untakenusername

I wouldn't say all crypto is a pirymid scheme but some of it 100% is, like dogecoin or something. Bitcoin didn't become worth 1.6 TRillion dollars because of scam, like there's actual institutional investment into it

I wouldn't say PoS is a scam but it 100% increases that existential threat of a 51% attack.

I feel like there's so much nonsense happening with crypto that people will overlook any of the legal, ethical use cases of it. Like its got lower inflation than gold, I mean that's actually incredible from an economic standpoint.

You should read some of Satoshi's stuff about bitcoin, its honestly pretty interesting ,he wrote a lot about the economic implications of it. Actually fun fact in the first Bitcoin block, the first transaction has the title from British newspaper about how the government was bailing out more banks.

Bitcoins got lower inflation than gold, that's a use case right there

How can you justify a funny money that doesn’t do anything new in terms of cyber security, while burning vastly more resources to do it, and is only worth something because of the currency that it’s supposed to replace, and that value rapidly fluctuates from moment to moment.[?]

Well its got lower inflation than gold, that's something.

There used to be services to obfuscate this, but the government has well and truly broken through those. They can find you of they want to. Not all currencies have this issue, like stuff like Zcash and Monero cant be traced

well...no. Gold goes up because of the same reason and its not ruining everything. And I'm pretty sure actually no currency has THAT much inflation, like that's a lot more than you might think

Not all crypto is hard to mine you know. Stuff like Ethereum and Solana don't use up that much electricity bc they use a different method called proof of stake, rather than bitcoins proof of work. Basically people who wanna validate transactions stake some money on the network, and if they validate a transaction right, they get paid a bit. If they get it wrong, they lose that money they staked. And the more money they stake, the more they make from validating transactions.

Well it really depends. The good thing about PoS is that it lowers volitilatity to some extent, because stakeholder cant take out too much of their money otherwise they'd be losing out on money they couldve been making. PoW is definitely more concrete though, PoS is really abstract for sure

If your interested in learning more about the math behind Bitcoin and how it functions at a lower level I'd recommend reading the original white paper for it

A central part to it is that each coin is defined as a series of transactions, not the other way around like with real world items. For example if a new Bitcoin is mined, that's described as a transaction from no-one, to someone.