Agreed. Crypto, Stocks, Businesses, anything where they have to scam people into buying something in order to make money is a ponzi scheme.
Disagree. Crypto is a scam of shifting money around from gambler to gambler in an unregulated environment with No underlying value created through goods and services . It’s financial asbestos. It will come to a bad ending in a bank run with what little exit liquidity there still is. It has to since it is a negative sum game. When or how I am not sure. The gambling game may continue another 5 years. It could go to 100k before it ends. Already lots of gamblers have lost a lot of money. A few players at the top control everything and are selling with the new liquidity from finding the new suckers. Eventually the gig is up
Would hate to have had an investment that increased by a factor of over four in two years?
Or you hopped on the Bitcoin train a year ago and you are down 20%.
Alan
More like 33%+ (I.e. most people)
That doesn’t include trading fees and possible liquidity issues with stablecoin. Vulnerable to hacks. Some of the gamblers may have trouble getting the fiat . Why would they take these risks only to lose funds on paper anyways …it is massively stupid
“As for more questionable “assets,” the loss of confidence in government liabilities has also contributed to some of the madness in cryptocurrencies in recent years. It’s certainly been fascinating to watch, but from the standpoint of valuation, “limited supply” is a meaningless attribute when anyone can costlessly introduce a new competing currency, and when these “digital assets” have neither aesthetic value, industrial use, collateral backing, nor fiat status to confer value. This makes the value of cryptocurrencies almost entirely dependent on psychological factors.
There will certainly be useful applications of blockchain in banking and payments. For example, “tokenized” dollars can already be used for instant payments. The tokens are just tokens. You buy them from an legitimate U.S. bank with dollars, transactions are validated using blockchain technology, you can convert them back to dollars, and their value doesn’t fluctuate. Perfectly legitimate payment mechanism. No need to waste the energy of a small country or be quietly fleeced by an oligarch.”
This Crypto meme video is about Wojak and his wager zoomer friends who try to become rich by trading crypto. Wojak actually makes a good move and manages to ...
But honest Q time. I agree lots of crypto is scammy and overhyped and too volatile etc. etc.
but do you not see a value in a decentralized, trust less financial system? Being about to borrow $100k of liquid stable coin against your BTC holdings is not something I could get in 3 days, maybe even a week with a traditional bank. I can do it in under 30 seconds! This is a fantastic unsticking of financial wheels that will enable billions without access to banking the ability to access credit. I understand legacy systems have safeguards and regulation and you are willing pay in time and money to have those things. But no everyone wants to/can pay for those.