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I've written many threads on SQV with only thoughtful feedback. But every time I write a thread critical of cryptocurrencies I get trolls. No useful comments just insults. I must be on to something.

Concerns that money launderers hire miners who use forking in the blockchain to manipulate the transaction history must be real.

These crooked miners are probably paid well. My guess these are the trolls.

cc: @Debradelai

@Alex_Graham @Debradelai It could be trolls certainly but a lot of blockchain devotees are VERY adverse to those they think do not understand the process. It really is a bit of a clique. Had a guy on another forum who was very devoted to mining and if we asked him questions that were a bit in left field he got nasty. I think there are many who also thought it would be god's gift to save us from the FED but it has gotten so corrupt that must sting those who have been in for a while.

@oystergirl

The blockchain worshippers probably also all had visions of mansions and private jets from cryptocurrencies. Now that reality is setting in I'm sure they're pissed.

@Alex_Graham

I can still remember my Grandpa saying "If you can't protect it by standing in front of it with a shotgun, you don't really own it."

He had to support a wife and five kids during the depression, so there's that.

@oystergirl

@oystergirl

Save us from the FED? They're talking crazy. I trust the FED to protect my wealth more than some blockchain. I also respect their criticisms of them. Here's a report from the Minneapolis FED.

minneapolisfed.org/~/media/fil

@oystergirl

Also the Bank of International Settlements has an depth report critical of cryptocurrencies.

bis.org/publ/arpdf/ar2018e5.pd

@Alex_Graham @Debradelai

I've always been skeptical of this stuff. Maybe something to do with seeing Cernobitch go hard out trying to whip up interest in it.

Cernobitch = The Inkshit

🖋️ 💩

@Alex_Graham

There are only two kinds of cryptocurrency fans.

1. Crooks, including those who use crypto currencies for money laundering and Ponzi schemers, and

2. Imbeciles who will get fleeced.

Both get very upset when you point out the lunacy of the ptoposition.

The first, because you expanse the fraud for what it is.

The second, because they would have to admit they're stupid enough to get duped.

Both will lash out. They have no rational argument.

@Debradelai @Alex_Graham I have family friends in the #2 category.
They very foolishly fell for the hype; of course, they wouldn't listen because "the experts are saying...".
Well, experts can often fall in category #1, and if it sounds too good to be true...
Nonetheless, these were decent people, with little to no reserve resources...so of course, even though "I told you so!" is tempting, I hated to see them get took and hope they get some payback of some sort -- like the crooks going to jail.

@Debradelai @Alex_Graham Reminded me a lot of that e-trading bs that a lot of regular people lost their shirts on.

Now people who really couldn't afford it who got taken on that one too. And again, they didn't listen because "experts are saying...".

@JennyR @Debradelai @Alex_Graham Don't even get me started on all the folks locked in to the currency Reval. I bless all who fall for these types of things.

@Debradelai @Alex_Graham

Can’t there be a way to use blockchain technology with cash transactions?

The idea behind blockchain is an interesting one for giving the purchaser a safer way to buy things, but I am not for purchasing currencies that have no actual thing of value backing it.

We already have that with the dollar.

Sadly...

@ilumanous

Real financial institutions are looking into using blockchain for cash currencies. I've found mixed reviews. Here's the Boston FED on the subject.

"While we believe blockchain technology is not currently viable for significant production use at the Federal Reserve, we believe continued experimentation is essential and can contribute to the continued maturing of the platforms."

(click the full white paper button)

bostonfed.org/publications/fin

@ilumanous @Alex_Graham

The idea behind blockchain is hot air, hubris, and imbecility.

The dollar, on the other hand, is one of the best things that could have ever happened to this country.

A pure currency controlled by us, that is the backbone of all currencies in the world.

Only morons whine about that.

@Debradelai @ilumanous @Alex_Graham ...or those who would like to see the dollar knocked from its position as such (and imhao again, some of the perps might surprise people)
HOnestly, that would be one of the stupidest unforced errors to happen, and not just for us -- again, just imhao.

@JennyR @Debradelai @ilumanous @Alex_Graham

Indeed, it gives me great pause to think that replacing the Dollar with something else could give more power to foreigners. That has barely been explained at all to the public, except for some who scream so loud you can't hear them.

@bwa_aptos @Debradelai @ilumanous @Alex_Graham If it should ever come to pass, some of those foreigners would wind up wishing it hadn't.
And there are other foreign powers who really don't want it to, for very good reasons.

@bwa_aptos @JennyR @ilumanous @Alex_Graham

It is one of the wet dreams of promoters of "XXIst Century Socialism."

Anti-American collectivist assholes pretending to be Libertarians.

@Debradelai @bwa_aptos @ilumanous @Alex_Graham !!!
The kind who go around prancing and braying about their dedication to "freedom" and all that good stuff!!
They've usually got some interesting personal predilictions --- I'm pretty sure they obsess over Hugo Boss fashi.

@Debradelai @ilumanous @Alex_Graham

The idea behind blockchain is solid and the whole FinTech industry is based on it. Some of the best uses I've seen so far are for post-trade processing.

Cryptocurrency is an application of blockchain, but until prices stabilize, it is a Wild West for speculators.

The USD is just another fiat currency unless you completely buy into Modern Monetary Theory.

@chart_map @ilumanous @Alex_Graham

Solid turds, indeed.

All paper money is fiat currency, moron.

And there is nothing intrinsically bad about it.

For someone who complains about "fiat money" you have no problem about the lack of transparency in crypto currencies or in that fraud you call "Fin Tech."

Another retard.

@Debradelai @Alex_Graham

As for Blockchain... I am just concerned about electronic purchases having to go through channels that I don't trust and I would love to see a safe option.

Have you heard of anything else that sounds promising to protect personal banking and credit info while making online purchases?

As for the dollar being the greatest thing for America, I agree. I was just mentioning that I wouldn't buy into cryptocurrency because there is nothing of value backing it up.

@ilumanous @Alex_Graham

Agree on all three.

With an addendum. Pure currency does not have intrinsic value. That is not the reason I dislike crypto-currencies, not even the most important. I will write a thread as time permits.

@Debradelai @ilumanous @Alex_Graham

I'll be looking forward to that. I've had multiple people tell me I should scrape up a couple hundred if possible to stick into bitcoin, but it seems so shady. I've had too much going on to start learning what I need to to really get it, and I god damned hate doing anything blindly.

@Theliefie1 @ilumanous @Alex_Graham

It sounds shady...because it is.

Blow a couple of hundred in Vegas.

The results will be the same, but at least you get a show for the memories.

@InALittleWhile @Theliefie1 @ilumanous @Alex_Graham

Blockchain is a shared ledger, the information in it is open for anyone and everyone to see.

They call that transparency.

I call it the kiss of death.

Do you really want to have your financial transactions open and stored in myriad unknown servers?

Fuck that.

Born of bitcoin, it will die with it.

@JennyR @Debradelai @ilumanous @Alex_Graham

That was pretty much my opinion. I need to find some small investment that might create a little revenue, but after all I've heard, BC isn't going to be it.

@Theliefie1 @Debradelai @ilumanous @Alex_Graham I'm no investor -- I am not wealthy enough to go playing around with such things. But a good rule of thumb is that if it promises to give you great returns with great ease on your part...it's a scam.

That's a pretty old con if you think about it.

@Debradelai @Theliefie1 @ilumanous @Alex_Graham My mother taught me that one -- her father managed to keep the family farm (and his brother's) through the Depression -- no small feat for a poor man.
Want more money? Get an extra job, don't buy too much...it's the only sure thing.

@JennyR @Debradelai @ilumanous @Alex_Graham

Well, I need to stay home with my beloved, so I'm working on some independent projects. I used to teach online, but that sadly ended after an all too brief 4 years. I buy nothing that isn't critical, I make everything myself, don't drive, don't go out. I thought if I could set aside a couple hundred dollars I might try investing, but as I've said, I'm almost completely uneducated in this area. Earn on many fronts, was the plan :)

@Debradelai @JennyR @ilumanous @Alex_Graham

Is that with respect to any investment, or cryptogarbage specifically?

@Wendy @Debradelai @Theliefie1 @ilumanous @Alex_Graham Honestly, now is a great time for somebody wanting to make a few extra bucks -- but it would be an investment in some sort of work. Find something you like to do, get good at it, market your product/service. You won't get rich, but you might make a little (although you never know)...and it would be safer and more enjoyable.

@Wendy @Debradelai @Theliefie1 @ilumanous @Alex_Graham Then, if you really want to give investment a go, you can save up and try your hand at it (but ONLY if losing it all won't cause any pain)!

@JennyR @Wendy @Debradelai @ilumanous @Alex_Graham

I'll have an allowance that won't be expected elsewhere. It's becoming pretty obvious that I have no business investing at the level I'd be able to, with the lack of knowledge that I currently have, though, so I'm going to stick it on the back burner for now.

@Theliefie1 @Wendy @Debradelai @ilumanous @Alex_Graham You don't have the knowledge, yes (and by the way, an uneducated but savvy horse trader is better equipped for it). But most importantly, you don't have the cash -- a couple of hundred isn't spit for that sort of thing. That's just the truth. You'd make no appreciable gains for the risk on that budget. And the temptation to make money through a risky proposition are pretty high.
Putting it on the backburner is probably a very good idea.

@JennyR @Wendy @Debradelai @ilumanous @Alex_Graham

I really appreciate the guidance I got here tonight. You have all saved me from making a big mistake.

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@JennyR @Wendy @Debradelai @ilumanous @Alex_Graham

I'm working on some writing: adult fiction, an ESL reference and a kid's series. Teaching myself graphic arts, designing t-shirts and working on getting equipment for my husband to start publishing/earning from his music.

All of it scary, none of it generating anything at this early stage.

@Theliefie1 @Debradelai @ilumanous @Alex_Graham Work from home if you can and want to do it. It's people exactly such as yourself that these wolves like to sucker, so just keep that in mind whenever somebody touts "the future" or the like.

@Theliefie1 @Debradelai @ilumanous @Alex_Graham I don't mean to be mean, but there are a lot of people out there for whom jacking the likes of good folks such as yourself is their favorite sport.

@Theliefie1 @Perramas @JennyR @Debradelai @ilumanous @Alex_Graham
I heard a while back that you can teach English online to foreign speakers from overseas. The example I saw was to Chinese students. It was mentioned as a good way for stay-at-home moms & retirees to make some xtra $.

Sorry, I don't know more than that, like a good company to go thru or anything....

@IDscot @Theliefie1 @Perramas @Debradelai @ilumanous @Alex_Graham It's a bit hit and miss -- I know some people who do it. Most of the online ESL are Chinese companies.
Some American schools also direct students to online tutors -- and some homeschooling companies also keep some on staff. So, there's that too.
Not a lot of money, but it's fairly steady -- you have to be willing/able to pull some odd hours though, so many don't like it.

@IDscot @Perramas @JennyR @Debradelai @ilumanous @Alex_Graham
Yep, I did that for four years and loved it. I worked every 12 hours, though, and only got paid for class time (roughly 30% of the job) and there was pretty much no life outside of it. Every other place I've investigated wants me to have a four year degree minimum to earn bottom dollar.
Great idea, though, thanks for the feedback. (sincere)

@Theliefie1 @IDscot @JennyR @Debradelai @ilumanous @Alex_Graham Have you looked into Billing and Coding for Hospitals, clinics, Doctors offices or Customer Service Representatives for companies. I know there are some that will let you do that work from home.

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