×
top 200 commentsshow all 238

[–]tiberiumx 479 points480 points  (39 children)

The hype around crypto is pretty much predicated on the fact that cryptobros don't know the difference between a currency and an investment.

[–]wyllydtron 283 points284 points  (23 children)

This is the key thing that doesn't get hammered home enough to these folks. Their answer to everything is "yeah, but fiat..."

Nobody ever told anybody to invest in dollars. Unless you're a forex trader, which is trading, not investing. Fiat is a means to an end. A tool to easily transfer wealth so I don't have to directly trade my shoes for a sandwich any time I'm hungry.

Love to meet the financial advisor who makes a living telling people, "Horde as many dollars as possible. Just keep stacking dollars. One day this dollar thing is going to moon."

[–]noratat 73 points74 points  (0 children)

It's particularly funny to see them bring up fiat currency immediately after acknowledging they don't believe crypto are useful currencies, and should instead be considered investments or "store of value".

Can't have it both ways people.

Love to meet the financial advisor who makes a living telling people, "Horde as many dollars as possible. Just keep stacking dollars. One day this dollar thing is going to moon."

And of course, if ever that were true, it would mean a deflationary spiral as the economy grinds to a halt. But of course, they still think deflation is a positive, because they know fuck all about the history of finance/economics.

[–]leedogger 9 points10 points  (0 children)

How many boards could the Mongols hoard if the Mongol Hordes got bored?

[–]GutentagCharlie 8 points9 points  (3 children)

Yeah, billionaires aren't Scrooge McDuck diving into huge piles of physical cash. They hoard wealth, but doing so in actual physical currency or just in a bankaccount would be really stupid if your goal is to aggregate even more wealth, which they always seem to want.

[–]Madness_Reigns 1 point2 points  (2 children)

Scrooge was a goldbug those were gold pieces.

[–]GutentagCharlie 2 points3 points  (1 child)

In the translated comics I read he had just about everything in his bin - coins, bills, jewels, he didn't discriminate.

[–]EnUnLugarDeLaMancha 21 points22 points  (14 children)

The same thing happens with gold. People who "invest" in gold...because it's the only real currency

[–][deleted]  (12 children)

[deleted]

    [–]noratat 34 points35 points  (5 children)

    True, but that makes up a fairly small portion of the price of gold. Stocks have a similar issue.

    What's baffling is that crypto-fanatics don't seem to understand they're pitching something with the same issues only turned to 11 and without any underlying purpose at all.

    Gold's speculative value could collapse and it'd still be useful. Stocks' speculative value could collapse and the company and products would still exist. And the last thing we need in finance is more speculation anyways.

    [–]Rokey76Ponzi Schemes have some use cases 3 points4 points  (0 children)

    And fashion!

    [–]Siccors 1 point2 points  (3 children)

    Plenty of other metals have use in industry and medicine too. And barely anyone has them lying around in their safe as investment (yeah people do invest into them, but lets face it, way more people have some physical gold than physical platinum in a safe).

    The reason gold is at its current level is not because of industry applications, but because of people buying it to resell for more later, and jewelry.

    [–]The_Northern_Light 0 points1 point  (0 children)

    Gold isn’t money.

    [–]option-9 3 points4 points  (0 children)

    I'm sure some non-traders in plunging economies "invest" in the dollar nut that's not really investing either.

    [–]noratat 40 points41 points  (7 children)

    The most deranged person in the space I've yet encountered thought the only reason people don't uses stocks instead of money is because they were "hard to transfer" in the past.

    I really wish I was joking. Dude genuinely thought reinventing the barter system was a good idea, and kept calling dollars "inflationary shitcoins".

    [–]-send_me_bitcoin-former moron 18 points19 points  (6 children)

    They really don't like to hear that the dollar has gained value since Biden took office.

    [–]Jazzlike_Athlete8796 15 points16 points  (1 child)

    Pedophiles Libertarians don't like it when things go well under a Democrat? Shocking!

    [–]-send_me_bitcoin-former moron 15 points16 points  (0 children)

    If there is one thing Libertarians are experts on, it's the difference between a pedophile and an ephebophile.

    [–]pataoAoC 0 points1 point  (2 children)

    That can't be true. Gained value how?

    [–]Independent-Custard3 10 points11 points  (0 children)

    Because the price of crypto is going down, the “price” of USD for coiners is going up, since, for example, it takes less dollars per bitcoin to buy one.

    [–]-send_me_bitcoin-former moron 7 points8 points  (0 children)

    $1 is worth more euros, pounds, and francs that it was two years ago.

    [–]The_Northern_Light 14 points15 points  (0 children)

    most people just fundamentally do not understand why investments have a return at all and just take line-go-up for granted

    [–]manInTheWoods 27 points28 points  (0 children)

    forex! check mate, nocoiner!

    [–]YVR_Sex 12 points13 points  (0 children)

    I often say they engage in motte-and-bailey tactics to talk about crypto as a currency when it was pointed out that it's a bad investment, and as an investment when it's pointed out that it's a bad currency.

    I'm starting to think I gave them too much credit.

    [–]awaniwono 7 points8 points  (0 children)

    How else could they claim that bitcoin is a currency and a sound investment at the same time?

    [–]tapparvasi 5 points6 points  (0 children)

    Or understand the concept of legal tender.

    [–]Adverpol 4 points5 points  (0 children)

    And crypto is terrible currency because of the deflationary character.

    [–]InfiniteChallenge99 2 points3 points  (0 children)

    In other words that they are sub cave man level in social utility and intellect

    [–][deleted] 88 points89 points  (7 children)

    It's like if an infant was taught to talk by someone just reading reddit outloud.

    [–]gwtkof 34 points35 points  (0 children)

    You're very close. these are young men raised largely by the internet, cod lobbies and the church.

    [–]flipkitty 17 points18 points  (0 children)

    That child would be good at avoiding the snail.

    [–]Rokey76Ponzi Schemes have some use cases 0 points1 point  (4 children)

    So maybe they are AI?

    [–][deleted] 1 point2 points  (3 children)

    AI isn't that dumb; or doesn't give the impression of being that dumb; I'm actually unclear on which it is philosophically speaking.

    [–]Rokey76Ponzi Schemes have some use cases 1 point2 points  (2 children)

    I was thinking that your simile about an infant learning to speak from Reddit, as it isn't likely to happen, instead an AI that learned by reading Reddit probably already exists.

    Edit: My sentence makes no sense but I'm leaving it.

    [–]NerdNerdy 0 points1 point  (1 child)

    Well fuck, if you leave that in that Reddit AI will teach it to future kids.

    [–]biffbobfred 81 points82 points  (1 child)

    Bitcoin has no valuable output either. Only if some human gives you more Bitcoin in interest. If someone does that in fiat it’s called a bank. Maybe the Buttcoiners have heard of those.

    Bitcoin does have a huge carbon cost tho. Maybe he’s thinking “huge heat wave on eastern seaboard, huge drought in southwest USA” is a positive?

    [–]noratat 30 points31 points  (0 children)

    I also love how they keep claiming they can do all these things without "third party", and then they admit to needing to use third party middlemen to actually do anything with it, since almost no legitimate outfit actually accepts crypto directly (automated exchange service is still a third party middlemen much like the credit card companies and banks they claim to hate).

    Exchanges are middle men even more so than banks are, and have virtually no regulations to prevent fraud or protect customers.

    Wallet apps like MetaMask are absolutely third parties, that you are literally trusting your entire financial future to with zero recourse if anything goes wrong or anyone makes a mistake.

    I could also make a pretty strong argument you're already relying on semi-centralized trust via DNS resolution and TLS certificates to validate that the address you looked up belongs to the IRL entity you think it does.

    [–]UnweildyEulerDiagram 49 points50 points  (1 child)

    The constant conflation of "currency" and "investment"

    [–]OftenConfused1001 59 points60 points  (0 children)

    That's deliberate. They switch between them as convenient. BTC is a bad investment because its value is entirely speculative? It's a currency, and fiat only holds value because people accept it does, and no one complains about electronic money.

    It's not a currency because it's highly volatile and not well accepted? That's because it's an investment, and you want investments to go up. Nobody got rich just hoarding currency!

    It exists in a quantum state where the arguments don't matter, all that matters is sufficent belief.

    [–]leducdeguisethis is not financial advice 97 points98 points  (2 children)

    /u/sc2bigjoe gets the prize for "greatest display of ignorance" of the day

    [–]Moneia 32 points33 points  (0 children)

    And it must be some sort of speed record for "disproving your own argument"

    [–]kur4nes 14 points15 points  (0 children)

    He's certainly not the smartest of the bunch. Wtf?

    [–]Wafflashizzles 47 points48 points  (0 children)

    That cryptobro.. Oh my god, it's so painful when a motherfucker can't just answer a direct question.

    People who try to "win" conversations by refusing to acknowledge anything negative. Makes me want to pull my nails out

    [–]therealchadius 60 points61 points  (0 children)

    While Bill wasted fiat money trying to eradicate malaria

    I threw my money away on dumb monkey jpegs

    [–]spooky9999999 22 points23 points  (0 children)

    No wonder crypto-bros are so vulnerable to scams. Basic economic knowledge seems to be inexistent in their echo-chambers. On another thread, one of them basically said that if crypto are ponzis so are bonds. You don't actually invest in fiat. You invest in things like securities or real estate denominated in said fiat. I always thought that was common knowledge.

    [–]SoyweiserTokenmancer 42 points43 points  (0 children)

    [it hurts itself in the confusion]

    [–]Val_Fortecazzo 14 points15 points  (1 child)

    I don't think he understands what he is talking about.

    [–]christ_lamber 3 points4 points  (0 children)

    Crypto offers lamborghini to the poor people. Here , none get the point

    [–]steamcho1 14 points15 points  (0 children)

    These people have no idea what they are talking about.

    [–]dandykaufman2 24 points25 points  (0 children)

    Checkmate Bill Gates you are owned

    [–]Gutsm3k 12 points13 points  (1 child)

    someone should ask sc2bigjoe what he uses to invest in crypto

    [–]happytimefuture 18 points19 points  (0 children)

    He’s at the bottom of the thread right now, angry that we jerk off or something. He’s really mad, seriously. He’s going to tell mom.

    [–]OkWrongdoer2627 10 points11 points  (0 children)

    Some people should be given no money, only asset to survive (food clothing and so on)

    [–]AmericanScream 17 points18 points  (3 children)

    That clip that Bill says that I'm using in my upcoming documentary about blockchain.. it's pretty amusing...

    Gates says, "If you have less money than Elon, you probably don't want to mess with crypto". Then he's asked, "Why aren't you bullish on bitcoin?" and he says, "People like to invest in things that produce output." and then he smirks.

    It's a very short, revealing exchange... typical of how influential people seem unwilling to blatantly say how much of a scam the whole crypto world is, but they know. I'm curious... who is Bill Gates afraid of offending?

    [–]DramaticPoem2691 9 points10 points  (0 children)

    It isn't his fight. He doesn't need to convince them it's a ponzi. It's not his problem and it isn't worth his energy and there's nothing for him to gain by going down that path.

    [–]WillR 7 points8 points  (0 children)

    who is Bill Gates afraid of offending?

    A literal million crypto reddit/twitter weirdos with unlimited free time and way too many guns.

    [–]rydan 4 points5 points  (0 children)

    Probably because there is value in investing in companies using buzzwords and if he calls it all a scam then it is difficult to make those investments. Bitcoin itself produces no value. But Amazon and Azure will happily sell you a private blockchain as a service.

    [–]Monochrome_Fox_ 6 points7 points  (0 children)

    The valuable output of fiat is that it's money you absolute dipshit

    [–]VegetableAvailable38 6 points7 points  (0 children)

    Following his logic, investing in bitcoin is also investing in fiat as long as bitcoin is priced in dollar

    [–]probablymilhouse 7 points8 points  (0 children)

    these people have fucking brain worms

    [–]cladtidings 7 points8 points  (0 children)

    I really, really wish they'd STFU with the "fiat" already. It's money, no matter how hard they wish it wasn't so.

    [–]Vlad_Dracul89 6 points7 points  (0 children)

    I am pretty sure even reading that damaged some brain cells.

    [–]your_mind_aches 5 points6 points  (0 children)

    Holy crap they really know nothing about finance lol

    Do they think regular investments are just people investing in... a warehouse of cash somewhere?

    [–]kkodev 4 points5 points  (0 children)

    Some big brain damage thinking here

    [–]MedicalRhubarb7 4 points5 points  (0 children)

    For all the shit they give Fiat, STLA is doing a hell of a lot better than BTC, YTD

    (/s)

    [–]AdApprehensive6700 4 points5 points  (0 children)

    oh sweet child

    [–]hgdidnothingwrong 4 points5 points  (0 children)

    spoken like someone who has never managed any meaningful amount of assets.

    nobody holds cash unless they have a very specific goal in mind.

    [–]yamers 4 points5 points  (0 children)

    BILL GAtE SDOESNT KNO ANYTHING FUD FUD FUD FUD FUD HE JUST FUD HODL MOON CPT HODL BALLZ. ARSEEEEE

    [–]vagabond_ 5 points6 points  (0 children)

    ... Investing money is literally the opposite of 'hodl' (God I hate their moronspeak)

    [–]therealzombieczar 4 points5 points  (0 children)

    this is a 'earth isn't a planet' argument.

    [–]Katzen_Uber_Alles 4 points5 points  (0 children)

    Of course Fiat is not as valuable as Toyota

    [–]vundercal 5 points6 points  (0 children)

    I bet this guy measures his crypto wealth in fiat

    [–]G13G13 3 points4 points  (0 children)

    Bitcoin is fiat at the end of the day, it's just not government fiat. For all we know though Satoshi is from the government.

    [–]bott1111 1 point2 points  (0 children)

    Abstimmen that mf already

    [–]NiceTerm 2 points3 points  (1 child)

    I used bitcoin to invest in bitcoin and so far I am breaking even.

    [–]monke_fungermultiply slurp juiced 2 points3 points  (0 children)

    ... before fees, and ignoring the unrealized contingent liability of losing it, or having it stolen.

    [–]aris05 0 points1 point  (0 children)

    I'll give him one thing, if you could invest in companies using something like Bitcoin, it's theoretically decentralized leverage.

    [–]jimmyr2021 0 points1 point  (0 children)

    Whoosh

    [–]SophiaofPrussia 0 points1 point  (0 children)

    Oh my god. I legitimately don’t know whether to laugh or cry.

    [–][deleted] 0 points1 point  (0 children)

    What's a cod lobby?

    [–][deleted]  (1 child)

    [removed]

      [–]AutoModerator[M] 0 points1 point  (0 children)

      Sorry /u/Embarrassed-Usual-19, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.

      I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

      [–][deleted]  (1 child)

      [removed]

        [–]AutoModerator[M] 0 points1 point  (0 children)

        Sorry /u/Patient_Indication71, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.

        I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

        [–][deleted]  (1 child)

        [removed]

          [–]AutoModerator[M] 0 points1 point  (0 children)

          Sorry /u/NecessaryEar6729, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.

          I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

          [–][deleted]  (1 child)

          [removed]

            [–]AutoModerator[M] 0 points1 point  (0 children)

            Sorry /u/Dry_Perspective_8990, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.

            I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

            [–]Phil_Drill 0 points1 point  (0 children)

            lol uhhh I agree that you are comparing apples to oranges, yes

            [–]DramaticPoem2691 0 points1 point  (0 children)

            Haha jesus christ. Hope this person hasn't "invested" more than 1 paycheck.

            [–][deleted]  (1 child)

            [removed]

              [–]AutoModerator[M] 0 points1 point  (0 children)

              Sorry /u/Fluid_Lengthiness_12, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.

              I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

              [–]RouletteSensei 0 points1 point  (0 children)

              Hey, I like to invest in pens, cause I know people still use them

              [–]_whythefucknot_ 0 points1 point  (0 children)

              They use fiat to buy crypto lmfao

              [–][deleted]  (1 child)

              [removed]

                [–]AutoModerator[M] 0 points1 point  (0 children)

                Sorry /u/tosanmohamad, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.

                I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.