JackbyDev

No, I don't. But I do find it humourous you moderate a community called "how to sell drugs online fast" lol. And I genuinely don't mean that in some sort of "you're biased" way, truly.

Someone could say crypto "is a scam" in that proof of stake algorithms (like Ether) is just a plot for the rich to get richer and favor early adopters who have more coins.

You mean just like stocks, and banks, and real estate, and investing? Doesn’t make it a scam either. Find better algorithms. Crypto works because people use it. If something is better for everyone, it’ll end up gaining traction.

No, stocks, banks, and real estate do not give you more of themselves by mere fact of owning them. Some stocks pay dividends, but you don't get more stock for owning it, setting something up to buy more with dividends is your own decision. Banks give you interest, but that is not a function of how money works, that's something the bank does. Owning property does not give you more property over time. None of these are like how a proof of stake algorithm works.

Do I think it makes it a scam? No, not really. Do I think people saying it's a scam because of that are wildly off base? Fuck no. It's valid to be concerned about it. Do I think it's better than proof of work? Yeah, probably. The arms race of increasing hash rate so long as it's profitable energy wise is pretty nasty.

No, it's your accusation.

I never said it was a scam. I'm asking what people's response to others who feel it is a scam is.

You tell me why you think this FOSS software protocol is a scam

I listed many reasons why many people might view it as a scam here: https://programming.dev/comment/17292659

You've got a navigator avatar, dev in your username, and a programming home instance. I imagine you're capable of educating yourself enough to make some sound arguments on the topic and a bit of factual contribution to the discussion.

No need to be so condescending.

What's the criteria for something being a scam in your opinion and why do you believe others whose criteria is different from yours don't have legitimate reasons and make invalid accusations?

Right, but definitely not a ponzi scheme. Also, proof of stake is also definitely not a ponzi scheme.

I think you're doing a disservice by saying everyone who calls it a scam doesn't understand it well enough. It's not like everyone saying it is a scam are doing it for the same reason. There's a variety of reasons people have for doing it.

So you're saying there's a chance? Heh heh heh... Only a matter of time.

There are plenty of things that aren't created by scammers to be scams that people call scams.

I think you may have misunderstood. I'm saying people call it a scam for a variety of reasons, so when someone says it isn't a scam, I'm asking which way of calling it a scam are they saying it's not a scam in relation to.

Someone could say crypto "is a scam" in that the proof of work aspect encourages miners to keep adding more hash rate to the network so long as it is profitable to do so and not whether the network actually needs it. It takes crazy amounts of energy for simple transactions.

Someone could say crypto "is a scam" in that proof of stake algorithms (like Ether) is just a plot for the rich to get richer and favor early adopters who have more coins.

Someone could say crypto "is a scam" in that it's controlled by technology and not laws and can't be fixed. Someone stealing it is more likely to get away with it because it's not like a company can just revert fraud.

Someone can say crypto "is a scam" because it doesn't hold value. Stocks do hold value because you own a portion of that company and if they don't reinvest their profits you get dividends. Money does hold value because even in the absence of a gold standard we've been using it long enough that it's so ingrained in everything and everyone agrees it has value. Money has value in that the massive amount of financial regulations surrounding it creates a more stable value. Not everyone agrees crypto has value. Crypto is hardly regulated. Crypto wildly fluctuates in price.

Someone could say crypto "is a scam" because it is often used in scams and makes it easier for scammers to be anonymous and lock down funds they steal.

These are all the ways I could think of off the top of my head. I don't because agree with all of them, and some I think are more valid arguments than others. The last one being the weakest since it feels odd to say scam instead of a trap or something.

Right, why invest in a rug pull coin when I can invest in an ETF of all the rug pull coins!

In what way is Bitcoin not fundamentally a scam? There are multiple interpretations of "Bitcoin is a scam" you can take, and honestly with most of them I think it's been true the whole time.

Edit: I think some folks are parsing my sentence incorrectly, and I can't blame them. I didn't do a great job communicating. When I said "in what way is it not a scam" I didn't mean to make it sound like an exclamation like "how can you not think it's a scam!?", I am saying, "which specific way of people referring to it as a scam do you believe is wrong?"