Would you agree that crypto is a complete scam?

[reborn]

Crypto is really nothing but a pyramid scheme. It has less actual value than play money because play money is at least worth as much as the paper it is printed on.

If you look at real stock if the price is going too high you can say that the price is no longer fitting the revenue and profit that this business creates or that the business does not have this many ideas for the future that would justify having the price this high.

But when it comes to crypto the price is 100% (!) arbitrary. Like Bitcoin could be 100 gazillion Dollars tomorrow and nobody could say that it's actually not worth that much because of this or that. Sure you could argue that Tesla is also not 10 times as valuable as Volkswagen. So the stock system is flawed, too. People are using it as their savings account which it is not meant to be used for. But when it comes to crypto it's the same only more extreme. Crypto actually shows everything that is wrong with the current market.

When I refused to get in at $100 because I said Bitcoin is a scam I was actually right. It was a scam and it still is a scam and it always will be a scam. The only thing that is real about Bitcoin is that people hope to get rich by cashing out before everyone else does. Stupid idiots are just pumping the price so not getting in at 100 bucks was stupid as I wasn't taking people's stupidity into account. But my analysis that it is a scam is and always has been perfectly right.

 

[2God]

Are casino chips scams ? No
Crypto are not scams either, it's worth something because people agree to give it a value, just like your bank notes

 

[reborn]

Are casino chips scams ? No
Crypto are not scams either, it's worth something because people agree to give it a value, just like your bank notes

By that logic pyramid schemes are not a scam. But they are.

 

[Deleted member 2748]

i wouldn't say it's a scam but it's far from being an investment

 

[Patient A]

Bitcoin became popular because you could use it on black markets but now it is not really used for that.

but you can use it to buy stuff on non black markets and transfer money around the world without a bank account.

It’s just overvalued for what it is because of how many people actually use it, like Tesla stocks.

When I refused to get in at $100 because I said Bitcoin is a scam I was actually right.

Basically no. Price is just whatever the last person paid for it on an exchange. You could say the price manipulation is a scam, and that the product itself is not good.

But the precious metals market is currently being price manipulated like a scam to be cheaper than they should be worth.

TLDR: Bitcoin isn’t a scam. It’s just price manipulation and good marketing.

 

[reborn]

Bitcoin became popular because you could use it on black markets but now it is not really used for that.

but you can use it to buy stuff on non black markets and transfer money around the world without a bank account.

It’s just overvalued for what it is because of how many people actually use it, like Tesla stocks.



Basically no. Price is just whatever the last person paid for it on an exchange. You could say the price manipulation is a scam, and that the product itself is not good.

But the precious metals market is currently being price manipulated like a scam to be cheaper than they should be worth.

TLDR: Bitcoin isn’t a scam. It’s just price manipulation and good marketing.

What I am saying is that the price is arbitrary. It could be $10 bucks tomorrow or $1 million. There is no standard you could compare it to and say it is too cheap or too expensive other than what it used to cost in the past or how quickly it's value developed. You are saying it is too expensive right now. Based on what? When you say the value of Gold is just as arbitrary...ok...but one thing being a scam and people falling for it doesn't make another thing better.

 

[bonesoverblood]

Crypto is really nothing but a pyramid scheme. It has less actual value than play money because play money is at least worth as much as the paper it is printed on.

If you look at real stock if the price is going too high you can say that the price is no longer fitting the revenue and profit that this business creates or that the business does not have this many ideas for the future that would justify having the price this high.

But when it comes to crypto the price is 100% (!) arbitrary. Like Bitcoin could be 100 gazillion Dollars tomorrow and nobody could say that it's actually not worth that much because of this or that. Sure you could argue that Tesla is also not 10 times as valuable as Volkswagen. So the stock system is flawed, too. People are using it as their savings account which it is not meant to be used for. But when it comes to crypto it's the same only more extreme. Crypto actually shows everything that is wrong with the current market.

When I refused to get in at $100 because I said Bitcoin is a scam I was actually right. It was a scam and it still is a scam and it always will be a scam. The only thing that is real about Bitcoin is that people hope to get rich by cashing out before everyone else does. Stupid idiots are just pumping the price so not getting in at 100 bucks was stupid as I wasn't taking people's stupidity into account. But my analysis that it is a scam is and always has been perfectly right.

Crypto is not a scam. Bitcoin is.

Crypto is the elimination of all traditional fiat currency, destroying all anonymous transactions and furthering the state.

Bitcoin is a lesser fools game. It's going to end when the run on crypto happens after they declare it "detrimental" to the state

You can't use it as a currency. You can't even store value without worry. It's too volatile.

It's like using an option to store value.

 

[Ethniframementalcel]

of course its a scam, but the even bigger scam is NFT's, absolute trash garbage, joke town

 

[6.5PSL]

In the sense of investing yes. In terms of use it's fine.

 

[Mastermind]

It is, they are all pump and dump tokens except Monero which is the only functional coin 100% doing what cryptos were meant to do since their inception.
Buying anything other than XMR is gambling by definition.

 

[2God]

By that logic pyramid schemes are not a scam. But they are.

No because someone might actually steal your money that you were guaranteed to get back

 

[Patient A]

What I am saying is that the price is arbitrary. It could be $10 bucks tomorrow or $1 million. There is no standard you could compare it to and say it is too cheap or too expensive other than what it used to cost in the past or how quickly it's value developed. You are saying it is too expensive right now. Based on what?

Overpriced based on Low volume price manipulation and actual usage of available coins. Lots of reasons also.

When you say the value of Gold is just as arbitrary...ok...but one thing being a scam and people falling for it doesn't make another thing better.

I Never said that the price of gold is arbitrary you dimwit assumer.

i never said anything being a scam and people falling for it and—-…

I can’t get through to you if you don’t have a basic understanding of markets in general.

you basically just think “thing is overpriced—-> scam”

not technically a scam. All assets are ponzi schemes if you hold onto them to sell them later on for a profit. Investing is literally just a matter of picking a ponzi scheme and running with it. Bitcoin can be used to move money around and pay for stuff.

 

[Patient A]

Capitalism and government led communism are both ponzi schemes “scams” technically

@reborn your place in society is to work, rot and not breed. Brötal

 

[MostGLSlayer]

Its a scam if you lose
Its not a scam if you profit

 

[Deleted member 16641]

Didn’t read. I’m gonna assume you bought at the wrong time lol. Same thing happened to me (FUCK FOMO) but now that the market has bottomed out your a fool if you don’t buy know

 

[Adamant]

The technology behind it (blockchain) is what makes some people excited. However I'm not sure governments will allow decentralized banking and other stuff.

 

[reborn]

Didn’t read. I’m gonna assume you bought at the wrong time lol. Same thing happened to me (FUCK FOMO) but now that the market has bottomed out your a fool if you don’t buy know

No at present it is at the same price I bought for last year. TLDR is that the price of Bitcoin is completely arbitrary. It could be $100 tomorrow or $10 million and in either case you couldn't say the price is wrong because wrong by what standard?

 

[reborn]

No because someone might actually steal your money that you were guaranteed to get back

Same with Bitcoin. If everybody cashes out their chips then yours are worthless.

 

[Deleted member 16833]

My entire existence is a scam

 

[NodiN]

Buying anything other than XMR is gambling by definition.

are monero really legit and anonymous? if it is, then i agree

 

[reborn]

My entire existence is a scam

 

[PURE ARYAN GENETICS]

it is a scam but some scams last decades as it seems a very good scam indeed

 

[Alt Number 3]

don’t say that. My shit will moon bruh

 

[Hector]

If you are an economic flat earther is a scam. If you have a bare minimum of grey matter, you already realised is x100 better than any fiat money.

 

[_____]

It has some use
But in term of price, you always need a bigger retard to buy your bags

 

[reborn]

If you are an economic flat earther is a scam. If you have a bare minimum of grey matter, you already realised is x100 better than any fiat money.

Not necessarily. I think both currencies are about as valuable as the communities behind them. Crypto has a bunch of autistic nerds as a community that believe in it and defend it as if it was some kind of holy grail. Sure that is not that bad because at least those guys are passionate about it so they won't let it's value go to zero. But they do not have any power. They are not organized at all. Most of them are gamblers and just in it for a quick buck.

Fiat money on the other hand is operated by the government. They are not very trustworthy or competent but they have tanks and missiles and other shit that allows them to rob people which they do on a regular basis. This also gives them the power to fight against crypto.

In my opinion both communities and both currencies are total shit.

My prediction is that the government will outlaw crypto in more and more countries and try to replace it with their own shitcoins. Eventually crypto will still be around but the fact that it will be illegal all over the planet will cause it to lose it's value and eventually be pretty much forgotten.

Fiat money will lose it's value as a result of inflation. Eventually the system will be reset and started from scratch.

 

[Pumanator]

I believe in blockchain tech, but not in crypto coins. They make coins out of now where use buzzwords to hype people up and make money. Some make money (expecially early adopters) but there is a high chance you lose money.
It's way go speculative and even bitcoin or etherium. So much leverage in it and that shouldn't be in a inflation hedge.
If you lost 90% you need do 10x the remaining to break even.

Also a lot of prices doesn't make sense. Friend owns a helium miner. That is a network of radio antenna that creates a netwerk. You provide a service and get paid for it. Sounds great. He invested like 500 euros for it and get paid like 10 euro per day. Tell me what people use the network and pay for it? Barely no one. If it's so low investment why not build 1 radio tower itself instead of paying 10 euros a day. He gets paid in helium coins and because of all the hype the coin went x100 and suddenly everyone wants to buy miner, they prob buy coins partially with investment money driving price up. Ponzi 101 hidden in a device that transmits radio and a lots of influencers rising price.

 

[reborn]

I believe in blockchain tech, but not in crypto coins. They make coins out of now where use buzzwords to hype people up and make money. Some make money (expecially early adopters) but there is a high chance you lose money.
It's way go speculative and even bitcoin or etherium. So much leverage in it and that shouldn't be in a inflation hedge.
If you lost 90% you need do 10x the remaining to break even.

Also a lot of prices doesn't make sense. Friend owns a helium miner. That is a network of radio antenna that creates a netwerk. You provide a service and get paid for it. Sounds great. He invested like 500 euros for it and get paid like 10 euro per day. Tell me what people use the network and pay for it? Barely no one. If it's so low investment why not build 1 radio tower itself instead of paying 10 euros a day. He gets paid in helium coins and because of all the hype the coin went x100 and suddenly everyone wants to buy miner, they prob buy coins partially with investment money driving price up. Ponzi 101 hidden in a device that transmits radio and a lots of influencers rising price.

Yeah and that applies to nearly all the crypto stuff. In theory there are a lot of great ideas. You can share your free hard disk space, or provide hosting space for video sites etc. But in reality nobody really uses that stuff.

What usecases do you see for the blockchain technology other than crypto? The only thing it is good for is to prevent censorship but whoever has the power to censor you will just take down the entire blockchain if they really want to silence you. And they will find ways to do that. If they can not shut down the blockchain they will make it illegal to use it and most people will be scared enough to stop using it.

 

[Deleted member 6695]

Go work at mcdonalds wagie,
We get it, you lost your savings in some animal coin. Cryptos not for everyone, including you

 

[Pumanator]

Yeah and that applies to nearly all the crypto stuff. In theory there are a lot of great ideas. You can share your free hard disk space, or provide hosting space for video sites etc. But in reality nobody really uses that stuff.

What usecases do you see for the blockchain technology other than crypto? The only thing it is good for is to prevent censorship but whoever has the power to censor you will just take down the entire blockchain if they really want to silence you.

Validating that someone is a owner of something and showing that. Also the decentralised stuff is great and voting. They just should
So that way its about blockchain and not crypto coins. Its just the question so i see the following:
- Tickets
- permits, deeds or other documents
- digital art (yes I see the value in rewarding artist for their art and showing who owns/ paid for it, just not in this speculative manner where ifs about rising price of arts and using gambling mechanics like rarity).
- stocks so you can see who owns them and what happened to them.

 

[currylover]

Apple computer is worth almost 3 trillion, despite offering an overpriced and less versatile platform than Windows. Every online retailer can ship products just like Amazon, yet Amazon is worth trillions. Why should currency be centralized when all the government does is devalue it? An asset with limited supply is the only asset that can continually increase in value. Bitcoin is inevitable because it fulfills an innate desire to control one’s money.

 

[noodlelover]

You just don't know how to value crypto currencies, to know if they are over or under valued.

Instead of Revenue+Profit/MarketCap + competitive advantage + projected growth of profits, you could do something like usecasegrowth/marketcap + competive advantage + projected growth of use case.

There's plenty of other ways to evaluate how good crypto currencies are, and comparing them just like there are many other ways to evaluate companies.

Bitcoin's competitive advantage is brand recognition, and it's use case is Gold 2.0. That's something, but it's a very weak competitive advantage, compared to other crypto's which is why I own very little bitcoin.

If you can't evaluate cryptos, and you can't evaluate stocks, and you can't evaluate real-estate, or even art, then you are doomed to loose the majority of your savings from inflation. Inflation, like casino gambling is a tax on stupidity.

 

[Harold O'brien]

crypto market cap will breach 1 quadrillion usd

 

[eduardkoopman]

It's like 1997.
Someone polling. If " the internets" is a scam or legit.

 

[Tallooksmaxxer]

It's like 1997.
Someone polling. If " the internets" is a scam or legit.

>t. crypto millonaire

 

[PURE ARYAN GENETICS]

It's like 1997.
Someone polling. If " the internets" is a scam or legit.

did the dotcom bubble not burst though

 

[eduardkoopman]

did the dotcom bubble not burst though

Amazon went from lke 100 to 10. aka 90% drpop, back in 2000.

Jumping out at the lows of a crash, is for cucks.

 

[PURE ARYAN GENETICS]

View attachment 1576163

Amazon went from lke 100 to 10. aka 90% drpop, back in 2000.

Jumping out at the lows of a crash, is for cucks.

if you get hit by 90% it's over. took 8 years to even recover. and amazon has real tangible value and revenue. crypto is a ponzi scheme. a very elaborate one. so elaborate that even governments can be convinced that it isn't. and it can't really be compared to the dotcom era when IT had several decades to develop by that point

 

[eduardkoopman]

if you get hit by 90% it's over.

Depends how much time a person has left.

took 8 years to even recover.

Would had been uncommon in most cases, to have bought all the shares exactly at the peak. Than one bought all I'm fomo times.
Ideally one buys at better times, or just dollar cost average.

8 years can happen.
For sure.

and amazon has real tangible value and revenue

True

. crypto is a ponzi scheme.

Some are. But plenty, like Bitcoin are not.

a very elaborate one. so elaborate that even governments can be convinced that it isn't. and it can't really be compared to the dotcom era when IT had several decades to develop by that point

Crypto sphere is imo still in development phase also

 

[PURE ARYAN GENETICS]

Depends how much time a person has left.

no dude that's a dogshit 'investment'

Would had been uncommon in most cases, to have bought all the shares exactly at the peak. Than one bought all I'm fomo times.
Ideally one buys at better times, or just dollar cost average.

well that's what normies do even today with crypto

8 years can happen.
For sure.

or just don't buy overpriced dogshit that is bound to crash

Some are. But plenty, like Bitcoin are not.

I mean if you said monero

 

[pain]

nah im crypto rich at 19 and never need to work a day in my life

 

[eduardkoopman]

nah im crypto rich at 19 and never need to work a day in my life

MIrin brah.
Hodler?

 

[pain]

MIrin brah.
Hodler?

not really, just got into it early.. made money via crypto etc etc
i get sick logging into old wallets and seeing me send whole coins when it was like 2k

 

[reborn]

View attachment 1576163

Amazon went from lke 100 to 10. aka 90% drpop, back in 2000.

Jumping out at the lows of a crash, is for cucks.

That is what I mean. I have been using Amazon since 2000. I do not see how they suddenly increased 300x. But apparently a lot of people started buying from them way later than I did.

 

[PubertyMaxxer]

It is, they are all pump and dump tokens except Monero which is the only functional coin 100% doing what cryptos were meant to do since their inception.
Buying anything other than XMR is gambling by definition.

Nobody uses monero except criminals . Everyone uses traditional banking and currency. Thus its worthless.

 

[Mastermind]

Nobody uses monero except criminals . Everyone uses traditional banking and currency. Thus its worthless.

Then why would you use crypto in the first place if not for the privacy jfl
Monero is what normies expect bitcoin to be

 

[PubertyMaxxer]

Then why would you use crypto in the first place if not for the privacy jfl
Monero is what normies expect bitcoin to be

Agree but if nobody uses / wants something it's worthless no matter how good one thinks it is

Value is defined by what the vast majority finds attractive and good

 

[Harold O'brien]

Agree but if nobody uses / wants something it's worthless no matter how good one thinks it is

Value is defined by what the vast majority finds attractive and good

Price != Value

 

[metagross]

Let's be real here, most people just go into crypto to get rich in ACTUAL currencies. Like US-Dollar or Euro.
No one is buying bitcoin for the sake of it. Or because he wants to invest in Bitcoin in itself. Everyone who buys crypto honestly just wants to make money in the real world.

They will hold onto their crypto currency up until the point they made profit and cash out in dollars. Crypto in itself has no value and most people subconsciously realize this, hence why "stable coins" are even a thing (USDC, etc.)