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re: Crypto baws: How confident are you in crypto moving forward?
Posted on 12/14/22 at 8:47 pm to TigerTatorTots
Posted on 12/14/22 at 8:47 pm to TigerTatorTots
I still need an explanation of what crypto does. Other than BTC which some places take for good and services (very few, let’s face it).
As a crypto investor what is the end game? Can anyone explain to me how the value of crypto increases other than the greater fools theory?
Got 11 down votes in my original post but seriously I just don’t understand the allure to the crypto craze. I know somebody probably said that about the Model T car, but at least I can see that and touch that and understand its end game. Crypto I just have no clue.
As a crypto investor what is the end game? Can anyone explain to me how the value of crypto increases other than the greater fools theory?
Got 11 down votes in my original post but seriously I just don’t understand the allure to the crypto craze. I know somebody probably said that about the Model T car, but at least I can see that and touch that and understand its end game. Crypto I just have no clue.
5
Posted on 12/14/22 at 8:53 pm to Im4datigers
quote:
I know somebody probably said that about the Model T car, but at least I can see that and touch that and understand its end game. Crypto I just have no clue.
The model t actually had use in transporting people
Bitcoin is so limited in its usage that it has little real value
It’s a traded commodity at this point that is valued not so much on its usage but on what someone is willing to pay for it on an exchange
Posted on 12/14/22 at 8:59 pm to Im4datigers
quote:Crypto is 10,000 different things. Most of it does nothing. Need to be more specific when asking about what specific things/coins/projects/tokens do.
I still need an explanation of what crypto does.
Posted on 12/14/22 at 9:02 pm to SlidellCajun
quote:
It’s a traded commodity at this point that is valued not so much on its usage but on what someone is willing to pay for it on an exchange
Kinda like how all assets are valued? By what the bid is? Interesting.
Posted on 12/14/22 at 9:05 pm to SlidellCajun
quote:Bitcoin securely settled ~ $45 trillion dollars in value exchange in 2021 without a double spend or hack. Perhaps that is meaningless but to people doing cross boarder transactions without a middle man, without a multi day/week delay, and for a tiny cost, it means a lot.
Bitcoin is so limited in its usage that it has little real value
Posted on 12/14/22 at 9:13 pm to TigerTatorTots
quote:
Crypto is 10,000 different things. Most of it does nothing. Need to be more specific when asking about what specific things/coins/projects/tokens do.
Let’s say I have bitcoin or eth or doge or whatever. Wtf am I supposed to do with it besides sit back and wait for a greater fool that’s willing to pay more for it than I did.
You can’t build anything with crypto, you can really buy anything with crypto, you can’t produce anything with crypto. It’s not an asset like real estate that provides cash flow etc.
I’m just trying to figure out the allure.
Posted on 12/14/22 at 9:15 pm to Im4datigers
Posted on 12/15/22 at 4:28 am to SlidellCajun
quote:
the concept that it’s an inflation hedge has been blown to smithereens
Uhhh what? No it hasn't.
Posted on 12/15/22 at 6:59 am to boogiewoogie1978
I am only confident in Bitcoin. The others are just leafs on a pond.
Posted on 12/15/22 at 8:15 am to Im4datigers
quote:
I still need an explanation of what crypto does
Disintermediation
Posted on 12/15/22 at 10:07 am to Pendulum
You really don’t understand
Other commodities are used widely in all sorts of applications
For instance-
Gold
Lumber
Coffee
Sugar
You could trade these items as currency by themselves as they have real usage in real life. To the degree that they are used, relative to their supply, they are valued on markets that trade them daily.
Bitcoin is not widely enough used to garner a tangible intrinsic value and thus has gone from a ridiculous value to a lower but still ridiculous value in short order. Sure it’s limited in supply but so what? where is the real demand for it as a currency? I mean, I’m real happy using the usd. Bitcoin was suppose to work as a hedge against inflation as the US printed up more and more fiat dollars but that hasn’t really panned out has it…. (Rhetorical)
There is no need for it as a currency since we have a USD which competes as a currency and it is very stable and widely accepted.
You can keep beating your head against the wall with some romantic notion that bitcoin will be more widely accepted as a currency but it’s not the case at this point. You trade on “hope” alone at this point.
Other commodities are used widely in all sorts of applications
For instance-
Gold
Lumber
Coffee
Sugar
You could trade these items as currency by themselves as they have real usage in real life. To the degree that they are used, relative to their supply, they are valued on markets that trade them daily.
Bitcoin is not widely enough used to garner a tangible intrinsic value and thus has gone from a ridiculous value to a lower but still ridiculous value in short order. Sure it’s limited in supply but so what? where is the real demand for it as a currency? I mean, I’m real happy using the usd. Bitcoin was suppose to work as a hedge against inflation as the US printed up more and more fiat dollars but that hasn’t really panned out has it…. (Rhetorical)
There is no need for it as a currency since we have a USD which competes as a currency and it is very stable and widely accepted.
You can keep beating your head against the wall with some romantic notion that bitcoin will be more widely accepted as a currency but it’s not the case at this point. You trade on “hope” alone at this point.
This post was edited on 12/15/22 at 10:19 am
Posted on 12/15/22 at 10:14 am to boogiewoogie1978
quote:
Crypto baws: How confident are you in crypto moving forward?
100%
Blockchains are more-or-less globally distributed databases, the best of anyone can build on top of permissionlessly. Bitcoin the network is only a distributed database/ledger for financial transactions, and that has its place, but smart contract chains hold a ton of potential moving forward.
I'll re-post something I said from another thread:
Blockchains help put ownership back in people's hands for self-custody of assets, including things like NFTs for random collectibles, or even social media posts. For example, on Polygon, there's a social media protocol called Lens that some platforms are building on top of, where every post is an NFT, every time you follow someone, every time you share a post, every time you 'collect' a post, it's all NFTs. You own those posts and those actions and no centralized entity can take those away from you, making it inherently censorship resistant. In addition, if one Lens-built social media platform goes down/dies, your posts remain with you and you can go to another Lens-built platform and still have all of your posts in that platform.
Social media is but one use; music industry can have its power dynamics flipped on its head via NFTs and fan communities.
People hate NFTs because of the scummy JPEG projects, but ironically NFTs unlock tons of more potential in crypto than currencies alone. Currencies can help bootstrap liquidity for projects, but NFTs give validity and ownership to things while cutting out middlemen.
This post was edited on 12/15/22 at 10:16 am
Posted on 12/15/22 at 10:26 am to boogiewoogie1978
I think it's all bullshite, but it's still not too late to make it.
Posted on 12/15/22 at 11:24 am to SlidellCajun
You forget Bitcoins most important use; freedom.
It’s a monetary system free of any one person, group, or governments control.
That is the value.
If you don’t believe in that. Fine. But others do.
It’s a monetary system free of any one person, group, or governments control.
That is the value.
If you don’t believe in that. Fine. But others do.
This post was edited on 12/15/22 at 11:25 am
Posted on 12/15/22 at 11:30 am to JayDeerTay84
quote:
You forget Bitcoins most important use; freedom.
It’s a monetary system free of any one person, group, or governments control.
That is the value.
If you don’t believe in that. Fine. But others do.
Here we are in December of 2022...and people still believe this.
Posted on 12/15/22 at 12:31 pm to SlidellCajun
Almost the definition of a Ponzi scheme.
Posted on 12/15/22 at 12:48 pm to boogiewoogie1978
I am fine...10 year time horizon..
Posted on 12/15/22 at 1:39 pm to JayDeerTay84
quote:
It’s a monetary system free of any one person, group, or governments control.
Uh huh…. Freedom.
As a currency…. I guess it could make sense for some. I have no problem with anyone using it to exchange for their goods regardless of how nonsensical it is.
As a commodity that’s traded for potential financial gain, it’s incredibly risky and not something I’d recommend anyone doing.
I think people are starting to wake up to that.
This post was edited on 12/29/22 at 7:07 am
Posted on 12/15/22 at 1:48 pm to cwill
True. Here in December 2022 it’s still not zero yet.
Posted on 12/15/22 at 2:07 pm to SlidellCajun
quote:
SlidellCajun
PSA:
This guy shits in every crypto thread but has limited to zero understanding of crypto. He also won’t listen to a single person trying to educate him. Good rule of thumb is to avoid anyone who uses Bitcoin and crypto interchangeably.
The only way to learn about blockchain and crypto is to just dig in, start reading or watching videos. It really helps if you already find it interesting.
Bitcoin isn’t going anywhere, but there will be a number of other projects that are big winners. Research like hell and make a few small bets on the future.
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