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by christiansakai
1988 days ago
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I am not a Bitcoin holder, but Ethereum. I zeroed all my Ethereum except the ones locked due to staking (32 ETH, but I bought them when they were $600) because of these Tether news lately. I will wait for more clarity before jumping back in. It is kinda sad that in this technology there are so many frauds like that. |
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Probably wise given how correlated ETH and BTC prices are.
>It is kinda sad that in this technology there are so many frauds like that.
It is, but it is also unavoidable.
As the author correctly points at towards the end, many of the properties of cryptos (high liquidity, non-reversible, pseudo-anonymous), while very useful to legitimate users, are a wet dream for crooks.
As a matter of fact, Bitcoin has been used to scam people for its entire existence, e.g.[1][2], sometimes even in new and innovative ways.
There is one aspect of Bitcoin that many people entirely overlook, especially newcomers: [3]
[1] https://en.bitcoin.it/wiki/Trendon_Shavers
[2] https://archive.is/PZdxu
[3] http://trilema.com/2013/the-story-of-pointless-and-witless/