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Simberto
Germany12061 Posts
You waste lots and lots of energy on useless calculations because you hope to sell the result of those useless calculations for a lot of money to some sucker who thinks he can sell it to some other sucker for even more money. And that in the middle of an ongoing climate crisis. | ||
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GoTuNk!
Chile4591 Posts
On May 12 2021 17:39 Simberto wrote: The main problem i have with crypto is that it is unethical bullshit. You waste lots and lots of energy on useless calculations because you hope to sell the result of those useless calculations for a lot of money to some sucker who thinks he can sell it to some other sucker for even more money. And that in the middle of an ongoing climate crisis. Yeah, it's much more ethical for politicians to control the supply of money and being able to destroy purchasing power and life savings of the population on a whim, and for them to have no way to hedge against that event. Ever met a person from Argentina? | ||
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Simberto
Germany12061 Posts
Or do you know a person who used bitcoin to actually buy a real thing? And as a speculating tool, it is absurdly wasteful. | ||
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9-BiT
United States1089 Posts
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DarkPlasmaBall
United States46620 Posts
On May 12 2021 23:20 9-BiT wrote: ah it's another "somebody with no mathematical background says crypto is useless" episode, idk what else I expected from the TL investing thread. Can you please elaborate on the connection between having a mathematical background and thinking cryptocurrency is useful? | ||
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9-BiT
United States1089 Posts
On May 12 2021 23:29 DarkPlasmaBall wrote: Can you please elaborate on the connection between having a mathematical background and thinking cryptocurrency is useful? No | ||
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GoTuNk!
Chile4591 Posts
On May 12 2021 23:04 Simberto wrote: Crypto isn't really useful as money. It is currently a tool for speculating, meaning hoping other people will give you more actually useable money for the thing later on. Or do you know a person who used bitcoin to actually buy a real thing? And as a speculating tool, it is absurdly wasteful. Value storage. I also know people who do all their expenses with bitcoin debit cards, but they are certainly a minority. Ever met someone from a country with 5-10% MONTHLY inflation, where the government forbids you from buying foreign stocks or more than 200 usd ? (Argentina) | ||
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RvB
Netherlands6325 Posts
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GoTuNk!
Chile4591 Posts
On May 13 2021 00:22 RvB wrote: We already have a solution to excessive inflation and that's an independent central bank with an inflation target. Bitcoin won't solve the issue of bad institutions like in Argentina. Yeah, who cares about all those people who live in countries that don't have indepent central banks. | ||
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{CC}StealthBlue
United States41117 Posts
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Acrofales
Spain18486 Posts
On May 13 2021 02:53 GoTuNk! wrote: Yeah, who cares about all those people who live in countries that don't have indepent central banks. Poor people in Argentina aren't buying bitcoins. Rich people might be, but rich people were buying dollars or gold before bitcoins, so rich Argentineans stashing their money in foreign investment doesn't seem to be (1) new, or (2) a solution to Argentina having a shitty economy and a shitty government. Also, what makes you think the government can't forbid you from buying bitcoin in the exact same way they can forbid you from buying dollars? In fact, it's probably way easier, because bitcoin is necessarily digital, whereas you can trade cash pesos for cash dollars in the blue market on most street corners (or at least you could last time I was there, which was admittedly about 5 years ago). | ||
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Gorsameth
Netherlands22675 Posts
Besides, wouldn't the transaction fees alone make it completely impractical? | ||
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iPlaY.NettleS
Australia4460 Posts
On May 12 2021 22:25 GoTuNk! wrote: Yeah, it's much more ethical for politicians to control the supply of money and being able to destroy purchasing power and life savings of the population on a whim, and for them to have no way to hedge against that event. Ever met a person from Argentina? They have a way to hedge against it, by buying gold or silver.Same as it’s been for thousands of years.And if they can’t afford bullion coins buy old circulated coins.Pre 65 US 90% silver quarters are around $~5 each as an example. Meanwhile the crypto market crashed 20% in one day over an Elon Musk tweet.Dogecoin has the fourth highest crypto market cap.Honestly, come on. | ||
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Piste
6184 Posts
On May 12 2021 17:39 Simberto wrote: The main problem i have with crypto is that it is unethical bullshit. You waste lots and lots of energy on useless calculations because you hope to sell the result of those useless calculations for a lot of money to some sucker who thinks he can sell it to some other sucker for even more money. And that in the middle of an ongoing climate crisis. Not every crypto is bitcoin or dogecoin tho. | ||
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Simberto
Germany12061 Posts
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Blitzkrieg0
United States13132 Posts
On May 15 2021 23:53 Simberto wrote: Is there any crypto where that description does not fit? Your description is non-sense. Are you going to shut down the stock exchange with the same logic? If you want to lift yourself out of ignorance, I'd suggest looking into Ethereum and their move to proof of stake. | ||
KwarK
United States44401 Posts
On May 15 2021 23:53 Simberto wrote: Is there any crypto where that description does not fit? VeChain has actual practical use cases where it provides value to consumers. | ||
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Piste
6184 Posts
On May 15 2021 23:53 Simberto wrote: Is there any crypto where that description does not fit? Yes. | ||
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BlackJack
United States10574 Posts
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KwarK
United States44401 Posts
On May 18 2021 07:24 BlackJack wrote: Can anyone ELI5 why WSB is constantly saying SLV is a scam? As far as I can tell SLV seems to reflect the spot price of SLV so if there is manipulation with SLV shouldn't that manipulation also be present in physical silver or PSLV as well? I'm just not understanding how SLV can be a scam but physical silver isn't a scam if the prices more or less mirror each other. I'm holding 850 SLV @ 16.63 It's not a scam. As far as I know the argument is that when a few months ago a bunch of news organizations pretended that /r/wsb was mass buying SLV to spike the price similar to GME that they were full of shit. It's not that SLV doesn't actually hold silver, it's that the media generated hype around silver was entirely empty. | ||
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