Bitcoin is the anti-idiocracy. It’s a massive honeypot that attracts the dumbest and most vile people only to ultimately wipe them out financially, break their relationships and ruin their lives before they are able to have kids.
By - pointman
Someone bought at ath..
And sold at bear market…
(Don't assume people can't form opinions solely through the use of their brain)
You're forming opinions without doing research. Bitcoin has never gone to zero
He meant you, dummy.
I said that to myself when they were $1.. $100.. $1000.. $10,000 and I died on that hill. Without a lambo.
Only invest what you're willing to lose..
Gambling isn’t investing. Neither is violating federal securities laws.
Right, gambling isn't, where did I say anything about that?
You didn’t. The OP did without using the word gambling. And I tossed in violating securities laws because it appears to be the main tool for finding new suckers.
We must be reading different posts lol. Elaborate?
I think we’re fine. I tend to think crypto is gambling on a bet that’s already fixed. And that pump and dump and other things I see in promoting crypto violate federal securities laws. I think that’s how the original poster of this headline feels too. That’s what I was referring to in my first comment. Just adding to what you said.
You have no idea what you're talking about. Do some research chief. Then buy some crytpo you hoe
Replace "Bitcoin" with "MLMs"
I think Crypto has many parallels with MLMs but a different demographic. Bitcoin is Amway for 20s-30s men.
I'll bite. How did you come to feel this way? What's your experience with crypto?
I first mined bitcoin in 2010 (for a very short period of time but I have never sold any bitcoin). I am an engineer and understand the technology. I also studied economics and have a libertarian bias, so I am sympathetic to the philosophy and ideology of crypto currencies. My formal training in both engineering and economics I think gives me a unique perspective.
I dislike bitcoin because it has failed to become P2P cash. There have been many "hacks" put in place to get around this most basic truth, it is a failed technology. It's inefficient, expensive and is a vehicle for scams, schemes, fraud and illegal activities. It didn't need to be this way, but greed can be more powerful than intelligence.
I don't discount the possibility that some form of crypto currency may survive bitcoin's inevitable collapse, but 99% of the oxygen in this space has been consumed by finding more creative ways to gamble on more stupid things, so it's difficult to find the signal through the noise. After the collapse, I'll keep an open mind and see what's still being worked on.
Wasn't expecting that - I appreciate you sharing your story and thoughts. I know this isn't the point, here, but you really should've led with this. It's an interesting topic, and calling people dumb and vile in the title really discredited you from the get-go. You have some substance, here.
Thanks. It's supposed to be a shower thought, can't have too much depth! You're probably right about the language, but the anonymity of reddit allows me to be honest and use the actual words that went through my head, not sugar coat it.
Very true - I totally get it. Thanks for the interesting read!
No one ever wants to admit it's just a digital baseball card that's only worth something because they think it's a "collectable".
Only people at the top really sell (because they want real, actual money). Everyone else is the rube holding a beenie baby.
Doesn’t Nano address a lot of that? I think Nano stands the most chance of being a real currency but I know Monero is in the running too
I have no opinion on Nano or Monero at the moment. I need to see the entire space get wiped out first. The only comparison between the internet and crypto I entertain is the benefits wrought by the [dot.com](https://dot.com) collapse which could be reproduced in crypto.
It sent all the scammers back to Wall Street and left actual engineers behind to grind out meaningful and useful services. If that is the outcome of crypto, great. Time will tell. We need the wipeout first. Send the moon boys packing. Put some people in cuffs.
I like you dark outlook on things. I concede
That’s almost exactly what the stock market is! Computerized algorithms trading at the millisecond trick retail investors led by wall st owned news telling people things that make them feel wise about going up against the high-frequency trading. Congrats! You just lost your retirement.
It's very unfortunate the stock market is being "cryptofied". Many people choose to use it like a crypto casino, but that's a choice. Companies have profits and often share it with their shareholders through dividends and stock buy backs. Therefore, the stock market is not zero sum and can be safe and profitable if used correctly.
I imagine that’s true but I have not seen it do anything but concentrate wealth in the hands of the few. While most crypto is ponzi schemes, some literally is distributed computing, finance, product tracking, legal contracts, etc. best of all, the decentralized nature of many (not all, eg HBAR) is a mechanism by which oligarchs cannot rig the system as easily.
Its not a casino, many people have strategies to be profitable even when the price is trading sideways or even trending down. Also I've been investing in the stock market for way longer than cryptos and currently you only have this opinion that the stock market is safe because the fed rate is so low. We are in a great bull market right now but it will not last forever, and even in bull markets some stocks trend down. I'm not saying one is better than the other but a skilled trader will be profitable in either, but both are risky and every investor should know to not invest money they aren't willing to lose.
"you only have this opinion that the stock market is safe because the fed rate is so low"
With all due respect, you don't know what I know. Trading and investing are not synonyms,
If you invest in ETFs you'll likely profit over time but you also limit how much you can make. So if you are looking for more than a 5-10% return in a given year you'll need to hold individual assets.
Someone once gave me some advice on real estate investing i think would apply here. He said, "when someone tells you real estate sucks its because they suck at real estate."
It might also be because they believe that turning a basic human need into an 'investment' so that prices are driven out of normal people's reach is morally bankrupt.
You're projecting. That's definitely not what he meant by that - it doesn't even fit the context.
You obviously dont know how real estate investing works. Beyond that, if you are renting, your house is an investment. You are using hatred for a system to attack an individual without knowledge of either while simultaneously hiding behind anonymity and a faux morality.
So, is your point that everything is always awesome and nothing ever sucks?
No. Investing is more than buying something and hoping for the best. Bitcoin made lots of people lots of money. Same with real estate. If you lose at either crypto or real estate, its because you dont know how to play that game. I dont personally invest in either, i suck at it too. So I pick something I m better at.
He's saying you suck at Bitcoin
All while draining the electric grid and taking computing resources away from scientists (yeah yeah and gamers).
Bitcoin is unsustainable in the long run. Change my mind.
If you zoom out it’s only gone up. The only way you could’ve gotten wiped out is from lack of self control
You either got rekt or don’t understand power of the blockchain. It’s not going away. First mover laying waste to legacy banking. BTC is essentially a store of value. Plenty of other coins and projects out there that are probably better long term investments.
Quant the fookin saviour. FTW
I dunno the ponzi scheme is effective enough that plenty of people are making money on the way up.
You are correct, if they are smart enough to take profits along the way. In that case, they aren't the idiots being referenced by the showerthought! Never HODL anything, always be willing to re-consider your prior decisions when new information becomes available.
“Bicycles will never catch on”
“Thomas Edison is a crackpot”
“The automobile will never be cheap enough for the average person to buy”
“The laptop computer will never takeoff.”
Your other examples are all things that serve an actual purpose. The only purpose cryptocurrency has is to make rich people even richer. Sure, occasionally a non-rich person makes money, but the vast majority are already rich people.
But that’s exactly my point of the above. The purpose of cryptocurrency is NOT and never was to make the rich people even richer. It was to distribute the control of currency to parties outside of the governments and to take control away from the rich.
Except the purpose of cryptocurrency IS to make rich people richer, and they’ve somehow managed to convince non-rich people otherwise. Honestly, it’s a great grift.
If that’s your belief, then all I ask is that you research the roots of any crypto. Not a single one, or ones that are actually long-term, was created by those individuals that have money. They are created by those who, as a rule, wanted to disrupt the monetary system; the system that is the foundation of current wealthy folks. That’s why all the big investors will publicly denounce it; Warren Buffet and his cronies is an example.
EDIT: As a matter of fact, one of the most famous Rich Assholes, Mark Zuckerberg, actually tried to create his own, and it failed miserably.
It’s not a belief, it’s reality. I’m really sorry you got suckered into it, and I don’t blame you. Like I said, it’s a great grift. “Buy this thing and stick it to the government and rich people!!” Is a great motivator. The problem is, the slogan continues “but also this is mostly going to make people who already have money even more money, as that is its purpose.”
I didn’t get suckered into anything. I have a well-rounded portfolio that is up by several thousand percent, I don’t buy and sell on market swings because I understand that crypto is new and just as any new market has huge swings. It’s not my only investment by any stretch, and nor am I in any way considered rich.
Just as any investment, I studied the hell out of it before I went in. I used to believe it was all smoke and mirrors, but I have since changed my viewpoint. I don’t push it out to others, but I am a big advocate for it on the very long term.
If it turns out I was wrong, then I’ll admit that in the end and it would by no means by the first time I invested poorly.
My point is OP said it ruins lives and relationships before they even have kids, which leads me to believe that they invested poorly.
I mean, if you believe it’s not to make rich people richer, I’m afraid you did.
Where are these stats from, the last time I looked at crypto wealth distribution it seemed that from 2015-2020 many of the known crypto millionaires were newly made millionaires. Also pretty sure that 2020 and 2021 was when many of the rich entered crypto. I'm open to see where you got this because I haven't looked at this data in a while.
Also side note crypto has a few (not as many as crypto enthusiasts say) benefits that are not offered anywhere else, the question becomes whether these benefits are worth the price tag attached to a crypto.
Of course, the people who jumped in early will maybe have made money, but then after that it’s all rich people. It’s like the stock market, you’re not making money there unless you get crazy lucky or you already have a ton of money. Are the benefits disastrous effects on the environment? Because those definitely happen elsewhere.
I agree the effects on the environment suck but crypto also has given people a way to send and receive money in some 3rd world countries. Look at how much money has flowed to countries like Venezuela and Columbia through crypto. I'm not saying its worth it but I'm pointing out a positive of crypto. Also it's not luck, it patience and timing with a good contingency plan.
Flowed to rich people, sure. And no, it is luck.
If you don't back up your comment with stats please just stop. If you think its luck then you shouldn't invest, you seem like a fun person...
I must have missed your stats. You seem like a gullible person……………………………..
Who are you quoting
History in general; no single person, but those are past examples of technologies or ideas that were thought to have no purpose, were a waste of time, and any investment of time or money was considered ridiculous by many. Turns out they were all well adopted and in the end actually shaped the world we live in today.
So you made it all up, got it.
Nothing is universally accepted or opposed, there is always a spectrum. You can always find someone who believes anything if you actively seek a specific opinion. That's not a compelling argument about the perceptions of those technologies at that time and more importantly it's irrelevant to the realities of a specific technology in this time.
Or...I paid attention in history class, knows common facts, and has Internet access to simply look up those facts which are so commonplace to so many that there are tons of ways to see it
His anecdotal examples are invalid but your anecdotal opinion isnt ?
If "nothing is universally accepted or opposed" you cant make an absolute statement saying his examples are irrelevant due to the "realities" of this specific technology.
Dont like BTC but dont like hypocrisy either
What is the probability, when flipping a coin, you will get "heads" 3 times in a row? When flipping coins, whatever happens in the past doesn't influence the future, each flip is a new 50/50 split.
In technology, many things are derivative so the analogy isn't perfect (none are) but somebody having a wrong opinion about something 100 years ago is totally irrelevant to the future success or failure of something today.
It provides no information about what is happening today because it's a different flip about something else that already happened using the limited information available to that person at that time.
It's especially useless considering we know you can find someone who will say anything, so I would argue even if the statements were made today, they would still be irrelevant because many people are stupid and say all kinds of nonsense. I asked who he was quoting and he said, basically, the air in his ass.
That's basic logic, not hypocrisy.
Invest no more than 5-10% of your portfolio and it's good .
Yes! But also, I would say the same about money in general, so I don't see the point of making a distinction.
No one considers the solar flare that immediately wipes bitcoin off the face of the earth forever.
a solar flare isnt as dangerous to earth as people think.
even if it was, bitcoin isnt gonna be your main concern
We’ve got bigger issues if every single computer on earth is wiped out of existence. Block chains can be rebuilt btw as well.
Yes you’re totally right. Absolutely bigger problems associated with an event like that and money wouldn’t matter at that point.