cross-posted from: https://lemmy.ml/post/46379297
Source: r/buttcoin
You can't fake this kind of willful stupidity.
this post was submitted on 24 Apr 2026
873 points (99.0% liked)
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Were they robbed?
I bet they were.
Say what you will about cash, but some hacker isn’t taking paper bills from across the planet via some technical exploit way over my head. With Etherium, the only thing protecting your money from the entire internet is you, and your understanding of complicated intricacies... And when lost, no one is coming to help you.
They might get my credit card, yeah. But that’s either my own dumb fault, or a very rich bank’s problem.
…It’s great for scammers, though. Crypto’s like a wet dream for them. And I find it remarkable the crypto community sees that as a feature, not a bug, and somehow thinks the whole world must see it that way.
The OP makes it seems like they lost money by making poor trades, which so far in the history of Ethereum you could do in a very short period, but not if you held onto it for any length of time.
You're right, they could have lost it by scams or hacks. The power to instantly transact with anyone in the world is a feature, but also a risk.
If crypto takes off for actual day to day transactions I imagine there will be an intermediate layer of banks or other institutions that take on some of the risk but also take their cut.
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don't get any of the freedom and separation from centralization that crypto supposedly represents.
Also, I was thinking of various wallet drainers, not just simple transactions or classic scams: https://www.kaspersky.com/blog/what-is-a-crypto-wallet-drainer/50490/
Etherium isn’t just a currency, but a contract system. You basically have to be a digital lawyer+developer to understand it, and not accidentally click on the wrong thing to drain your account, and that is a LOT to ask of the average person.
We’re on Lemmy, which must put us in the first percentile of tech nerds, yet I don’t have the bandwidth to learn enough of that to feel secure with my savings in an Etherium wallet. How could the average person?
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Plus all the potential for oligarch corruption, like current crypto has. Yeah, it’s like the worst of everything, by design.
I've just read Easy Money and then Number Go Up ... it's like built into the community that you should DYOR (do your own research) and getting scammed is like a college hazing ritual. "I guess I should have studied more" it's weird how people feel as though consumer rights and protections are no longer applicable with this ...
No but global events caused by digital manipulation can make that paper revert back to paper
But Etherium isn’t protected from that, either.
I like the idea of decentralized digital currency insulated from governments, I just feel the Etherium-style blockchain approach is just impractical, and not that, on so many levels.
I get why people say cryptocurrencys are a scam, but the whole proof of stake shit makes lot more sense if someone were trying to protect all of society from say mass inflation in places like Venezuela or something.
The revolutionary w.e he was talking about had to be proof of stake, making it use 99.9% less power than things like Bitcoin.
The alternative choice was always the same, control by the U.S. or China. Really not many other options.
If people cared about the environment they wouldn't use Bitcoin, if they cared about people, they wouldnt use the U.S. dollar and such. Every country in the world supports the U.S in doing so...
We need better alternatives, etherium may not be it.. but surely there has to be a better way to keep people from suddenly plunging into poverty when they don't have control of their government.
Ironically cryptocurrency enabled the level of corruption we have right now that put us on a path to depression 2.0.
Crypto in isolation isn't a scam (ignoring shitcoins and memecoins).
The issue is crypto is the perfect technology to hold/launder/gamble billions to trillions in undocumented and untaxed wealth by the Epstein class.
Its also perfect technology to scam millions of desperate dipshit working class numpties with severe gamblong addictions and far-right beliefs.
Crypto is a scam because after Bitcoin got popular so many people just started "making" it. As of today there are over 16,500 active crypto currencies. That's fucking dumb idc who you are. The very original idea was to just have a global currency that didn't have an exchange rate. That makes more sense then whatever the hell it's turned into now. Crypto is like Pokemon cards.
The very original idea was to just have a global currency that didn’t have an exchange rate.
Lol that's not even close to true.
It was for drugs right?
Money laundering too. Google "liberty reserve" or check out Epstein files.
Ultimately one of the Proof of Stake, momentum or ring sig coins would probably be better choices than Chinese Yuan as the next global currency to trade energy in even with this as true otherwise we go back to metal.
The main point cryptobros are missing is that the economy is controlled by force, something you can experiece if you are sailing in the persian gulf these days.
Even at the scale of a family, my taxes are collected once a year and if I don't pay the nation comes collecting their due by force, via the law enforcement.
All these cryptomoneys have the notable bug of not being controllable by the nations controllong their economy, so come a sufficient magnitude of value transfer they will be rendered illegal very fast. You ain't getting paid with it, you ain't buying food or or mortgages with it.
You can buy drugs and killers with it though, which is nice if you are into that kind of thing.
all fiat is a scam, printer go brrrrrrrrrrrr
crypto just used to be more volatile with no sure offload but if we have a run on the banks again or we lose the FDIC not like the USD is better now
we live in the griftiest timeline
Some places do pay with crypto and accept it as payment for legal goods, as well.
Less than .00001% of transactions, maybe, mainly because bitcoin has hilarious transactions fees. It can easily cost you $8 to pay for a $1 stick of gum, and that transaction will still not clear for a dozen minutes. Its just non viable in the real world.
Mostly you can change crypto to an actual currency. That's just whatever.
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Energy is still traded with petrol dollars, doesn't matter what crypto you try to sell. By decentralising energy production (which most oligarchs dont like) you can get away from it, there is no other way.
Didn't the UAE say like yesterday they were going to start trading petrol in Yuan if they run out of dollars. People will accept whatever they feel is safe and available. Crypto isn't safe, so it won't be used
i mean the big crux with proof of stake is that the majority of the currency was already held by a group with aligned interests. so it's really no different than normal currencies, it's just a bit earlier in the timeline.
To me the PoS always sounds like the current system we have - the richer you are, the more power you have
It's better than proof of work, even though both of them reward people who already have resources.
I've been interested in the G1 currency system. (Pronounced June) Participants are all issued the Universal Dividend each day. Sort of bootstrapping universal basic income. Current issue is it's pretty much limited to France because you need five users you've met in real life to certify you.
Interesting project. Very very hard to get into. I wish they had more examples of distributions if you have a lot accumulated VS new members VS old members VS someone who had a lot but spent it all. They say it all converges but it's not well documented.
I've read into it a little bit - basically every day every participant gets the Universal Dividend. It's the same for everyone. Supposing you had every person on earth participating, they all get the same thing every day.
The next part I feel like we should skip explaining to the casual observer, because it's not so simple:
Everyone gets 1 Universal Dividend per day. The Universal Dividend consists of x number of G1/June coins. That x amount is defined mathematically based on the number of participants. So fewer coins are issued today with let's say 10k users, and more coins are issued in the future with 100k users.
The system is inherently inflationary. If all users, people who have been doing it for 20 years and those doing it 2 days, didn't make any further transactions, after 40 years their wallet balances would effectively be the same.
Of course if the system is a success, people will be making transactions. But the idea is to encourage commercial exchange, rather than people hoarding because they think it will be worth more in the future.
The value isn't in the coin, the value is being able to transact with other people without resorting to barter. If you have to work for someone else or borrow in order to perform transactions, then you will be beholden to those who have already accumulated a lot of wealth.
This system doesn't solve the fact that somebody owns a factory, and somebody owns an apartment building, and someone owns the farm land and so on. But it would help the issue where the federal reserve can generate billions of dollars at a keystroke which are made available to big banks to lend to the public with interest, and which simultaneously devalues the dollars in your wallet.
This system is inflationary, like federal money creation is inflationary, but at least those inflated coins are being put in normal people's wallets instead of a handful of big banks. It helps defend against the accumulation of billionaires.
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We need better alternatives
Why? Modern fiat currencies do exactly what a currency needs to do.
It doesn't matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks... You would think shit... Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn't wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn't based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.
The thing is, large countries that don't have these problems currently, are the ones with power to change that.. and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
First of all, hyperinflation hasn't been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that "universal currencys (sic) not run by local governments" could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
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But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this.
Doesn't that happen to most cryptocurrencies?
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