Any cryptocurrency users here?

[fuctfuct]

Just dollar cost average into it. Like $10-25 a week. If it goes where many think it will, you will get great returns. If it does not.. you lose next to nothing.

[PretentiousHipster]

https://subredditstats.com/subreddit-user-overlaps/poor

I think this says enough. It's essentially a de-regulated stock market that seems to be doing ok because it doesn't have as much day trading in it, but in the end it's one of those get rich quick schemes.

If you want to see how disastrous it can be I encourage you to look up what happened to Bitcoin in El Salvador.

[RCBH928]

I do not feel comfortable trusting software to store my net worth. I imagine I have $50M in Bitcoin then it dies or something. If I wanted to store value I can just buy regular old gold why buy bitcoin, or buy farming land that way I will at least can harvest food and not die of poverty and can exchange food for other services. Hard to do the same with imaginary numbers. I mean, they created DogeCoin to show how much of a joke this whole thing is.

That being said I am interested in the transfer of the network. Its so much easier to transfer money back and forth over the conventional system that asks a million question before you can use your own money and have 22FA just to complete a transaction. In this case my understanding Monero is a better system than bitcoin thats asks a lot of money to make a transfer.

https://subredditstats.com/subreddit-user-overlaps/poor

I think this says enough. It's essentially a de-regulated stock market that seems to be doing ok because it doesn't have as much day trading in it, but in the end it's one of those get rich quick schemes.

If you want to see how disastrous it can be I encourage you to look up what happened to Bitcoin in El Salvador.

I do not understand your post, what the stats has to do with bitcoin?

[fuctfuct]

Almost nobody would put their entire net worth into it. Yet. Most use the rule of never putting into it what you cant afford to lose.

If 1 BTC is 6 million USD a pop in 2040 people are going to feel really, really stupid for not buying $100 of it when it was 50k.

Unlike any other asset, there is a finite supply. There will never be enough for every millionaire on the planet to ever own just a single BTC. They will be "fighting" over what would cost you $100 right now. Also, 0.33 BTC would put you in the top 1% of owners. <- My math is probably a little off but its something like that. lol

https://youtu.be/d_34YjXAU5Y

[PretentiousHipster]

https://subredditstats.com/subreddit-user-overlaps/poor

I think this says enough. It's essentially a de-regulated stock market that seems to be doing ok because it doesn't have as much day trading in it, but in the end it's one of those get rich quick schemes.

If you want to see how disastrous it can be I encourage you to look up what happened to Bitcoin in El Salvador.

I do not understand your post, what the stats has to do with bitcoin?[/quote]

I think that link shows that many see it as a get rich quick sort of scheme, as mentioned with my comments.

Like I said there, I would suggest looking up what happened in El Salvador when they used bitcoins as well.

[RCBH928]

@fuctfuct

I see what you mean, but i dont know why bitcoin enthusiasts think it will forever grow into infinite. Maybe it drops down back to $15K and stay there.

@PretentiousHipster

even if its a quick rich scheme, so what? I will put in a $100K in and make it $500K . Whoever is buying is their loss and choice. no con or fraud here.

[MrPopo]

The con is the value in the first place. Crypto is a very basic pyramid scheme, where those who get in the earliest can make vastly more money than those coming later because they are buoyed up by the later folks. But unlike a traditional pyramid scheme crypto discourages people from cashing out, as the process of doing so erodes things too fast. It also doesn't actually solve any problems. https://www.stephendiehl.com/blog/against-crypto.html

[PretentiousHipster]

Fine. I'll explain what happened in El Salvador. I just didn't want to initially because it may come across as too political.

The leader of the country decided to use bitcoin as legal tender, and gave every citizen a bit for that initial burst. Everyone thought it was some weird, but it's weird cash, so they all rushed to the ATMs to convert it. Of course, issues were caused from that such as ATMs running out of money.

During this, the price of Bitcoin fell from $52,000 to under $43,000 in one day, with this being cited as one of the big reasons. It helps support MrPopo's point that it discourages people from cashing out.

The problem with get rich quick schemes is that they almost never work. Yes, it is their choice, but let's say that capital gains shrink, or what one minor party wanted to do here, completely eliminate them. I'm sure everyone will take out loans and take part in this, or at the very least day trading. Commitment won't be a thing because they won't have to pay taxes, causing both markets to be extremely volatile.

[fuctfuct]

You guys truly do not understand, and that's ok. It is very hard (for me) to explain on a forum. I typed out an "essay" response here but it's just too hard for me to articulate it properly in text.

I encourage all of you to watch both of these videos. They are quite long but you can watch it at 1.25x. Or watch/listen in chunks.

https://youtu.be/d_34YjXAU5Y

https://youtu.be/Vuz44fwkEz0

"So what's bitcoin? Well bitcoin is the strongest asset the human race has ever invented. It's like gold with none of the defects of gold" - Michael Saylor 51:18 in the second video.

[o.pwuaioc]

Of course Michael Saylor would say that. He has thousands of bitcoins. I want everyone to buy the stocks I have, too. People who listen to Saylor's advice enrich him.

It's also the same Michael Saylor who settled a case with the SEC and lost 6 billion. So yeah, real stand up guy here.