this post was submitted on 02 Sep 2023
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i won’t stop anyone from shitting on crypto, but i do hope the “haha anon lost all his shitty crypto ‘’’investment’’’” memes are understood to be memes above all else.
Bitcoin’s sitting at $25000. that’s up a bit from before the pandemic, 3x the March 2020 low (when everything crashed), and half its all time high. same story with the second most used cryptocurrency. sure, that’s bumpy, but nobody literally goes from millionaire to McDonalds for parking their $ in the things you or i are likely to have heard of before. it’s the person who hears some random crypto name on Twitter (or from Elen Musk) and YOLOs in on some thing which didn’t exist a year ago specifically because they’re trying to catch a hype wave.
idk maybe everyone knows that. i just get annoyed every time a “crypto crash” story breaks the mainstream news and i check the price and it’s like “none of the names i actually recognize here are doing worse than the last time you ran an article about them”.
Cool ponzi scheme pitch.
i'm not pitching. if you need to launder money or evade sanctions, then use Bitcoin (with all the caveats). if not, then don't.
the amount of (well-deserved) hate against cryptocurrency interacts with Poe's law in a way that makes it difficult for someone who's not actively involved in that area (me) to track reality. like, i see this meme and think, "oh, is it finally, actually dead?" and then check and it's not. but other people don't check, and then every family reunion i have to deal with a dozen relatives asking "is (colin's misguided libertarian friend) ok? i heard crypto crashed." he's not ok -- he's a misguided libertarian -- but the premise of the questions are just false, and it's not hard to trace where they formed the beliefs that would have them ask it.
Keep preaching.
I remember the days when everyone was excited over the price hitting $10K. Now here we are sitting at $25K, yet people are calling BTC a "Ponzi Scheme". Give me a fucking break.
Whelp, you're not wrong, but you're not right either. There are more crypto currencies that have crashed and burned than those that haven't. NFTs are the short game of most of the grifters in crypto... Build hype towards a release, or "drop", prices go high after the IPO, then sink to nothing. Again, and again. It's entirely a confidence game for any new crypto at this point, and confidence drops off very quickly.
Aside from a handful or two of "currencies", the story is the same, over and over again.
Bitcoin is the best case scenario, and even that's unstable at best and downright chaos at worst; bluntly, the only reason IMO, why Bitcoin (and limited others) haven't gone under is because of the long term holders of the currency. There's large amounts of those cryptos that are being held, possibly forever, and sometimes, entirely lost on thrown out hard drives in landfills. The blind confidence that long term holders of crypto have, is keeping that hype train rolling. As long as nobody cashes out, nobody's as millionaire and it's just a matter of time.
Crypto was a good idea that attracted way too many grifters and confidence game conmen.