Crypto is not an investment, it's a bet. Notice how they don't even call it "cryptocurrency" anymore because almost no one is using it as a medium of exchange, and its value is only measured in dollars.
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You’re right. A true currency has three distinct uses: a store of wealth; a stable medium of exchange that gets around the double coincidence of wants; a mechanism to enable consumers and suppliers to ascertain the relative values and prices of different products. Crypto does none of those.
This crypto craze reminds me of the Beanie Baby craze in the 90's. Where everyone bought a shit ton of beanie babies hoping they'd be able to get rich off of them in the future. It never happened and now they're all stuck with garages full of the stuffed toys.
No it’s a SCAM, and the scam mechanism is called a “hash collision”, look that up, and then realize that all of cryptocurrency is fake with dependence on hash collisions not happening, but it’s actually designed to allow them to take over your entire life that way.
At least with tulips and beanie babies, you're left with something nice to enjoy when the value tanks!
Crypto has actually-zero inherent value! It measures materials expended, like trying to say that cigarette butts or fireworks casings are worth something because it cost something "to make them."
Crypto and BitCoins are glorified poker chip markers. When you go to a casino, you purchase poker chips from the bank's teller, to free your hands from keeping track of loose paper money. When finished, you can cash your chips in. Not so with Crypto. There is no central bank to cash you out!
Richard, “cRyPtO” is gambling, correct. “cRyPtO” is 39 million distinct tokens flooding the space. What changed on Thursday was confirmation of the one true asset. “Bitcoin”. That’s the one worth study. Avoid “cRyPtO” for the win. Everything is valued in the currency in use, till it’s not.
Crypto is a scam. It’s worse than a bet. A bet implies you can win. The only people who win at crypto are those who get in on the ground floor. Then it’s a pump and dump scheme.
When it happens, then it's different. Right now, you'd be doing nothing more than betting on it happening. Kinda like betting on "infrastructure week" happening.
Last week somebody on one of the investing shows was like “why are gold imports up, that’s odd” and then the Fort Knox talk and discussion of revaluation of gold. I figure that’s the plan. Trump is also obsessed with gold.
Even if crypto were simply a bet, it would technically still be considered a kind of investment. Also, you would need mass adoption for it to be a practical medium of exchange. A strategic crypto reserve would set a precedent for that to come to fruition.
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Ask North Korea.
Crypto has actually-zero inherent value! It measures materials expended, like trying to say that cigarette butts or fireworks casings are worth something because it cost something "to make them."
What a scheme.
How're those NFTs doing...anyone?
the only “problem” it manages to solve is moving real money from one place to another while consuming a fuck ton of energy
The word "crypto" is short for "cryptography," and refers to the mining aspect and algorithm.
Bitcoin itself is just as flawed and inherently valueless, it just has more marks like yourself propping it up from collapse.
“The Great Crypto Crash of 20__”
HUD, under our current administration, is looking to pump it up by intertwining it with grants.
Just another financial crisis in the making.
https://www.currentaffairs.org/news/2022/05/why-this-computer-scientist-says-all-cryptocurrency-should-die-in-a-fire
Crypto according to Trump's SEC is a collectible.
Like baseball cards and cabbage patch dolls.
Unregulated.
Popular with scammers, smugglers, money launderers, mobsters, dictators.