Why not specify how people using their own money to set up an ATM that dispenses cash for crypto to those willing to exchange one or the other with their OWN money is a scam. Bitcoin itself is also a scam you say? Pray tell, how? By existing as a decentralized cryptographic system of fungible units that the market in general ascribes shifting value to and people happen to be able to exchange? Well shit, that sounds similar to many things that most of the world uses for economic exchange. They're all scams too?
Why not at least argue something semi-coherent?
Use is irrelevant.
> ATM that dispenses cash for crypto to those willing to exchange one or the other with their OWN money
All money scams involve something and some "willing to exchange one or the other with their OWN money".
> By existing as a decentralized cryptographic system of fungible units.
A scam is a scam irrespective of centralization, decentralization or whatever the buzzword of the day is. For example, properly done, decentralized stable coins aren't money scams but Bitcoin most definitely is.
> Well shit, that sounds similar to many things that most of the world uses for economic exchange.
Close but no cigar, I mean, not even close.
> They're all scams too?
An interesting question with no binary answer.
> And here comes the obligatory "crypto scam, bad" troglodyte...
Gaslighting is a common tactic of scammers. Also, bad cops don't make Bitcoin good, implying the opposite is a trivial fallacy.
Here's something for the Sherlocks out there - this is how the heavyweight financial gorilla Fidelity defends Bitcoin against the charge that “Bitcoin is not backed by anything.”
Says Fidelity: “Bitcoin is not backed by cash flows, industrial utility, or decree. Bitcoin is backed by code brought to life by its stakeholders’ social contract.”
Well, it's free code with zero financial value outside the scam. It's like something backed by pink unicorns and Cheshire cats. But hey, they birthed an "explanation"...
It's a win-win overall: look like you're actually being tough on crime while getting away with theft. A quick look at the long history of asset forfeiture laws in the U.S is loaded with related examples.
I assure you that they almost universally wouldn't be so pro-active if you complained about your stolen car.
In some countries (the UK is one) there is no such thing as a legal bitcoin ATM. Australia appears to be trying to tighten up some of the law in this area too, and it looks like a $5k transaction limit came in. Frankly I think they should be removed everywhere.
In the cases in the article … I mean in some respects the ATM is holding the proceeds of crime right there. It’s an interesting conundrum and it strikes me I don’t know the answer to this - if I was to steal $1k physical money out of your pocket and use it to buy stuff in a shop, and I can’t be traced, would the shop owner have to return the money? With goods they certainly would.
otterley•7mo ago