Comment on Trump promotes family's new crypto platform, 'The Defiant Ones'
aesthelete@lemmy.world 2 weeks agoWell most crypto currency is backed by maths and no matter how many guns you point at it, you cannot make 2+2= anything other than 4.
Sure, you can make one type of coin or other rare or rate limited or whatever, but you can also just make up a different shit coin and give yourself a metric shit ton of that new coin, and then eventually try to move to either a more stable coin or back into fiat once you’ve gotten enough suckers holding the bag to exit.
That makes crypto ultimately not based on maths at all, but based on hype, stupidity, and scams alone.
IcePee@lemmy.beru.co 2 weeks ago
The main difference between these “shit coins” and fiat is once the shit coin scammers eventually pull the rug, they cannot just print more of that coin. Fiat scammers can just print more of that currency.
But in both situations one does need to look at the economics of the coins, and the priors of the people in control.
aesthelete@lemmy.world 2 weeks ago
“Once they’ve completed the scam they have to move onto other scams.”
Are you even thinking at all when constructing these arguments?