When you're already a millionaire but didn't want to cash out because turns out you just liked riding the gambling high rather than treat it as a job.
Eh if you really believe in crypto it makes no sense to cash out, but every peak has shown that attitude of "this is when crypto will really go mainstream" was wrong.
The value of the work done in the Blockchain must be tied to the value of the applications it supports. This was always the premise from day one. Originally, that application was supposed to be payment processing. A perfectly legitimate application, but one which comes with an interesting problem - it requires an external source of value. The value of a payment processing application can't be more than the value of the assets it can process. Also the Blockchain turned out to be pretty shit at it.
The speculative value of Bitcoin was always a paradox, and pretty obvious IMO. But cryptocurrency as collateral value for stake/work done in a distributed applications is legitimate, and some variant of it will eventually find some valuable application IMO. But those tokens will need to have stronger anti-speculation mechanisms built in.
Any effective investment strategy includes regular withdrawals, and you should never be over specified into one risk area
Eh if you really believe in crypto it makes no sense
Yeah, which is why it's a Ponzi scheme banking on poor people's gambling addictions lol. Plenty of others have been duped into this shit since antiquity. MLM selling bored housewives Tupperware in the 1950s as if it was going to make them rich too. Stock is even more out of your hands unless you're already multi-millionaire rich.
The stock market, crypto, all of it when treated as short term get rich schemes is no different than literal gambling.
https://www.gatewayfoundation.org/addiction-blog/day-trading-gambling/
https://www.investopedia.com/articles/basics/10/investing-or-gambling.asp
The sentence "It was the future" Is really something
Dude this shit is too real.
There's 3 kinds of people in crypto-
1 the grifter
2 the grifted
3 the about to be grifted
There was a guy on 90 Day Fiance that was literally crying because he invested his life savings in crypto.
Yet it refuses to die.
Aside from the few reliable ones(still volatile), there is new crypto spawning after the old one dies.
Until it matures and decouples from the stock market, it will remain volatile.
I always liked the concept of the feeless, like Nano.
i won’t stop anyone from shitting on crypto, but i do hope the “haha anon lost all his shitty crypto ‘’’investment’’’” memes are understood to be memes above all else.
Bitcoin’s sitting at $25000. that’s up a bit from before the pandemic, 3x the March 2020 low (when everything crashed), and half its all time high. same story with the second most used cryptocurrency. sure, that’s bumpy, but nobody literally goes from millionaire to McDonalds for parking their $ in the things you or i are likely to have heard of before. it’s the person who hears some random crypto name on Twitter (or from Elen Musk) and YOLOs in on some thing which didn’t exist a year ago specifically because they’re trying to catch a hype wave.
idk maybe everyone knows that. i just get annoyed every time a “crypto crash” story breaks the mainstream news and i check the price and it’s like “none of the names i actually recognize here are doing worse than the last time you ran an article about them”.
Cool ponzi scheme pitch.
i'm not pitching. if you need to launder money or evade sanctions, then use Bitcoin (with all the caveats). if not, then don't.
the amount of (well-deserved) hate against cryptocurrency interacts with Poe's law in a way that makes it difficult for someone who's not actively involved in that area (me) to track reality. like, i see this meme and think, "oh, is it finally, actually dead?" and then check and it's not. but other people don't check, and then every family reunion i have to deal with a dozen relatives asking "is (colin's misguided libertarian friend) ok? i heard crypto crashed." he's not ok -- he's a misguided libertarian -- but the premise of the questions are just false, and it's not hard to trace where they formed the beliefs that would have them ask it.
Whelp, you're not wrong, but you're not right either. There are more crypto currencies that have crashed and burned than those that haven't. NFTs are the short game of most of the grifters in crypto... Build hype towards a release, or "drop", prices go high after the IPO, then sink to nothing. Again, and again. It's entirely a confidence game for any new crypto at this point, and confidence drops off very quickly.
Aside from a handful or two of "currencies", the story is the same, over and over again.
Bitcoin is the best case scenario, and even that's unstable at best and downright chaos at worst; bluntly, the only reason IMO, why Bitcoin (and limited others) haven't gone under is because of the long term holders of the currency. There's large amounts of those cryptos that are being held, possibly forever, and sometimes, entirely lost on thrown out hard drives in landfills. The blind confidence that long term holders of crypto have, is keeping that hype train rolling. As long as nobody cashes out, nobody's as millionaire and it's just a matter of time.
Crypto was a good idea that attracted way too many grifters and confidence game conmen.
