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.
Comment on AI Is Starting to Look Like the Dot Com Bubble
Platomus@lemm.ee 10 months agoThe only way for someone to make money in crypto is for someone else to lose it.
Crypto is a scam.
higgsone@lemmy.world 10 months ago
bigschnitz@lemmy.world 10 months 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.
CustodialTeapot@lemmy.world 10 months ago
Sooooo, the exact same premise with ehmmmm… Stocks.
TurtleJoe@lemmy.world 10 months ago
You don’t understand how stocks work.
Freesoftwareenjoyer@lemmy.world 10 months 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.
TurtleJoe@lemmy.world 10 months 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.
Freesoftwareenjoyer@lemmy.world 10 months 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?
ZodiacSF1969@sh.itjust.works 10 months ago
I think people are using the word scam not in it’s strictest sense - that is to say, I don’t think Satoshi personally invented BTC to defraud everyone who bought it so in that sense, no, it is not a scam technically. A better way to describe it would be via the greater fool theory: the only way to make money is to find someone even more foolish than yourself to buy it.
Crypto as it is currently implemented is inefficient, riddled with problems, and is deflationary which you can argue about but most economists would say deflationary currencies are bad as they lead to shrinking economies and do not encourage investment.
There also aren’t that many problems that it ‘solves’ that aren’t already solvable by existing tech. And even in the case of things it’s useful for, if it were to be widely adopted the ‘benefits’ would be overshadowed by the massive new problems that would be created.
I think crypto will always have a niche, especially for black markers. I don’t think anything similar to currently existing crypto currencies will ever be adopted for widespread use as legal tender.
Aagje_D_Vogel@feddit.nl 10 months ago
Reminds me of money.
Platomus@lemm.ee 10 months ago
What is that even suppose to mean in this context?