Politicians’ newfound love of crypto probably has more to do with a cynical bid for young voter support and Silicon Valley cash than a maturing of a financially perilous set of assets.
The prices don’t mean anything if no one is paying it, which if something is at said ‘record breaking’ levels, means there is at least 1 fool out of the 2 involved.
It’s still just a pyramid scheme in the end, because if I’m trading ammo or a sandwich or pigs or something, at the end of the day if no one wants to buy them from me I can still use them myself.
With crypto, there will by definition be someone holding a valueless and unusable item at some point. Whether or not the opportunity to make money in the time before that happens outweighs being involved in a pyramid scheme, is what everyone has to ask themselves (and be judged for depending on their answer).
You can argue about whether all money is the same in this regard, but there have been hundreds of crypto coins that have failed since the last fiat currency died.
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Most people who got fooled once will get fooled twice. Thats just what fools do.
Statistically, yes. But they’re not fooled by crypto, but by other people, or just by their own not understood feelings.
This is 100% why it’s good to have a small chunk of your portfolio in crypto. It’s hit all-time-highs four times in the last ten years.
It’s hard to argue that it won’t again after that, but I wouldn’t put any more than 10% of your investment capital into it.
Fool me once…
You can’t get fooled again?
No no
Yes, crypto people keep getting fooled by record breaking prices. So sad.
The prices don’t mean anything if no one is paying it, which if something is at said ‘record breaking’ levels, means there is at least 1 fool out of the 2 involved.
It’s still just a pyramid scheme in the end, because if I’m trading ammo or a sandwich or pigs or something, at the end of the day if no one wants to buy them from me I can still use them myself.
With crypto, there will by definition be someone holding a valueless and unusable item at some point. Whether or not the opportunity to make money in the time before that happens outweighs being involved in a pyramid scheme, is what everyone has to ask themselves (and be judged for depending on their answer).
You can argue about whether all money is the same in this regard, but there have been hundreds of crypto coins that have failed since the last fiat currency died.