crypto serves no useful function for society. ... none ... so far, crypto's primary use (aside from fleecing the rubes out of billions of hard-earned ACTUAL dollars) has been to launder money and facilitate criminal and terrorist funding ...
crypto doesn't finance new factories or new inventions, ... crypto is never loaned to start new farms or orchards or new houses or to buy a house or an automobile ... you can't pay taxes or utility bills with it ... in fact, you can't even use it to buy a car wash or a soda pop from a vending machine ...
crypto wealth-creation is a complete illusion ...crypto is NOT a store of value and it's NOT a hedge against inflation and it's NOT a hedge against traditional investment markets ... crypto is literally nothing ...
crypto inherently has zero future yield, which means that ALL schemes that pretend to offer yield are total frauds and Ponzi schemes of one flavor or another, and every one of them has either already crashed or will soon crash ... every last one ...
blockchain is a ridiculous "solution" looking for some problem to solve ... bitcoin blockchain transactions are limited to 6-7 transactions/second with a 10 minute delay, and it takes millions of worldwide "miner" CPUs consuming enough electricity to power Belgium each year to maintain the blockchain ledger files for bitcoin ... blockchain ledgers grow infinitely long without the possibility of trimming and blockchain transaction are not reversible ...
blockchain is a solution for a problem that doesn't exist, and after 14 years, no killer application has been found for blockchain, and 14 years in the world of technology is like a millennium in dog years, so the chances that blockchain will find a killer application is slim to none and slim left town ... blockchain being touted as some kind of fantastic and revolutionary technology is itself as big a scam as crypto itself ...
crypto is a Ponzi plague on mankind ... and the sooner it disappears from the face of the planet,the better ... probably the same can be said of blockchain as well ...
I have zero investments in any crypto, but you could say the same thing about paper ‘currency’, or reserve notes, or whatever the hell they are. There is no value in them aside from what people believe or ascribe to them. Same with crypto ‘currencies’. Maybe when there was a gold standard, at least money was backed by something with value.
Now that it has served its purpose, cryptocurrency is now evil.
In my opinion crypto is nothing but a supposed “asset” without any backing. Indeed the analogy that I come up with is a circle of 15 or 20 junior high students, where one of them has a dream in which a magic pile of dog poop appears and when anybody waves a wand money miraculously emerges from the pile of dog poop. Then the circle starts talking about it as they convince themselves that they ought to invest in it. That’s even though the only backing is a pile of magic dog poop that only existed in one child’s mind.
I put my retirement money into tulip bulbs. Seems a lot safer.
Where is our contemporary Charles Mackay?
Wrong, Crypto is a money laundering fraud operation, from top to bottom...
Even if a player in the space has honest intentions, at the end of the day all he is doing is facilitating money laundering and profiting from it.
The entire industry is a fraud, period.
Cryptocurrency is common stock in a company which has no assets, produces no products, and issues no dividends. Its value depends solely on the ability to sell more stock. It’s a ponzi scheme.
The blockchain, the structure on which crypto lies, is the power of crypto currency. The blockchain will ultimately change the way transactions are done in the future.
In order to use the blockchain, there needs to be a “token.” Those are are two facts that should be kept in mind.
“Crypto” in the sense of FTX and other tokens such at Ethereum based “coins” can be sketchy as hell. Those things are like Penny stocks and exist only to make their founders wealthy.
That said, the foundational digital coins (Bitcoin and Etherium) have significant use potential. But educating the masses on that is difficult when there are so many voices screaming in the noise chamber.
I would suggest anyone with a serious interest or concern in these things look into where the investment in crypto infrastructure is happening. It is important to understand the differences between the major forms: Bitcoin, Ethereum, and XRP—along with the Central Bank Digital Currencies that are being planned.
There is a lot of talk about tulips and Ponzi schemes. A more accurate description would be the very early days of the internet.
Time will tell. No one should spend a penny on this stuff without some deep research. But, to dismiss it out of hand indicates as complete misunderstanding of its use, its intent, and its function.
As pure as the blockchain idea is (totally “Libertarian”) as a value cryto relies on the same thing all things rely on - belief in a given value, regardless of the route by which that value has arrived. If you accept a cost value you can pay it if you want to.
However, there are physical things outside of a stock or a bond, including physical activities and the value of those activities (capital investment, production of goods or services, revenues, supply and demand of resources, ect, ect, that are BEHIND the values of stocks or bonds.
Cryto has none of that, and while every belief in a value of something is in part a bet, cyrpto is a pure bet and nothing else.
What many crypto buyers failed to understand was that no where near all or most crypto buyers would be crypto true believers, that many would be just using crypto as a speculative hedge, and when other investments went sour they’d sell their crypto holdings to offset or cover losses in other things. Which is exact]ly what has happened lately. Crypto has hit lows it can’t seem to get off of as losses in stocks see near eqqual sales of crypto to cover for those losses. If crypto had ever been what its true believres sold it as, it would have held up in its highs when stocks decclined. It can’t because it will never be a trading meadium unaffected by trades in other things. Nothing is.