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Message
re: Crypto is Gen Z’s Beanie Babies
Posted on 6/15/22 at 11:09 am to Jon Ham
Posted on 6/15/22 at 11:09 am to Jon Ham
Someone refresh me on why I’d own crypto other than just gambling on its value. I can already buy stuff online with a credit card that has somewhat of a vested interest in me not getting scammed… as a bonus.
1
Posted on 6/15/22 at 11:10 am to WG_Dawg
I don't thinks it's any form of jealousy. It's just entertaining. When people do stupid things and project their stupidity on others it's fun to watch them fail. I think the Germans have a word for it - Schadenfreude
This post was edited on 6/15/22 at 11:11 am
Posted on 6/15/22 at 11:13 am to ronricks
quote:
They have 100 excuses for what is happening and how BTC will be $100k in a matter of 'x' Years and you are an idiot if you don't think so
I don't fault people for avoiding crypto. It's not for everyone.
Posted on 6/15/22 at 11:21 am to CocomoLSU
quote:
Does anybody know whatever happened to WikiTiger? I know that dude was all in on bitcoin VERY early on,
He lost everything and his computer was repossessed.
Posted on 6/15/22 at 11:26 am to CocomoLSU
quote:
Is he on some island living like a boss these days?
He was as of a few years ago. He got in Bitcoin back in 2012, and tried to get me to invest as well. I literally didn't have any money, so I passed. He became a multi-millionaire overnight, sold near the peak of bitcoin, bought an island (Caribbean, I think), and retired.
Posted on 6/15/22 at 11:27 am to Jon Ham
quote:
I think you may be conflating the value of the technology/systems things like Ethereum are based on and the value of the crypto associated with such systems/tech.
But you can't really have one without the other. For decentralization to work, people need incentives to contribute their computers to the network. The incentive is to pay them the tokens (Ethereum in this case).
Posted on 6/15/22 at 11:32 am to CouldCareLess
OP is being obtuse here. Crypto is down but so is everything else.
I also disagree with author of the thread that this is like Beanie Babies. There are some instances where crypto is useful like in situations where the country you are located in is not stable. In Venezuela where the economy crashed and government currency became worthless citizens were able to utilize crypto to maintain value in their assets.
There are other times where crypto can be used in advantageous ways. While it's true that crypto has no intrinsic value, I think it is here to stay. I don't think it will ever completely replace fiat in the short term, long term I feel it will have much broader applications and may eventually replace fiat in some areas as the primary currency.
I also disagree with author of the thread that this is like Beanie Babies. There are some instances where crypto is useful like in situations where the country you are located in is not stable. In Venezuela where the economy crashed and government currency became worthless citizens were able to utilize crypto to maintain value in their assets.
There are other times where crypto can be used in advantageous ways. While it's true that crypto has no intrinsic value, I think it is here to stay. I don't think it will ever completely replace fiat in the short term, long term I feel it will have much broader applications and may eventually replace fiat in some areas as the primary currency.
Posted on 6/15/22 at 11:36 am to TejasHorn
quote:
Someone refresh me on why I’d own crypto other than just gambling on its value.
Fantastic question. I have no idea so I googled to find the answer. Here is one of the first articles that tries to answer your question. These are the points it makes in favor of owning bitcoin:
quote:
Bitcoin is digital and decentralized – With Bitcoin people get the liberty to exchange value without intermediaries which translate to greater control of funds and lower fees. It’s faster, cheaper, more secure and immutable. Cash is controlled by banks while bitcoin has owners.
DiGITaL aNd DeCeNtRaLiZeD!!! Need we say more?
It’s faster and cheaper? lololol
quote:
Ease of online shopping: As we already know, Bitcoin can help us do online shopping. It’s like an e-wallet which can be created blockchain technology to store, track and spend digital money.
WOW. I’ve always wanted to buy something online and now Bitcoin gives me a way!!!
quote:
Less volatile than cash: Bitcoin has a global acceptance and is less volatile than cash / local currency. Due to this feature, it becomes easier to conduct transactions across boundaries and online.
quote:
No real way of keeping a track of conventional currency- The underlying technology behind bitcoin, which is, blockchain is what makes or breaks it. Thousands of computers in a distributed network use cryptographic techniques to create a permanent, public record of every single Bitcoin transaction that has ever occurred. This record will be very valuable for various things besides tracking payment. While there is no real way of tracking cash.
Man I would love to be able to keep track of my currency! What a great feature!
quote:
Great tool for investment- Bitcoin can be used all over the world without going through a conversion process. It is considered at par with Gold and combines the best of cash and gold while providing an open market and no restrictions imposed by banks or governments.
It’s like gold you say? Gold is valuable so that means…bitcoin is valuable!
quote:
Bitcoin is peer-to-peer and open, yet secure and nearly frictionless - Bitcoin allows exchanging value over the internet without any intermediary and gives its users access to their balance through a password known as a private key. So it’s private, secure and at the same time,open.
It’s both “open” and “private!” The best of both worlds!
quote:
Duplication impossible - There is no way of duplicating a bitcoin, unlike cash.
This actually may be the one legit point.
quote:
Great way of maintaining records for tax purposes: Once transferred, a bitcoins’ ownership also gets transferred. This means that two people cannot be transacting on the same value and this will help keep records healthy and simpler, especially for tax purposes.
Healthy and simple?! Man that sounds nice!
quote:
Transnational digital currency – There are no boundaries to Bitcoin or cryptocurrency. No exchange values and no third party interventions. Bitcoin allows seamless transactions across nations with a ledger getting maintained at the backend.
Gosh I’ve always wanted to shop overseas. Thanks bitcoin!
Posted on 6/15/22 at 11:39 am to Jon Ham
I am Glad it’s crashing because people on here have been telling me to buy it since like 2012 and I’ve been like “nah that’s gonna bust”
Could I have sold before this and made millions? Sure but I am A glass half full kinda guy.
Could I have sold before this and made millions? Sure but I am A glass half full kinda guy.
Posted on 6/15/22 at 11:49 am to UAinSOUTHAL
blockchain has some value - BTC and the rest of crypto is just stupid and speculative. It's the reason that those of us that lived through the dot com bubble won't buy it. I remember the Netscape IPO - where is it now?
ETA - just checked - BTC down another 6% today.
ETA - just checked - BTC down another 6% today.
This post was edited on 6/15/22 at 12:02 pm
Posted on 6/15/22 at 11:58 am to cable
I'm totally tired of arguing about it, tbh. Everyone has their opinion and I've yet to see any internet argument about crypto change anyone's mind. It's the same old tired talking points over and over, and usually the same actors.
I'll keep building my portfolio and building products on top of Ethereum and its L2s, and let everyone laugh.
I'll keep building my portfolio and building products on top of Ethereum and its L2s, and let everyone laugh.
This post was edited on 6/15/22 at 11:59 am
Posted on 6/15/22 at 12:13 pm to Hulkklogan
Do you youngins' realize that we're laughing at you that same way they make stupid arrogant kids do stuff on their first hunt? You're getting taught a lesson here - the youngins' don't teach the old timers
Posted on 6/15/22 at 12:15 pm to Jon Ham
Where did you the idea that Gen Z are the ones losing money here? The oldest Gen Z is 25 so I don’t think they are the ones with the capital to dump 20k+ into Bitcoin
Posted on 6/15/22 at 12:26 pm to cable
Am I?
I mean, personally yes I am because it's my first bear market. But for the OGs who have been through multiple, they are still up really big. Who made the right call, then?
I mean, personally yes I am because it's my first bear market. But for the OGs who have been through multiple, they are still up really big. Who made the right call, then?
Posted on 6/15/22 at 12:30 pm to TigerTatorTots
quote:
They saw people making a lot of money and were bummed that they missed out. Now that the market is crumbling their brains are in affirmation mode, giving them joy that they didn't truly miss out on some permanent wealth.
The sad thing is that crypto will eventually come roaring back and they'll go back to being jealous that they missed it again.
Posted on 6/15/22 at 12:32 pm to Aced
It blows my mind that people who can't even explain Ethereum are dunking on crypto.
That's like me going to a biology forum and dunking on those people. You have to be a haughty moron to do it.
Ethereum is a decentralized version of the Apple App Store. The fact that people dunking didn't know that and are still dunking says a lot about their character.
The Ethereum token is the currency used on the network. Without providing financial incentive to protect the block chain in the form of a coin, how else do you protect it? The ONLY way is through centralization.
That's like me going to a biology forum and dunking on those people. You have to be a haughty moron to do it.
Ethereum is a decentralized version of the Apple App Store. The fact that people dunking didn't know that and are still dunking says a lot about their character.
The Ethereum token is the currency used on the network. Without providing financial incentive to protect the block chain in the form of a coin, how else do you protect it? The ONLY way is through centralization.
This post was edited on 6/15/22 at 12:43 pm
Posted on 6/15/22 at 12:46 pm to tenderfoot tigah
quote:
Ethereum is a decentralized version of the Apple App Store.
Oh shite, seriously?! Why didn’t you tell me that?!
brb going to go buy all the Ether I can now.
Posted on 6/15/22 at 1:02 pm to TigerintheNO
quote:same guy who wants to kill you.
Crypto & NFTs are 100% based on the 'greater fool theory'- Bill Gates
This post was edited on 6/15/22 at 1:03 pm
Posted on 6/15/22 at 1:04 pm to Jon Ham
quote:look at this fricking fool......
all speculative. non-dividend stocks are the same. You own a piece of paper
You own a % share of the company.
Posted on 6/15/22 at 1:05 pm to Displaced
quote:
Are you confusing him with ham solo?
Yes, yes I am. Sorry Mr Ham.
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