News for hackers. Stuff that matters.
Re:Bulgarian law enforcement raids offices of cryptocurrency... by lalaland1125 on Thursday January 12, 2023 @09:58AM (#34354400)
The only way to make money investing in Bitcoin is to convince a greater fool to buy your coins for more than you paid for them.

And that greater fool must in turn convince an even greater fool, etc, etc

It's not a Ponzi, but it has similar dynamics to a Ponzi in that you can only gain money through other people losing money.

Re:Bulgarian law enforcement raids offices of cryptocurrency... by krunck on Thursday January 12, 2023 @10:09AM (#34354580)
Why does it have to be about making money? Bitcoin is a currency, not an investment. That's where a lot people get confused.
Re:Bulgarian law enforcement raids offices of cryptocurrency... by Arainach on Thursday January 12, 2023 @10:27AM (#34354911)
The overwhelming majority of holders of Bitcoin disagree with you.

It's a garbage currency - fees are too high, transfers too slow. It's a garbage technology that encourages wanton energy wastage. Its only "value" is as an investment.

Re:Bulgarian law enforcement raids offices of cryptocurrency... by lalaland1125 on Thursday January 12, 2023 @10:21AM (#34354788)
It's because that is the primary "use case" of Bitcoin right now as Bitcoin is even worse at being at currency than an investment.

Bad price stability, slow transactions, high fees under any amount of load, bad privacy, terrible adoption, etc, etc

Re:Bulgarian law enforcement raids offices of cryptocurrency... by rubyist5eva on Thursday January 12, 2023 @10:19AM (#34354757)
Bitcoin will never gain mass adoption as a currency, that leaves it as a "value store" - and the only people buying bitcoin are suckers buying bitcoin from others in the hope that they can in turn sell it to a bigger sucker down the line.