To be clear, Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills. Bitcoin is backed by nothing and requires tremendous amounts of energy to mine using computers. As it becomes more difficult to mine, it saps more and more energy, causing millions of tons of carbon dioxide to be pumped into the atmosphere and accelerating climate change. Bitcoin is little more than a speculator’s death cult at this point.
Bitcoin is so rife with scam artists that Google and Facebook banned cryptocurrency advertisements on their platforms last year. Facebook said it had taken the action because cryptocurrencies were, “frequently associated with misleading or deceptive promotional practices.”
Eulogy made by Matt Novak
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If you are going to use the logic that Bitcoin is a scam because scammers are using it, then you can basically say that about anything, charities for example, lots of scams there! But not all charities are scams. Scammers will always jump on the newest thing, because they know it is not well understood by the general public, so it’s an easy scam. At the dawn of the internet there were more scammers than legit businesses, now the internet employs millions!
“Facebook banned cryptocurrency advertisements on their platforms last year. Facebook said it had taken the action because cryptocurrencies were, “frequently associated with misleading or deceptive promotional practices.”
Then why they are making their own cryptocurrency? Zuckerberg wants to scam his users? I don’t understand. Kek
Hi William,
I’m no fan of Facebook but let’s cut them a little slack here; there were a whole lot of dubious ICOs and crypto scams floating around on Facebook back then. I try to avoid Facebook, but when I checked out a few local Facebook groups on there last year, I saw loads of obvious scams being advertised.
It’s hard to blame Facebook for shutting down what probably perceived as their platform being used to push scams. Perhaps they feared getting sued by the users for not taking some kind of protective action?
While I most likely won’t be using Facebook Coin (or whatever they call it), I doubt the company is intending to outright scam their users.