Cryptocurrency in general. Even on the surface, as presented, the main appeal to buy in is “to get rich from it” and the main way you’re supposed to get rich is “other people buying in, get in early while you can.”
Ponzi. Schemes. All of them.
It does have a utility though, buying drugs, moving money past capital controls, and creating fake revenue/losses for laundering money and tax evasion.
The dollar is the favourite currency for that stuff. Cryptocurrencies are meant to take power away from banks and give it to the people. Sure, the vast majority of the people use them for spsculation, but that doesn’t make the technology useless. It’s just that people are mostly interested in making as much money as they can. That’s a society problem, not cryptocurrency’s.
The main appeal is the ability to make transactions without intermediaries. The problem is that most people have as the only interest to get richer and richer and there will be always other people happy to sell them that dream… For a fee. These are the vastmajorituy of the people in cryptocurrencies, but that doesn’t disreguard the power and utility of the technology. It’s easy to shit on the tool, but the real problem is the greed-driven society we live in.
If people paid rent or bought groceries with crypto currency? Sure. It’s not like thousands of people without bank access are using coins.
I’ve been living on cryptocurrencies only for the last >6 years. Buying groceries, travels and whatever else i need. So yes, people do that. You don’t hear about it because people are too busy talking about speculators and price movements.
Cryptocurrencies are seeing high adoptions in country where banking is limited, in the rich country is 99% speculation.
I disagree that cryptocurrency in itself is a scam. It can have legitimate utility, for example I want to exchange money for international services without a credit card or mailing an envelope of cash/cheque. Bitcoin and some others are mainstream enough that I can do this.
That said, investing in them is absolutely a scam, using it as a marketing buzzhype is a scam, and most of them are founded as scams.
It can have legitimate utility
Sure, sure. But does it and can it actually stay that way?
I haven’t seen a functioning example actually out there yet of a planet-burning electricity-wasting math busywork generator that actually does anything it supposedly can do besides become another ruinous and wasteful grift that does more damage to the planet than whatever convenience it supposedly offers to comfort the comforted.
does it
Well, my transaction went through, so yes.
I agree that it is wasteful and overall a bad thing… now that I think about it could be somewhat excusable if they adopted a PoW algrothim that actually solves socially-useful expensive problems like protein-folding, through distributed computing.
But that doesn’t make it a scam. There’s not really any trickery. It’s just bad.
It can have legitimate utility, for example I want to exchange money for international services without a credit card or mailing an envelope of cash/cheque.
It does it infinitely more inefficient, slower and insecure than all other existing alternatives that can do this (and there are a lot of alternatives which doesn’t involve blockchain). Which is also why people doesn’t use it for this.
I was into Bitcoin before it even had value. Cryptocurrency is a cool concept and not a scam by default, but it was never meant to be some mainstream thing that was going to replace the dollar as you hear parroted annoyingly everywhere.
When non tech people started getting interested is when the scams started (also didn’t help that governments were lending money at 0% interest rates for like the last two decades)…
Back in the early days (early 2010s was when I first heard of it) when Bitcoin was worth pennies on the dollar that was exactly the kind of thing it was good for, and it was marketed as an international currency not beholden to governments. It is a shame that it got taken from that for the sake of “Bitcoin being valuable because you can profit off owning Bitcoin.”
Its best use cases are only circumstantial and in every case it wastes a lot of electricity, jacks up the price of video cards, and dumps a lot of extra carbon into the atmosphere. It’s like a shitty planet-burning Rube Goldberg machine.
But it’s technically not a scam in a pedantic way at the coding level so any scams done with it don’t really count and scientific research can totally be done with blockchain and if you ignore the wasted electricity and carbon disaster that cumulatively builds higher and higher with the way blockchain technology actually works because of every individual computer needing to verify proofs with every other computer it is actually not a scam and can do good things and I am sharping the katana of my wit because I can claim that I can not condoning cryptocurrency except I am in a contrarian way
