.00 in BTC at NiceHash, and then the whole site got hacked now my balance is 0. Not mining anything atm, electrical bill in my house is already high as it is.
    it's hip to be square
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    Blocker (20.01.18)

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    Moderator anon's Avatar
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    Apparently, only select groups mine Bitcoin directly nowadays. For the average Joe, the name of the game is buying unknown/less known cryptocurrencies, waiting until they increase in value, then trading for others and repeating the cycle until a good amount of "real" money can be had. If you have the necessary hardware and time to bide, check what's currently hot and plan your next moves, you can get decent profits. Personally, I lack both, so I haven't bothered.

    https://filesharingtalk.com/threads/...Bitcoins?pp=40

    Bitcoin reaches new highs every day, and people get anxious deciding whether to sell today and get lots of profit, or wait and either get even more or lose everything if the bubble bursts. I was going to say "remember, none of these currencies have value besides the one we're giving them", but then again, the same is true of most real-world ones.
    "I just remembered something that happened a long time ago."
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    Blocker (20.01.18)

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    cryptocurrencies like bitcoin and the rest are yet another scam

    it is possible to make some profit out of it (while those less fortunate gamblers will lose money at the same time), especially if you know insiders, if you're 'in the know', but the main question is do you really want to be involved in such activities and thus be a scammer yourself - your karma, your choice
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  6. #19
    Advanced User Blocker's Avatar
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    Quote Originally Posted by slikrapid View Post
    cryptocurrencies like bitcoin and the rest are yet another scam

    it is possible to make some profit out of it (while those less fortunate gamblers will lose money at the same time), especially if you know insiders, if you're 'in the know', but the main question is do you really want to be involved in such activities and thus be a scammer yourself - your karma, your choice
    Hey slik , why do you think is a scam? the main idea is to have a decentralized currency ,not control by the f* banks and the f* government . the cypher punks philosophy . So the idea behind the value is the "proof of work " a jargon used in the crypto world. Nowadays governments print money without any backing up their value ,in the past was gold but not anymore.
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    Quote Originally Posted by Blocker
    why do you think is a scam?
    because it is suspicious and illogical in many ways, like:
    - unknown inventor/origin (could be anyone or anything, could be cia), yet with known political goals (supposedly anti-government, which just happens to be a widely spread sentiment)
    - how it is implemented (mining of 'nothing'; progressively harder so that the process of mining will eventually become too costly for an individual, thus getting in the hands of large corporations, getting centralized again; artificially controlled, programmed behavior of coin amount and value; lack of in-built protection from theft and abuse)
    - if governments wanted it banned, if they wanted a major crackdown, it would be easily accomplished - which means it is considered a low-threat, useful as a part of a larger plan or they are waiting for a good opportunity to step in and take over
    - it is also backed by nothing, creating value out of thin air, might as well be accomplished without complicated algorithms
    - it supports gambling, which is not a sound way of using financial assets, it ought to support stability and safety

    most of our paper or digital money is coming from privately owned large banks as debt, most of the governments do not have control over such money - this is intentional, because they could obviously take control if they wanted to (via adequate laws and law enforcement)

    government or money are not a problem per se, the question is how they are being implemented, regulated and used; the current system is corrupt and deceptive, however this won't be solved by introducing another system with similar properties

    i'm thinking, the goal here is to let the bitcoin bubble inflate and burst (similar to many financial bubbles in the past), creating yet another financial crisis and heavy losses, after which there will be an outcry for heavier regulation, at which point the usual global financial suspects enter and offer a 'secure' mainstream bitcoin replacement, getting a step closer to digital-only currency, destroying any leftovers of privacy and anonymity, as expected from the arising orwellian new world order
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    Blocker (21.01.18)

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