Bitcoin Forum

Let's compare Bitcoin scamming to Fiat scamming.

Bitcoin hacking/scammings:

1)Mt Gox gets "hacked"/makes off with 700,000 Bitcoins worth around 300million(though they found back 200,000, so it's really worth around 200million they're missing)

2)All those underground markets gets hacked for a couple thousand bitcoin worth a few million

_______________________________________________________________________________ _____________________________________________

Now, it's time for Fiat hacking/scammings.

1)Berny Madoff, makes off with a couple Billion dollars

2)Former President Yanukovych, of Ukrainse steals billions over his term of being president, has a toilet seat made of Gold, a zoo, and a ton of other priceless things throughout his home(worth over 500million if I'm correct)

3)North Korea's government officials drive Aston Martins and other luxury cars while 99% of their population is starving or in prison camps, with no electricity, not much food or water, practically nothing..

4)China's government makes trillions every year, while 90% of it's population makes under 1 dollar a day..

5) There are 999999999 more scammings with Fiat, not even mentioning the ones that happen daily with petty crimes and such, that it'd take whole books just to write them out

So guys, tell me which is worse, Bitcoin or Fiat? Cause I'm checking out Fiat right now, and the amount of money stolen(not even mentioning everyday crimes) I'm sure totals in the hundreds of billions, even if you don't count governments stealing such as China's etc.
The point is, Fiat Scams affect people much more than Bitcoin scams. Most people around the world rely solely on fiat. The biggest Bitcoin scam is small in comparison to scams with Fiat.

FIAT is a scam in itself.

+100

http://www.youtube.com/watch?v=hSZI812xT-I

http://www.youtube.com/watch?v=T_-xJoLJLq0

currently 60 trillion $ worldwide money supply =  60 trillion $ epic scam

Thanks, I'll have a look tonight.

have you seen this one ?

http://www.youtube.com/watch?v=iFDe5kUUyT0

no thank you, will watch that :-)

I like how you only list 2 Bitcoin scams when there is literally a gigantic thread on this forum dedicated solely to the sheer amount of Bitcoin scams.

But the smalls Bitcoin scams cannot be compared with the 2 big Bitcoins scams that are nothing compared to FIAT scams.
That's the point.

Trendon Shavers is left off the list above, and that wasn't anything near a small scam. There are a lot of large scale bitcoin scams left off the list above.

I'm just saying, this has been talked about previously, but if you look at how much each scam affected the ecosystem, Bitcoin was way worse. Didn't MtGox account for the equivalent of something like 30% of all active Bitcoins in circulation being lost? All the fiat scams added up don't even come close to taking 30% of fiat out of commission.

I felt it pointless to list all the other petty bitcoin scams. The biggest bitcoin scam was the Mt.Gox fiasco and even that is considered small when in comparison to fiat scams.....

Fiat scams affect people much more than Bitcoin scams do, since Bitcoin is a new technology, most people don't entirely survive/put their trust in it. Most still rely mainly on fiat..and scams with fiat can ruin a individual/community indefinitely...Look at North Korea, you can consider the government "scamming" their own people, since they lie about the outside world and do not deliver money equally to all it's citizens, same can be said with China to an extent.

That I partially agree with, but you can't say thats fiat specific. Look at Neo & Bee, who basically scammed the crap out of Cyprus and investors from Bitcoin. It can happen anywhere, so saying only the governments scam the people isn't entirely true. It isn't the amount of scams in fiat or Bitcoin, what really matters is the sheer percentage of people affected and their recourse after. Additionally, lets assume that in 5 years Bitcoin has become much more mainstream than it is now. I can't imagine scamming of Bitcoin would decrease, if anything it would increase, so it could be argued that the amount of fiat scamming is because of how mainstream fiat is.

Also, North Korea is an insane rogue state. China was the better example, they have a stranglehold on everything in their citizens lives, MUCH worse than the US.

1) MTGox makes of with approximately 500,000 BTC
2) MtGox goes into civil rehabilitation proceedings (minji saisei)
3) Order for Provisional Administration of MTGox is announced

... various bankruptcy proceedings continue in various jurisdictions

n) value of Bitcoin reaches 10,000 USD per BTC, value of MTGox bankruptcy reaches 5,000,000,000 USD
 
... various bankruptcy proceedings continue in various jurisdictions

q) value of Bitcoin reaches 100,000 USD per BTC, value of MTGox bankruptcy reaches 50,000,000,000 USD

... various bankruptcy proceedings continue in various jurisdictions

r) value of Bitcoin reaches 1,000,000 USD per BTC, value of MTGox bankruptcy reaches 500,000,000,000 USD

... and so it continues

This is irrational because of the fungibility of money. The damage that MTGox did can only be measured as fair market value of their liabilities at the time of default plus a standard economic rate of return.

Losing money in MTGox did not prohibit you from spending other money in your possession in order to buy BTC and participate in that kind of appreciation, all they did was negligently or criminally deny you access to a specific amount of money you had at the time under their custodianship.

fiat money in itself is a scam by the bankers that has stolen trillions in purchasing power in the last 100 years.
by printing more of it for themselves they steal purchasing power from everyone else every second of every day.
not only that but as wages rise to compensate for the inflation people start entering into higher tax brackets and start paying more taxes.

Don't forget the most recent Fiat scam:
Obamacare requires all Americans to purchase worthless, crappy health insurance at an average of minimum of $200/month.

If you want a list of bank currency scam, you'll get a bigger list within a month.

He only list big scams for a reason.

Sorry for diverting from the original topic. But I am having a doubt regarding this. If some one doesn't have any income, or if his income is less than $200 /month, what will the government do? He cannot afford a healthcare policy, so he is not enrolling. Will the government arrest him?

Also, the healthcare sector in the US is extremely exploitative. The doctors are paid almost 100 times the salary of a regular doctor in Eastern Europe ($600,000 vs $6,000), and the Insurance companies make billions of $$$ of profits every year. Not to mention the pharma industry, which sells drugs at 100 times their actual price.

In my country, I can insure 5 members of my family (myself, my son, wife, and parents aged 62 and 60) for just $300 per year. If I am ready to spend $600 per year, then I can get the best health care available in my country for the 5 members of my family. (And health care in my country is really good). I was just surprised by the insurance premium amounts in the USA. Just outright robbery.

Everyone with that kind of income level is already well-below the cuttoff for qualifying to enroll in Medicaid, which arguably is absolutely horrific coverage, but enrollment in Medicaid satisfies the coverage mandate of the ACA.

This issue is like Macs claiming they have less virus than PCs.  There's more scams in fiat becasue there's more users of fiat.  Scams are a human issue, not a currency design issue

Fiat is greatest scam in human history
they turned worthless paper into worth currency, and printed it as many as possible
i watched this video last night
i think this is best video for explaining about fiat is scam! great explanation and nice simulation
i share to all my friend in social network

Well said