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the whole culture around bitcoin has just gotten so, so disgustingly toxic this year. that, combined with the stupid amounts of power it's consuming and the explosive proliferation into thousands upon thousands of just so obviously scammy coins and 'ICOs' purely designed to prey on all the unfortunate, deluded people that need to convince themselves that they've finally found the thing that will make them the millionaire that they've always known themselves to be, makes me just wish it was over. unfortunately the truth is that once something this effective at manipulating people comes into existence, it will always persist in some way, as something we have to heavily sigh and explain to people to not buy into, over and over and over until finally we can die, having saved a negligible fraction of the people that got suckered in.
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Oct 12, 2017 19:52
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Ham Sandwiches posted:It's the earnest belief that the stuff they were told about bitcoin was true and that they should avoid it. That it was a scam, that the exchanges would collapse, that you couldn't get your money out. But that was not true. So as it's slowly dawning on them - the process of resolving the disconnect between what they believed and the clear reality emerging that's emerging is painful, and it makes them attack the people pointing out that they were wrong. actually, it's the fact that even though this one guy is having a great time, his money is coming literally directly from other poor suckers buying his old raffle tickets at hugely inflated prices, and that at some undetermined future point the whole thing will come tumbling down. zoloft, congratulations on wandering into the circus when it was under construction and getting out before the big top collapses on the crowd
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Oct 12, 2017 23:40
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divabot posted:Professional investors agree! Hedge Funds Flip ICOs, Leaving Other Investors Holding the Bag lol this is all becoming yet another way for wall street to part idiots from their money. It's nice they've figured out methods that work on young go-getters so they no longer have to prey on old ladies
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Oct 16, 2017 00:11
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QuarkJets posted:But he thinks that he legally owns the bridge. So there's no malicious intent when he sells the bridge to someone else for $5 more than what he paid for it. That means it's not a scam anymore, right? I think a better analogy is something like alt-med. Say, homeopathy. Homeopathy is a scam. It doesn't work. It is literally magic potions. This has been demonstrated scientifically many, many times. (for the record, even the 'placebo' effect special pleading is a false claim, but I won't go into the details. It doesn't work.) There are homeopaths who know this, and go about their business anyway, inventing crazier and crazier potions to treat everything they possibly can, because they want the money. There are other homeopaths who don't know that it actually doesn't work, totally buying in, and they believe they are helping people. They also make a living from it, so in some way they rely on keeping the wool over their eyes, so you may find they are heavily biased when it comes to information on their profession. There are likely also other homeopaths who are in between. They kinda know it doesn't work, but they think that people get benefit anyway - or use some other rationalisation that makes it 'okay' for them to keep making a living this way. They are all, however, scamming their customers.
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Oct 16, 2017 23:11
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Ham Sandwiches posted:Oh Homeopathy is now the analogy we're all agreeing to? The analogy is useful to demonstrate how the definition of a 'scam' can encompass a variety of levels of awareness of the nature of the scam, by the perpetrators of the scam in question. If you stretch the analogy too far, it will break, as with any other analogy between two things which are different things. Rather than trying to twist it out of shape, try to understand the point - you obviously agree on the definition of homeopathy as basically a rip-off. I am making the point that not everyone involved in homeopathy knows it is a rip-off, but that doesn't change the fact that it is, even in those transactions where the guy giving and the guy receiving the magic potion both believe in magic.
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Oct 16, 2017 23:55
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Ham Sandwiches posted:It's a rip off because nobody can find any effect of what it does. Not because of any other reason. That part is totally inapplicable to bitcoin and you know it and are trying to avoid coming to that conclusion. Homeopathic potions can 100% be used for quenching thirst and watering plants. Not their intended or recommended use, but it's effects can be measured and verified. If bitcoin were being used primarily as a transactional currency I would concede the point. As it is though, that promise has been basically discarded or pushed into the future and now it is promising a future that may or may not come into being, or other rationalisations such as 'store of value' or 'crypto for obtaining other cryptos' or 'blockchain not bitcoin' are brought in to justify it's value. All these points are used to convince more people to buy and 'hodl'. It was never intended as a scam (as with homeopathy), and it may or may not have ever been useful for it's stated purposes, but it has now become a scam.
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Oct 17, 2017 00:09
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divabot posted:The bitcoin price is totally organic and not ridiculously manipulated in trivial ways no no no this is good stuff, keep hittin that vein
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Oct 21, 2017 12:37
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