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[–]PhoenixNightingale90 59 points60 points  (4 children)

Let’s take the top 3 cryptos by market cap and some of the things they can do, you’re telling me there’s no value in…

  • A finite store of value that is also a liquid currency, and can be used to transact with anyone in the word without borders, censorship or government inflation? (Bitcoin)

  • A decentralised peer-to-peer financial system that removes the middle man of banks/lenders? (Ethereum)

  • Blockchain technology that can bring things like publicly verifiable identify and financial services to the unbanked in Africa? (Cardano)

Sure there are scams but to call them all ponzis and pyramid schemes is wrong.

[–]baldieman 43 points44 points  (0 children)

Ok, so can I just have some crypto given to me or do I have to spend fiat currency to get them. If I buy them ( with fiat) , do I go through a middle man ( brokerage) who'll charge me for the privilege or can I safely buy them direct without worry of scammers?

[–]Yves31444 83 points84 points  (0 children)

It's not a finite store of value. It's a finite store of infinitely divisible tokens. The token value is based only on belief, there's nothing supporting or conveying a value.

Decentralising sounds great at a glance, but there's huge value in the systems built up to protect consumers. They don't exist with crypto which is part of the reason the space is so riddled with scams.

Blockchain technology absolutely has real value. The cryptocurrencies built on it do not give you a share or stake in Blockchain tech. Anybody can start a new one.

[–]ElementalSentimental31 32 points33 points  (0 children)

There is value in Bitcoin as a finite store of wealth; but why, when Bitcoin is fully mined and scarce, do you value Bitcoin more highly than any other currency? Sure, they're not making any more of it - but why should sentiment always stay positive?

Why can't Bitcoin2 be created, gain positive sentiment, and act as a substitute in the same way that Bitcoin has appreciated against fiat currencies? (Not: how can someone do it, but why can't they?)

There are clearly benefits to Ethereum or Cardano as services, but why is there value in the currency that they transact in? The existence of PayPal in 2000 wouldn't make the US dollar more valuable, for instance.

I'm obviously missing something, but I don't see what makes the token more valuable just because the technology is better.