US Senate Testimony: Crypto Is the Mother of All Scams

Re:US Senate Testimony: Crypto Is the Mother of All Scams by Mc_Big_G on Wednesday October 31, 2018 @03:01PM (#18348373)

I imagine you could have said equally terrible things about the internet ten years after it's protocols were developed. Bubble! Scams! Blah blah blah...

If you don't have even one good thing to say about something that has obvious benefits, you may be unreasonably biased.

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Re:US Senate Testimony: Crypto Is the Mother of All Scams by hannasanarion on Wednesday October 31, 2018 @05:59PM (#18349602)

Obvious benefits of the internet: communicate instantly with anyone anywhere in the world with any interface that can be digitized.

Obvious benefits of blockchain: You can get tons of free money from idiot investors? You can hide wealth from the tax man with private fiat? You can forget your bank account number and never be able to access your money again? You can have a database that takes ten times as much electricity to maintain? There are so many benefits!

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Re:US Senate Testimony: Crypto Is the Mother of All Scams by Mc_Big_G on Wednesday October 31, 2018 @06:53PM (#18349873)

Just because something can be used for "evil" doesn't mean it can't be used for "good". You really can't imagine any "good" benefit?

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Re:US Senate Testimony: Crypto Is the Mother of All Scams by asynchrony on Wednesday October 31, 2018 @08:41PM (#18350527)

The only benefit that doesn't involve evading regulations is (a dream) of lower fees for sending money. But even that hasn't materialized and comes with rather large costs.

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Re:US Senate Testimony: Crypto Is the Mother of All Scams by hannasanarion on Thursday November 01, 2018 @12:36PM (#18355749)

I genuinely can't. What can a blockchain do that a database can't?

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