General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIs it just me or did Crypto jump the shark last night
The Crypto companies went all out on advertising spending last night during the Superbowl. This is one of many articles about how they dominated the airways. https://fortune.com/2022/02/03/crypto-super-bowl-commercials-binance/
I will be the first to admit that I don't really get Crypto currencies. It is more than just having a limited understanding of them. I just don't get why they exist in a broad market. It seems to me that they have limited uses for limited kinds of people like criminals and anarchists. All of the rest just seems like hype and the fear of missing out. Which is where the Super Bowl advertising spree comes in to fuel even more hype and FOMO.
I don't particularly have any gripe with the concept as long as they don't undermine actual currency that we all depend on.
But if I am going to adopt any means of currency, I have two major hurdles: A) Confidence that it is at least real enough not to burn me and B) Widespread places where I can use it
I don't see either of those things even close to being true yet. Maybe Bitcoin is conceivable in the 5-10 year horizon but it isn't there yet.
The problem I see is that there are dozens of different crypto currencies and there isn't room for more than 1-2. Meanwhile, the proliferation and ultimate failure of the rest is simply going to undermine the potential of the few.
Meanwhile, the entire argument for crypto seem to be in the speculation and trading realm. Which seems particularly suspect to me. Without a widespread marketplace actually utilizing the currency, it seems even more theoretical than ever.
Or, maybe I am just old.
samsingh
(17,595 posts)2naSalit
(86,528 posts)If we can't make their money irrelevant to them, they will make it so for us. It's almost like a war of economies and whose will make life livable for whomever has the relevant resource of currency. The winners of that war will be making the rules.
Initech
(100,062 posts)And then it jumped the shark again with the advent of NFTs. And let's face it, the people who are making millions and billions off cryptocurrency are the people who you wouldn't trust with 15 cents, let alone $15 million.
lagomorph777
(30,613 posts)No thanks for me.
Dave in VA
(2,037 posts)genxlib
(5,524 posts)You can't even plant these tulips.
At least back then, when the bottom dropped out, at least they had expensive tulips on their hands.
With this it just seems like it could evaporate into thin air.
lagomorph777
(30,613 posts)PoliticAverse
(26,366 posts)The primary reason people are buying them is because they believe their price will go up, but they are running out of greater fools.
Extensive discussion of the problems with crypto and NFTs...
GoneOffShore
(17,339 posts)Initech
(100,062 posts)Combined with everything you don't understand about technology!
I can always count on John Oliver to succinctly boil down a subject.
2naSalit
(86,528 posts)MineralMan
(146,286 posts)Its price goes up as more people buy it and the demand for it grows. The increasing price gets more people to buy into the concept. But, like all pyramid schemes, if people stop buying it in increasing numbers, the price will go back down again. So, it is dependent on getting more people involved as buyers.
Early investors can be winners, but those who come in and buy high will eventually become losers.
The real problem is that it is based on nothing. So, it has no real intrinsic value. Further, it is not backed by a reliable creator, such as a successful nation, or even a successful corporation, as equity stock is backed.
It's a fantasy currency, and the actual fantasy is that you can get rich just by buying it. Some will get rich, but if you're buying into it now, you're way too late in the predictably short lifespan of cryptocurrencies.
Now, just watch: Someone will come into this discussion and tell you I'm wrong. Will you believe that person? If so, buy away. You'll help that person make money from your money. What a deal, eh?
genxlib
(5,524 posts)I have always thought they were dodgy.
Some are probably scams from the get go. Others probably start out with good intentions but are effectively scams because they have no intrinsic value to support the rising values. No matter what, I was not interested.
I just thought that last night was a tipping point where they were trying to lure millions more people into it.
Like that old story of the shoe shine boy, when it seems too easy...run.
MineralMan
(146,286 posts)Those smaller investors will provide genuine currency in exchange for cryptocurrency, but without actually understanding the cryptocurrency at all.
So, they're saying, essentially,
Be afraid. Be very afraid. Don't invest more than you can afford to lose suddenly.
LetMyPeopleVote
(145,122 posts)MineralMan
(146,286 posts)It doesn't make sense to anyone, really.