[HN Gopher] Get your money off crypto.com immediately
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Get your money off crypto.com immediately
Author : Victerius
Score : 32 points
Date : 2022-11-13 19:47 UTC (3 hours ago)
(HTM) web link (twitter.com)
(TXT) w3m dump (twitter.com)
| ispo wrote:
| Beautiful to observe this happening from a socio-economic
| complexity point of view.
| midislack wrote:
| It's not money any more, it's simply numbers on somebody else's
| computer. LOL
| gennarro wrote:
| https://twitter.com/MarioNawfal/status/1591853036208803840
|
| Related: 400m from crypto.com was misplaced earlier this week.
| thundergolfer wrote:
| Crypto.com was advertised incessantly during major Australian
| sporting games. Mainstream cryptocoin corporations have clearly
| targeted low-information consumers and it's an indictment on our
| society that this advertising wasn't regulated out of existence
| around 2018.
|
| So many Australians are going to lose savings they really need.
| Thank god at least for superannuation, the actual wealth building
| project they should be throwing their money into.
| throwaway5959 wrote:
| Australians are going to lose far more of their wealth to
| housing than crypto. But yeah crypto is trash.
|
| Edit: lol immediately downvoted. Guess parent is in on the scam
| that is Australian housing.
| justinclift wrote:
| Hopefully no super funds were dumb enough to get involved with
| this stuff.
| throwaway23597 wrote:
| I do wonder how this crypto implosion will impact inflation and
| the average consumer. Crypto continues to have a ginormous market
| cap of > 800B. But it's unclear how much of this is due to shady
| schemes and wash trading propping up the price. If crypto went
| down by 95%, what would happen to the economy? Would the ripple
| effects trigger another financial crisis? These are questions
| that it would be nice to not have to find out the answer to, but
| they may be answered soon anyway.
| andirk wrote:
| This claim, while I agree, is so far based on nothing. Be careful
| making these statements.
| throwaheyy wrote:
| Be careful of what?
|
| A viral "bank run" is the ultimate fitness test of these black-
| box centralized exchanges, and if an exchange has underlying
| issues it's better that they be found out sooner rather than
| later.
| Victerius wrote:
| Crypto.com's CRO ponzicoin is in freefall:
| https://i.imgur.com/sJZBv5n.jpeg
| xrd wrote:
| Ponzicoin should be word of the year 2022! Thank you!
| andrewmcwatters wrote:
| I wonder how many of these scams need to happen for people to
| realize this tech isn't a good idea unless you're the one ripping
| people off.
|
| Do people need to see stronger negative associations than losing
| all of your money?
|
| Maybe Bitcoin ads should be placed right next to vape pens and
| cigarettes in convenience stores for people to get the idea, or
| maybe by casinos?
|
| Maybe Amway should come up with its own NFTs and start marketing
| to men, too?
| jacooper wrote:
| Exchanges have nothing to do with blockchains. They are totally
| a separate thing.
| chitowneats wrote:
| Exchanges exist because it turns out blockchain is terribly
| inefficient for transacting. There's all kinds of legitimate
| economic activity that's too expensive to do on chain.
| jacooper wrote:
| No they exist because people want to exchange coins on a
| centralized system, or exchange coins back to government
| controlled financial system, like a bridge.
|
| Blockchain is far from the most efficient system, but you
| can't deny how it offered a zero-trust way to garantie
| value.
| [deleted]
| goodSteveramos wrote:
| > this tech isn't a good idea
|
| Bitcoin is politically neutral. Wall Street isnt.
| kryptiskt wrote:
| How can it be politically neutral when it has a builtin
| monetary policy?
| abriosi wrote:
| Although I understand and upvoted I think the response is
| nuanced
|
| This is a good read:
|
| The Blocksize War: The Battle Over Who Controls Bitcoin's
| Protocol Rules https://g.co/kgs/4axiTg
| Stention314 wrote:
| Bitcoin has anti censor mechanics. It's definitely not
| political neutral.
|
| And independent of if Bitcoin is or not: the 'how it's used'
| matters because the theory matters less.
| andrewmcwatters wrote:
| I think upon casual reading, one finds that is not true. The
| Bitcoin Genesis block contained metadata that suggests
| otherwise:[1]
|
| "The Times 03/Jan/2009 Chancellor on brink of second bailout
| for banks"
|
| I personally don't particularly agree with central banks
| being a utility of commercial banks, but I also don't believe
| that creating a digital deflationary asset that cannot allow
| intermediaries to solve human problems like fraud is the
| answer.
|
| It seems infantile to me to suggest otherwise.
|
| [1]: https://en.bitcoin.it/wiki/Genesis_block#Coinbase
| tommica wrote:
| > It seems infantile to me to suggest otherwise.
|
| Nice way to preemptively disregard any comment that might
| suggest otherwise.
|
| But it's a good point with the "solving human problems"
| remark - the whole thing tries to avoid human tendencies,
| while it is meant to solve purely human-made problems.
| whateveracct wrote:
| Okay let's talk to the average American on HN.
|
| Your point (if it even has much value) does not affect them.
| US banks and stocks are strictly better than BTC as a place
| to park their USD as American citizens. Unless they wanna
| gamble.
| xur17 wrote:
| You're conflating a bunch of different things here. The main
| issue being discussed right now is: storing your crypto on
| exchanges is risky, so don't do it.
| Stention314 wrote:
| Not true.
|
| His cigarette comparison is spot on.
|
| After all you also need to read and sign that you have
| knowledge when opening a brokerage account too.
|
| We are a safe society. Sane default is build (more or less)
| so lifing is safe for us.
|
| Do I need a warning label that cereal (plenty of them) are
| just sugar treats? I don't clearly plenty others do.
| jen20 wrote:
| With a bit of timing, this will implode in time for Re:invent.
| Last year Crypto.com had purchased a display across the entire
| front of Resorts World, something I can't imagine was cheap!
| throwaway5959 wrote:
| If people are going to buy crypto they should just buy Bitcoin on
| the Cash App or Coinbase (ETH as well there). Everything else is
| likely going to zero.
| curiousgal wrote:
| > or Coinbase
|
| lol if anything, FTX has established that you should not put
| your coins _anywhere_. Which is a lesson that should have been
| learned almost a decade ago.
| throwaway5959 wrote:
| You have to buy it somewhere. I guess you could mine your own
| Bitcoin.
| quantumwannabe wrote:
| Monero is the only cryptocurrency I've seen that tries to
| actually be a currency instead of an investment vehicle.
| Unfortunately, it's still too volatile to keep any money in.
| blcknight wrote:
| Regardless of where it should be immediately placed in your own
| wallet.
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(page generated 2022-11-13 23:01 UTC)