FabSwingers.com forum: Is Crypto a scam?

By (user no longer on site) OP
over a year ago

So FTX, one of the big crypto exchanges, has filed for bankruptcy, owing creditors tens of billions of dollars.

It had apparently been using customers' funds to prop up a failing sister company.

$400 million has gone missing in an alleged "hack".

Its founder was the biggest donor to the US Democrats after George Soros.

Some see crypto as a means of protecting individuals against the power of the state, as global governments get ever keener to surveil and control citizens' expenditure and behaviour.

So is crypto the future, or a giant Ponzi scheme?

By (user no longer on site)
over a year ago

I have three layers

Blockchain and some of.the ideas could be reveloutionary.

Individual coins ATM are not delivering the benefits. They aren't currency but an asset and terribly hyped

The industry that has sprung up around it. Awful. Not helped by legislators struggling with it, and the customers almoat snubbing the idea they need regulation.

By *orleymanMan
over a year ago

Leeds

"So FTX, one of the big crypto exchanges, has filed for bankruptcy, owing creditors tens of billions of dollars.

It had apparently been using customers' funds to prop up a failing sister company.

$400 million has gone missing in an alleged "hack".

Its founder was the biggest donor to the US Democrats after George Soros.

Some see crypto as a means of protecting individuals against the power of the state, as global governments get ever keener to surveil and control citizens' expenditure and behaviour.

So is crypto the future, or a giant Ponzi scheme?"

Its easy to accuse it ofnbeing so.

Fundamentally the principle of it is brilliant. A currency that doesn't devalue as only a certain amount exists that can be used globally. In practice it hasn't really worked. But I would hope it does eventually.

I avoid all other crypto bar btc because they haven't proven themselves to be completely decentralised.

Most exchanges I think are corrupt bar coinage which must follow listing rules and the corporate veil can be pierced.

Its a shame something so ideologically brilliant became so corrupted.

I still have my 8 btc from 2012-2014 hoping for the next breakout.

I'd seriously avoid using any exchanges or other crypto than btc and coin base.