Because Bitcoin especially (through the Tether fraud) and cryptocurrency more generally is a pyramid scheme, of course Wall Street and venture capital need it to go mass market. It's the only road to getting out of their current investment at a profithttps://www.politico.com/news/2021/05/30/bitcoin-investment-wall-street-lobbying-491399 …
-
-
The third path out of this dilemma is to legitimize cryptocurrency by bringing it into our existing regulatory structures, at which point it becomes indistinguishable from technologies that do the same thing at a fraction of the complexity and one millionth of the resource cost.
Show this thread -
The only reason proponents have to domesticate cryptocurrency is to maintain a situation like the status quo, where part of it (like Coinbase) sits in the legal economy, the rest of remains in the illegal economy, and pathways between the two continue to function smoothly.
Show this thread -
Remember the playbook that Uber used: 1. Promise a revolutionary technology ("self-driving cars are coming"!) 2. Use that promise as a pretext to ignore all regulation 3. Make a fortune 4. Drop the tech story Same goes for crypto
Show this thread -
We also have to address the root reason that cryptocurrency exists, which is that there is a corrupt, overfinancialized casino economy that favors the rich, 2008 proved that the system is rigged so they can never lose, and ordinary people will continue to search for a fairer deal
Show this thread -
A lot of young, idealistic people are getting caught up in cryptocurrency because they want to build a better world. Their talent and optimism deserve a better outlet than this scam money, and we all need a better alternative than the status quo
Show this thread -
A lot of intelligent observers look at cryptocurrency, see that it makes no sense, and reasonably infer that they must be missing something profound on the technical level. Tech culture has a nice tradition of not deriding new ideas, but we need to break it here and speak out
Show this thread -
From the outside (like from Congress's point of view) people see a trillion-dollar new tech industry, a lot of proponents who of course argue this is the next big thing, and some critics. They don't see the huge silent majority of tech people who know it's a scam. That's on us
Show this thread -
This thread about cryptocurrency made it to the top of Hacker News and then got flagged off in about seven minutes, start to finish. Just to give you an idea of the polarization on this issue among nerds, and why people with doubts stay quietpic.twitter.com/kI0I2hAyBy
Show this thread -
Many people in replies are saying "bullshit, there's no billions in laundered money moving over the blockchain!" Right-because it can't handle the volume! The big money laundering is crypto-adjacent and done through projects like Tether. Only ransomware *has* to use blockchain
Show this thread
End of conversation
New conversation -
-
-
No need to guess. A whopping 0.36% of crypto txns are crime-related.https://mobile.twitter.com/SteinbeckJimmie/status/1360212857498054658 …
-
Lies, damned lies, and statistics. Just because there are a lot of pointless moves, it doesn't change the fact the very same analysis found more than 1.3 billion dollars laundered thorough crypto
- Show replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.
,
%
That's the total percent of the entire transactions that I used to criminal activity. And the numbers are