Crypto bros got a lot to answer for...

[arnemgreeves]

https://www.youtube.com/watch?v=zytL4GgQpEA

 

 

I guess this person is a crypto sis but still...

Crypto was an intriguing development because it allowed people to buy things without using state fiat money. But then it's people looking for a big buck, and in turn scamming the uninitated and unaware, who ruined something that could have been pretty big. 

[+ DynamicUno]

A lot of excess words for her to say she was pulling her crypto money out of the exchanges to virtually stuff it under the mattress.  That's not irrational though, since the FTX meltdown had shown that the companies running a lot of the crypto infrastructure lack sufficient protections for their customers, and many of the players are just hucksters.

The underlying technology is fascinating and properly built out can enable some fantastic opportunities for people. 

The implementation so far has fallen short of the potential, wasting resources on energy hungry mining, proliferating ever more obscure meme-coins, and creating outrageously overvalued derivative assets.  The push last year by FTX and other crypto companies to mass market themselves like any other investment feels more like the last push by a ponzi scheme to take in as many rubes before the whole thing collapses.

The dream of a self-regulated currency system disconnected from government oversight is being killed by the excesses and scandals we've seen this past couple years 

 

[Guest]

In the middle of the 19th century in the US, nearly anyone could issue private currency.  It was a wild and unregulated business.  The issuers were often in far flung places and were referred to as “wildcat banks.”     There are many parallels to crypto.   It didn’t last.  
 

I remain intrigued by the technology behind crypto (much in the same way that I’m intrigued by watching a rocket launch…that is, I think I can explain the process, but I could never replicate the process myself), but no one has demonstrated to me yet how the use of crypto is better and cheaper than me using my Amex card to make purchases or ACH/wires to transfer cash.  

[arnemgreeves]

8 hours ago, DynamicUno said:

A lot of excess words for her to say she was pulling her crypto money out of the exchanges to virtually stuff it under the mattress.  That's not irrational though, since the FTX meltdown had shown that the companies running a lot of the crypto infrastructure lack sufficient protections for their customers, and many of the players are just hucksters.

The underlying technology is fascinating and properly built out can enable some fantastic opportunities for people. 

The implementation so far has fallen short of the potential, wasting resources on energy hungry mining, proliferating ever more obscure meme-coins, and creating outrageously overvalued derivative assets.  The push last year by FTX and other crypto companies to mass market themselves like any other investment feels more like the last push by a ponzi scheme to take in as many rubes before the whole thing collapses.

The dream of a self-regulated currency system disconnected from government oversight is being killed by the excesses and scandals we've seen this past couple years 

It's ego too. People want the kudos of profiting off a highly volative commodity, which takes admitted skill.

[+ augustus]

Gold is the only non-fiat currency and store of value.  Forget about a file on a stick.

[Guest]

2 hours ago, augustus said:

Gold is the only non-fiat currency and store of value.  Forget about a file on a stick.

Well, technically any commodity is.  I once thought diamonds would replace gold as the standard for crisis due to its ease of mobility.   But alas, the evolution of high quality fake diamonds quashed that theory.  Anything with inherent need driven demand has the potential to be a bartering token and a store of value.  

[Rudynate]

On 12/1/2022 at 3:18 PM, arnemgreeves said:

https://www.youtube.com/watch?v=zytL4GgQpEA

 

 

I guess this person is a crypto sis but still...

Crypto was an intriguing development because it allowed people to buy things without using state fiat money. But then it's people looking for a big buck, and in turn scamming the uninitated and unaware, who ruined something that could have been pretty big. 

You're talking about it as though it's history.  I don't think so.  It has already insinuated itself into the economy so thoroughly that it is here to stay.  It will be regulated for sure - no more elementary school students playing "company."

[jeezifonly]

The first person who began talking to me about this exciting new investing arrangement was unable to answer my most basic question: how do I get my money out if I need it? 

[arnemgreeves]

On 12/13/2022 at 7:51 AM, augustus said:

Gold is the only non-fiat currency and store of value.  Forget about a file on a stick.

Who uses gold as a currency? At least not widely 

[+ FrankR]

3 hours ago, arnemgreeves said:

Who uses gold as a currency? At least not widely 

John Wick and Harry Potter. (Hey, you asked!) 🤭

[Esmarald28]

I agree that the crypto world has its fair share of scams and shady characters. It's really frustrating because it takes away from the potential of what could have been a revolutionary development in currency and finance. But don't worry, there are still plenty of legit ways to get involved in the crypto space.