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Former MLB players involved in Cryptocurrency Ponzi

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16 minutes ago, atomic said:

Fixed that for you.

Sorry but Enjoy Terror has it right:

Quote

Ponzi schemes can be built on the qualities of cryptocurrency, but that doesn't mean cryptocurrency is a ponzi scheme. Cryptocurrencies do not ask you to recruit new people/investors under it. Crytocurrencies don’t promise or give monthly/regular returns. A person enacting a Ponzi scheme using cryptocurrency as a platform can tell you those things and people who don't understand cryptocurrency might believe it.

 

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4 hours ago, 24fps said:

Sorry but Enjoy Terror has it right:

 

Wait until the next recession hits and see what happens with cryptocurrencies.

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8 hours ago, Enjoy Terror said:

What do you think will happen?

What does atomic think will happen?

 

 

 

 

This thread is the Dan Rowan to my Dick Martin.

Or the Dean Martin to my Jerry Lewis...

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15 hours ago, atomic said:

Wait until the next recession hits and see what happens with cryptocurrencies.

In a recession, I suspect you would be quite surprised what would happen with crypto. 

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On 2/5/2020 at 5:26 PM, Frobby said:

Honestly I think the only real advantage of cryptocurrencies is the ability to launder money and/or avoid reporting financial transactions to tax authorities.    Using it as an investment is purely speculative IMO.

IRS is going after those people who are not reporting their gains. Crypto exchanges are required to report all transactions to IRS.

https://www.forbes.com/sites/shehanchandrasekera/2020/01/27/how-the-irs-knows-you-owe-crypto-taxes/#422577b9438e

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7 hours ago, InsideCoroner said:

In a recession, I suspect you would be quite surprised what would happen with crypto. 

It will go to zero.  There is no scarcity of cryptocurrencies.  

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1 hour ago, atomic said:

It will go to zero.  There is no scarcity of cryptocurrencies.  

I don't think you really understand how cryptocurrencies work. 

I'm not saying I do, either, but I'm pretty sure it doesn't work this way. 

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12 minutes ago, interloper said:

I don't think you really understand how cryptocurrencies work. 

I'm not saying I do, either, but I'm pretty sure it doesn't work this way. 

What I have studied them.  I know than most people who "invest" in them.   Anyone can create a cryptocurrency.  There is no limit to the ability to create them. I don't even need to write my own code. I  could fork Bitcoin code and have new cryptocurrenccy up pretty quickly. 

And they are very bad for the environment.  The higher their value goes the more electricity that is used "mining" bitcoins.  Pretty ridiculous stuff.  Destroying the environment through stupidity.

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4 hours ago, atomic said:

It will go to zero.  There is no scarcity of cryptocurrencies.  

What will go to zero? What is "it"? I know you try hard, and you are correct about about the electricity usage being a problem, but you believe and say some really uninformed things on a staggeringly frequent basis.

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