Crypto currency
Posted: Tue Nov 02, 2021 2:26 am
Hello, just curious anyone here into crypto currency? If so which ones do you own/recommend buying. Seems like everyone is into this now.
This is the thing that makes me SO MAD about the whole thing. Like we need ANOTHER way for people to mess up the world out of selfishness.(This also doesn't even get into how environmentally wasteful cryptocurrencies are -- the energy burn on mining and transactions basically eliminates the last decade of progress on wind/solar. The sooner they're done with as the scam they are, the better for everyone.)
Fun thing about this: the "collectible" market is also rife with the same kind of speculation. Beanie babies in the 90s were never actually that valuable in-and-of-themselves (i.e., they weren't valuable because of the rarity), but because of speculation that gave the idea you could sell them to someone else for more if you just waited -- until the market busted. Retro video games now are in the same bind: about 5 years ago saw the creation of online markets to speculate in them, so while we were growing up rare video games cost a lot because of the rarity, and now there's an entire fictitious market mean to keep the price going up (very lengthy video here that goes into the details if you're curious: https://www.youtube.com/watch?v=rvLFEh7V18A).Sonic# wrote:The fact that ads exist to encourage you to buy cryptocurrency suggests they need to convince people to buy it to generate value, rather than it existing as an investment on its own merits. Kizyr mentions that it's marketed as both currency and investment. It also feels like a collectible or product. Do you really know what you're buying? Do they?
One thing that actually changed in the course of this whole discussion is that the IRS is going to start treating crypto-assets (cryptocurrencies and NFTs) as any other investment or currency -- which is throwing the crypto-market into a bit of an issue since they've been advocating that it's an investment and a currency but now can't deal with it being legally treated as such. Also, well, a lot of the more established trading companies ("banks" in a very loose sense of the word) are incorporated in common tax/legal havens like Bermuda, the Bahamas, and the Cayman Islands.Sonic# wrote:Stock exchanges and the like are governed by regulations; do you know the regulations around cryptocurrency? If one of the attractions of cryptocurrency is that it is unregulated and therefore seems like it could be outrageously profitable, then you need to also recognize that the lack of regulation also means you are unprotected from loss, social engineering, untrue promises, and other things.
I can't emphasize this enough: go with your instinct here and don't put money into something that makes no sense to you.GhaleonOne wrote:That said, it seems like so much work just to understand how all of it works, that I've stuck to selling my art in the physical format. I also feel like there is no real value in the NFT, at least coming from an artist. I don't see how a digital piece of art that's not even large in resolution in many cases can take the place of a physical piece of art you can hang in your home or office.
Popularity is a really hard thing to gauge. Its popularity could also be evidence of a bubble, a little like subprime mortgage lending was supported by major banks and institutions in the mid-00s. Or it could be like investors and media buying into a company like Theranos, here one day and gone thenext. Or it could be rather like the lottery - yes, it sticks around for a while, and some people profit, but only by the big players extracting more value from it and enough people with a good story to tempt more people to buy in.The fact that Mastercard, VISA, PAYPAL, even Robinhood support it is very odd to me. If it wasn't going anywhere why would all these companies adapt it? It deff seems like a Pyramid Scheme but just so hard to wrap my head around it.
Even though I am actively exposing how much of a scam cryptoshit (broadly referring to cryptocurrency and NFTs) is, my anger is directed at people trying to sell others on it, not on people who have or are considering investing/buying cryptoshit. In other words, on anyone trying to perpetuate the con, not on people who have been caught in it.
WD RPG WD wrote: ↑Sat Jan 15, 2022 6:51 pmSeeing it being implemented by Visa, Mastercard, PayPal, gift cards, and hearing of billionaires like Bill Miller putting 50% of their assets into it, make me believe it's going to be here a while. I'm not saying I'm happy about it. It just doesn't seem to be in a precarious position, currently.
To start, I'm coming at this as someone who's in the financial industry and has an econ/finance and tech background. There's some good explanations for what you're seeing.MagicEmperor wrote: ↑Sat Jan 15, 2022 7:41 pmThe fact that Mastercard, VISA, PAYPAL, even Robinhood support it is very odd to me. If it wasn't going anywhere why would all these companies adapt it? It deff seems like a Pyramid Scheme but just so hard to wrap my head around it.