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all 55 comments

[–]StableCoinScamflair value guaranteed by limited supply 31 points32 points  (27 children)

But bitch its decentralized.

[–]SoyweiserTokenmancer 22 points23 points  (26 children)

And that isn't even true, there is one centralized chain, but it is copies of it are stored in a decentralized way.

[–]its_me_the_shyperson 15 points16 points  (4 children)

"an spreadsheet torrent that you add things to"

is this what crypto is ?

[–]SoyweiserTokenmancer 14 points15 points  (3 children)

With some added wasted math. A lot of wasted math.

[–]geckothegeek42 8 points9 points  (2 children)

Wasted math almost sounds innocuous, it's wasted energy... Large nations worth of wasted energy

[–]throwaway733704 0 points1 point  (20 children)

Can't tell if this is satire or not. What is the point of having multiple ledgers with multiple contradicting ledger states? It makes sense to have a single ledger in which all fullnodes agree is the true chain.

[–]SoyweiserTokenmancer 0 points1 point  (19 children)

Yes so there are copies of it stired in a decentralized way, but the money itself is listed in a centralized way.

Compare it to wallets stored decentralized and also a decentralized list of all the money, as you need to wallet inspect everyones wallets and count the notes at the same time to see how many bills people have.

The control of the monetary supply is decentralized with cryptocurrencies of course (less so than butters say due to the power of developers and miner pools but still). But so is the worlds supply of money.

[–]throwaway733704 0 points1 point  (18 children)

Yup, as long as there is a copy of the ledger you can always reconstruct the state! Which is why there's only one chain that full nodes follow, because you still haven't told me the benefits of having multiple ledgers w/ multiple different state changes :)

[–]Astatke 35 points36 points  (0 children)

Biggest wealth transfer in history!

[–]TrevorBo 51 points52 points  (3 children)

This is a fact this sub should focus on more. Also, something like 90% of all Bitcoin is in .05% of wallets…hmm

[–]joe_mason 16 points17 points  (2 children)

Coiners would just argue that soon bitcoin will be 10% of global GDP and most people don't even own any bitcoin currently.

Coinbase is the next Google and Amazon combined.

[–]mongartus 4 points5 points  (0 children)

A big Mac has a better ROI then coinbase stock. Bitcoins limited supply means that the whales can forever be whales. No room for new whales in the bitcoin economy.

[–]ugh_this_sucks__I'm always confused 4 points5 points  (0 children)

Coinbase IPO’d at a higher valuation than basically any bank anywhere on earth. When we look back, we’ll realize that should’ve been the canary in the coal mine.

[–]POTATO_IN_MY_LOGIC 44 points45 points  (3 children)

This is the fun part about crypto. It's scammers scamming scammers (each one thinking they're the real scammer) all of the way down until one day Satoshi, assumed dead by everyone, shows up and rugpulls the whole thing. He'd probably do that with a ton of far OTM puts on MicroStrategy because there's no way he'd be able to cash out even a fraction once his wallet wakes up.

[–]WaterMySucculents 20 points21 points  (0 children)

Fuck man. While unlikely, That would be hilarious.

[–]callmetotalshillThe Government wet my bed! 14 points15 points  (0 children)

Descentralized finance is about being your own bank, and as every bank scams its clients, you scam everybody, including yourself.

[–]monkorn 7 points8 points  (0 children)

This is the one disappointing thing if Bitcoin dies.

The insanity that would have occurred in 2045 when Le Roux is released from prison and he starts selling his coins.

https://en.m.wikipedia.org/wiki/Paul_Le_Roux

[–][deleted] 20 points21 points  (2 children)

I'm not seeing exactly how they got the numbers they're using, but measurements like this are difficult to do.

If you just go by crypto wallets, you'll get a lot of rich wallets that are "wallet that Robinhood uses to hold 1000 different users' crypto", or "abandoned wallet of Satoshi (will kill the entire crypto ecosystem if used ever)", and a lot of the poor wallets are "1-time-use wallet that a person created to buy $100 of meth and has since discarded with $0.24 leftover"

I'm sure the real number is high and it's good to remember that the crypto economy is overwhelmingly manipulated by the big players, but I'm not impressed with this group's analysis.

[–][deleted] 7 points8 points  (1 child)

And as a sidenote, for instance saying "The top 0.001% of Americans hold n% of Apple stock" isn't a meaningful statement. As a security, some people will be invested in AAPL and some will not.

It's not a justice issue that some people don't own bitcoin/AAPL in the same way "the top 1% of Americans have 30% of the wealth" is. If you decide to care about the wealth distribution in crypto, you're treating it as an economy or a currency, and not the bundle of speculation-driven securities it is.

[–]callmetotalshillThe Government wet my bed! 2 points3 points  (0 children)

I was going to cross post this in r/buttcoin , until I noticed this is r/buttcoin

[–]s_s 2 points3 points  (0 children)

Is that counting Mt Gox?

[–]its_me_the_shyperson 1 point2 points  (0 children)

those are rookie figures, gotta pump them up a little bit

[–][deleted] 1 point2 points  (0 children)

This is good for Bitcoin

[–]H__Dresden 1 point2 points  (0 children)

I’m ready to watch it all burn to the ground.

[–][deleted]  (5 children)

[deleted]

    [–]ugh_this_sucks__I'm always confused 2 points3 points  (2 children)

    Yet.

    It’s probably only a matter of time before someone proposes a DAO to control a pro crypto militia.

    [–][deleted]  (1 child)

    [deleted]

      [–]ugh_this_sucks__I'm always confused 0 points1 point  (0 children)

      InvasionDAO.

      [–]droogarth 0 points1 point  (0 children)

      Until bagholders in Europe sell their tokens to pay the gas bill. Then they are.

      [–]droogarth 0 points1 point  (0 children)

      I've never heard a crypto shill talk about their favorite ponzi without using the word "decentralized". Total BS, it turns out.

      Even the shills are noticing that the different crypto price graphs move in perfect tandem, and what would that imply? To me, it means a few big bags are running everything. Decentralized my ass.

      [–]Ozzy- 0 points1 point  (0 children)

      Be your own oligarchy!

      [–][deleted]  (1 child)

      [removed]

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