Nocoiners

[Harold O'brien]

Noooooo you can't just invest in something that has no intrinsic value and is dependent on other people accepting it. That's a ponzi!!!

Meanwhile they go to the shop and buy whatever resources they want with a flimsy piece of plastic lmfao

 

[racoon4]

so how much money did you make with crypto

 

[brucel]

bitcoin to the moon

 

[Tallooksmaxxer]

yes coins are ponzi but you can make money if you are smart and get early into it

 

[Alvaro]

coins are ponzi in the same way as gold or silver are ponzi

 

[Gandy]

coins are ponzi in the same way as gold or silver are ponzi

Gold and silver have intrinsic value due to demand and scarcity. Not all cryptos are scarce.

Bitcoin is a scarce crypto because it has a hard cap of 21 million coins after which it can only be split into smaller denominations (like satoshis), any more can't be mined after that.

Some cryptos have an infinite supply like fiat money and purely depend on user trust (and thus have no intrinsic value).
Gold and silver do not have an infinite supply.

Gold has some real world applications, like as an electricity conductor or as jewelry (like silver).
Bitcoin has the longest blockchain of all cryptos and a proven track record, it has value as a money laundering tool, as a way of hiding assets or selling illegal substances, it will arguably always have some demand.

So it greatly depends on which coin we are talking about. Coins that are backed by real world investments (I'm not aware of any, feel free to mention if there are some) like gold bullion or stocks have intrinsic value too.

IIRC, those coins are called Stablecoins but I haven't looked too deep into them to research whether every single coin mined or minted is really backed up by USD (like in the case of USDcoin).

 

[Harold O'brien]

Gold and silver have intrinsic value due to demand and scarcity. Not all cryptos are scarce.

Bitcoin is a scarce crypto because it has a hard cap of 21 million coins after which it can only be split into smaller denominations (like satoshis), any more can't be mined after that.

Some cryptos have an infinite supply like fiat money and purely depend on user trust (and thus have no intrinsic value).
Gold and silver do not have an infinite supply.

Gold has some real world applications, like as an electricity conductor or as jewelry (like silver).
Bitcoin has the longest blockchain of all cryptos and a proven track record, it has value as a money laundering tool, as a way of hiding assets or selling illegal substances, it will arguably always have some demand.

So it greatly depends on which coin we are talking about. Coins that are backed by real world investments (I'm not aware of any, feel free to mention if there are some) like gold bullion or stocks have intrinsic value too.

IIRC, those coins are called Stablecoins but I haven't looked too deep into them to research whether every single coin mined or minted is really backed up by USD (like in the case of USDcoin).

nothing has intrinsic value because value is subjective

and bitcoin is literally a public ledger, you can't hide or launder shit without everyone being able to see it

 

[Gandy]

nothing has intrinsic value because value is subjective

and bitcoin is literally a public ledger, you can't hide or launder shit without everyone being able to see it

The owner is obfuscated though, there is zero way of telling who created a bitcoin wallet. You can only track a bitcoin address to a person if they are stupid enough to use a public exchanger that changes that money to fiat currency. (Most of these exchanges require passport verification and other KYC procedures like proof of address)

If they just transfer it to another drug dealer, you can't tell who sent the money and who received it. They might even use a service like Localbitcoins to sell it for cash in person using an alias making it completely untrackable.

There are also services like bitlaundry on the onion network (tor), or 'coin mixers' that can mask the recipient and sender of a transaction.

What is a Coin Mixer?

If you are familiar with the world of cryptocurrencies, then the term, “coin mixer” is something that you might have come across. A coin Bitcoin mixer is essentially a means of making cryptocurrency transactions more anonymous and harder to track. People who wish to have higher levels of privacy...

www.worldcryptoindex.com

Tracking sellers of illicit substances purely based on public ledgers like blockchain.info is impossible.

That's why feds go after the marketplaces themselves (like Silkroad), because sellers and buyers are often stupid enough to leave address details, drop locations and shipping details there which can be tracked in the real world.

Once an NSA specialist utilizes a vulnerability in the onion service and gains admin access to the marketplace, they can just save all the sensitive customer information and start arresting people once they figure who is sending out what, and who is receiving drugs, weapons etc.

 

[Harold O'brien]

The owner is obfuscated though, there is zero way of telling who created a bitcoin wallet. You can only track a bitcoin address to a person if they are stupid enough to use a public exchanger that changes that money to fiat currency. (Most of these exchanges require passport verification and other KYC procedures like proof of address)

If they just transfer it to another drug dealer, you can't tell who sent the money and who received it. They might even use a service like Localbitcoins to sell it for cash in person using an alias making it completely untrackable.

There are also services like bitlaundry on the onion network (tor), or 'coin mixers' that can mask the recipient and sender of a transaction.

What is a Coin Mixer?

If you are familiar with the world of cryptocurrencies, then the term, “coin mixer” is something that you might have come across. A coin Bitcoin mixer is essentially a means of making cryptocurrency transactions more anonymous and harder to track. People who wish to have higher levels of privacy...

www.worldcryptoindex.com

Tracking sellers of illicit substances purely based on public ledgers like blockchain.info is impossible.

That's why feds go after the marketplaces themselves (like Silkroad), because sellers and buyers are often stupid enough to leave address details, drop locations and shipping details there which can be tracked in the real world.

Once an NSA specialist utilizes a vulnerability in the onion service and gains admin access to the marketplace, they can just save all the sensitive customer information and start arresting people once they figure who is sending out what, and who is receiving drugs, weapons etc.

sure, but like you said kyc is becoming mandatory and with increased regulation it's going to get harder and harder to do these things over time.

cash will always be king

 

[Alvaro]

Gold and silver have intrinsic value due to demand and scarcity. Not all cryptos are scarce.

Bitcoin is a scarce crypto because it has a hard cap of 21 million coins after which it can only be split into smaller denominations (like satoshis), any more can't be mined after that.

Some cryptos have an infinite supply like fiat money and purely depend on user trust (and thus have no intrinsic value).
Gold and silver do not have an infinite supply.

Gold has some real world applications, like as an electricity conductor or as jewelry (like silver).
Bitcoin has the longest blockchain of all cryptos and a proven track record, it has value as a money laundering tool, as a way of hiding assets or selling illegal substances, it will arguably always have some demand.

So it greatly depends on which coin we are talking about. Coins that are backed by real world investments (I'm not aware of any, feel free to mention if there are some) like gold bullion or stocks have intrinsic value too.

IIRC, those coins are called Stablecoins but I haven't looked too deep into them to research whether every single coin mined or minted is really backed up by USD (like in the case of USDcoin).

I am not talking about shitcoins, I am talking about stuff like eth which has real world application like gold