[Bernard]

A few years ago I attended a seminar and some "experts" were talking about cryptocurrency. During a break, I talked to one of them and asked what the source of the accumulated wealth is that supports cryptocurrency. He gave me a deer in the headlights look and admitted that he had no idea.

So, does anybody here know what supports the various cryptos? Is there a stash of gold or platinum under a mountain somewhere or some other actual basis like a government agency for the value of the currency? Or is it just valuable as long as nobody tries to cash it out? Sounds like a pyramid scheme on steroids.

[BiglyCommentary]

GREATER FOOLS SUPPORT CRYPTO.

[Pollard]

There are some that are backed by gold, silver, US dollars. They call them stable coins. The remain pretty much flat line so they’re not an investment. Mostly just a way to send money peer to peer, especially for people who live in countries with a lack of banking services, no paypal etc.

I saw a video where four guys on four different continents sent $100 worth of stable coin around the world in four transactions that cost 10 cents each and took 30 seconds each.

[Buttons12]

I talked to one of them and asked what the source of the accumulated wealth is that supports cryptocurrency. He gave me a deer in the headlights look and admitted that he had no idea.

I have seen that look. My contemporaries (millennials) are fond of crypto but haven't a clue what they're playing with. Me, I flip real estate. You can see it, touch it...sometimes I have to fix it but by God it never vanishes overnight.

[dynachrome]

“know what supports the various cryptos?”

Ever see Wile E. Coyote run off the edge of a cliff? He is fine until he looks down.

[catnipman]

“Sounds like a pyramid scheme on steroids”

jumps up and down waving hands: call on me, call on me; i vote pyramid scheme ...