Its very analogous to the housing market of the last 5 years. Terrible people buy up as much of the stuff as they can at lower prices, jack the prices up as high as theyll go and then sell/rent it off and leave the sucker holding the bag when it crashes.
Dumbass online monkey pictures arent worth 150K, bitcoins arent worth 60K, and a 2 bedroom 900 sq foot house in Compton isnt worth 800K, and yet here we are, eventually the whole thing is going to go down in flames and the majority of the people left with anything of value will be those who sold it to the suckers on the way up.
And in the meantime, all of us who didnt get in on the ground floor are forced to watch as rich assholes trade the worthless garbage back and forth to drive the price higher and higher and higher with each successive sale/rent.
That isnāt true at all. If you are talking strictly coins / tokens, MATIC, XTZ, WAX all have seen at least some backing from a major corporation and are trading for less than the price of BTC when I first got into it back in 2009/2010.
Pretty much this. The arguments that crypto is somehow more evil than Exxon just ring very hollow to me. In an ideal world we wouldnāt have/need crypto or Exxon but here we are.
crypto as a product is a total disaster when calculating the amount of time itās been around, the amount of money put in and the amount of companies who were suppose to deliver products.
crypto as a vehicle to make individuals lots of money has been very successful
morality discussions about it are usually very shallow
buying some crypto isnāt stupid if your intent is to have more money than you had before. not buying any crypto is stupid if your intent is to have more money than you had before.
if youāre a 20-40 male who made a decent amount but not fuck you money in crypto, it is very easy to get sucked into anarcho-capitalist bros arguments.
The only FOMO I have is missing out on saying GM to all my jpeg penguin / monkey / cryptodickbutt friends on Twitter daily while building shitty 8 bit RPGs that have market caps larger than Bethesda.
Have zero $ in crypto or the stock market. If I cared about being rich, I wouldnāt spend hours a day playing dota, reading niche message boards and rewatching prestige tv series for the nth time.
and so why not just be happy for your friends? (not you yuv, i love your shtick)
we all started on an online poker forum to have fun with friends and get rich. this space is that same degen energy, but the money is way bigger and easier. not everything has to be an opportunity for a gotcha ownage dunk on your fellow man
The parallel here is hatred by association. Why care if a vaccine can save your life if all you need to know is that the libs support it. Why care about anti-US imperialism or anti- banking collusion use cases when you can just say that Peter Theil or Awice like it and be done.
i dont have a shtick. being unsuccessful at something is depressing. especially when the money involved has serious life implications.
the poker analogy is kinda irrelevant because this isnāt a crypto/nft forum. If this was an actual politics forum and you had a bunch of guys making tons of money bumhunting morons on partypoker, youād get similar replies.
i personally fully understand the hate. I just canāt understand how somewhat intelligent people can say itās āstupidā to buy crypto.
There are terrible people on both sides of the crypto argument. The biggest anti-crypto pushers are some of the entrenched capitalists who donāt want to lose their ability to extract money from the system.
Or if I were being a real dick, Iād say that when youāre on the same side as Trump youāre probably doing something right.
Like you guys, I scoffed at crypto (and especially crypto bros) as itās run up. In the last few months, Iāve become converted and made my first crypto investments, and Iāll tell you why.
My primary objection to crypto has always been that I didnāt think it has any real world utility, outside of enabling illicit activity. I no longer think that is true.
Crypto allows two people that donāt need to know or trust each other to exchange money, without a central processing entity like Visa, or a bank. While thatās obviously useful to international criminal entities, think about what it can mean for people in places with unstable currencies or political climates. The currencies of Venezuela and Argentina and Turkey are subject to inflation shocks, and people who live and work there can have trouble buying daily necessities when the local currency goes to shit, for reasons outside their control. If you depend on the government and currency of El Salvador for your livelihood, you probably feel better about your outlook now that they accept bitcoin.
Where I think crypto really has the potential to change things is in smart contracts. Basically, a smart contract is a program written on a blockchain that executes when certain preconditions are met. Itās open source, so anyone from anywhere can write one if the two parties agree to the terms. While thatās been fuel driving speculative manias like NFTās and digital āartists,ā the key is that any person or organization can write these.
A band can issue NFT concert tickets directly to their fans (without using Ticketmaster). Same with plane tickets. Real estate funds can be held in escrow and disbursed when itās appropriate, even if the governments and currencies and laws are different internationally. The potential applications go on and on. There are all sorts of organizations making new ventures in the digital space, and the pace is only accelerating.
I donāt have to believe that an ape .jpeg is worth $300k, or that I should buy it for $300k so that I can sell it for more later. Iām investing that the medium of exchange is proven, not going away, and only expanding.
Thatās why I bought ethereum (and not bitcoin). Basically, I believe ethereum will go to $15k or beyond before bitcoin goes to $150k.
Or maybe Iām just a FOMO chump looking for a greater fool later, which is possible. I donāt see my reasons for buying as any less technical or thorough than for any other security Iāve bought.
The ConstitutionDAO people were all naive clowns, but Iād so much rather they had won the auction rather than the fucking multi-billionaire hedge fund twat that walked away with it.
i didnāt say you should blindly buy any coin. the idea that investing in crypto is āstupidā (where we assume stupid/smart are way to describe the monetary success of the investment) is similar to those who think poker is a game of luck because you can lose.
Literally none of us would be here without playing a meaningless net negative game for large sums of money. Lots of us still do. I donāt think I could be convinced that NFTs or crypto are more evil than taking money off drunk degens in a casino or something similar. The fact the biggest opponents are Panini pack flippers and S&P 500 stans while talking about not caring about getting rich or how evil crypto is tells me that something else must be going on here.
I can relate to some extent. I spent a lot of time swimming upstream and getting wrecked. Shorting TSLA. Buying S&P 500 puts in the crypto pump towards the end of 2020. All of that was super dumb. As was every other opportunity to make huge sums of money in the last 20 years. I finally capitulated and donāt think I can ever go back to being a bear again. As @alex correctly stated it is a fun community activity that is also enormously profitable. It wonāt last forever. The bubble will burst. When it does I am not going to look back and be sorry I participated. Itās been one of the most fun things I have done in my adult life.
