this post was submitted on 26 May 2026
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More than 107 BTC are now provably burned from the supply until someone invents a cryptographically relevant quantum computer. The post Someone just burned $8 million of bitcoin appeared first on Protos.

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[–] rafoix@lemmy.zip 1 points 1 week ago (1 children)

Nobody can tamper with the supply?

How many crypto scams happen daily? How many people that have lifetime bans from securities are now in the crypto space?

Crypto is wildly volatile. Very few people have made money from it. Those few made massive amounts but the rest of the crypto bros believe it their head that they’re next. It’s so obvious that it’s almost sad.

Investing in the S&P 500 is safer and more reliable than any crypto or individual stock. No need to check it daily like a crackhead waiting for their next dopamine hit.

[–] AHemlocksLie@lemmy.zip 1 points 1 week ago (1 children)

Nobody can tamper with the supply?

Nobody in the history of bitcoin had ever tampered with the money supply for it. The vast majority of cryptocurrencies are immune to it, but not all. When I say that, I mean you can't create or destroy coins. You cannot impact the total supply of available money. Well, you can technically burn coins by sending them to uncontrolled addresses, but that doesn't destroy them, just leaves them in a very public box nobody has the key to.

How many crypto scams happen daily? How many people that have lifetime bans from securities are now in the crypto space?

But having a secure money supply does not prevent scammers, correct. It's extremely unfortunate and not something I condone, but it doesn't take away from what I said about the money supply.

Crypto is wildly volatile. Very few people have made money from it. Those few made massive amounts but the rest of the crypto bros believe it their head that they’re next. It’s so obvious that it’s almost sad.

Last I looked, everyone who held bitcoin for more than I think 3-4 years had turned a profit, and that's been true at almost every point in bitcoin's history. The overall crypto scene is rife with scam coins and people who think their near clone of bitcoin will replace it despite no real features to distinguish it.

Investing in the S&P 500 is safer and more reliable than any crypto or individual stock. No need to check it daily like a crackhead waiting for their next dopamine hit.

Like I said, on a long enough time line, bitcoin has almost ALWAYS turned a profit, and at many points, it outperformed S&P. But if you wanna get into the broader crypto market, don't do that, it's rife with scams.

[–] rafoix@lemmy.zip 1 points 1 week ago

“A long enough timeline”

Dude crypto isn’t even 20 years old and didn’t hit the mainstream until the last 19 years.

You don’t even know why crypto goes up or down other than hype. There’s no balance sheet. No profits. No product. Nothing. Just a bunch of gambling addicts waiting to defend it because they know their just only keep value as long as long as it has positive press. How is it not just a pyramid scheme?