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Crypto is inherently worthless ... its apparent “value” accrues solely from ignorant and greedy greater fools who’ve been scammed with FOMO (fear-of-missing-out) generated by paid celeb endorsements and massive fraudulent wash trading that gives the faked impression of a large trading volume, that is, faked numbers that indicate lots of other folks are trading lots of crypto, so you better jump in too before it’s too late ...

crypto also inherently offers zero return, unlike USD denominated assets such as mortgages, auto loans, bonds, CSDs, dividend-yielding securities, etc. ...

therefore ANY entity that CLAIMS to offer “interest” on crypto “deposits” is automatically fraudulent on its face and WILL implode sooner or later ...

outfits claiming to offer “interest” are usually just gambling its client “deposits” that crypto prices will rise indefinitely via the crypto perpetual futures market or some other gambling scheme and/or they are outright Ponzi schemes in which the “interest” is derived from new money “deposited” by new fools ... a variation on the above is for one fraudulent outfit to hand its client “deposits” to some OTHER fraudulent outfit that claims to be paying an even higher “interest” rate with even riskier gambling mechanisms (so-called yield farming) ...

Crypto started off as a fun toy, and that’s where crypto will end up again: a fun toy ... a couple kids in their moms’ basements will be sufficient to provide the computing power to maintain the blockchain ledgers ...

in the mean time, a few EXTREMELY wealthy con artists will have redistributed hundreds of billions of dollars of real wealth to themselves from hundreds of millions of stupid, greedy people who can least afford to lose their paltry savings ... as usual, poor folk, people of color and women most affected ...

to paraphrase a Seinfeld line, “Crypto is an idea about nothing” ... at least with Tulips, one had pretty flowers to look at ...

1 posted on 01/20/2023 2:14:40 AM PST by catnipman
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To: catnipman

not your keys
not your crypto


2 posted on 01/20/2023 2:38:04 AM PST by RockyTx
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To: catnipman

I completely agree with you


3 posted on 01/20/2023 2:45:57 AM PST by rottweiller_inc (inter canem et lupum)
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To: catnipman

“Crypto” implies encryption. It’s obviously not very well encrypted if there’s so much fraud and loss.

It’s not currency. Only governments have the right to issue currency.

So what is it?

Scrip that can be exchanged for currency with no guarantee, no backing, no insurance of that ever actually happening.


4 posted on 01/20/2023 3:32:55 AM PST by I want the USA back (News media are pond scum. My pronouns: Haha, heehee, hoho. )
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To: catnipman

One player: “Digital Assets VanEck New Finance Income Fund, LP A convenient way to potentially generate income from the digital asset ecosystem without taking direct crypto price risk.” Hah!


5 posted on 01/20/2023 5:46:41 AM PST by Bookshelf
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To: catnipman

Now do “Tether”.


6 posted on 01/20/2023 8:39:42 AM PST by EasySt (Say not this is the truth, but so it seems to me to be, as I see this thing I think I see. #MAGAA)
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