lmao
crypto is just 1. some tech nerds inventing a fake asset to scam a bunch of money out of people, and 2. a conspiracy theory based asset for libertarian idiots to get scammed by the nerds for #1
If you srsly bought into the whole "revolutionary" bs about crypto, please never vote.
I don't think that's quite accurate, but close to my view of the actual value.
It's simply one of the most artificial bubbles ever - something with no actual value, only actual scarcity. The value is based entirely on people's agreement to give it value.
That sounds like cash, except that cash has such strong broad support, with a government guaranteeing its value, that it's quite different; SOME currency makes sense. No bubble.
This is orchids (the orchid craze and bubble centuries ago, the classic 'bubble') all over again, except that even orchids were more 'real' than crypto currency.
It should be recognized there was some 'actual value' in terms of there being some people who would pay real money at some points because they wanted this, and there was some real money if you guessed when the 'up' periods would be, and the amount of demand at different times. That - there people people who will fund this - is 'real'.
But it's quite a bubble based on no actual value. You could even say the same about gold - what if people suddenly decided gold was just a piece of worthless metal like steel and wouldn't want it as jewelry or for an investment and it became worthless? Except that's very unlikely, again given the breadth of its strong support. But even it fluctuates a lot.
For that matter, even some official government currencies fluctuate drastically - ask Venezuela.
I don't find trying to guess the movement of a bubble an attractive investment, even though there was a lot to be made. So I haven't had a penny in them.
It can be harsh for people to see they can go to zero. I'm not sure they should even be allowed given the danger to people, but banning them would raise issues of 'freedom' and people thinking it was a corrupt action by the government trying to protect its own power and limit freedom. So they have stayed out.
I don't think the motive was likely 'nerds wanting to scam people'. There has always been an interest in such 'alternative currencies' and a 'nerd' just found a way to do it finally, and that was that, and then it was copied. Probably some later currencies were 'just to make a buck'.
The hype was how much this would allow an 'alternative economy' - and again, as long as people would agree to give real things for cryptocurrency, that was value, but it seems to be the hype was based more people wanting it to happen, and only secondarily hype by people trying to inflate the bubble to make a buck.
I suspect there will continue to be some cryptocurrency activity and value, but the bottom line that it has no value will limit it, and make it especially used by people trying to sell things who will accept cryptocurrency with 'inflated prices' trying to gamble.
In other words, think about some 'inflated value' scam products - maybe like herbal products or those 'make money' seminar memberships that sell for thousands. Those are the kinds of things that seem especially suited to sell at 'discounted prices' accepting cryptocurrency hoping to make a buck, but the buyers likely ripped off.
Or maybe a restaurant who wants to drum up business might instead of having a 'free meal day' promotion might have a 'we'll take crypto currency' marketing activity.
I'm not sure when you could walk into a car dealer and buy a car with it. I'm not a fan of such a valueless bubble, though I have some sympathy for people who want to create an alternative - but they might have some thinking to do about how to make it more 'solid'. It's not clear how to do that without being a government.
And people already accuse the dollar of issues, given our $20 trillion in debt.