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The anti-crypto thread

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Fanatical Meat said:
I’ve still yet to hear a legitimate answer as to why Crypto is better than cash/credit or debit. What does it do better for the consumer?
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Since the most desirable thing for a payment option is stability, then basically nothing, unless you live in a country that has currency that is even more unstable than crypto.
 
I've never seen where it does anything for the majority of consumers for daily transactions. I think some like the notion of being able to grab it out of the air somehow. And I think some like the supposed anonymity, but they would be the less honest people.

Now we find out that it isn't really all that anonymous and can be snatched back by authorities. Perhaps that's why it's crashing?
 
biostud said:
Since the most desirable thing for a payment option is stability, then basically nothing, unless you live in a country that has currency that is even more unstable than crypto.
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Why are people still ignoring, in 2022, that something like fully audited USDC, a crypto, has existed for years?
 
BFG10K said:
Parasitic scum, a cancerous blight on this Earth.
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The headline said $15 billion spent on GPUs by miners... surely there must be SOME benefit to miners subsidizing the R&D of these devices for the gamer crowd...no? I mean, it's not like Nvidia's driver developers work for free...
 
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biostud said:
I thought the sweet thing about crypto was no rules and total anarchy....
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The SEC can step in when people start trying to treat blockchain tokens as something other than blockchain tokens.

njdevilsfan87 said:
Why are people still ignoring, in 2022, that something like fully audited USDC, a crypto, has existed for years?
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DAI is also battle-tested and very effective. It requires no auditing due to the transparency of the contract used to issue DAI tokens. But the main reason is: they're ignorant. Most of these arguments are irrelevant. Work on projects to make use of stablecoins like USDC and DAI continues whether blockchain tokens are high or low in value or whether people badmouth them on Internet forums.

Meanwhile, once dGPU mining is dead (which it may be very, very soon), most of these conversations will dry up. People just wanted cheap dGPUs. They never cared about blockchain one way or the other.
 
guidryp said:
What happens when more people want to cash out, than in, when you have a system based on greater fool giving you money for your "investment"?
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Wait and see what happens on a bank run. Oh not you don't, just look at history like 2008 in Greece.

BFG10K said:
GPU pricing continues to fall: https://www.tomshardware.com/news/graphics-card-prices-update-june-15

"Crypto has no effect on GPU prices!" - Internet Cryptobros

But it is. I know that pesky thing called reality triggers you, but it's still very real regardless, so it exists. Unlike crypto which is all make-believe.
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Yeah and it has nothing to do that there are only so many people willing to pay 2x (eg supply and demand), that the pandemic is over and people go out more again and game less and that both main vendors plus a new 3rd one will release there products in the next couple months.

What people said was that crypto isn't the only reason and likley not the biggest one.

MrSquished said:
It's not just backed by a government, it's backed by an economy where people from all over the world want to buy products and services from.

Crypto cultists just don't exist in reality.

As Bill Gates said, crypto is based on greater fool theory. He's on point
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How about a currency that is backed by the people and controlled by the people? I know, it takes some vision and foresight to see past the current system. Saying it is backed by a goverment can be interpreted in different ways. Like it is also controlled by the goverment and by proxy the rich and powerful behind the scenes and used for their advantage alone to stay in power. And when it doesn't suit them anymore like the upcoming (next decade) hyperinflation, it will get dropped like a hot-potato.

I good thing about crypto is that it makes you read upon how the current system actually "works". That is actually my bigger gripe. In very simple terms: We are all being exploited. For every 100 Mio loan the rich take, your saved dollars are worth a little less. And with that 100 million they buy hard assets like real estate which will keep value even when the dollar implodes.
 
beginner99 said:
Wait and see what happens on a bank run. Oh not you don't, just look at history like 2008 in Greece.



Yeah and it has nothing to do that there are only so many people willing to pay 2x (eg supply and demand), that the pandemic is over and people go out more again and game less and that both main vendors plus a new 3rd one will release there products in the next couple months.

What people said was that crypto isn't the only reason and likley not the biggest one.



How about a currency that is backed by the people and controlled by the people? I know, it takes some vision and foresight to see past the current system. Saying it is backed by a goverment can be interpreted in different ways. Like it is also controlled by the goverment and by proxy the rich and powerful behind the scenes and used for their advantage alone to stay in power. And when it doesn't suit them anymore like the upcoming (next decade) hyperinflation, it will get dropped like a hot-potato.

I good thing about crypto is that it makes you read upon how the current system actually "works". That is actually my bigger gripe. In very simple terms: We are all being exploited. For every 100 Mio loan the rich take, your saved dollars are worth a little less. And with that 100 million they buy hard assets like real estate which will keep value even when the dollar implodes.
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You are ignorant. Crypto is basically a speculation vehicle for the wealthy venture capitalists and other wealthy charismatic let's jump on a trend bros, backed by nothing but their whims.

You are tools, Greater Fool theory. It's funny to watch it play out.

I mean I don't like the control the wealthy have on society with government, but at least they provide some substance to their crookedness with a functional currency. Crypto is a ponzi scheme, and that's way worse.

It's really funny to see you talk about a bank run in Greece when look at the fucking instability of crypto that you just totally ignore. It's pathetic.
 
beginner99 said:
Wait and see what happens on a bank run. Oh not you don't, just look at history like 2008 in Greece.
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So why wait for your country to collapse, when you can put your money in ponzi crypto coins and live every day on the edge of doom? 🙄

That isn't a strong argument.

Also note that while Greek Economy collapsed because it was completely unsustainable, the currency DID NOT collapse because it was a stable and resilient Fiat currency backed by the economies of the EU.
 
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guidryp said:
So why wait for your country to collapse, when you can put your money in ponzi crypto coins and live every day on the edge of doom? 🙄

That isn't a strong argument.

Also note that while Greek Economy collapsed because it was completely unsustainable, the currency DID NOT collapse because it was a stable and resilient Fiat currency backed by the economies of the EU.
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Yes, and the problem was that the Greeks couldn't just devaluate their currency as so many times before, they actually had to do reforms of their economy instead.
 
MrSquished said:
You are ignorant. Crypto is basically a speculation vehicle for the wealthy venture capitalists and other wealthy charismatic let's jump on a trend bros, backed by nothing but their whims.

You are tools, Greater Fool theory. It's funny to watch it play out.

I mean I don't like the control the wealthy have on society with government, but at least they provide some substance to their crookedness with a functional currency. Crypto is a ponzi scheme, and that's way worse.

It's really funny to see you talk about a bank run in Greece when look at the fucking instability of crypto that you just totally ignore. It's pathetic.
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I don't disagree with your first point and it is eactly why crypto prices fell. because the large investors always pull out of the most risky investments first. But it isn't either or. It's like buying shares or investing in a start-up. You assume their vision and hence future products or services will sell well. So you invest. Just because you don't believe in the idea, doesn't mean everyone else that does is a fool.
And yes like with any start-up, there is a huge risk involved. And there is a fine difference between investing and speculation. Speculation means to me that it is only about making profit and not the "vision" or "idea" behind the project. But it is only a semantic difference as in both cases what you do is buy coins.

The thing is the current system is also a Ponzi scheme, with hurdles so that it isn't plain obvious and more stable/durable.
eg. fractional reserve banking. You can just search for it if you actually care about the truth.

guidryp said:
So why wait for your country to collapse, when you can put your money in ponzi crypto coins and live every day on the edge of doom? 🙄

That isn't a strong argument.

Also note that while Greek Economy collapsed because it was completely unsustainable, the currency DID NOT collapse because it was a stable and resilient Fiat currency backed by the economies of the EU.
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It's not an argument but an opinion. Just because you trust so much in the US government by their secret overlords, then yes, it makes little sense to not but all your money into the traditional systems. On the other hand diversification never hurts, so having stocks/ETFs and crypto isn't entirely stupid idea. And yes it is a stupid idea to but all your life savings into crypto.

Greece didn't collapse because it would have been embarrassing for the EU and the euro. So they bailed them out. just like banks get bailed out. See if the banking ponzi-schemes starts breaking apart they take the tax-payers money to fix it. The core issue with Greece was and still is that it simply doesn't work that countries with very different productivity rates (eg Germany vs Greece) can have the same currency. As long as Greece had their own currency they could always offer things much cheaper than German competitors. (there is a documentary about this somewhere. I don't remember the name and it might not have been in english)
 
beginner99 said:
On the other hand diversification never hurts, so having stocks/ETFs and crypto isn't entirely stupid idea. And yes it is a stupid idea to but all your life savings into crypto.
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I've got some bridges and swamp land to sell you. You know, for diversification purposes. Just don't put all your eggs in my basket.
 
The problem with crypto is a few. 1) The industry is still so new. Crypto hasn't been around that long, and we don't know if it will be a long term investment like stocks. 2) There is no oversight by the Fed. It isn't backed by anything. Crypto rises and falls purely on speculation. Or, by a tweet from Elon Musk. 3) There are way too many scammers in the crypto space. Most of the alt coins are pump and dumps marketered by TikTok and YouTube influencers. Get some young guy who screams into a mic about how doge is going to the moon.

I don't think crypto is going anywhere. I don't believe that Bitcoin, or Ethereum is going to zero anytime soon. What makes Crypto great (lack of any federal oversight)) is also a huge weakness, because this allows scammers to infilitrate the market, and this allows these people to steal millions from unsuspecting investors. There needs to be some form of oversight. Many people who get into crypto are still treating it as a way to get rich quick. The truth is unless you get into a coin when it is first introduced, you probably aren't going to get rich. A sense of FOMO takes over. It would had been great to had gotten into Bitcoin back in 2010, but how many back then thought that Bitcoin would had reached $60k a coin? Crypto is like gambling. Throw money into a coin with the hope that it takes off. 99.9% of the coins fall flat and don't produce profit.
 
Mai72 said:
What makes Crypto great (lack of any federal oversight)) is also a huge weakness
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That still doesn't sell it to me. Don't like the US government oversight? Then get one of 179 other currencies. Why do we really need more? The main argument for any cypto seems to be hatred of any government.

There are benefits to blockchain concepts. I get that. But that doesn't mean that any crypto coin needs to exist or actually has any concrete benefits.
 
beginner99 said:
Just because you trust so much in the US government by their secret overlords, then yes, it makes little sense to not but all your money into the traditional systems. On the other hand diversification never hurts, so having stocks/ETFs and crypto isn't entirely stupid idea. And yes it is a stupid idea to but all your life savings into crypto.
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When you start talking about secret overloads, it looks like you are deep tin foil hat territory.

Diversification is good. Diversification into something with less basis than 1637 Tulip Bulbs is not.
 
beginner99 said:
You assume their vision and hence future products or services will sell well. So you invest. Just because you don't believe in the idea, doesn't mean everyone else that does is a fool.
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There is no product or service. The entire scheme is designed to waste energy for the sake of wasting energy. It is one of those cases where an economic activity has negative economic value where the value of the output is lower than the value of the inputs.
 
IronWing said:
All the so called products are methods of manipulating bitcoin transactions, producing nothing but waste heat.
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No.

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Invoicing, along with some clever front-ends for setting up payments.

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Tokenized stocks.


Fractional real estate investing.

And who can forget VEChain?
 
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If cryptos actually stabilize, then why "invest" in them? And if they don't stabilize how are they a viable payment option? If you want to invest in "the technology" shouldn't you buy stocks in the companies instead?
 
biostud said:
If cryptos actually stabilize, then why "invest" in them? And if they don't stabilize how are they a viable payment option? If you want to invest in "the technology" shouldn't you buy stocks in the companies instead?
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Not all blockchain tokens are meant to be units of currency. ETH never was, for example. This matter has been discussed multiple times on this forum, including this thread if I recall correctly. Many of the development teams working on blockchain projects have no publicly or privately-traded shares.
 
guidryp said:
When you start talking about secret overloads, it looks like you are deep tin foil hat territory.
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fair enough. secret overloards sounds a bit nutty but then english isn't my mother tongue so finding the correct wording isn't always that easy.
The main point is, do you really think anyone can become president? Or do the first need "approval" from some rich people to be a viable nominee? And do you think these rich people that donate 10th of millions are doing it out of their good hearts or because they expect something in return?
I don't call it tin foil hat, i call it naive to actually think the president is fully free to do politically what he wants to do all the time.

guidryp said:
Diversification is good. Diversification into something with less basis than 1637 Tulip Bulbs is not.
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That is subjective. I can same the same thing about some start-up with an idea you think is great and I think is stupid (worthless). And I say start-up because yes most fail and there is a high chance (rather a guarantee) that most coins/blockchains will fail and possibly all of them.
The interesting part is you can for once play "VC" throw some money at the wall and hope at least one sticks very, very well. (it is of course more than throwing, you need to do your research!!!)
 
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