There are so many scams and frauds out there, starting with fiat financing and stocks, to hidden car wreckage that cannot be easily seen, to phone "branded" names for ex: iPhone that is not a real iPhone and so on... The commonality in all of these scams is that they work as long as the people that falls into them they trust to much the seller or they never checked/verify the status of the product they are purchasing.
In the Crypto World, there is a saying: "Do not trust, Verify!" which says everything. But for those who do not quite understand the meanings of these words here is a little description:
- All scams and frauds are designed to impersonate a real thing! Usually it's something that is very famous and has the most prestige.
- All scams and fraud fails, either sooner or later, they all fails. Why? Because sometimes people verify the products in-deep before buying and then the scam fails by itself, but more commonly, because those who were already scammed are spreading the truth about the respective scam they got involved with.
Just try to not fell in the category that were already scammed.
- Majority of the scams and frauds are carefully designed to not leave tracks, but some of them are plain stupid and maybe that's the reason why they fall down easier and faster.
- All scams and frauds are designed to keep you entrapped because well, you might be "to big to fail" or you might loose all the unrealized profits if the system fails.
The fiat system is not new, it was used in every century, dating back thousands of years ago, from Greeks and Romans to Dutch, French, English and United States empires, with the latter that made basically "a standard" of fraudulent currency to be used in every country of the world, up until today.
There are SO Many examples of frauds (FTX is the newest one), scams and pyramidal schemes, Ponzi like schemes, phone scams, email scams, sms scams etc, that it could take forever to exemplify them in every single country, but the most unknown fraud-scam of all times is the Fiat Currency.
After the 2008 financial crisis, Satoshi Nakamoto had enough with the fiat banking system and decided to start developing the Bitcoin protocol. My own theory is that Satoshi, he, she or they, must had some knowledge about this Security Hashing Athe infamous SHA-2. My guess is that he was testing all the SHA 224, 256, 384, 512 or mixers 512-224 and 512-256 before deciding that 256 is the best algorithm to be utilized in a peer-to-peer transaction. If Satoshi actually decided to utilize 256 without any previous testing it would mean that he, she, they knew which algo is already "battle" tested and is the best. This puts Satoshi in a position of being an ex programmer at the NSA, otherwise will not make any sense why he would pick SHA-256 to be THE ALGORITHM.
Even if you wanted to think of Satoshi as being a cypher-punk, a ultra nationalist or just a simple programmer that was totally wrecked in 2008 and all of his funds were lost, the fact that remains and this is:
Satoshi wanted to liberate humanity from the trapped loop of the Banking System by eliminating the third party interfering in every financial transaction.
The evidence that he hated the Banks Bailout is his message in the very first transaction to Hal Finney
Chancellor on the Brink of Second Bailout for Banks
This video is an older but nice reminder, which I find it quite informative and entertaining as well:
There is also THIS guy, who says Bitcoin is scam, but before you watch it, let me tell you this:
Bitcoin has been created as alternative to financial banking fraud, it was intended to be ussed as a payment system in a time that Bank to Bank transfer TOOK DAYS FOR FINAL SETLEMENT and STILL IS! And nevertheless people do not want to use it because, surprise surprise, it is a PERSONAL PENSION FUND! Now you can check this video and make your own debunk and judgement of how WRONG this guy is...
The only fact that is true, is that you are going to give him more views on his s***y video!
That said, Bitcoin cannot be replicated in order to be a scam. Miners are given some BTCs if they solved the computational problem. They are actually doing the work and consume energy to be able to make the hashing process. In a scam, if you bring more people in, you can produce/replicate as much coins you want, aka Fiat (IOU) paper. There were many bad actors who wanted to attack the Network by creating their own side chains (or like in fiat case counterfeiting), but unfortunately for them attacks on Bitcoin Network never succeeded!
There is also the mining adjust difficulty that is explained better in the first above video.
So how come the attacks always fail you might ask?
It's quite simple but with complicated cryptographic inscription, that is the more Hashing power a network have the more harder it is to get a successful attack and if the miners are decentralized and do not unite to attack the network at the same time then the 51% attacks or DOS attacks will never occur.
The point of becoming awaken and being liberated is to understand what the Bitcoin is, and why it was created. It absolutely does not matter if it can be used as a currency of not. Seriously, this really does not matter at all. As long as you understand that the financial elites and governments only wants to either take the wealth from your pockets and increase their power over you or to maintain the power that they already taken from your parents and grandparents. This is what is all about, power of enslavement that "can make you happy".
Satoshi realized in his later months of Bitcoin development, that the Bitcoin Network might be a failed project, but he did not realize the world wide awakening which made his creation a "Gold-like standard" philosophy for future generations.
So what do guys think, is Bitcoin the modern financial awakening or the scam that some non-crypto educated people believes?
