Bitcoin Is a Long Con Aimed at Those Least Able to Affort It

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Here’s a fairly typical email I got in response to my post last night about Bitcoin:

You write reckless articles without dd , s recent international survey shows bitcoin mining is 60% mined with renewables on top of that your foolish article is reckless because as price dropped it also reduced the difficulty by 24% in the last week , the lightning network has grown by 16000% in 2 months .

Please let me know what info you would like to know about crypto since you are clueless .

Thank you
Finance Director
John P….

This is one of the reasons I continue to say that Bitcoin is a con. This email is obviously illiterate nonsense, but it’s a typical defense of Bitcoin and it’s the kind of thing that keeps innumerate chumps pumping money into the crypto market.

As near as I can tell, the Bitcoin market is split between cutthroat Chinese miners running huge racks of servers, and hopeful but clueless marks who would be better off putting their money into lottery tickets. So this is the test: Are you a cutthroat Chinese miner running huge racks of servers? No? Then you’re one of the clueless marks. Sorry.

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PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. The deadline’s almost here. Please help us reach our $150k membership goal by May 31.

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