Comment on AI Is Starting to Look Like the Dot Com Bubble

• qwertyWarlord@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Crypto is 100% a bubble. It’s not an investment so much as a ponzi, sure you can dump money into it and maybe even make money, doesn’t mean it doesn’t collapse on a whim when someone else decides to dip out or the government shuts it down. Its value is exactly that of NFT’s because it’s basically identical, just a string of characters showing “ownership” of something intangible

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  • stealin@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Whatever man used electricity will become valuable someday, I just know it.

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    • Freesoftwareenjoyer@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Being able to pay for things anonymously is very valuable to me and to many other people. That’s just one example of what this technology can be used for.

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      • zouden@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Bitcoin isn’t anonymous yet it’s the most valuable crypto. Monero is barely used. Most crypto people just want to get rich, they don’t actually care about using it.

        100% a bubble

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      • FlyingSquid@lemmy.world ⁨1⁩ ⁨year⁩ ago

        That’s called ‘cash.’

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  • Patius@lemmy.world ⁨1⁩ ⁨year⁩ ago

    It’s not even a ponzi scheme, it’s just a good old fashioned bubble.

    It’s digital tulips.

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• Platomus@lemm.ee ⁨1⁩ ⁨year⁩ ago

  The only way for someone to make money in crypto is for someone else to lose it.

  Crypto is a scam.

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  • Aagje_D_Vogel@feddit.nl ⁨1⁩ ⁨year⁩ ago

    Reminds me of money.

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    • Platomus@lemm.ee ⁨1⁩ ⁨year⁩ ago

      What is that even suppose to mean in this context?

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  • higgsone@lemmy.world ⁨1⁩ ⁨year⁩ ago

    So what’s the difference to money, stocks or every other investing option? There’s has to be someone who loses so someone different can win. We’re living in a capitalistic system, that’s how it works.

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    • bigschnitz@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Money isn’t an investment, it’s a currency. Of course it’s a bad investment and investing in forex is barely a better investment than crypto (purely because there’s less risk of a sovereign currency devaluing to 0).

      Investing in capital, like stocks, property, equipment etc does not require someone to lose money for the capital owner to profit. If I invest in a stock, each year I’m paid a dividend based on the profits of that organisation - no losers required. I could later sell that stock at the exact price I paid for it and come away with profit from those dividends. What determines whether it’s a good or bad investment, is the ratio of profit to the capital owner to cost of the asset. Crypto generates 0 profit, so it has 0 value as a capital investment.

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  • CustodialTeapot@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Sooooo, the exact same premise with ehmmmm… Stocks.

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    • TurtleJoe@lemmy.world ⁨1⁩ ⁨year⁩ ago

      You don’t understand how stocks work.

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  • Freesoftwareenjoyer@lemmy.world ⁨1⁩ ⁨year⁩ ago

    How is distributed ledger a scam? It’s nothing new and we know exactly how it works. It has nothing to do with making money. If I use it to pay for things online how am I getting scammed? I’m sorry, but it seems you don’t fully understand what this technology is.

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    • TurtleJoe@lemmy.world ⁨1⁩ ⁨year⁩ ago

      The blazing fast technology that allows for up to 7 transactions a second worldwide? Amazing.

      Don’t forget to pay your capital gains tax when you sell your butts online to buy your pizza.

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      • Freesoftwareenjoyer@lemmy.world ⁨1⁩ ⁨year⁩ ago

        The slow transaction speed is a valid criticism, but it doesn’t make this technology a scam. Different cryptocurrencies have different speeds. With Litecoin I think it takes me 40 minutes to pay for something. I still prefer that over being tracked by my bank or having to use PayPal. I think you can pay instantly with Dash, but I haven’t used it.

        I don’t sell anything online, so what are you talking about?

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• qaz@lemmy.world ⁨1⁩ ⁨year⁩ ago

  NFTs yes but crypto is absolutely not a bubble. People are saying that for decades now and it hasn’t been truth. Yes there are shitcoins, just like shitstocks. But in general, it’s definitely not a bubble but an alternative investing method beside stocks, gold etc.

  And what is the underlying mechanism that increases its value, like company earnings are to stocks?

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  • higgsone@lemmy.world ⁨1⁩ ⁨year⁩ ago

    What’s the underlying mechanism that gives money a value? We the humans give money and gold a value because we believe they’re valuable. Same with crypto. Bitcoin is literally like gold but digital. Stop saying what everyone without knowledge says and inform yourself. Not only about crypto, also about money etc.

    If you don’t understand the fundamentals of money, how can you judge something of being scam. There are lot of people here who didn’t even understand how money and gold works.

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    • bigschnitz@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Money has value insofar as governments use it to collect tax - so long as there’s a tax obligation, there’s a mandated demand for that currency and it has some value. Between different currencies, the value is determined based upon the demand for that currency, which is essentially tied to how much business is done in that currency (eg if a country sells goods in its own currency, demand for that currency goes up and so does it’s value).

      This is not the same for crypto, there are no governments collecting tax with it so it does not have induced demand. The value of crypto is 100% speculative, which is fine for something that is used as currency, but imo a terrible vehicle for investment.

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      • Freesoftwareenjoyer@lemmy.world ⁨1⁩ ⁨year⁩ ago

        I don’t know if it’s good investment or not, but cryptocurrency has uses that are valuable to a lot of people. You can send money to other people without using a bank or PayPal and you can pay for things online anonymously. Some cryptocurrencies might have additional properties like Monero, which also gives you privacy. NFT might also have practical uses some day - for example it could be used for concert tickets.

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    • aesthelete@lemmy.world ⁨1⁩ ⁨year⁩ ago

      What’s the underlying mechanism that gives money a value?

      A) the government backing it up along with its advanced military

      B) the fact that you have to pay taxes in it

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      • RandomlyAssigned@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Yep, which is why Bitcoin can’t last forever without turning into some sort of GovCoin for it to truly replace money

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