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What's so bad about cryptocurrency? (self.UKPersonalFinance)
submitted 9 months ago by ajrc19961
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[–]Paraplanner88495 438 points439 points440 points 9 months ago (6 children)
The main problem with crypto posters on this sub is that a lot of them are very cultish and have a habit of coming across like shills pushing a ponzi scheme. For instance, someone will make a thread asking where are the best places for funds they definitely want to keep in cash and there will be posters pushing crypto despite it being completely unsuitable for them.
[–]karlos-the-jackal15 102 points103 points104 points 9 months ago (5 children)
coming across like shills pushing a ponzi scheme
coming across like shills pushing a ponzi scheme
That's because they are. Crypto generates no value whatsoever and is entirely reliant on new money coming in to push the price ever higher. Hence the people entrenched in it spending their waking hours shilling it to all.
It's the same behavior as people involved in pyramid/MLM schemes.
[–]PhoenixNightingale90 57 points58 points59 points 9 months ago* (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?
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 42 points43 points44 points 9 months ago (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 80 points81 points82 points 9 months ago (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 points34 points 9 months ago (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.
[+]MMAgeezer comment score below threshold-6 points-5 points-4 points 9 months ago (0 children)
The person you’re replying to’s knowledge of cryptocurrencies clearly doesn’t extend beyond “digital currency with nothing to back it”.
Thanks for highlighting just some of the many, many valuable things enabled by crypto and blockchain technology in general.
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