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Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by yosito on Wednesday December 22, 2021 @08:38AM (#29649098)
> In countries with unstable currencies they are useful stores of value (Venezuela, Turkey and Zimbabwe right now)

Also, Cuba and Argentina. While Bitcoin may be more accessible to people in these countries, they could also store value in USD, or other stable assets.

> By making online retail anonymous

I really don't understand the persistent myth that blockchains are anonymous.

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by akemichan on Wednesday December 22, 2021 @08:53AM (#29649277)
In Argentina you can only buy 200 USD per month and even that isn't guaranteed, you have to make appointments with banks in a lot of places. And even if you get them, you can't use them outside of the country because such payments are mostly blocked. You can pay online services or internatioal shippings by converting to crypto first and trade it with a foreigner to deposit USD in a foreign bank account, and then make the actual payment.
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by BurningPenguin on Wednesday December 22, 2021 @08:44AM (#29649171)
Bitcoin isn't, but there are alternatives that are. Like Monero. It just doesn't get as much hype.
Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by DarkWiiPlayer on Wednesday December 22, 2021 @08:55AM (#29649291)
> I really don't understand the persistent myth that blockchains are anonymous.

They are, at least in principle.

Sure, if you pay for something and have it delivered to your home, someone now knows the address linked to the wallet you used; do this a lot, and the chances increase that this link will end up in the wrong databases.

But that doesn't mean bitcoin & co. aren't, at least on their own, fairly anonymous.

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by LatteLazy on Wednesday December 22, 2021 @08:42AM (#29649147)
Blockchain is anonymous if you use it correctly I believe (don't reuse wallets, launder you coins etc) but you're right that the vast majority of people don't do that as far as I'm aware.

Full disclosure: I've never actually done it either and I'm no expert...

Re:Why Bitcoin is worse than a Madoff-style Ponzi scheme by tonfreed on Wednesday December 22, 2021 @03:00PM (#29654270)
The big ones like Bitcoin are pseudonymous. If you know someone's wallet you can see their entire history on the ledger.

Private coins like Monero are different, and transactions can only be ascertained if you're one of the parties involved.