Anybody invested in Crypto?

Once you're done sifting through the absurd ecosystem vocab, the impossibly circular projects/products and the charlatan bros marketing claims -- you're left with the overwhelming feeling that something is missing in crypto.
That something is purpose. And that's because, as it turns out, most decentralized ponzi schemes don't have an underlying purpose :). They exist solely as a wealth transfer mechanism, something (the only thing) that crypto is exceedingly good at.

If you buy into it because of FOMO, I'd say treat it like a trip to the slots. If you're lucky you might make a cpl bucks. If you're really lucky you might be able to buy a plane! But more than likely your buy-in will cash-out the gentleman before you and help him buy his plane. Just whatever you do, never delude yourself into thinking you own something of value. You don't. You're just playing an elaborate game of financial musical-chairs.
 
Tom Wells said:
Once you're done sifting through the absurd ecosystem vocab, the impossibly circular projects/products and the charlatan bros marketing claims -- you're left with the overwhelming feeling that something is missing in crypto.
That something is purpose. And that's because, as it turns out, most decentralized ponzi schemes don't have an underlying purpose :). They exist solely as a wealth transfer mechanism, something (the only thing) that crypto is exceedingly good at.

If you buy into it because of FOMO, I'd say treat it like a trip to the slots. If you're lucky you might make a cpl bucks. If you're really lucky you might be able to buy a plane! But more than likely your buy-in will cash-out the gentleman before you and help him buy his plane. Just whatever you do, never delude yourself into thinking you own something of value. You don't. You're just playing an elaborate game of financial musical-chairs.
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Does the premise apply to the USD also?
 
FORANE said:
Does the premise apply to the USD also?
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Well the USD isn't a stablecoin built on the GBP blockchain under the JPY protocol and floating to the EURO (which in turn is built on the CHF blockchain operating under the CNY protocol and... you get the picture).
New USD isn't minted by an army of GPUs located in Kazakhstan data centers just to capitalize on favorable electricity prices while churning out god-only-knows how many BTUs of wasted heat
When any significant amount of USD is stolen or misappropriated, especially digitally, it is virtually impossible to move it without leaving footprints in the snow (and then you get caught).
And the USD is protected with deposit insurance assuming it's kept at a chartered bank
And using my USD is as simple as me walking to the merchant I'd like to spend it at and handing them the money without the need for any currency conversions. The merchant is happy to clear, settle and hold in USD.

... All that factored in, I'm going to go with the premise not extending to the USD...

That isn't to say the USD is bulletproof. Long periods of mismanagement will erode its value. But the benefit of being a global reserve currency is that there's a lot of opportunity along the way to switch to another currency if you don't like it.
 
Actually, blockchain as a technology is pretty cool and has lots of use cases (that I’ve seen operating). The biggest one is secure decentralized processing. Here’s the problem, companies design a solution around this - say patent / trademark security or claims processing agnostic across a market- and they immediately want to make it proprietary… thus completely reversing the benefits of blockchain. (Except for marketing I suppose)
 
Hi there! Crypto can be a great investment, but it can also be very risky. I'm glad you're being cautious and taking the time to research it before making any decisions.
 
murphey said:
Blockchain is a technology, crypto$ uses blockchain. There really are practical and pragmatic uses for blockchain.
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Really, give me one. Almost every imagined use for blockchain, when you get down to it, doesn't work, is impractical, or introduces other serious issues.
 
flyingron said:
Really, give me one. Almost every imagined use for blockchain, when you get down to it, doesn't work, is impractical, or introduces other serious issues.
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How about blockchain combined with AI? Perhaps could replace manpower and margins? In theory.
 
Nft's are like a meme you pay for. I don't get it. But I'm an idiot and don't understand art either
 
Racerx said:
Nft's are like a meme you pay for. I don't get it. But I'm an idiot and don't understand art either
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You probably don't get it because there is nothing to get! :p
The best description I ever heard of NFTs was like this: Having an NFT is like saying here's my wife, every man can see her, every man can have her, every man can sleep with her, but technically I'M THE ONLY ONE who is married to her and I can prove it!

NFTs never made sense, and the whole run-up in their prices was a fraud (several credible investigations have uncovered this now). There was a lot of price manipulation by the celebrity promoters, creators and sponsors that involved ethically questionable practice of round-tripping money. It worked. A lot of people flooded into the space prices went up and suckers soon parted ways with their money -- left with a worthless asset. People are now trying to pawn off their "Bored Apes" (probably the most famous NFT series) for fractions of a penny on the dollar. Had this practice been done with, say, registered securities? Those people would be paying fines and many of them would be in prison.

The whole scheme was just an artifact of an era of zero interest rate policy, which gave people reason to take swings on outrageous assets hoping that the sucker next to them would pay more for it than they did. That works great when money is cheap, not so much when it's not.
 
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