Crypto The problem with crypto investing

{Note from mods - this thread split from here: How do you approach crypto investing? [Crypto]}




re: Bitcoin: don't waste your time debating adherents to this ponzi cult. Cult members have been reflexively trained to dismiss any valid criticism as FUD. Without mindless adherence to the "number go up" mantra, this would all come crashing down in a heap overnight. This is what really frightens them, if enough people see this for what it actually is, their dreams of getting rich overnight vanish. They need ever greater fools to unload their bags on.

 

also, this doesn't mean you can't make money off this. I have made money trading this garbage and was a big fan of this stuff when it was in its infancy.

Sadly, it has morphed into an ecological catastrophe with a handful of scammer whale bag holders perpetuating a get rich quick cult. The stuff is poison and i want nothing to do with it nowadays.

 

responses to follow from number go up cult members wil be:

it's going mainstream, look at the institutional adoption (look deeper, this is not the case)
but Elon Musk is on it (look closer still)
have fun staying poor (very original)
mention of some project that solves all the scaling issues that hasn't solved all the scaling issues or is a scam or is just a concept or is centralised or doesn't use a blockchain.
etc. etc.

 

all the responses will gloss over what an ecological catastrophe the Bitcoin blockchain is
if they mention it, they will put forward some bogus, disproven agrument that all that energy consumption is fostering renewable adoption (it ain't)
there will be no mention of the impact of Willybot on BTC prices or unbacked Tether printing doing the same. etc
house of cards. never mind as long as number go up

 

The problem with the crypto ponzi nonsense is that there is no money in saving the gullible from parting with their money. All the money is in perpetuating the number go up mantra.

I don't get paid for saving people from parting with their life savings in get rich quick scams. This is how they win

 

And there are so many other "coins" joining in, so which one is gonna be the real one, the big daddy.....& dont tell me all of 'em!
Will fall in a heap for sure.

 

Regarding the impact on the environment, it is true Bitcoin is a sucker for electricity. That being said, I would argue gold mining has a much greater impact on the environment than Bitcoin, for essentially the same purpose. You could argue banks also suck up significant electricity although to be fair they serve a much wider purpose than what Bitcoin does. In addition Bitcoin miners are driven to utilise the cheapest electricity possible which is quite often from renewables (hence why China is such a big miner as they get hydro).
In addition, other solutions are being developed as an alternative to POW, such as staking that Ethereum is in the process of implementing.

Regarding Willybot, this was a problem 8 years ago when all Bitcoin trade was centralised on a single exchange, the environment has changed since. Tether has also just settled with the NY attorney general’s office with a token fine and no admission of any wrong doing.

I too am not paid for trying to get people to consider this thing they’ve been ******** on for years, hence why I don’t want to enter into endless debates with people who have no genuine curiosity about it. I too have limited time that I can spend doing more productive things than getting **** on for trying to get people to consider this from a different perspective.

 

standard coiner whataboutism response
look closer at the recent Tether settlement. they are in deep doo doo. typical bag holder "Tether won" response
you are a bag holder, you have everything to gain pumping this in this investor forum

 

we haven't even gotten into the hackneyed "fiat is a ponzi scam" etc
every mindless coiner argument/retort is copy/paste

 

how is pumping pro-crypto news into this forum "a different perspective"
a different perspective is the bear case. why don't you start posting about the links between Tether pumping and the BTC price
why don't you look closely at what a house of cards Tether is to the ecosystem? that would be a different perspective
what about the institutions who poo poo crypto
don't see you mentioning Bill Gates perspective on Bitcoin "i don't invest in things that are only about number go up"
don't see you discussing all the money laundering going on, that would be a fresh perspective.

 

Vitalik has been discussing moving to PoS since 2014....still waiting
even then, why would any instituion send off its sensitive data to god knows who in god knows where
where is the discussion about Yellen and the ECB poo pooing crypto?

 

i should add that i have been closely involved with several crypto projects. The entire ecosystem is a joke. rotten to the core.
it wasn't always like this. The early days were fun with some genuinely interesting ideas floated about

It is a giant trash fire now sadly

 

the problem with crypto bag holder pumpers is that they are the most toxic, nastiest get rich quick cult members i have ever had the displeasure of tangling with

 

i was early in a ponzi scam, you should dogmatically adhere to everything i say, verbatim. i am an investing god
anyone who criticises me should be instantly disregarded, their arguments are invalid

 

but blah blah token has a trillion dollar market cap
i mint a billion tokens of ponzi coin
i buy one token or get someone i know to buy one token from me for a dollar
market cap = one billion
yet another coiner proof point
market depth, buyers = zero for zero tokens, sellers = one billion tokens available at one dollar.
meaningless coiner drivel

 

So er... @charttv , reading between the tea leaves here, it'd be fair to assume that you're not big on crypto?

 

Too funny.
However, chartv speaks from experience with bitcoin.
I dont cause I wont touch it ever. I dont understand it.
........streaming Warren Buffet

 

Warren Buffet is an investing dinosaur. Why would you listen to that old fossil and his decades of experience when i am an 18 year old earning 3000% APR yield farming Goose tokens and selling animated gifs of cats for $500 a pop

 

defi is tha future man!
don't get left behind
we are early

 

btw. coiners don't want anyone to understand it because those who do, see it for exactly what it is and isn't
a standard coiner response to any valid criticism is the smug "you just don't understand it"
sanctimonious claptrap. they like it complicated so they can bamboobzle the ignornant. like any faith based belief system, their is no evidence, you just have to believe each bitcoin will be worth a lot more in future and make you rich
the emperor has no clothes. anyone who dare speak the truth is vilified