The problem with cryptocurrency in a nutshell

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https://www.cnn.com/2022/06/15/tech/bill...index.html

https://finance.yahoo.com/news/bitcoins-...00034.html

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https://www.nytimes.com/2022/06/14/techn...-fall.html

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https://www.npr.org/2022/06/17/110534342...in-celcius

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In the 1800s during the free/wildcat banking era, banks issued their own currencies most of which were worthless.  They just didn't have the internet and terminology like "nft".   But finding suckers has never required all of that- it just makes it easier and increases the scope of the scam.

How many different cryptos are there now, a few thousand?  There is not a limitless supply of greater fools to sell them all to in this get rich quick world.

Ponzi's and scams dressed up in new clothes are always coming along, with the same results.

https://en.m.wikipedia.org/wiki/Wildcat_banking

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@JimmyinSD said:
Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

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@comet52 said:

@JimmyinSD said:
Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

In the past 6 months, Bitcoin is down over -58%. Crypto is in meltdown and the sell off continues. 

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Crypto’s total market capitalization has dropped by over $237 billion since the release of May’s hot inflation data, from $1.15 trillion to $913 billion as of Monday morning but since its November peak the figure has lost 70% - over two thirds of its value - according to Coinmarketcap.

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I’d chuckle but my 401k ain’t exactly setting the world on fire either 

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@comet52 said:

@JimmyinSD said:
Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

There's a difference between people who
are investing and trying to get rich and people who want to see it succeed as a
currency.  You’re right that it’s not a
great currency right now, but it’s equally valid to say there isn’t a good
currency right now.  Maybe the USD is
better than crypto, but it’s obvious to all that the USD is on borrowed time as
we lose our monopoly on being the currency of oil purchases and it’s value is
so unstable that the only people who can afford homes are previous home owners
and large financial institutions, and people are rapidly changing jobs because
their raises aren’t covering inflation.


We need an answer out of this mess, rather than
sitting on our sinking ship laughing at that other sinking ship.  We’re a short period of time away from buying
all our Chinese goods from Amazon using Yuan.

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@medaille said:

@comet52 said:

@JimmyinSD said:
Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

There's a difference between people who
are investing and trying to get rich and people who want to see it succeed as a
currency.  You’re right that it’s not a
great currency right now, but it’s equally valid to say there isn’t a good
currency right now.  Maybe the USD is
better than crypto, but it’s obvious to all that the USD is on borrowed time as
we lose our monopoly on being the currency of oil purchases and it’s value is
so unstable that the only people who can afford homes are previous home owners
and large financial institutions, and people are rapidly changing jobs because
their raises aren’t covering inflation.


We need an answer out of this mess, rather than
sitting on our sinking ship laughing at that other sinking ship.  We’re a short period of time away from buying
all our Chinese goods from Amazon using Yuan.

Yes, crypto is going to save us all. The savior is cryptocurrency. Riiiight.