/biz/ - Business & Finance

>>554984
>Yes, and it wants to tell you something
Yeah it sure does
>pic related
>>554985
>Which is why there are so many scams and frauds already associated with Bitcoin.
Such as?
Most of them have been un-audited exchanges or badly run enterprises. Which, from the glory of capitalism, have been weeded out in a survival of the fittest fashion.
>Lack of regulation ultimately screws over the average person
No it doesn't.
Regulation, on the other hand, inhibits growth and sets constraints on venture.
> Bitcoin is supposed to be a "trustless" system but ultimately in any financial system there needs to be some amount of trust.
No it doesn't.
I need no trust that my ounce of gold is worth something.
I know it is worth something because I know it's gold and I know someone will pay good money for it, that is real money.
Not trust that a third party will promise the bearer on demand shekels.
>Bitcoin itself may be decentralized but the exchanges, merchants, services, escrow accounts, all are very much centralized. When they have the incentive to have enormous gains by frauding people without any backlash, you can be assured that ultimately they will.
And those third parties are detached from bitcoin the same way the original lenders of gold backed dollars 'frauded' people with fractional reserve banking. Which led from one step to another into the debt driven society we are chained to today. And one which bitcoin, or something like it, may potentially save us from.