What is your argument against crypto?
The market dip/crash/correction has brought out all of the people dying to say I told you so. Why are you anti crypto? Have you genuinely tried to learn about it? I was dismissive for years. I finally opened my mind to the new concept, did extensive research, and found it fascinating.
I’m over fomo. I researched it quite a bit. No way.
Nothing to learn here. You can’t create something out of thin air that doesn’t provide any value and call it an investment. The technology might be great but the coin itself is NOT a currency. It has no value. Just like tulips. Now using that technology if you can solve some real problems then that is something I would bet on. Coin itself is bullshit.
That's pretty much what money is. It doesn't need to DO anything, it just has to have a utilty. Once that utility is recognized then it has value.
Yeah, if you never got past the “tulips” phase then there’s probably more research you can do
Investing in crypto is very much like investing in stocks, with the primary difference being that the stock market is manipulated in legal and somewhat restrained manner, and with crypto, it's free for all.
No. Stocks represent a fraction of a real thing - a company. That company can grow, it can make money, etc. gold is probably the closet analogy although even gold has some actual practical uses and a thousand year tradition.
With this logic how do you sleep at night? Crypto is nothing like stock. If don’t know the difference then you are a perfect match for this crypto mania.
The value is certainly there and this certainly will change many things. The most fascinating aspect of this to me is how I am able to transfer money from the US to a foreign company within minutes and no mediation of third parties. You can choose how much of your personal money you decide to put into the process of price discovery. The problem is unlike real estate and stocks where you are reasonably safe to always buy the dip, there is not this case for Bitcoin. Yes Bitcoin is finite supply but doesn't mean first to market takes all. Happens sometimes like Amazon and not like compuserv or AOL. I am also scared of the explosion in number of highly valued crypto currencies. Many only have a couple readme commits, with 1b valuation. If it was actually just a few coins with lots of dominance it would be much safer.
I have nothing against crypto in principle. It seems like a cool idea and the technology is solid. But what is currently going on is pure speculation. New cryptos pop up overnight and are worth millions. It’s pure fantasy. Reminds me of dot com era
Fair points. Time will tell if we crash like the dot come era and then rebuild. I’m hoping that some projects will start to earn their valuation (not just speculative) before the market collapses. Then maybe we will see a shift of the money to winning projects and not have a total collapse like dot com.
Ponzi scheme. Look at ripple, c
Because I don’t understand its value.
Crypto's value isn't backed by a nation with a military and the NSA. I'd be more concerned about angering the US than an algorithmic network.
Eh. My counter to that is it's backed by all the malitia, drugloards, mafias, and other shady characters. If Zimbabwe dollars can be a currency then so can drug Lord money.
Zimbabwe and all the drug dealers in the world don't out compete the US in sheer might. It's trillions vs billions of dollars in wealth, and the fact we still peg BTC to USD even demonstrates that. BTC loses power when USD goes away.
There could theoretically be infinite crypto currencies powered by infinite types of ethereum like platforms. The former seems easy to do, not sure about the latter. So there could be value in ether driven by demand but probably not in cryptos based on ethereum.
Fomo and no $
The current valuations are way out of whack with actual usage and utility. I thought we’d see these high valuations when people used Bitcoin to buy things daily, smart contracts on Ethereum were used by many companies and people to execute deals, etc. but basically there are nearly zero uses, merchants are rejecting bitcoin, Ethereum is mainly used for ICOs, etc. Instead compared to 2012-2014 actual usage might even be lower as a % of volume with speculation being almost all of it.
Overvaluation is a fair reason. I also agree that the current valuations are largely crap. My hope is that actual usage and adoption happen before the bottom falls out. Maybe that way we can avoid a total crash and instead have the money aggregate to the winners. That said, I fully expect all but a handful of the current cryptos to be worthless in short order.