Crypto "currency" is probably the biggest scam/ponzi scheme in the history of civilization

[Shrink726]

It's tethered to nothing whatsoever, it's "value" is only determined by how many imbeciles foolishly believe it has some value.

Might as well say a pet rock is the new $1,000 bill.

All is is is a bunch of random, meaningless computer codes. I'm shocked that there are still people who hold onto this worthless "asset."

If I held any of this crap I'd happily take $0.01 on the dollar to get out.

PT Barnum was right....

 

[Hamish Howl]

"It is morally wrong to allow a sucker to keep his money."
- Canada Bill Jones

 

[ttwtt78640]

It’s just another (alternate?) fiat currency, but not backed by government.

 

[US&THEM]

It’s just another (alternate?) fiat currency, but not backed by government.

It’s not backed by anything It is easily manipulated and thus why countries like India made it illegal. Ether um is based in the dollar but that pretty much was supposed to be the thing crypto wasn’t about.

 

[Craig234]

I think you're largely right, but not entirely. There is an impressive technology underlying it. And the fact that people can make something valuable can create real economic opportunities. Really, all the 'worthless paper' cash is just a stronger form of this. See countries less able than the US to enforce their currency to see how it's also just whether people treat it as valuable. Even gold isn't really THAT useful apart from that same agreement.

At the end of the day, it does seem to have that issue of 'based on nothing', despite the complicated systems for its coins. Meanwhile people can and have made billions because so many are willing to put value on them. But it's always faced government opposition instead of support because it's a sort of defiant 'alternate currency' that not only can but seems aimed at harming the government perhaps.

A combination of things - that lack of real value, how much participation is 'get rich quick', lack of regulation leading to scams, shady people, vulnerabilities and that lack of government support all seem to point at the industry collapse, get rich quick people trying to get out before, but it's hard to say for sure.

It does seem to fit 'largest Ponzi scheme in history' in most ways, but it's a bit more. With widespread acceptance, it could seem to function indefinitely as a possibility.

 

[ttwtt78640]

I think you're largely right, but not entirely. There is an impressive technology underlying it. And the fact that people can make something valuable can create real economic opportunities. Really, all the 'worthless paper' cash is just a stronger form of this. See countries less able than the US to enforce their currency to see how it's also just whether people treat it as valuable. Even gold isn't really THAT useful apart from that same agreement.

At the end of the day, it does seem to have that issue of 'based on nothing', despite the complicated systems for its coins. Meanwhile people can and have made billions because so many are willing to put value on them. But it's always faced government opposition instead of support because it's a sort of defiant 'alternate currency' that not only can but seems aimed at harming the government perhaps.

A combination of things - that lack of real value, how much participation is 'get rich quick', lack of regulation leading to scams, shady people, vulnerabilities and that lack of government support all seem to point at the industry collapse, get rich quick people trying to get out before, but it's hard to say for sure.

It does seem to fit 'largest Ponzi scheme in history' in most ways, but it's a bit more. With widespread acceptance, it could seem to function indefinitely as a possibility.

Except, unlike a an FDIC insured bank account, you aren’t assured that putting $X in will allow you to take (at least) $X back out.

FDIC: Your Insured Deposits

www.fdic.gov

 

[Dans La Lune]

It’s just another (alternate?) fiat currency, but not backed by government.

Otherwise known as a scam. At least traditional money is backed by institutions, such as laws and regulations, government enforcement, banks, etc.

This should be a lesson to all Libertarians about the importance of government. Without it, your property ain't worth SHIT, and you have no money.

 

[Craig234]

This should be a lesson to all Libertarians about the importance of government. Without it, your property ain't worth SHIT, and you have no money.

That's a lesson, but it's down the list. A more important lesson is that Libertarianism is sheep's clothing for oligarchs to trick people into systems that will result in oligarchy, and all the fantasies are just that.

 

[Rumpelstil]

It's tethered to nothing whatsoever, it's "value" is only determined by how many imbeciles foolishly believe it has some value.
Might as well say a pet rock is the new $1,000 bill.
All is is is a bunch of random, meaningless computer codes. I'm shocked that there are still people who hold onto this worthless "asset."

I wonder why anybody believes in Crypto "currency".
Why?