The appeal of crypto

[Anonymous]

Is crypto seen as cool and edgy because you get to be a rebel and a capitalist at the same time?

[Anonymous]

Like anything, it's value depends on what people will pay for it.

[Anonymous]

It's for stupid people.

[Anonymous]

Like a decade ago. Now it's lemmings.

[Anonymous]

Lol no, it’s none of those things, at least to me. To me, it was all about FOMO. But I have a pretty high net worth and I’m typically careful in my investments. So I just put a small amount in. $50,000 to be exact. That was in the beginning of Covid. I’m now at $250,000. Had I lost the 50,000, I could’ve lived with it. Having made 200,000, I’m happy.

[Anonymous]

What is crypto exactly? Similar to Kryptonite? I thought that did not really exsist.

[Anonymous]

Anonymous wrote:What is crypto exactly? Similar to Kryptonite? I thought that did not really exsist.

Do numbers exist?

[Anonymous]

It’s a casino so the same appeal as gambling. Greed.

[Anonymous]

Anonymous wrote:What is crypto exactly? Similar to Kryptonite? I thought that did not really exsist.

Ponzi scheme, will all come crashing down like a house of cards

[Anonymous]

Crypto has great potential to transform payments.

As an investment, it makes a lot less sense.

[Anonymous]

Crypto has great potential to transform payments.

It's great if you like slow transaction times.

Otherwise the appeal is the usual with this sort of thing: get rich quick(ly) without knowing anything or expending much effort.

[Anonymous]

Anonymous wrote:

Crypto has great potential to transform payments.

It's great if you like slow transaction times.

Otherwise the appeal is the usual with this sort of thing: get rich quick(ly) without knowing anything or expending much effort.

Not all cryptos have slow transaction times.

Do you not understand the appeal of a decentralized currency?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Crypto has great potential to transform payments.

It's great if you like slow transaction times.

Otherwise the appeal is the usual with this sort of thing: get rich quick(ly) without knowing anything or expending much effort.

Not all cryptos have slow transaction times.

Do you not understand the appeal of a decentralized currency?

I believed how people were calling it speculative and volatile but then I started doing my own research. I find it fascinating and useful and plan to allocate 5-10% in the near future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Crypto has great potential to transform payments.

It's great if you like slow transaction times.

Otherwise the appeal is the usual with this sort of thing: get rich quick(ly) without knowing anything or expending much effort.

Not all cryptos have slow transaction times.

Do you not understand the appeal of a decentralized currency?

I believed how people were calling it speculative and volatile but then I started doing my own research. I find it fascinating and useful and plan to allocate 5-10% in the near future.

So explain to us how it’s useful and why more than one crypto currency needs to exist.

Look, I have an artist relative who gets paid for their art through crypto because you can set all kinds of rules as to reserve prices and what not so the transaction occurs automatically after the conditions are met. She uses Etherium which seems to be the crypto used for actual transactions.

She immediately just converts it into cash and only keeps a small amount to handle some day to day aspects of her business.

However, it’s difficult to understand how that makes it an asset class. I guess it’s no different than getting paid in gold, but gold holds its value because of the belief there is a limited store of gold in the world, while it’s hard to understand how you believe there is a limited supply of an electronic currency.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Crypto has great potential to transform payments.

It's great if you like slow transaction times.

Otherwise the appeal is the usual with this sort of thing: get rich quick(ly) without knowing anything or expending much effort.

Not all cryptos have slow transaction times.

Do you not understand the appeal of a decentralized currency?

I believed how people were calling it speculative and volatile but then I started doing my own research. I find it fascinating and useful and plan to allocate 5-10% in the near future.

So explain to us how it’s useful and why more than one crypto currency needs to exist.

Look, I have an artist relative who gets paid for their art through crypto because you can set all kinds of rules as to reserve prices and what not so the transaction occurs automatically after the conditions are met. She uses Etherium which seems to be the crypto used for actual transactions.

She immediately just converts it into cash and only keeps a small amount to handle some day to day aspects of her business.

However, it’s difficult to understand how that makes it an asset class. I guess it’s no different than getting paid in gold, but gold holds its value because of the belief there is a limited store of gold in the world, while it’s hard to understand how you believe there is a limited supply of an electronic currency.

If you believe in crypto, the idea is that the supply is indeed limited (more than gold).

The problem with crypto is that there are two competing trains of thought, and they are opposed to each other. Some treat crypto as an investment, basically a scarcity play. This makes crypto extremely volatile. Others think that it should be a decentralized currency, separate from central bank interference. To use it as a currency, it needs to be stable, which takes the speculative investment angle out of play.

The real question here is how crypto moves from investment to currency. I can't envision a world in which crypto keeps rising and the richest and most powerful people in the world are simply the ones lucky enough to get on the crypto train early. Governments simply won't allow it.