Comment on Meta shareholders overwhelmingly rejected a proposal to explore adding Bitcoin to the company's treasury, with less than 1% voting in favor of the measure

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JackbyDev@programming.dev ⁨4⁩ ⁨days⁩ ago

Someone could say crypto “is a scam” in that the proof of work aspect encourages miners to keep adding more hash rate to the network so long as it is profitable to do so and not whether the network actually needs it. It takes crazy amounts of energy for simple transactions.

Someone could say crypto “is a scam” in that proof of stake algorithms (like Ether) is just a plot for the rich to get richer and favor early adopters who have more coins.

Someone could say crypto “is a scam” in that it’s controlled by technology and not laws and can’t be fixed. Someone stealing it is more likely to get away with it because it’s not like a company can just revert fraud.

Someone can say crypto “is a scam” because it doesn’t hold value. Stocks do hold value because you own a portion of that company and if they don’t reinvest their profits you get dividends. Money does hold value because even in the absence of a gold standard we’ve been using it long enough that it’s so ingrained in everything and everyone agrees it has value. Money has value in that the massive amount of financial regulations surrounding it creates a more stable value. Not everyone agrees crypto has value. Crypto is hardly regulated. Crypto wildly fluctuates in price.

Someone could say crypto “is a scam” because it is often used in scams and makes it easier for scammers to be anonymous and lock down funds they steal.

These are all the ways I could think of off the top of my head. I don’t because agree with all of them, and some I think are more valid arguments than others. The last one being the weakest since it feels odd to say scam instead of a trap or something.

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