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Possession of any cryptocurrency should be punished by 5 years in prison. The only use case is paying ransoms to North Korea, and the side effects are destroying our climate

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rogue_scholar@eviltoast.org ⁨7⁩ ⁨months⁩ ago
I don’t even need to read the rest of the thread, this HAS to be the dumbest take. And I think cryptocurrency is inherently a pyramid scheme.

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- HKayn@dormi.zone ⁨7⁩ ⁨months⁩ ago
  Welcome to Lemmy!
  
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  - sugar_in_your_tea@sh.itjust.works ⁨7⁩ ⁨months⁩ ago
    Yeah, I don’t get it. We all came here because Reddit, a centralized service, did us dirty and we got pissed and left. We just came out of high inflation and many areas still have high inflation, and it’s largely because of central banks doing us dirty, but we’re fighting to maintain that status quo.
    
    Yeah, I get it, there are a ton of scams with cryptocurrencies. There are also a lot of fiat scams as well (stock picking, hard money lending, etc). Don’t hate the tool scammers use, hate the scams.
    
    It seems many here miss the forest for the trees. Most cryptocurrencies are scams, but there are a handful of interesting ones:
    
    Bitcoin - the OG; useless as a currency, but the lightning network fixes most of its issues
    
    Monero - as close as to get to digital cash, which is why criminals like it (both are untraceable); oh, and it’s mining resistant, so to won’t see big Monero mining farms, just a hobbyist running it while playing games or whatever
    
    Ethereum - proof of stake instead of proof of work, so it uses way less energy
    
    As long as you don’t see it as an investment, it’s totally fine. I have never and probably will never “invest” in Bitcoin because it’s all hype and I don’t think there’s any reason to think it’ll continue going up.
    
    I hate how much banks and governments snoop on my transactions and sell my data to the highest bidder, and Monero offers a way to recover my privacy. Bitcoin lightning is also pretty good, but its privacy features aren’t quite as good.
    
    So don’t “invest” in crypto bu do look into it as a currency. If enough people use it, stores will start accepting it (and I’ve seen a handful that do).
    
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