Posted on 01/01/2023 5:37:50 AM PST by catnipman
True for carbon credits as well, when one looks back through the decades if attempts to construct "exchanges" of worthless paper, each of which seemed to prosper until the "last fool in" moment of each Ponzi snowball occurred.
“Aren’t nearly all bitcoins already mined? Most of the bitcoin transactions are trades of already mined coins, no?”
not exactly... plus there’s about another 10,000 different kinds of crypto tokens being actively traded, and their combined number of tokens number into the trillions ... so much for the “limited” number nonsense ...
“Kinda takes the fun out of it IMO.”
totally ... but the point for the casinos is that the punters can push the buttons WAY WAY quicker than pulling those slow levers ...
“Imaginary currency to trick the masses out of their real currency.”
indeed ... arch-fraudster sam bankman-fried himself said the point was to get dollars from their “customers” and “never give them back” ... tells you all you need to know about what these crooks themselves believe has real value and what does not ...
“meanwhile they use up the energy consumption of a small city”
actually they’re using up enough electricity to power a small country like Belgium and are producing nothing of value to the real economy while doing so ... in fact, the reason all their crashes and collapses have such little impact on the real economy is because the crypto world is so disconnected from the real economy ... pretty much the only thing that their plethora of frauds has done is steal billions of real dollars from millions of poor and ignorant folks ... but of course, those in power don’t REALLY care about the poor and ignorant anyway, which is why the Magic Internet Bean Ponzi scheme continues full speed ahead ...
“As I see it currency is a promissory note based upon the exchange of valuable goods and services. Crypto is a medium of exchange based upon the amount of energy you waste.”
that’s certainly a valid way of looking at it ...
They’ll be coming back when the next step in computing starts hitting the home markets. Quantum computers. Laws that now protect credit transactions won’t apply to blockchain.
Also easier for the old people
“Also easier for the old people”
LOL!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.