General Discussion

Ford_Prefect

(8,544 posts)

22. It was always a ponzi scheme built on theoretical sand.

Fri Feb 6, 2026, 10:00 PM

Friday

The speculation applied to crypto mirrored the worst anticipation of untold riches applied to the early days of the internet.
Except...Crypto was always going to flop since it had no valuation at all in and of itself. The only cash involved came from those fooled into paying coin of the realm for vaporware.
People have forgotten that it was formulated as a method to avoid national banking and tax authorities, and it has been used as such by drug dealers and terrorists.

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Highlight:

As Crash Deepens, Investors Say Bitcoin Is Headed for Zero Dollars [View all] highplainsdem Friday OP

"Farr also criticized the token for being damaging to the environment" YES YES YES!!!!!! AZJonnie Friday #1

Most cryptocurrency does NOT use mining... WarGamer Friday #4

You're correct, I'm mainly ranting about PoW schemes vs. newer PoS ones AZJonnie Friday #16

I get you on crypto. The currency of choice for smugglers, traffickers and terrorists the world over. paleotn Friday #18

Is Bitcoin getting shorted? OAITW r.2.0 Friday #2

I think blind greed backed it, no? NoSheep Friday #20

Stupidity Aviation Pro Friday #23

Like Any Financial Thingy modrepub Friday #25

I'm no financial wizard. But OAITW r.2.0 Friday #28

My younger brother's BD was Oct. 6. OAITW r.2.0 Friday #29

I saw a similar article yesterday... Hugin Friday #3

false. the largest holder of BTC holds 5.5% and hasn't been touched since 2010 WarGamer Friday #5

I'm only repeating what the article said... Hugin Friday #26

any source that claims 60% of BTC is owned by one entity can't be believed about anything WarGamer Yesterday #37

It didn't say owned... Hugin Yesterday #39

100% false. That's what i proved earlier. WarGamer Yesterday #40

Trump's family got out a month ago. Captain Zero Friday #6

When we go to hard lee come about in dominant SE winds.... OAITW r.2.0 Friday #31

*pretends to be surprised* sakabatou Friday #7

A friend has 3 bitcoin at an average price of $1500. CrispyQ Friday #8

She should have sold @$90K. ColoringFool Friday #9

I knew a "libertarian"-type dude (who was never a Trump supporter) cojoel Friday #10

The thing I remember reading about *rump bankrupting casinos was that he made millions on them personally Uncle Joe Friday #11

Oh bronxiteforever Friday #12

I've never understood why something communally owned (prime numbers) dickthegrouch Friday #13

Zero seems like fair value. surfered Friday #14

It's gambling. Nothing behind it at all. Joinfortmill Friday #15

"Bad Money Drives Out Good." BurnDoubt Friday #17

Mining it requires copious amounts of energy and water. ToxMarz Friday #19

Now you can buy Boardwalk OR Park Place, but not both. Orrex Friday #21

It was always a ponzi scheme built on theoretical sand. Ford_Prefect Friday #22

Tulips cate94 Friday #24

Full disclosure Gore1FL Friday #27

There are a lot of artificial inputs into the Cyrptoverse. OAITW r.2.0 Friday #34

I agree. Gore1FL Friday #35

That's a feature! OAITW r.2.0 Friday #36

Crypto... A volatile, unstable, wishful 'currency' with no assets or gov't support backing it. Norrrm Friday #30

It's always interesting the folks who are into crypto. BannonsLiver Friday #33

Will be buying XRP here and masmdu Friday #32

I'm hoping for a 1929-1933 redux. roamer65 Yesterday #38

It does the same thing every 3-4 years awesomerwb1 Yesterday #41

It's up about 5% since Richard Farr's pronouncement. LudwigPastorius Yesterday #42

Bitcoin is 2 years older than the iphone. Old Crank 21 hrs ago #43

There certainly are jmowreader 20 hrs ago #44