Agreed that crypto influencers are atrocious people.
However, when crypto has had three booms in seven years, you can ridicule it all you want, but it makes sense to put a small percentage of your investment money into it.
I’m suggesting that my “investment budget” is nothing.
I think this one flew right over your head.
Specifically, I’m making light of the fact that no matter how hard I try to make a living wage, I still struggle to make everything work, indirectly shedding light on the recent discussions about stagnant wages and out of control inflation, raising costs to live while providing me no means by which to afford those increases.
Most months I barely have enough left over to buy myself a single meal at a restaurant as a once-a-month treat, nevermind have money set aside for retirement or have an “investment budget”.
The return of investment on crypto doesn’t come from any value it generates. It comes from other people who made bad bets and lost their money on the same. That makes investing in crypto the same as participating in a Pyramid. Your argument, if taken for face value, can easily be extended to defend pyramid schemes.
What’s the difference between a useless cryptographic token and a useless piece of paper if there are people willing to give me things I want for either?
I use crypto to privately pay for my VPN, phone bill, to donate to foss projects. I sold some digital items online for crypto. I use it because it’s faster, more private (if done correctly) and convenient than using a credit card or bank transfer. No one can seize, freeze, or control my crypto. I can donate, pay or get paid on my own terms with no middle man. If visa, mastercard, banks or fintech companies generate value then so does crypto.
Agreed that crypto influencers are atrocious people.
However, when crypto has had three booms in seven years, you can ridicule it all you want, but it makes sense to put a small percentage of your investment money into it.
This suggestion makes you a crypto influencer now.
Okay, a small percentage of nothing is…
Your comment does not make sense in light of facts. Crypto boomed in 2017, 2020, and is currently booming again.
I think they were suggesting that they’re broke…
I’m suggesting that my “investment budget” is nothing.
I think this one flew right over your head.
Specifically, I’m making light of the fact that no matter how hard I try to make a living wage, I still struggle to make everything work, indirectly shedding light on the recent discussions about stagnant wages and out of control inflation, raising costs to live while providing me no means by which to afford those increases.
Most months I barely have enough left over to buy myself a single meal at a restaurant as a once-a-month treat, nevermind have money set aside for retirement or have an “investment budget”.
2009-2017 boomed a little too
The return of investment on crypto doesn’t come from any value it generates. It comes from other people who made bad bets and lost their money on the same. That makes investing in crypto the same as participating in a Pyramid. Your argument, if taken for face value, can easily be extended to defend pyramid schemes.
People who call crypto a pyramid scheme <-> People who know the difference between pyramid and Ponzi scheme
PS: if you think crypto is a pyramid scheme, stay away from crypto.
The same is, however, true for most of the stock market.
The only counter argument is dividends, which are extremely rare in most industries, and barely a dent relative to an investor’s portfolio.
You can argue that owning a piece of a company who generates value is not the same thing as owning some useless cryptographic token.
What’s the difference between a useless cryptographic token and a useless piece of paper if there are people willing to give me things I want for either?
The piece of paper you’re talking about is useful to exchange goods.
The cryptographic token is not because it’s too volatile and transactions are costly.
There is a reason the only things using Bitcoin as an actual currency are illegal things, buying credit card numbers or paying for ransomware.
Capitalism is a pyramid scheme.
I use crypto to privately pay for my VPN, phone bill, to donate to foss projects. I sold some digital items online for crypto. I use it because it’s faster, more private (if done correctly) and convenient than using a credit card or bank transfer. No one can seize, freeze, or control my crypto. I can donate, pay or get paid on my own terms with no middle man. If visa, mastercard, banks or fintech companies generate value then so does crypto.