To Those Who Think Cryptocurrency is a Scam

[dvarapala]

Will you refuse to buy Trump's new cryptocoin? :waiting:

https://apnews.com/article/trump-crypto-meme-coin-token-75bf67ef9e6e54bf455f2f9f03470be3

[Vandelay Industries]

I would, but I put every penny in the Hawk Tuah Coin. :dance:

[The_Dude]

I would, but I put every penny in the Hawk Tuah Coin. :dance:

I have something I'd really like to put into Hawk Tuah

[GTOguy]

I don't buy anything I don't want. I don't want any of that crap.

[Dan47]

He made some people a lot of money with the release. I hope he gets started reducing the size and scope of government, as soon as he’s sworn in and leaves the merchandising to someone else.

[The_Dude]

I'll invest as much as I invested in the Trump NFTs

[Frankie the Fink]

Will you refuse to buy Trump's new cryptocoin? :waiting:

https://apnews.com/article/trump-crypto-meme-coin-token-75bf67ef9e6e54bf455f2f9f03470be3

What is your concern about people thinking its a scam, buying a 'slot' in a cyberspace linked list construct that has NO intrinsic value ? What could go wrong ?

Its not based on gold, real estate, full faith and credit of ANYbody or equity in a company. It fluctuates wildly based on peoples' thoughts about its linkage to those things minute by minute. Hence its a speculative "don't bet the farm play'....doesn't matter if Elon or Donald or that FTX criminal guy backs it.

Warren Buffet calls it "rat poison".

[dvarapala]

What is your concern about people thinking its a scam, buying a 'slot' in a cyberspace linked list construct that has NO intrinsic value ?

I'm not concerned at all. What you do with your money is your business.

Its not based on gold, real estate, full faith and credit of ANYbody or equity in a company. It fluctuates wildly based on peoples' thoughts about its linkage to those things minute by minute. Hence its a speculative "don't bet the farm play'....doesn't matter if Elon or Donald or that FTX criminal guy backs it.

Warren Buffet calls it "rat poison".

If it's as bad as you say, then why is Trump behind it? :waiting:

[SurfnSun]

Do you know anyone who’s ever used crypto to buy something?

[dvarapala]

Do you know anyone who’s ever used crypto to buy something?

:yesnod:

[DAB]

all my high risk money is tied up in tulip bulbs.....

[Frankie the Fink]

Ask $30 million dollar crypto loser Tom Brady about scams...

[Vince Clortho]

120826

Crypto guys get all the chicks.

[SurfnSun]

:yesnod:

Let me know when you can buy gas or groceries with it. One off car purchases don’t count in my mind. Real currency doesn’t such exhibit wild fluctuations in value. Can you image if your dollars lost or gained 30% of their value in a week or two?

[Torqaholic]

...
why is Trump behind it? :waiting:

My guess...

Hater bait (a decoy). Dude's already a billionaire, why would he care about making a few more dollars? I doubt that. He knows enemies will be attracted to this like flies to shit in order to destroy it because his name is attached. That means less heat on him personally, leaving him free to fix the country.

[Torqaholic]

all my high risk money is tied up in tulip bulbs.....

Smart move. Lightning never strikes the same place twice so it's a sure bet they won't collapse the economy again.

https://en.wikipedia.org/wiki/Tulip_mania

[Ronins2ndCuzzin]

I own some crypto. A colleague of mine just pocketed a cool almost 6 figure payout with XRP (only invested $120 or so). Is it a huge part of my portfolio? Absolutely not. But the incoming President and his pick for AI and Crypto Czar David Sacks made his fortune with Solana (a crypto). So if you can read the room and you also play the market, you could be considered foolish to not at least consider the fact that the crypto market will gain some real steam in the not-too-distant future. Is it a gamble? Sure. Investing in the market is. Can it make you a millionaire in a short time? Yep. Does it take a lot to get into? Nope. I only put about $300 in it. If I lose it, oh well, I tried, and it didn't work out, and $300 doesn't hurt to lose. But, if one works out for me and turns into millions, or even several thousands, 10x-?x return on my money is not a bad deal.

[slewfoot]

Will you refuse to buy Trump's new cryptocoin? :waiting:

https://apnews.com/article/trump-crypto-meme-coin-token-75bf67ef9e6e54bf455f2f9f03470be3


I don't believe it is a scam, just another "As Seen On TV" type crap people are stupid enough to purchase. Kinda like the Costco thing a few days ago.

That Trump junk is only worth as much as there is a demand for. Hanging on to is too long leaves the coin only good enough to skip across the water.

I might get a new Harley just for the residual value. My 2008 cost $12k and trade in right now is $7k after 17 years. Can't argue with that. I'd rather do that than screw around with TV bs.

[A/E]

I Bought a Gross ( 144 ) Pairs of these Air Jordan Investment Grade Pairs of Hi Tops

120858

2 Dozen in Size 10 ~ 2 dozen in size 12 ~ 3 Dozen in Size 11 ~ 3 Dozen 10.5 & 2 Dozen 11.5

They're in the Surf Shack's Basement Vault Appreciating in Value at a Pace far Greater than Crypto and the equivalent to the Biden Era Inflation Rates :seasix:

I'm Taking Pre ~ Orders now

Reserve your Size

Final Sale Pice yet to be determined ~

No Crypto accepted

Cash or Money Orders :barnbabe:

[Frankie the Fink]

I Bought a Gross ( 144 ) Pairs of these Air Jordan Investment Grade Pairs of Hi Tops

120858

2 Dozen in Size 10 ~ 2 dozen in size 12 ~ 3 Dozen in Size 11 ~ 3 Dozen 10.5 & 2 Dozen 11.5

They're in the Surf Shack's Basement Vault Appreciating in Value at a Pace far Greater than Crypto and the equivalent to the Biden Era Inflation Rates :seasix:

I'm Taking Pre ~ Orders now

Reserve your Size

Final Sale Pice yet to be determined ~

No Crypto accepted

Cash or Money Orders :barnbabe:
I have an unnamed nephew who is a full time University of Florida Computer Science major that made $40K part time in the last 5 months with bots gleaning tennis shoes, baseball trading cards, Taylor Swift tickets, graphics chips, etc off web sites and reselling them for stupid money. It so bad that Target is in an arm's race with him shutting down his bots and refusing his purchases.

His parents think he's a genius, but I think he's probably one notch above ticket scalpers. They did force him to at least pay Federal taxes on his creepy revenue stream...

[A/E]

Is yer Nephew Mike Damone ?

120877

I hear he accepts Crypto for Taylor Swift Tickets & Cheap Trick Tickets.

Except for those " Special Order " Earth Wind and Fire Tickets for the Jefferson Brothers, Cash Only or Arcade Game Tokens for them

[dvarapala]

Let me know when you can buy gas or groceries with it.

OK:

https://cryptomaniaks.com/latest-cryptocurrency-news/where-can-i-spend-bitcoin#spend-bitcoin-from-a-lot-more-businesses-with-gift-cards

[SurfnSun]

OK:

https://cryptomaniaks.com/latest-cryptocurrency-news/where-can-i-spend-bitcoin#spend-bitcoin-from-a-lot-more-businesses-with-gift-cards

Trolling fail. Not one true grocery stores on that list. I can't walk in to Publix, Target, Walmart, etc etc and buy groceries.

Where is the gas station list where I can drive up and pay with crypto at the pump?

I don't want to have to buy a gift card then be able to make a purchase all while the value of my gift card is changing daily.

Dumbest concept ever.

[dvarapala]

Dumbest concept ever.

So because you can't grasp the concept therefore it is dumb? :shrug:

The whole point of a cryptocurrency is that it is beyond any government's ability to control. Remember how the Truckers who were protesting in Canada had their bank accounts frozen by Trudeau's government? Ever heard of countries like Argentina and Venezuela where they have hyper-inflation? People in those places use cryptocurrency on a daily basis because - as volatile as it is - it's still more stable than the government issued fiat currency.

Cryptocurrency was never intended to be an investment. It was intended to be a means of exchange that no government can control. You may not find that concept to be valuable, but I assure you millions of other people do. :yesnod:

[Vince Clortho]

It's a can't miss. Get on the train now.
120895

[SurfnSun]

So because you can't grasp the concept therefore it is dumb? :shrug:

The whole point of a cryptocurrency is that it is beyond any government's ability to control. Remember how the Truckers who were protesting in Canada had their bank accounts frozen by Trudeau's government? Ever heard of countries like Argentina and Venezuela where they have hyper-inflation? People in those places use cryptocurrency on a daily basis because - as volatile as it is - it's still more stable than the government issued fiat currency.

Cryptocurrency was never intended to be an investment. It was intended to be a means of exchange that no government can control. You may not find that concept to be valuable, but I assure you millions of other people do. :yesnod:


oh I grasp the concept...lets talk about rug pulls shall we? How many times has it happened? Billions is losses.

Not a single one of those truckers could have filled their tanks with crypto on an immediate as needed basis.

Crypto is nothing but a speculative investment concept based on nothing. That is the problem. Its only value is the investment.

Not an investment? Sure looks like to me. That is not the model of stability.

[Mick]

oh I grasp the concept...lets talk about rug pulls shall we? How many times has it happened? Billions is losses.

Not a single one of those truckers could have filled their tanks with crypto on an immediate as needed basis.

Crypto is nothing but a speculative investment concept based on nothing. That is the problem. Its only value is the investment.

Not an investment? Sure looks like to me. That is not the model of stability.

A security that has no intrinsic value, and ONLY gets its value from the belief that someone will pay more for it tomorrow than you are willing to pay today, is NOT an "investment". In fact, the preceding is a good definition of a "Ponzi Scheme". :yesnod:

[Vince Clortho]

I'm sitting on a gold mine.

120924

120925

120926

[dvarapala]

oh I grasp the concept...lets talk about rug pulls shall we? How many times has it happened? Billions is losses.

Yeah, and kitchen knives kill people. By your logic kitchen knives should be banned. :yesnod:

[Mick]

Yeah, and kitchen knives kill people.

They do? How do they do that?

[Steve_R]

Yeah, and kitchen knives kill people. By your logic kitchen knives should be banned. :yesnod:


Did I miss where he said cryptocurrency should be banned? :shrug:

[SurfnSun]

Did I miss where he said cryptocurrency should be banned? :shrug:

Exactly. I didn't say that. I am a firm believer in letting people live with the decisions they make.

However trying to pass crypto off as a "real" currency or to say it isn't an investment? Please....it is everything but a currency.

[dvarapala]

Did I miss where he said cryptocurrency should be banned? :shrug:

Please, spare us the UniqueDoug semantic nonsense.

Cryptocurrency is a tool. Just because some criminals have used that tool to perpetrate scams doesn't mean the tool has no other legitimate uses.

[SurfnSun]

A security that has no intrinsic value, and ONLY gets its value from the belief that someone will pay more for it tomorrow than you are willing to pay today, is NOT an "investment". In fact, the preceding is a good definition of a "Ponzi Scheme". :yesnod:

Precisely why I used the word "speculative" :yesnod:

[Steve_R]

Please, spare us the UniqueDoug semantic nonsense.

Cryptocurrency is a tool. Just because some criminals have used that tool to perpetrate scams doesn't mean the tool has no other legitimate uses.

You clearly implied he said it should be banned. Where did he say or imply that? I don't see it.

[6spdC6]

''To Those Who Think Cryptocurrency is a Scam'' Quote OP

To be truthful I do not know what Cryptocurrency is nor do I loose any sleep over what it is or is not.

At age 79 I'm not about to invest any time or money to learn this *blivet
For what time I have left other forms of money and/or investments will be sufficient!


*blivet - Wiktionary, the free dictionary
Noun * Anything overfull. * An item of unknown purpose, often unnecessary or useless or annoying. (computing, slang) A program ...

[dvarapala]

To bring this thread back on topic:

Is Trump a scammer because he is backing this new cryptocurrency?

If all cryptocurrency is a scam then Trump must therefore be a scammer, right?

I think I already know one person's opinion - what do the rest of you think?

:waiting:

[Vince Clortho]

To bring this thread back on topic:

Is Trump a scammer because he is backing this new cryptocurrency?

If all cryptocurrency is a scam then Trump must therefore be a scammer, right?

I think I already know one person's opinion - what do the rest of you think?

:waiting:

He's a politician, by definition a scammer. If there's a buck in it, politicians will do it. It's not new or unique. It's not illegal. If someone wants to buy it that is their perogative. Just realize it will probably be worthless in a few years.
120942

[SurfnSun]

To bring this thread back on topic:

Is Trump a scammer because he is backing this new cryptocurrency?

If all cryptocurrency is a scam then Trump must therefore be a scammer, right?

I think I already know one person's opinion - what do the rest of you think?

:waiting:

If I bought some Trump coin, what can I buy with that coin today?

[Don Rickles]

If I bought some Trump coin, what can I buy with that coin today?

My son has been living in California paying outrageous rent, buying 75k Audi, dining at the best restaurants, wearing nothing but the biggest quality clothing….ALL on coins.

You live under a rock?

[dvarapala]

sA8g_m94jpM

[Steve_R]

To bring this thread back on topic:

Is Trump a scammer because he is backing this new cryptocurrency?

If all cryptocurrency is a scam then Trump must therefore be a scammer, right?

I think I already know one person's opinion - what do the rest of you think?

:waiting:

Who says crypto is a scam? I don't see that claim in this thread either. :shrug:

It's a risky investment that a few will get rich on while most won't. It's not a convenient currency.

[SurfnSun]

My son has been living in California paying outrageous rent, buying 75k Audi, dining at the best restaurants, wearing nothing but the biggest quality clothing….ALL on coins.

You live under a rock?

That post feels like satire....

What is the mode of transaction? A gift card? Which coins?

So you use US dollars to buy coins to buy a gift card to make a transaction? So essentially you're still using US dollars, just going about a VERY difficult way to make a purchase. No wonder Cali is burning to the ground.

I live in Free Florida...we are unburdened by that level of stupidity here. :yesnod:

[Unsuspicious]

Things you don't understand are scary. The fewer things you understand, the scarier the world is.

[SurfnSun]

Things you don't understand are scary. The fewer things you understand, the scarier the world is.

You didn’t quote me, but I’m assuming that was directed at me…

If it was, by all means please enlighten me on what I’m missing.

[dvarapala]

Who says crypto is a scam?

That's what I'm seeking to discover. Hence the "To Those Who Think" portion of the thread title.

I didn't yellow-pad it, but there have been other threads here where posters have called cryptocurrency a Ponzi scheme. I figured those folks will be drawn to this thread like moths. :shrug:

[DAB]

how many coins can i get for a sack of flour?

[Aerovette]

I would, but I put every penny in the Hawk Tuah Coin. :dance:

With that coin, heads or tails is still a win. :yesnod:

[Dan47]

“No one ever went broke underestimating the intelligence of the American public.” - Mencken?

Lot’s of folks are getting rich on these things, I get that but I don’t see any value beyond the speculation. It could be a currency and eventually a store of value but if it ever gets close to that point, our leadership are sure to step in and put a stop to it.

I think the vast majority of people are still too ignorant about money to understand its inherent power or too dependent on transfer payments to care?

Hopefully I’m wrong but I’ve debated this with many Bitcoin “investors” and most are just members of the Michael Saylor Bitcoin cult. They’re incredibly ignorant and intent to Hodle to the bitter end.

Time’s telling.

[Mick]

That's what I'm seeking to discover. Hence the "To Those Who Think" portion of the thread title.

I didn't yellow-pad it, but there have been other threads here where posters have called cryptocurrency a Ponzi scheme. I figured those folks will be drawn to this thread like moths. :shrug:

No need to yellow-pad it or search other threads, just see my post #27 above.

Feel free to explain what the intrinsic value of a cryptocurrency is, and/or, how it is NOT a Ponzi scheme.

I'll wait.

[Unsuspicious]

No need to yellow-pad it or search other threads, just see my post #27 above.

Feel free to explain what the intrinsic value of a cryptocurrency is, and/or, how it is NOT a Ponzi scheme.

I'll wait.

There is no explanation that will be good enough for you

[Burro (He/Haw)]

Can I roll around naked in a pile of bitcoin and masturbate?

[Unsuspicious]

Can I roll around naked in a pile of bitcoin and masturbate?

Yeah, but it will feel like you're rolling around in a pile of USB thumb drives

But at least it's doable compared to not being able to roll around naked in a pile of stocks (though some of you are old enough to still have paper stock certificates probably)

[VatorMan]

No, but you can roll around in a pile of things you bought with crypto.

I seriously don't understand what's so hard to accept. It's no different than trading Japanese Yen for American dollars. That currency value is based on some form of speculation.

You can't pay for gas or your bag of flour here in the US with Yen. Are you going to say Yen isn't a currency ?

[dvarapala]

No need to yellow-pad it or search other threads, just see my post #27 above.

Feel free to explain what the intrinsic value of a cryptocurrency is, and/or, how it is NOT a Ponzi scheme.

I'll wait.

The purpose of this thread is not to defend cryptocurrencies. :nono:

The purpose of this thread is to find out whether folks like you believe that the President and First Lady are scammers since they're backing two new cryptocurrencies.

I'll wait.

[6spdC6]

Yeah, but it will feel like you're rolling around in a pile of USB thumb drives

But at least it's doable compared to not being able to roll around naked in a pile of stocks (though some of you are old enough to still have paper stock certificates probably)

:D dating myself here but I well remember the ritual of doing coupon clipping on bearer bonds, putting them in that special envelope and going down to my bank. The teller that did them was not usually in a good mood!

[VatorMan]

No need to yellow-pad it or search other threads, just see my post #27 above.

Feel free to explain what the intrinsic value of a cryptocurrency is, and/or, how it is NOT a Ponzi scheme.

I'll wait.

The American $ is a Ponzi scheme. What's it's value determined by ? Faith and that's it. When they took the $ off the gold value, it's all about faith in the system.

[VatorMan]

The purpose of this thread is not to defend cryptocurrencies. :nono:

The purpose of this thread is to find out whether folks like you believe that the President and First Lady are scammers since they're backing two new cryptocurrencies.

I'll wait.

Scammers ? No. Devaluing their name similar to Ron Popeil ? Yes. Hawking shoes, Bibles, pens, crypto and everything else under the Trump name cheapens it.
You give the worlds most visible business man publicity and I guess the family wants to make the most of it.

[Unsuspicious]

Scammers ? No. Devaluing their name similar to Ron Popeil ? Yes. Hawking shoes, Bibles, pens, crypto and everything else under the Trump name cheapens it.
You give the worlds most visible business man publicity and I guess the family wants to make the most of it.

It's a more honest way of making a few bucks compared to Ukraine aid kickbacks, at least

[Mick]

The American $ is a Ponzi scheme. What's it's value determined by ? Faith and that's it. When they took the $ off the gold value, it's all about faith in the system.

I don't think the US dollar is a Ponzi Scheme because I don't invest in $20 bills in the hope that some time down the road, someone will pay me $30 each for them.

I agree with the rest of your post, which is why I don't consider hundred dollar bills to be an "investment".

[Mick]

The purpose of this thread is not to defend cryptocurrencies. :nono:

The purpose of this thread is to find out whether folks like you believe that the President and First Lady are scammers since they're backing two new cryptocurrencies.

I'll wait.

I have no opinion on whether or not Trump and/or his wife are "scammers" because they are involved in cryptocurrencies.

[VatorMan]

It's a more honest way of making a few bucks compared to Ukraine aid kickbacks, at least

I had another thought-I'll give this stuff a bit of leeway as who knows how much that family has spent on lawyers and legal issues.

[The_Dude]

Crypto industry questioning whether TRUMP memecoin promoted on the president’s social media accounts is a SCAM (https://www.naturalnews.com/2025-01-21-crypto-industry-skeptical-whether-trump-memecoin-is-scam.html)

[Don Rickles]

Trumps on Coinbase now!

[voidflame]

Cryptocurrency skeptics often see it as a scam due to misinformation or bad actors in the space. However, the technology behind crypto, like blockchain, has revolutionized industries, offering transparency, security, and decentralization. For instance, white-label debit cards (https://www.cipherbc.com/whitelabel-crypto-cards)are a practical use case, allowing businesses to offer branded payment solutions. These cards let users spend crypto seamlessly, bridging the gap between digital and traditional finance, and proving that crypto is more than just speculation—it's about real-world usability.

[Unsuspicious]

Cryptocurrency skeptics often see it as a scam due to misinformation or bad actors in the space. However, the technology behind crypto, like blockchain, has revolutionized industries, offering transparency, security, and decentralization. For instance, white-label debit cards (https://www.cipherbc.com/whitelabel-crypto-cards)are a practical use case, allowing businesses to offer branded payment solutions. These cards let users spend crypto seamlessly, bridging the gap between digital and traditional finance, and proving that crypto is more than just speculation—it's about real-world usability.

Thank you, AI

[SurfnSun]

—it's about real-world usability.


Of which there is none, currently.

[The_Dude]

Cryptocurrency skeptics often see it as a scam due to misinformation or bad actors in the space. However, the technology behind crypto, like blockchain, has revolutionized industries, offering transparency, security, and decentralization. For instance, white-label debit cards (https://www.cipherbc.com/whitelabel-crypto-cards)are a practical use case, allowing businesses to offer branded payment solutions. These cards let users spend crypto seamlessly, bridging the gap between digital and traditional finance, and proving that crypto is more than just speculation—it's about real-world usability.

thnkas :rolleyes:

[Dan47]

No, but you can roll around in a pile of things you bought with crypto.

I seriously don't understand what's so hard to accept. It's no different than trading Japanese Yen for American dollars. That currency value is based on some form of speculation.

You can't pay for gas or your bag of flour here in the US with Yen. Are you going to say Yen isn't a currency ?

The Yen is backed by the Japanese government, the dollar is backed by the U.S. government. Both are required to pay taxes in their respective countries and ergo, have value beyond speculation and “faith”.

No government as powerful as the U.S. government, is going to allow the power they acquire via their dollar, to be usurped by a cryptocurrency they can’t control. To believe otherwise is absurd.

“Donald Trump pledges '100% tariff' for countries that shun dollar”

https://www.msn.com/en-us/news/world/donald-trump-pledges-100-tariff-for-countries-that-shun-dollar/ar-AA1qd4BG

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," Trump wrote on Truth Social on Saturday afternoon."

He continued, "We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."

https://www.foxbusiness.com/politics/trump-warns-brics-countries-replace-dollar-100-percent-tariffs

[Dan47]

The American $ is a Ponzi scheme. What's it's value determined by ? Faith and that's it. When they took the $ off the gold value, it's all about faith in the system.

Its value is determined by its ability to keep people out of the poor house or worse and the central bank that controls it~.

[Dan47]

The American $ is a Ponzi scheme. What's it's value determined by ? Faith and that's it. When they took the $ off the gold value, it's all about faith in the system.

I don't think the US dollar is a Ponzi Scheme because I don't invest in $20 bills in the hope that some time down the road, someone will pay me $30 each for them.

I agree with the rest of your post, which is why I don't consider hundred dollar bills to be an "investment".

In a deflationary cycle whereby the Fed is reducing their balance sheet and the public is doing likewise via defaults, bankruptcies and a general inability to borrow more, hundred dollar bills are an investment. :yesnod:

[Dan47]

Cryptocurrency skeptics often see it as a scam due to misinformation or bad actors in the space. However, the technology behind crypto, like blockchain, has revolutionized industries, offering transparency, security, and decentralization. For instance, white-label debit cards (https://www.cipherbc.com/whitelabel-crypto-cards)are a practical use case, allowing businesses to offer branded payment solutions. These cards let users spend crypto seamlessly, bridging the gap between digital and traditional finance, and proving that crypto is more than just speculation—it's about real-world usability.

Sounds like a solution looking for a problem. Are there reward points earned like my credit cards offer?

[Mick]

In a deflationary cycle whereby the Fed is reducing their balance sheet and the public is doing likewise via defaults, bankruptcies and a general inability to borrow more, hundred dollar bills are an investment. :yesnod:

The US government will not allow a protracted period of deflation, for pretty obvious reasons. Your plan to "invest" in hundred dollar bills is doomed to fail before it even starts.