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Bitcoin ----- what is it EXACTLY???

Dekster

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And run by government intelligence agencies in the first place. It's a nice honey trap for the greedy and stupid.

I've seen no evidence of it, but I have thought they would be a hell of a way for the government to track people attempting to circumvent normal financial channels. I personally think NFT's, which are even more off the beaten path that crypto, has to be a money laundering scheme. It would be one thing if you got some right to the art or whatever (which occasionally happens), but when you get nothing but a block chain token, surely it is a rigged game
 

Dekster

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Like the OP I have looked into this a bit and like the OP I am still none the wiser. My nephews are both heavily into this and are huge evangelists for it.

It reminds me of the South Sea Bubble where normally sensible people threw proper money into a scheme that basically produced nothing. The promoters of the scheme were hugely positive about it because their own wealth was linked to encouraging new money into the scheme.

I can buy everything I need with boring old cash. And I can use that cash to divest into other assets. Im not sure that Bitcoin is as versatile. Who do you complain to ?

The Bubble was 300 years ago but there have been regular occurrences ever since. If it looks too good to be true then it probably is.

Best of luck to anyone in on it but take care.

Your cat about why he is starving to death if you don't keep your crypto in a secure offline wallet apparently. I have read also that these huge prices are the hold value. If you try to sell more than a coin or two at a time, your proceeds will be much lower.
 
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The first one to disappear with a couple hundred billion into a rabbit hole somewhere on a Russian server and the whole scam collapses, 'legit' ones or not.
So, Crypto is stored on the blockchain you're using. In other words, it's not stored in "a server", but a vast network. What you're describing is literally impossible. That's why when I responded to the previous poster suggesting that was a thing that could happen, I said "if that were possible".

If you want to talk about scams, we could talk about fiat, and how nobody would want to exchange in it if the Government weren't threatening people into using it. Case in point; The Government stealing people's gold so that they'd use their monopoly money. It can be stolen, traced, inflated, manipulated, and without Government force, it has no utility to speak of. Its value decreases over time, it collapses... like the Zimbabwean dollar.

Point being, any criticism you have towards Crypto applies to fiat, times a thousand, and is usually projection besides.
 

DudleySmith

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I've seen no evidence of it, but I have thought they would be a hell of a way for the government to track people attempting to circumvent normal financial channels. I personally think NFT's, which are even more off the beaten path that crypto, has to be a money laundering scheme. It would be one thing if you got some right to the art or whatever (which occasionally happens), but when you get nothing but a block chain token, surely it is a rigged game

The art market is indeed a long running scam, both for money laundering and tax dodging via ridiculous valuations on art pieces being donated to frauds like MOMA. Good catch on the NFT thing; it's already been used in several high dollar frauds already.
 

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