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by duckhelmet
1066 days ago
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It's understandable why these were modded into invisibility ;)
-- @nancyhn: “The banking industry is a fraudster's paradise. The difference is they don't get arrested, they get bailed out with bonuses. It seems there are a lot of short memories here who don't remember 2008.”
-- icepat: “If you rolled back every bitcoin transaction ever made you would end up with people in debt because the transaction fees were paid. This makes bitcoin into a scam. The miners in total are guaranteed to win, everyone else in total is guaranteed to lose. Some people haven't realized their loss but it's there. It is an ingenious scam because it's not the scammers who hype it up, no, it's the marks because the only way they can get ahead if they hype it up. The miners get their cut no matter what.” “This is not the same for say, gold, because gold can be made into, say, electronics which now can be sold for more than the sum of the cost of the components. Stocks pay dividends etc.” “Since so fundamentally it's a scam, is it a wonder other scams are built on top?” |
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There's a huge misdirection in the very thin narrative about minors, which is that "everyone knows" they've always had to sell the entirety of their coin bases to break even. This is completely taking the miners at their word when there is absolutely no reason to believe any of it.
The reason the price is stabilized every time it should fall is because the miners, and the OG miners alone, have the ability to collectively throttle back on selling their newly mined coins to the market and can do so almost indefinitely because of the massive profits they realized on early gains held long term. This is the true source of number go up and I'm surprised how little attention it's been given, probably because miners are notoriously publicity shy. You'll notice they're never talked about it any of these articles.