Can any of you guys give me any more good reasons as to why crypto-currencies are absolute shit?
I'm not a boomer, I'm 20 years old and have been using it since Liberty Reserve shutdown. After Liberty Reserve shut down, I moved on to Bitcoin. I love crypto and I use it quite often to purchase stuff, so I'm not hating on it. I also have many wealthy friends who have hundreds of thousands if not millions of dollars in crypto. I am trying to convince them that holding on to all of their crypto for years will not make them rich.
Crypto will always be around due to it being P2P, but it could never be used for mainstream use and therefore not a currency. I've tried describing to my friends that BTC is a very large Ponzi and Pyramid scheme- there's no doubt in my mind that it is. People only hold crypto in hopes to make money and shill it so others buy it, therefore the price goes up.
Crypto also has no regulation. What do you do if somebody scams you and you have 100% proof of that scam? How would you get your money back? How would people without internet even use crypto? How would you trade fiat to the government to get the equivalent in crypto? Fiat has been around for a long time and it's hard to change things like that, especially in places where the Internet isn't relevant. There needs to be centralization in crypto and people do not seem to understand that. Yes, our current fiat system is fucked- I will agree. We cannot rise up and change that, there's too much control. Political leaders are the only ones who can change that.
Anyways, I'm tired of rambling. Could anyone else give supporting answers or maybe answers that do not support my views to cause a debate?
Blockchain as a technology was always a solution in search of a problem. BitCoin was really intended as a proof of concept prototype to demonstrate Blockchain had some sort of practical application. Then the anti-fiat crowd/ gold-bug and black market users got wind of it and later speculators and scammers and it's just turned into a ponzi scheme.
Cryptocurrencies have no intrinsic value. It's even worse than gold as a means of exchange or store of value or whatever other utility people might claim it has. It uses an extremely large amount of energy to mine and process transactions, which is wasteful and inefficient. It offers no real benefit over fiat as a token of exchange, besides some degree of anonymity.
So it possibly has some utility, but it's 100% sure no coin out today will dominate any future demand for it. It'd have to be a coin produced by a legitimate financial organization, not some random chink or poo scammer.
Jackson Bell
Thanks for the response, user. I do agree that Blockchain technology is great and can have uses in practical application, What was it's intention of Blockchain, though? I haven't read whitepaper.
I've tried explaining to my friends that cryptocurrencies have absolutely no intrinsic value whatsoever. Are there even any alt coins that are producing a profit besides their coin going up a few percentage? I haven't seen any coins, except maybe Ripple that make a very small amount in fiat. There is no utility as you said. 99% of altcoins are completely useless and pretty much a scam. Another lie that the masses seem to believe is that the total marketcap of all coins was purchased with fiat. I love Bitcoin for the anonymity, that's why I use it. Other than that, there's no real value in it.
Your last point is also extremely true. This also pushes the idea of Globalism, which I do not support. When fiat crashes, there will be a world currency. I'm not a bible-humper, but it even states that in the Bible.
Christian Baker
Regulation has nothing to do with somebody scamming you / getting your money back, the situation is no different to if you had used government approved paper fiat vouchers.
People without internet would not really be able to use the crypto, but more people have internet than bank accounts, banking without internet is on it's way out, physical cash is being phased out as well.
Ponzi is a good way to help normies understand they are going to lose all of their money, but bit coins are not literally a pyramid scheme
Anthony Baker
Do you really believe the intrinsic value of bit coins is literally zero? I have no idea how to price the fundamentals but zero seems like a pretty brazen call. It might be easier to think about it as some very low value, like a market cap of 21 cents, for the niche applications it has right now do you really believe it is worth less than 21 cents?
Yeah a cryptocurrency is intrinstically literally zero. Less than stock certificates in Blockbuster or fiat currency, since those are still worth the paper it's made of. It's not hard to imagine some meme scam coin, Titcoin or whatever, being worth zero if nobody mines it anymore and the joke is 20-30 years old.
You're right for niche purposes, that Titcoin will be bought and sold by nerd hobbist collectors in the future or whatever, but strictly speaking, as a financial instrument it's safe to say 'zero' is lowest it can realistically be traded for on the open market.
The best 'intrinsic' or book value you could say would be whatever costs in electricity it took to mine a single unit might be a good baseline, but you can't really assign value to something just because it destroyed value somewhere else.
Asher Thomas
But we are not talking about a titcoin that is not mined anymore because that would be retarded. We are talking bit coins or whatever other coin that has a functioning, operational system right now.
Cost to mine a unit I've never thought of as a useful method, it's more just for desperate shills to delude themselves with a high baseline and it's largely tied to market price anyway. There is some level of demand right now for an alternative currency, I am thinking that is where the only real value is
Caleb Taylor
bumping this. do you anons agree with all this shit?
