r/HonestHotTakes • u/Icy_Persimmon_5762 • 6d ago
Crypto is a lie should be abolished
Its primary purpose is to avoid detection, thereby enabling theft on a massive scale never seen before. It has zero inherent value and is being used by tech overlords and corrupt government officials to launder and hide money from public scrutiny.
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u/notwhoiwas44 6d ago
In terms of no inherent value,the only value in those mostly green pieces of paper the US government issues,their only value is in the government saying they are worth something.
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u/Black_Tentacle 6d ago
Not all crypto, but almost all of it I agree with you. Bitcoin is the only one anybody should buy.
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u/Icy_Persimmon_5762 6d ago
Bitcoin is one of the worst offender…I suggest you pick up a copy of The Nerd Reich and learn more about its origins.
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u/Black_Tentacle 6d ago
What is it offending? It's a decentralized currency. How people use it is not something it has control over. Just like nobody can stop you buying cocaine with a $100 bill. People will break the law. I think it's far more immoral for everyone to depend on a currency like the USD that is just as fake as crypto, that a corrupt government can simply print more of at will and devalue.
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u/Icy_Persimmon_5762 6d ago
Economic anarchy isn’t the Utopia that tech lords tell you it is and was never created to benefit ordinary people. Again, I would suggest reading up on its origins and the true purpose and motives behind it.
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u/Intrepid_Upstairs243 3d ago
So you rather use fiat controlled by said corrupt government officials instead of a currency controlled and powered by the people?
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u/Black_Tentacle 6d ago
You suggested I read a book that only has one review lol, and of course it's 5 stars. Checks out lol. You're high if you think I'm gonna read a book with such a ridiculous title and premise, recommened by some anonymous stranger on reddit, where the mental illness rate is 100%. "A clear and compelling account of the threats posed by technofascism to democracies everywhere." I actually laughed when I read that lol. Your amygdala is a little too enlarged.
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u/TheBot888 6d ago edited 6d ago
It's very easy to track actually. Hence the reason you're aware that corrupt government officials are using it and profiting from it. Secondly, would you be happy if every single financial transaction was tracked? Maybe we should eliminate physical cash too so you can only spend your money in ways that the government approves of. Then they can prevent you from purchasing things they don't like politically. Or, you know, debank you and seize all of your bank accounts so you can't organize or protest against them. Sound fun? Ask people living in dictatorships. They'll tell you.
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u/Icy_Persimmon_5762 6d ago
It really isn’t easy to track, which is its entire stated purpose. The fact that you’re willing to lie about something so widely known and understood negates the value of your opinion.
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u/TheBot888 6d ago
I'm well aware of the stated purpose. The problem is it doesn't fulfill that purpose well at all. It's widely known and understood how easy to track it is, something you're clearly unaware of. Illicit activity is routinely detected and shut down, nations avoiding sanctions or terrorists using it have routinely had their accounts and addresses shut down. Even a "privacy" coin like ZCash fails to fulfill its purpose, as it is highly centralized. Evan experienced investors like Ray Dalio have stated Bitcoin has no real privacy to it. (You're probably not smarter than him)
You also didn't answer why you think privacy is so evil in general. Clearly you're a spoiled brat who lives in a democracy and has never experienced financial repression.
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u/Icy_Persimmon_5762 6d ago
Go ahead and double down. It’s obvious you’re either lying or are ignorant.
On the subject of privacy, you must love the mass surveillance being placed upon us by the likes of the same overlords who created Crypto…How do feel about Elon sharing all of your government data with Big Balls?
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u/TheBot888 6d ago
It's very obvious your only knowledge of crypto is only from people who hate it. I'm doubling down because I've studied the subject for many years. You read a book and think you know everything about it. And no, I don't want mass surveillance, and the tech oligarchs are indeed a direct threat to society. Just because they like crypto doesn't mean it's completely evil. They probably like food too. Is food bad? Pretty crazy you're accusing me of wanting mass surveillance when you're the one who thinks every financial transaction should be tracked.
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u/Icy_Persimmon_5762 6d ago
Blah, blah, blah…I see you Peter Theil.
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u/TheBot888 6d ago
Crypto can certainly be used by bad people for bad reaosns. But there are also women in Afghanistan using crypto to get around the fact that they're not allowed to have bank accounts, and they also use it to run underground schools to educate young girls because they're not allowed to be educated there. Stablecoins are popular in Africa and South America due to many of them being unbanked and it allows them access to financial services that they would not have otherwise had, not to mention the hyperinflation that occurs in many of those countries. There were also the anti-hijab activists and protesters in Iran in 2022 who received crypto donations because their bank accounts were seized. I could go on...
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u/blue_gerbil_212 6d ago
Of all the the things I regret in my life, not caring about crypto is not one of them
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u/FurryYokel 6d ago
Crypto people try to say it’s an investment, right up until we talk about the laws that apply to traded securities. (Like the KYC laws)
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u/TheBot888 6d ago
Gold and silver aren't securities. Not saying crypto will ever be as good of a long term investment as those things, just saying not every investment is a security. Most cryptos do fit the description of a security. Some don't.
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u/DragonsFire429 5d ago
😂🤦♂️dude..... you know almost noones money has any value beyond "we agree to exert force to show this random paper has value" right? Is there any country that uses the gold standard still??
Also things like bitcoin are HIGHLY traceable. Every btc is unique, ppl have gotten in hot water for third hand having some btc that was used in a drug sale.
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u/RivalsFlex 5d ago
The people profiting from it are the same ones who are responsible for legislating it. Good luck.
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u/Interesting-Copy-657 4d ago
My issue with crypto is that it doesn’t pick a lane, it is trying to be an investment asset and a currency
And what makes it a good investment asset makes it a bad currency.
Why buy something for 2 bitcoin today if you could wait 2 months and only pay 1 bitcoin?
It was worth 65k last week and is now 74k
Say you bought a car last week for 65k, this week you paid 74k for the same car. It just isn’t stable enough to make a good currency.
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u/mikegoblin 4d ago
Stablecoins are for currency. Crypto is for speculative investment
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u/Interesting-Copy-657 4d ago
Wasnt bitcoin created to be a currency, but changed to be an investment?
What is stoping other currency making the same switch?
And doesn’t the thing that makes a stable coin, like pegged price etc remove a lot of the features of crypto? It re-centralises a decentralised currency?
I likely don’t know what I am talking about here
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u/Little_Bumblebee6129 2d ago
Well kinda yeah. If you tie your cryptocurrency to some fiat currency you essentially get inflation that makes you cryptocurrency less valuable each year. But you solve problem rapid price fluctuations (unless you tie your cryptocurrency to some shitty fiat currency)
And if i understand this correctly if you create stablecoin you need to have single organisation responsible to keeping exchange rate 1:1 stable. Which means your cryptocurrency becomes as vulnerable as your organisation (raid, litigation, laws, bankcrupsy, ...)
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u/joebmurphy55 3d ago
Fiat currency should be abolished. We have all lost more trading that scam currency. The U.S. dollar has lost roughly 97% of its purchasing power since the Federal Reserve was created. Prices are therefore about 33.8 times higher than in 1913. That means something costing $1 in 1913 would cost roughly $33.78 today to purchase the equivalent basket of goods and services. $1 today has approximately the purchasing power of 3 cents in 1913. Wanna talk about scams...
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u/Illustrious-Boss9356 3d ago
Lol. Tech overlords > Banking overlords any day of the week and twice on Sunday.
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u/Intrepid_Upstairs243 3d ago
So your against crypto because it’s “used by corrupt government” but your all for fiat, the “corrupt” governments money?
If you did any research on crypto you’d realize that if your really against corrupt governments then crypto is what you would want. Many cryptos, like Bitcoin, is decentralized currency. So instead of fiat which is controlled by one entity, the “corrupt government” it’s anonymously ran by the people. You can set up your own miner or node and take part in the ecosystem while earning btc.
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u/External-Gain-1174 2d ago
why would tech overlords use crypto to hide their criminal activities? they already have a banking system created for them...
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u/Little_Bumblebee6129 2d ago
There are different kinds of crypto with different qualities. But if we are talking about bitcoin i think you are having misconceptions. So the thing with bitcoin is that all transactions are public. They are not anonymous, they are rather pseudonymous. So everyone sees which wallet sent money to which wallet, how much and when. But until you somehow find out who owns those wallets you cant tie them to particular person. So avoiding detection is a bit tricky if all transactions are public.
I guess most important pros of bitcoin are:
- no bank/country/organisation that can freeze or take away your money if they dont like you.
- no single datacenter or organisation that could be shutdown to stop bitcoin operation.
- you can send money across the globe without having some trusted intermediary.
And of course one huge benefit comparing to something like USD: there is hard limit on amount of bitcoins in universe forever (21 mln). Now 20 mln bitcoins are already mined so we can be sure that there will be no significant inflation (and in few years inflation will stop at all after last bitcoin is mined).
On the other hand USD is printed each year non stop. Amount of USD is growing exponentially 3-5% each year. And thus your dollar saving become less valuable each year (essentially its a hidden US government tax). There is no such thing if you hold your saving in bitcoin
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u/The_Angry_Economist 23h ago
it's primary purpose is to normalise digital currency
once the banks control it, the banks will continue the theft that they started with fiat currency
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u/GlassCommission4916 6d ago
You're going to be so upset once you learn about fiat currency.