Agreed that crypto influencers are atrocious people.
However, when crypto has had three booms in seven years, you can ridicule it all you want, but it makes sense to put a small percentage of your investment money into it.
The return of investment on crypto doesn’t come from any value it generates. It comes from other people who made bad bets and lost their money on the same. That makes investing in crypto the same as participating in a Pyramid. Your argument, if taken for face value, can easily be extended to defend pyramid schemes.
I use crypto to privately pay for my VPN, phone bill, to donate to foss projects. I sold some digital items online for crypto. I use it because it’s faster, more private (if done correctly) and convenient than using a credit card or bank transfer. No one can seize, freeze, or control my crypto. I can donate, pay or get paid on my own terms with no middle man. If visa, mastercard, banks or fintech companies generate value then so does crypto.
I was talking about the use of crypto as an investment, not as currency. While the latter was the purpose that cryptocurrencies were originally designed for, the former now far outweighs it.
What’s the difference between a useless cryptographic token and a useless piece of paper if there are people willing to give me things I want for either?
That’s just not true. Monero, litecoin, bch… transactions cost less than a penny. No one uses bitcoin for illegal things anymore (it’s tracable and forever on the blockchain, people use monero instead) but if they were wouldn’t that mean bitcoin is useful for exchanging goods?
I use crypto for a bunch of legitimate things like paying for my VPN, phone bill, donating to foss projects etc.
I use it because it’s more private, faster and more convenient for me. I can always have it with me, use it from any place, any time, for anything I want with no hidden fees and no one can seize, freeze, track or control my money. If you think that thoes things are valueable only to criminals you must have lived under some 1st world rock for a while.
I’m suggesting that my “investment budget” is nothing.
I think this one flew right over your head.
Specifically, I’m making light of the fact that no matter how hard I try to make a living wage, I still struggle to make everything work, indirectly shedding light on the recent discussions about stagnant wages and out of control inflation, raising costs to live while providing me no means by which to afford those increases.
Most months I barely have enough left over to buy myself a single meal at a restaurant as a once-a-month treat, nevermind have money set aside for retirement or have an “investment budget”.
Like how they decided they’d hold it by gripping the top of the pyramid, not the base plate like a usual sane person.
I bet if you asked them to hand you a drink, they’d hold it from the top with two fingers dipped into the fluid. Then proceed to be confused as to why you don’t want to drink it anymore.
That there’s such thing as “crypto influencers” and that they’re awarded for pulling people into the scam not only blows my mind, but also indicates how fucked we are as a whole, when it comes to being able to think critically.
Check out the BBC podcast on the One Coin scam, it’s beyond me how these people can live with having destroyed so many lifes (yes, I know how, by hallucinating a world where they’re the good guys):
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !technology@beehaw.org
A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.
Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.
It looks like an upside down funnel to me!
https://youtube.com/watch?v=lC5lsemxaJo&t=63
His face tells me everything I need to know.
There’s some speedballs behind those eyes.
Agreed that crypto influencers are atrocious people.
However, when crypto has had three booms in seven years, you can ridicule it all you want, but it makes sense to put a small percentage of your investment money into it.
The return of investment on crypto doesn’t come from any value it generates. It comes from other people who made bad bets and lost their money on the same. That makes investing in crypto the same as participating in a Pyramid. Your argument, if taken for face value, can easily be extended to defend pyramid schemes.
I use crypto to privately pay for my VPN, phone bill, to donate to foss projects. I sold some digital items online for crypto. I use it because it’s faster, more private (if done correctly) and convenient than using a credit card or bank transfer. No one can seize, freeze, or control my crypto. I can donate, pay or get paid on my own terms with no middle man. If visa, mastercard, banks or fintech companies generate value then so does crypto.
I was talking about the use of crypto as an investment, not as currency. While the latter was the purpose that cryptocurrencies were originally designed for, the former now far outweighs it.
The same is, however, true for most of the stock market.
The only counter argument is dividends, which are extremely rare in most industries, and barely a dent relative to an investor’s portfolio.
You can argue that owning a piece of a company who generates value is not the same thing as owning some useless cryptographic token.
What’s the difference between a useless cryptographic token and a useless piece of paper if there are people willing to give me things I want for either?
The piece of paper you’re talking about is useful to exchange goods.
The cryptographic token is not because it’s too volatile and transactions are costly.
There is a reason the only things using Bitcoin as an actual currency are illegal things, buying credit card numbers or paying for ransomware.
That’s just not true. Monero, litecoin, bch… transactions cost less than a penny. No one uses bitcoin for illegal things anymore (it’s tracable and forever on the blockchain, people use monero instead) but if they were wouldn’t that mean bitcoin is useful for exchanging goods?
I use crypto for a bunch of legitimate things like paying for my VPN, phone bill, donating to foss projects etc.
I use it because it’s more private, faster and more convenient for me. I can always have it with me, use it from any place, any time, for anything I want with no hidden fees and no one can seize, freeze, track or control my money. If you think that thoes things are valueable only to criminals you must have lived under some 1st world rock for a while.
Capitalism is a pyramid scheme.
Thank you for your reply.
People who call crypto a pyramid scheme <-> People who know the difference between pyramid and Ponzi scheme
PS: if you think crypto is a pyramid scheme, stay away from crypto.
This suggestion makes you a crypto influencer now.
Okay, a small percentage of nothing is…
Your comment does not make sense in light of facts. Crypto boomed in 2017, 2020, and is currently booming again.
I think they were suggesting that they’re broke…
2009-2017 boomed a little too
I’m suggesting that my “investment budget” is nothing.
I think this one flew right over your head.
Specifically, I’m making light of the fact that no matter how hard I try to make a living wage, I still struggle to make everything work, indirectly shedding light on the recent discussions about stagnant wages and out of control inflation, raising costs to live while providing me no means by which to afford those increases.
Most months I barely have enough left over to buy myself a single meal at a restaurant as a once-a-month treat, nevermind have money set aside for retirement or have an “investment budget”.
We know the person receiving the award probably isn’t smart enough to figure out why it’s pyramid shaped.
Like how they decided they’d hold it by gripping the top of the pyramid, not the base plate like a usual sane person.
I bet if you asked them to hand you a drink, they’d hold it from the top with two fingers dipped into the fluid. Then proceed to be confused as to why you don’t want to drink it anymore.
To be fair, being a mesh design, I would want to pick it up by the pyramid, too.
Fair enough, but to hold it in a position good for displaying… The base plate makes a lot more sense.
If it sounds like a scam and looks like a scam, then it IS a scam.
Illuminati!
🅱️inance 🫰🤌👌
That there’s such thing as “crypto influencers” and that they’re awarded for pulling people into the scam not only blows my mind, but also indicates how fucked we are as a whole, when it comes to being able to think critically.
Check out the BBC podcast on the One Coin scam, it’s beyond me how these people can live with having destroyed so many lifes (yes, I know how, by hallucinating a world where they’re the good guys):
https://www.bbc.co.uk/programmes/p07nkd84
In older scams, these people are called the “touts” and earn a commission for every rube they bring in.
I swear I recognize this guy