News Ethereum Miners Likely Lost Money During the Past Two Years

[InvalidError]

Calling crypto a pyramid scheme is akin to calling the stock market a pyramid scheme.

The stock market is at least hypothetically tied to companies' worth and subject to buybacks by the issuer. The stock of well-managed companies providing popular goods and services will hold up quite well through most market conditions. Crypto on the other hand is only worth whatever people are paying into it just like a pyramidal scheme. Once the pyramidal scheme runs out of new people willing to throw more money at it to keep it running, it collapses.

 

[spongiemaster]

The stock market is at least hypothetically tied to companies' worth and subject to buybacks by the issuer.

Exactly, hypothetically, but we all know that isn't the case in reality unless the company is sold, so why even bother brining the point up like it means anything? Is Intel or AMD or Nvidia going to be sold any time soon? I'm going to guess no. There was no financially sound reason why AMD had a higher market cap earlier this year than Intel or Nvidia. Forgot about Gamestop already? Stocks prices are what people are willing to pay for it which has no relation to the actual tangible value of the company.

Crypto on the other hand is only worth whatever people are paying into it just like a pyramidal scheme. Once the pyramidal scheme runs out of new people willing to throw more money at it to keep it running, it collapses.

Crytpo does not depend on a continually growing userbase. You need to drop your obsession with the pyramid scheme comparison. It doesn't apply. Pyramid schemes are flat out illegal, and many states have laws in place against them. How long has block chain technology been around? Bitcoin is almost 15 years old. Amazing that no one in law enforcement or the financial sector that covers it daily has figured out it's a pyramid scheme up until now.

 

[JeffreyP55]

With Ethereum prices way down and mining profits trailing off toward nothing, we take a look at the potential profits from mining with various graphics cards over the past two years. What hardware came out ahead, and what was the best strategy for turning a profit?

Ethereum Miners Likely Lost Money During the Past Two Years : Read more

I have been cussing out miners since the price of discrete video cards was ridiculous.
Good riddance!

 

[InvalidError]

How long has block chain technology been around? Bitcoin is almost 15 years old. Amazing that no one in law enforcement or the financial sector that covers it daily has figured out it's a pyramid scheme up until now.

Most governments haven't even decided what category of financial vehicle, if any, crypto belongs into. Crypto exists in legal limbo.

 

[cryoburner]

Better than paypal because it's instant instead of taking 3 days,
Better than credit/debit cards because it's extremely hard (compared to cards) to do identity theft, to steal credit card numbers/info and so on.

Or you know, maybe it takes 3 days in order to provide protections for buyers and sellers. Paypal sees wide use because it's generally considered a relatively safe and easy payment option that's widely accepted among small online businesses.

Credit cards similarly have buyer protections in place. At least in the US, there's long been a federal law that prevents people from being held liable for more than $50 in fraudulent charges, or $0 if the card is reported stolen. And most credit cards even cover the $50 for their users, resulting in $0 fraud liability. Many cards will provide additional purchase protections as well.

If someone gains access to a person's crypto wallet, there are no protections in place, and the transfers are generally irreversible.

 

[KyaraM]

Or you know, maybe it takes 3 days in order to provide protections for buyers and sellers. Paypal sees wide use because it's generally considered a relatively safe and easy payment option that's widely accepted among small online businesses.

Credit cards similarly have buyer protections in place. At least in the US, there's long been a federal law that prevents people from being held liable for more than $50 in fraudulent charges, or $0 if the card is reported stolen. And most credit cards even cover the $50 for their users, resulting in $0 fraud liability. Many cards will provide additional purchase protections as well.

If someone gains access to a person's crypto wallet, there are no protections in place, and the transfers are generally irreversible.

Yeah, PayPal is quite awesome. So many options. And here in Germany, it's not just small businesses that accept it. I pay anyone from the small online retailer to the big online retailer to big corporations like Square Enix with it. And I can even opt to pay a month later, plus support charities. That's awesome.

 

[TerryLaze]

Or you know, maybe it takes 3 days in order to provide protections for buyers and sellers. Paypal sees wide use because it's generally considered a relatively safe and easy payment option that's widely accepted among small online businesses.

Credit cards similarly have buyer protections in place. At least in the US, there's long been a federal law that prevents people from being held liable for more than $50 in fraudulent charges, or $0 if the card is reported stolen. And most credit cards even cover the $50 for their users, resulting in $0 fraud liability. Many cards will provide additional purchase protections as well.

If someone gains access to a person's crypto wallet, there are no protections in place, and the transfers are generally irreversible.

Sure, but I was clearly talking about being payed not paying, and for them those things are plusses. Fewer payments that can get revoked.
Personally for paying I'm all for paypal as well.

 

[KyaraM]

Sure, but I was clearly talking about being payed not paying, and for them those things are plusses. Fewer payments that can get revoked.
Personally for paying I'm all for paypal as well.

So, scummy and shady and in favor of the seller...

 

[TerryLaze]

So, scummy and shady and in favor of the seller...

Unless you are being forced to pay with it what's the problem?
Just keep using paypal.

 

[AlexSun]

Well you can call me crazy but I wouldn't mind having gold and diamonds even if they are "useless" .
If you are against crypto at least come up with some good arguments, I can at least understand the people that go on about burning electricity and heating up the planet those are valid concerns.

14 Major Companies That Accept Bitcoin

Crypto is as good as cash for these big businesses.

www.gobankingrates.com

I'm just gonna say that I had a good laugh at your response.