[Arm-netbook] Urgent statement on Cryptocurrency ethics

[Hrvoje Lasic]

On 20 March 2018 at 19:15, Jean Flamelle <eaterjolly at gmail.com> wrote:

>         This is difficult to express so please bear patience. Able
> manipulators of money do exploit the interest in cryptocurrency to
> affect the prices thereof, purchase and sell cryptocurrency increasing
> their stockpile of national and international currencies while
> sustaining their supply of cryptocurrency. The practice of buying low
> and selling high, is generally accepted, but I refute it. Not only
> does no way of proving if they manipulated the price practical, but
> buying low and selling high can only be possible if someone somewhere
> tries to change the price of whatever their trade includes. This means
> the price of bitcoin should be decided by netizens across internet
> forums and some powerful actor is ensuring that can't happen.
>         As a store of economic influence, I fully agree and support
> the decision to hold donated bitcoin. However to convert it by means
> of trade into any other currency, while what is happening is
> happening, I can't stomach this morally. Individuals who are getting
> tricked into purchasing cryptocurrency at exactly the wrong moments
> are losing all the have. This is not simply gambling with high-stakes,
> there is a concerted effort to deceive people into purchasing bitcoin
> and other currencies. If anyone sells cryptocurrency now, they very
> likely risk funding these scams.
>         Please do not sell donated bitcoin or any other donated
> cryptocurrency for the foresee-able future.
>         This is not a permanent problem, but one we can't know when
> will be resolved.
>
>
I think this complete idea has gone very much into wrong direction and it
is not going to end well. Cryptos are worth billions but you cant buy
pizza. Blockchain is bullet proof technology that is taking notice of any
transaction so it is impossible to take money, but it is easy to hack
account where people actually hold money, most probably by bank owners them
self. Then they say `we are sorry`. But since all this is unregulated,
nobody is responsible. Also, the guys with most crypto-money are now most
probably calling for regulation so they hope that cryptos will be used for
transactions (not only speculating like now is the case) and will be able
to hold some of `values` they have in speculating cryptos. Meanwhile, there
are very powerful players who actually try to sell as much as possible and
in the same time keep hype so more suckers keep buying.

Meantime no or very few actual business are build on blockchain idea and I
know few that are trying but it is quite slow process for many reasons
(regulation, taxes, old business etc.)...



> Thank you.
>                 -J. L.
>
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