Current Events > Why crypto bad?

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You do realize decentralized finance is the only realistic way of uprooting fascist regimes in our lifetime? We have virtually no chance at a great reset, other than this

Shut the fuck up.

Endgame capitalism is bad, especially when held together by oligarchies. Decentealized finance is the only legitimate chance at bringing money back into the working class and uprooting many authoritarian and fascist regimes

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fuck, dude. cool it with the shitposting

I'll cool off if it really bothers everyone

You'll stop when you're banned.

Nobody involved in crypto gives any fucks about "uprooting fascist regimes." Just be real and say you want your dog money to make you rich.

We get it, you're Libertarian. Can you get to the part where you talk about the age of consent?

__aCEr__ posted...

Nobody involved in crypto gives any fucks about "uprooting fascist regimes." Just be real and say you want your dog money to make you rich.

I mean, I made a lot of money and gave a lot away. Probably more than I should have. But my dream is that if I happen to make a lot, I will save enough for two generations and do the best I can to reinvest in the world. I know I'm rare in that regard, a lot of people are greedy. But I'm telling the truth.

Countries like India, Uganda, Phillipines, and Nigeria are on the radar for a huge uprising because their citiizens are making money off crypto. In the right hands, we can see legitimate change for the better.

https://youtu.be/7U6xuHSm5XA

Bartering is decentralized.

Questionmarktarius posted...

Bartering is decentralized.

Agreed but you have to store your funds somewhere. The place of your choosing decides if that money really belongs to you

https://news.bitcoin.com/fbi-seizes-800-beverly-hills-safety-deposit-boxes-with-86m-attorneys-claim-feds-raid-unconstitutional/

FBI Seizes 800 Beverly Hills Safety Deposit Boxes With $86M, Attorneys Claim Fed's Raid 'Unconstitutional'

The Federal Bureau Investigation (FBI) is under fire for an alleged unconstitutional seizure of 800 safety deposit boxes in Beverly Hills. According to reports, the FBI confiscated $86 million in cash, jewelry, and thousands of gold and silver bars. Box holders and their lawyers are calling out the federal law enforcement agency for lacking sufficient proof that the boxes held evidence of being tied to specific crimes.

Abuse of Power? Lawyers Believe the FBI Seized Peoples Life Savings in an Unconstitutional Manner
The FBI has seized over 800 safety deposit boxes that were located in Beverly Hills and held at the U.S. Private Vaults store. Reports note that the FBI got an order from a California magistrate to seize the stores business equipment that ostensibly was tied to a money laundering case. The order barred the searches of the safety deposit box contents, explains the LA Times reporter Michael Finnegan.

This warrant does not authorize a criminal search or seizure of the contents of the safety deposit boxes, the order signed by U.S. Magistrate Steve Kim clearly says.

The owners of the safety deposit boxes and their attorneys believe the FBI has done them wrong. To date, 11 lawsuits have been filed by safety deposit box holders against the federal agency. Lawyers representing a large number of box holders said the federal law enforcement agency did not obtain a standard issued warrant that notes probable cause. Benjamin Gluck, a lawyer who represents U.S. Private Vaults store box holders believes the FBI broke standard protocol.

[The government] cant take stuff without evidence in the hopes that youre going to get it later, Gluck told the LA Times. The 4th Amendment and the forfeiture laws require the opposite that you have the evidence first, and then you can take property. Speaking with the publication Reason, Gluck noted that the federal agents are holding peoples money hostage. Gluck said:

"It was improper that the government seized these possessions in the first place, unconscionable that they are using them as hostages to pressure owners to divulge private information, and outrageous that they apparently treated the possessions so carelessly that they seem to have lost at least some of them."

A Lawyer for a Safety Deposit Box Owner Says: The Constitution Does Not Abide Guilt by Association
Joseph Ruiz lost his life savings in the FBI raid and said federal agents took $57K in cash. Ruiz obtained the funds in documented legal settlements and the FBI has given him no explanation. They just kind of stole my money, Ruiz said. Im made out to be a criminal, and I didnt do anything. Im a law-abiding citizen, he added.

They throw people like Joseph into this upside-down world where they did nothing wrong, but theyre forced to come forward to litigate against the government just to get their property back and prove their own innocence, Robert Frommer, an attorney for Joseph Ruiz explained in an interview.

Frommer works for the libertarian law firm Institute for Justice and wrote an editorial about the FBI in the Orange County Register. The constitution does not abide guilt by association, Frommer argues. What the government has done here is completely backward. The government cannot search every apartment in a building because the landlord is involved in a crime. After all, when somebody rents an apartment, that apartment is theirs, the attorney added.

Despite the accusations, the FBI denies that the federal agency did anything wrong. A spokesperson for the FBI, Thom Mrozek, denies the federal agency misused its authority and noted that funds were allegedly tethered to misdeeds. Finnegans research notes that large stacks of cash kept by a person with no source of income can lead to forfeiture. We have some basis to believe that the items are related to criminal activity, Mrozek insisted in an interview.

Federal seizures like this highlight the benefits of crypto assets like bitcoin (BTC), ethereum (ETH), and bitcoin cash (BCH), which are much harder to confiscate than boxes filled with cash and jewels. Countless reports over the last decade show law enforcement agents illegally taking peoples life savings for traveling with large bundles of cash or precious metals. These legalized pirates have taken $46 billion from forfeiture cases (data from 2000 to 2019) and the U.S. federal government has kept the lions share of the funds.

In fact, U.S. law enforcement rakes in billions a year in forfeiture cases, and many never get investigated. The abuse has led to unprecedented levels of abuse to the point where human rights groups have dubbed the action policing for profit. The massive stash of cash and jewels taken yearly by the feds doesnt even account for the colossal quantity of land seizures federal agencies take in forfeiture cases...

https://theconversation.com/how-the-us-government-seized-all-citizens-gold-in-1930s-138467

How the US government seized all citizens gold in 1930s

With global financial markets in disarray, many investors are turning to classic safe havens. Gold is trading above US$1,750 (1,429) per troy ounce, which is the standard measure more than 15% above where it started 2020. Even after a strong rally since March, the S&P 500 stock market index is down nearly 10% over the same period.

Gold confers familiarity during downturns. Its returns are uncorrelated with assets like stocks, so it tends to hold its value when they fall. It is also a good way of avoiding currency devaluation. It therefore features in any well diversified investors portfolio, whether via gold-mining shares, gold funds, bullion or whatever.

Yet there are two slight caveats to viewing gold as a safe haven. Early in an economic downturn, gold prices often plummet with the rest of the market. This is from investors selling gold to offset losses in shares and other assets. We saw this in March, when gold fell 12% in two weeks, then quickly recovered. If the coronavirus causes more market panic, this could happen again.

During extreme crises, governments can also seize peoples gold. There have been some stunning examples of gold confiscation in the past. Most memorably, this occurred in the US in 1933 during the great depression albeit its more accurate to call it a nationalisation than a confiscation, since citizens were compensated. The government of Franklin D Roosevelt seized all gold bullion and coins via Executive Order 6102, forcing citizens to sell at well below market rates. Immediately after the confiscation, the government set a new official rate for gold that was much higher as part of the Gold Reserve Act 1934.

This was the era of the gold standard, which meant dollars were tradeable for an exact amount of the precious metal. Seizing the metal enabled the government to print more dollars to try to stimulate the economy, and also to buy more dollars on the international markets to shore up the exchange rate.

Many gold owners were understandably unhappy about the gold seizure, and some fought it in the courts. Ultimately, however, the government could not be stopped, and gold ownership remained illegal in the US until the 1970s.

This intervention was not unique, even in contemporary history. In 1959, Australias government put a law in place that allowed gold seizures from private citizens if expedient to do so, for the protection of the currency or of the public credit of the Commonwealth [of Australia]. And in 1966, to stop the decline in the pound, the UK government banned citizens from owning more than four gold or silver coins and blocked the private import of gold. This was only lifted in 1979...

I never said people of bad faith were investing in crypto and screwing over people, especially bitcoin. But I know for a fact there have been many people around the world that escaped poverty because of it. No bullshitting either. This is their ticket out for a lot of them.

I can't be against something like that

https://www.youtube.com/shorts/XsBwK2c-kRo

https://youtu.be/O9ua8Ve5E9A

https://youtu.be/TOaqLI78k-k?t=172

SMAL nobody has ever watched any video you have ever posted.

Idk what SMAL is doing but don't let him take away from the point of my topic

https://gamefaqs.gamespot.com/a/user_image/2/4/5/AAO_BNAADXJd.jpg

We're still early, and that's why there are so many non-believers. I'll be on my deathbed a very rich man, and my grandkids will say "You were way ahead of your time, grandpa. You knew crypto was going to make a great life for us."

Isnt decentralised currency bad because theres no central organisation to help you out when something goes wrong? And all the regulations that exist with normal money are missing as well which is bad.

Kloe_Rinz posted...

Isnt decentralised currency bad because theres no central organisation to help you out when something goes wrong?

I mean technically you're right in this regard but that's the beauty of it, you're 100% control in your own investments. You take the risk, and the more knowledgable you are the less likely you will be rugged and taken advantage of

L_Ratio_Cope posted...

I mean technically you're right in this regard but that's the beauty of it, you're 100% control in your own investments. You take the risk, and the more knowledgable you are the less likely you will be rugged and taken advantage of

youre already in control of your own investments with regular money

Kloe_Rinz posted...

youre already in control of your own investments with regular money

Not true. You need a broker, a buyer/seller, most likely a centralized site/app, etc.

Kloe_Rinz posted...

Isnt decentralised currency bad because theres no central organisation to help you out when something goes wrong?

Not all crypto projects are decentralized, but correct for those that are. However, it's not as complicated as it sounds. You just have to be very careful when sending crypto to any address. Usually, send a test amount of the bare minimum amount you can send and wait to make sure it went through. If it goes through, you know you entered the address correctly.

Some places let you save addresses you sent to, so you only have to test it once.

Once you buy the crypto, all you have to do then is get it off the exchange and into a digital wallet like Trust Wallet or a hardware wallet like a Nano Ledger.

Where people get wrecked in crypto is when they leverage (i.e., gamble that crypto will go up in price or down in price) or leave their crypto on exchanges or on exchanges' wallets for staking.

If that exchange halts withdrawals, declares bankruptcy, etc., they own your crypto. But if you don't keep it on places like that, no one can touch your crypto unless you share your pass code with someone (dumb thing to do).

I don't want to paint a pretty picture like it's easy and it's the ultimate answer. But it has its benefits that have done well to lift people out of poverty, and in theory should continue to do much more as it grows bigger with less government intervention

Because majority of the projects on it are scams, because there's absolutely no regulations or protections that would dissuade scammers.

If you want regulations and protections, invest in the stock market and enjoy your ~5% gains per year lol.

HouseAtreidea posted...

If you want regulations and protections, invest in the stock market and enjoy your ~5% gains per year lol.

5% if your're lucky. That isn't lifting you out of poverty

Yup. As an experiment and since I had a spare $1 on Robinhood, I threw $1 into Apple about a year and 5 months ago. It is now worth a whopping $1.22. If I had thrown $100 into Apple back then, I'd have made $22 lol. And Apple is a blue chip stock.

Look at it this way. The current biggest industries for global citizens getting out of poverty are medicine and technology. Focusing specifically on technology, many people dedicate their lives to bringing themselves and their families out of poverty to learn how to code or design or something similar. The blockchain is no different, and when dedicating most of their time to it they end up getting scammed less than your average privileged citizen in America gambling on some random dog coin.

HouseAtreidea posted...

https://youtu.be/7U6xuHSm5XA

great watch. watched entire video, thx

lmfao

DuranOfForcena posted...

not when you have your crypto in a crypto exchange company that goes under and bars you from withdrawing your shit

So dont keep your crypto on exchanges. Theres zero reason to do so unless your a day or swing trader. But most crypto people are HODLers/dollar cost averagers.

L_Ratio_Cope posted...

I'll cool off if it really bothers everyone

You as a human being bother me

*youre

DuranOfForcena posted...

even then you can get hacked or scammed, and once it's out of your wallet, it's not yours anymore and you have absolutely no recourse to get it back

You can't hack a digital wallet like Trust Wallet unless you have the person's keys (pass code), and you definitely cannot hack a hardware (cold storage) wallet like a Nano Ledger when it's not connected to the internet and just sitting in a drawer or safe.

'Cause he destroys all humans

DuranOfForcena posted...

not when you have your crypto in a crypto exchange company that goes under and bars you from withdrawing your shit

I said decentralized finance

"One crypto bro isn't enough to convince CE, what are we gonna do?"
"I know! Let's have two crypto bros instead."

https://i.imgur.com/87dsii5.png

RyuForce posted...

"One crypto bro isn't enough to convince CE, what are we gonna do?"
"I know! Let's have two crypto bros instead."

Not trying to convince anybody of anything just trying to get a general feel

HouseAtreidea posted...

You can't hack a digital wallet like Trust Wallet unless you have the person's keys (pass code), and you definitely cannot hack a hardware (cold storage) wallet like a Nano Ledger when it's not connected to the internet and just sitting in a drawer or safe.

Whose drawer? Whose safe? Doesn't sound very safe

HouseAtreidea posted...

Not all crypto projects are decentralized, but correct for those that are. However, it's not as complicated as it sounds. You just have to be very careful when sending crypto to any address. Usually, send a test amount of the bare minimum amount you can send and wait to make sure it went through. If it goes through, you know you entered the address correctly.

Some places let you save addresses you sent to, so you only have to test it once.

Once you buy the crypto, all you have to do then is get it off the exchange and into a digital wallet like Trust Wallet or a hardware wallet like a Nano Ledger.

Where people get wrecked in crypto is when they leverage (i.e., gamble that crypto will go up in price or down in price) or leave their crypto on exchanges or on exchanges' wallets for staking.

If that exchange halts withdrawals, declares bankruptcy, etc., they own your crypto. But if you don't keep it on places like that, no one can touch your crypto unless you share your pass code with someone (dumb thing to do).

I think you're over simplifying it. If it's going to be used as a widely used currency, how are cases of identity theft, actual theft, simple things like lost crypto keys or forgotten passwords going to work? With an actual bank you can walk in and prove your identity and they will solve your problems.