Devil's advocate
Member
- Location
- Posh side of Barnsley
No idea what a bit coin is.
But has that been the biggest pyramid selling scam the world has ever seen.
But has that been the biggest pyramid selling scam the world has ever seen.
Bit coin scam
- Thread starter Devil's advocate
- Start date
Exfarmer
Member
- Location
- Bury St Edmunds
Probably
ColinV6
Member
I had some money (not a lot) invested in BTC a couple of months back. Made a decent profit in a month, way way way above what it would ever earn in the bank.
I switched to an alternative coin and currently down, But the entire market is down at the moment. Bitcoin massively.
I can’t even begin to explain how exactly it all works, but if you put in what you are comfortable with losing... I think there’s decent rewards vs risk.
I switched to an alternative coin and currently down, But the entire market is down at the moment. Bitcoin massively.
I can’t even begin to explain how exactly it all works, but if you put in what you are comfortable with losing... I think there’s decent rewards vs risk.
Danllan
Member
- Location
- Sir Gar / Carms
The way to make money from Bitcoin was to find them at the start and then to hold & / or speculate on them, both methods stopped working some time ago and anyone expecting riches now is barking.
The issue I have with Bitcoin is the sheer market cap. It takes a lot of financial energy to pump the price. Like government level. Elon just killed it and everything else went with it. It's not a scam, anymore than gold. But if you are in crypto you have to roll with the punches. Of course, HEX has performed best out of all of it but then I did mention that many months ago and apparently that is also a scam. Do your own research as usual.
On that note, why don't you start a thread called GBP scam or USD scam? Because they both are.
Exfarmer
Member
- Location
- Bury St Edmunds
Just like the Kings new clothes, only the most brilliant intellectuals can see the wisdom of investing, only the ignorant see through it.
- Location
- Limousin
It was £46K one month ago now it's only £31K and falling.
Crypto would be ok with me if not for ecological impact of mining rigs and desecrated supply of PC parts (GPUs, PSUs and storage). Also it's unregulated and used by criminals to transfer funds globally, scammers use it to protect own identity while encrypting data on private, public and corporate devices and servers with ransomware. In my opinion cryptocurrency is the worst thing that was created in last decade. Anyone that promotes it and spreads it should be ashamed of themselves.
Those things are true of proof of work models such as Bitcoin but not of proof of stake models such as Hex in which no miners are involved. Bitcoin mining is responsible for 0.07% of the worlds electricity use according to some studies so I'm not defending it and as I said, I don't have any. But there are other cryptos which use very little energy and probably far less than a string of high street banks and office buildings. Etherium is the second largest and at some point will be merging to a proof of stake model to get rid of mining.
As I said, buy something better like Hex. 10 times it's value in 6 months and average 40% APR. No mining, finished smart contract 3 times audited. 1000x it's value since early 2020. Still a scam I guess.
As ever, the impatient buy the top and sell the bottom to the patient. It has ever been thus in all markets. Crypto is particularly volatile. Mind you Amazon stock once fell 95% in one day and now accounts for 50% of all US internet sales. Plus worldwide.
To me it sound like you are defending it. It can be 0.07% or 0.000000001% it's still a waste of energy. You don't fold proteins like it happens in BOINC or other programs. You just waste computing power and energy for calculating of hashes to help criminals to hide their assets. And we both know that mining is popular in countries where coal and oil are main energy sources in power plants. My opinion is from a stand of avid PC user, that can't buy GPU for 12 months now. And now you hear news about CHIA that will do the same thing to storage (SSD's and NAS drives) as ETH did to GPU's. Crypto is fool's gold.
- Location
- Hammerwich
Markets for coins have been crazy today. ETH went from 2300 to 1475 and now back up to 2000.
There had to be a correction at some point I guess after recent gains. Some people, especially margin traders will be totally rekt today if they went long. Flash crash, margin call, game over.
- Location
- Hammerwich
If the trend follows 2017 then bitcoin will head back down to £14k. Was briefly down at £22k today. bounced a little but on its way down now. Lets see how much china puts the boot in tonight.
You could well be right.