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Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by elvatoloco123 on Wednesday December 22, 2021 @08:23AM (#29648976)
Crypto=/= Bitcoin

Bitcoin offers a decentralized, supply capped alternative to central banking.

If this seems useful to you, use it, if it doesn't, don't use it. Simple as that.

Currently people find the ability to have unconfiscatable money attractive.

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by Devasta on Wednesday December 22, 2021 @08:48AM (#29649224)
How do I opt out of the massive amounts of electronic waste and carbon emissions from Bitcoin?
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by TacticalCoder on Wednesday December 22, 2021 @08:57AM (#29649320)
You switch to a coin that uses proof-of-stake?

Several of the totally OG cryptographers, like Chaum or Micali, have created blockchains that are using PoS (Micali is behind Algorand and Chaum behind an upcoming "elixxir" coin I think, forgot the name).

Of course there's also Ethereum which is currently switching to PoS.

Cryptocurrencies haters better find another argument than "energy consumption" because I think the gigantic energy waste is coming to an end soon.

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by Devasta on Wednesday December 22, 2021 @09:04AM (#29649402)
Lol, Ethereum has been moving since 2014, and there are no plans for Bitcoin to move. The waste is here to stay so long as crypto is.

EDIT: Also, very insulting of you to assume I use crypto, I prefer to stick to filthy, worthless fiat thank you very much.

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by elvatoloco123 on Wednesday December 22, 2021 @04:52PM (#29655876)
Stop washing and drying your clothes. That uses more energy.

Bitcoin uses whatever energy is available. The answer is better laws

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by meragrin_ on Wednesday December 22, 2021 @08:40AM (#29649123)
How is Bitcoin unconfiscatable? Just confiscate all wallets. If they are encrypted in some way, they would still be inaccessible to the person. If they can be recreated, the person can be monitored to determine how to recreate the wallet and then be drained.
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by CryptoPunk on Wednesday December 22, 2021 @08:44AM (#29649169)
A person can hide the fact that they have a wallet. Confiscating information, that can be stored as a secret passphrase in your brain, is extremely difficult.
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by meragrin_ on Wednesday December 22, 2021 @08:47AM (#29649209)
> Confiscating information, that can be stored as a secret passphrase in your brain, is extremely difficult.

>> If they can be recreated, the person can be monitored to determine how to recreate the wallet and then be drained.

Being unable to use the Bitcoin is the same as confiscating it.

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by CryptoPunk on Wednesday December 22, 2021 @11:37AM (#29651591)
Being unable to use it, when you have access to encrypted communication, not to mention other countries where it is legal?
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by yesbut on Wednesday December 22, 2021 @08:48AM (#29649226)
the CIA figured out how to extract passphrases from people's brains decades ago.
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by CryptoPunk on Wednesday December 22, 2021 @11:37AM (#29651594)
The government is going to start torturing thousands upon thousands of citizens to find out if they have secret passphrases?
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by yesbut on Wednesday December 22, 2021 @04:56PM (#29655938)
Aren't we already being tortured?
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by CryptoPunk on Wednesday December 22, 2021 @09:05PM (#29657862)
How are we being tortured?