Im still not convinced that crypto is worth it. It seems like just about everyone either loses money in crypto or makes very little, chasing a dream laid out to them by some youtuber who is part of the very small group to make any nice amount from it. Just seems too volatile and sketchy
everyone either loses money in crypto or makes very little
And this is why people misunderstand crypto. The point isn’t to make money, and it never was. Profiteers have twisted it into that to make a quick buck from pump and dump schemes, but it shouldn’t be considered “investing” in any sense of the word.
Cryptocurrency should have two primary uses:
Facilitate transactions - needs successo widescale adoption by merchants and fast, cheap transactions
Store of value, like a bank account
BTC transaction costs are way to high and slow for #1, so it’s unlikely to get enough volume of regular transactions to even out valuations. The lightning network helps, but I think it also has problems. And unfortunately, coins with lower transaction costs that should scale better either get banned (e.g. privacy coins in some areas) or don’t catch on.
I’m still holding out hope that it’ll stabilize and become useful for transactions, but I’m not putting any significant money in until that happens because I don’t see it as an investment.
That’s because it isn’t. In fact it is a completely destructive concept, which utilises a shitload of energy which could have been better applied elsewhere, and only facilitates scams and other crimes.
It’s a decentralized pyramid scheme. It’s a way for the rich to syphon money from the gullible and gambling addicts.
That’s all there is to it, it’s not really hard to understand.
The issue is the new(er) generations think they have discovered something never seen before, all the while truth being - the only new thing is the way people are being manipulated into investing in trickster scheme.
Ladies and gentlemen, we have been there when internet was born. We have witnessed it and we have learned from our mistakes. It is not you who are smarter, it is us knowing not to buy tulips.
May I interest you in renting this fine pineapple?
Intellectually I know that all currency systems are constructs and are volatile. That said, what bothers me so much about crypto is how it’s either an obvious scam or it appears to behave like company scrip requiring various exchanges or participating vendors, etc. It’s annoying enough using credit cards or systems like PayPal cash app, and crypto reads like a more annoying PayPal with all of the instability of a stock.
I rarely place much value on authority, but I trust a central bank or national treasury much more than three dudes at a startup promising to disrupt how we think of money.
Crypto is basically a ponzi-scheme. I made a little bit off of it, then sold too early. Then bought back in, and sold way too early. Then bought back in, then lost a lot. The only real benefit is anonymity, which I don’t really need and only really benefits criminals. I don’t see it taking over if someone like the EU introduces fee-free digital transactions.
Sounds very similar to what I have heard most other users say. Yeah, not the best. When the whole doge coin thing was going down (feels like forever ago) I ‘invested’ $100 and made a profit of $3. I never got involved in crypto again. Im trying to maintain my 100% success rate. Have a good rest of your day my fellow King
Im still not convinced that crypto is worth it. It seems like just about everyone either loses money in crypto or makes very little, chasing a dream laid out to them by some youtuber who is part of the very small group to make any nice amount from it. Just seems too volatile and sketchy
And this is why people misunderstand crypto. The point isn’t to make money, and it never was. Profiteers have twisted it into that to make a quick buck from pump and dump schemes, but it shouldn’t be considered “investing” in any sense of the word.
Cryptocurrency should have two primary uses:
BTC transaction costs are way to high and slow for #1, so it’s unlikely to get enough volume of regular transactions to even out valuations. The lightning network helps, but I think it also has problems. And unfortunately, coins with lower transaction costs that should scale better either get banned (e.g. privacy coins in some areas) or don’t catch on.
I’m still holding out hope that it’ll stabilize and become useful for transactions, but I’m not putting any significant money in until that happens because I don’t see it as an investment.
That’s because it isn’t. In fact it is a completely destructive concept, which utilises a shitload of energy which could have been better applied elsewhere, and only facilitates scams and other crimes.
It’s a decentralized pyramid scheme. It’s a way for the rich to syphon money from the gullible and gambling addicts.
That’s all there is to it, it’s not really hard to understand.
THIS. This is not being communicated enough.
The issue is the new(er) generations think they have discovered something never seen before, all the while truth being - the only new thing is the way people are being manipulated into investing in trickster scheme.
Ladies and gentlemen, we have been there when internet was born. We have witnessed it and we have learned from our mistakes. It is not you who are smarter, it is us knowing not to buy tulips.
May I interest you in renting this fine pineapple?
Intellectually I know that all currency systems are constructs and are volatile. That said, what bothers me so much about crypto is how it’s either an obvious scam or it appears to behave like company scrip requiring various exchanges or participating vendors, etc. It’s annoying enough using credit cards or systems like PayPal cash app, and crypto reads like a more annoying PayPal with all of the instability of a stock.
I rarely place much value on authority, but I trust a central bank or national treasury much more than three dudes at a startup promising to disrupt how we think of money.
I thought you were talking about NFTs for a moment there
Crypto is basically a ponzi-scheme. I made a little bit off of it, then sold too early. Then bought back in, and sold way too early. Then bought back in, then lost a lot. The only real benefit is anonymity, which I don’t really need and only really benefits criminals. I don’t see it taking over if someone like the EU introduces fee-free digital transactions.
Most crypto is only pseudo-anonymous. One identified transaction and everything becomes public.
In 2024 Illicit volume dropped to USD 45 billion, down 24% since 2023. This represents 0.4% of overall crypto transactions
Sounds very similar to what I have heard most other users say. Yeah, not the best. When the whole doge coin thing was going down (feels like forever ago) I ‘invested’ $100 and made a profit of $3. I never got involved in crypto again. Im trying to maintain my 100% success rate. Have a good rest of your day my fellow King