Why hate cryptocurrency?

Finance
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Decentralized applications. For example, Augur is building a decentralized prediction market. If this were successful at a large scale it would enable the financial system to create credit default swaps without counterparty-risk, for one. There are a lot of projects to build these applications that won’t depend on trusting a large company (either to maintain it, or with your data, or whatnot).

This is why the model of owning the tokens is actually necessary. For many or most of these projects, it shouldn’t be possible to buy a (central) company that will independently make money from their application being used (other than through the tokens they retain). Instead, the tokens themselves should become more valuable with increased usage due to the equation of exchange (basically, value of money grows with the velocity of the transactions using that money).

You can decide how much value you think the decentralized aspect is worth. But there are a lot of people trying hard to think of interesting ways to make use of this model. My bet is that some of them will succeed in a dramatic way.

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You clearly didn’t come from FWF where the community’s mission was to educate and empower consumers. We took down plenty of scams including agape world. Cryptos aren’t a scam but your trollish nonsense deserves to be challenged. We need more community input not less. If you don’t want intelligent debate, go back under your bridge.

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63

You kind of proved my point with this response. You have tried to turn a legitimate discussion into a personal attack.

There are many aspects to this discussion, which can be somewhat confusing.

First, why hate crypto? There have been some very insightful and legitimate responses explaining the dislike for crypto. There has also been good discussion on the potential for blockchain and crypto.

Second, why not take advantage of the opportunity to make a little money off crypto? There have also been good responses answering that question.

These questions led to the discussion about warning others. My reaction is not based on legitimate warnings, when they are based on fact. What I have personally seen and experienced are “warnings” based on opinion, emotion, and ignorance about blockchain and crypto in general. These generally turn into personal attacks rather than stemming from a community formed to educate and empower. Education and empowerment is based on sharing truth and fact, not attacking someone because you dont agree with them. Also, my response is not an indictment against this forum, it was a response based on the crap I see on other forums. What I have seen here is pretty tame. My general practice is to try and offer advice only when I have some insight, knowledge, or experience in the subject and when it is solicited. Admittedly, I dont always follow that rule, but I try. The only personal attack I remember initiating was the guy from FWF in San Bernardino who got the citation for weeds in his yard, and I included the disclaimer that I was making fun of him.

So, sorry if my message was so unclear that you thought I was trolling, but that was not my intent. Ill go back under my bridge now!

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You wondered why people would urge caution to strangers on the internet. That is a callous and bizarre stance.

Your OP remains a disaster: “So my question is, why is there not more interest in playing the crypto market like this, with the goal of making some nice and quick profit.” Tell us your investment strategy, b/c as far as I can tell, it boils down to a combination of my time machine is great and HODL. Neither are ways to make a “nice and quick profit.”

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Not sure why I’m responding to you again, but allow me to address your respones one sentence at a time:

I was a member of FWF since around 2005. You may be correct regarding the mission of FWF. However, your responses in this thread have failed to offer any education or empowerment. You have done nothing but post a few insults.

Congratulations to us!

So far, the only one I see trolling in this thread is you. You have not challenged any of my posts, you have simply called me a troll and said my posts are nonsense and a disaster.

Correct. But you don’t build community by attacking others when they ask questions. You offer legitimate factual answers. Every other member who has posted here has provided rational responses to my OP, which I welcome, since I solicited their input.

You seem to be the type of person that I was referring to. Someone who prefers resorting to personal attacks, rather than engaging in constructive dialog. For an example of constructive dialog, see jerosen’s post #42. He doesn’t agree with me either, but rather than attacking, he asked questions. We may never agree, but we haven’t attacked each other.

If you are offering intelligent debate, I am waiting. Please provide directions to the bridge though, I seem to have forgotten how to get there.

I will state this again…If the caution is based on facts and it is solicited, I understand and agree with it. However, what I have seen (not so much here, but elsewhere) is the tendency for the so-called warnings to be hostile and based on opinion. I see posts that start out like this, “If you think… you’re an idiot. I think…” To me, this is bizarre behavior. But, in hindsight, the question was ignorant on my part. As others have pointed out, some people just cannot help themselves from insulting others when they sit behind the safety of their computer. Case in point, you.

Regarding being a callous and bizarre point of view, well, I’ve been called both before, but not in the same sentence. Good job!

Your the first one to point out how disasterous my OP is. Everyone else has been able to offer answers.

You are taking my OP way out of context. At no time did I call crypto an investment strategy. I see crypto as being extremely risky, which is why I admitted that I could lose every penny I put into it. I view crypto somewhere between gambling and investing, but closer to gambling. That’s why I called it a game. It is like gambling, because you use your money in hopes of getting money that others have wasted doing the same thing. There are a few winners and a lot of losers. What pushes the scale slightly toward investing is that there are indicators that can influence your strategy to give you a slight advantage. Timing is very important, and the HODL philosophy might work for some, but if that were my strategy I wouldn’t have said “quick profit.”

66

This thread is done. Crypto-C is for fools but the fools will never hear it. Move on.

67

Nothing to add.

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Glad I finally shut you up.

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Your wall of text is just diatribe.

You are recommending a quick profit with no strategy (since you admit this isn’t an investment strategy). What kind of defense is needed that a quick profit tactic is unwise? This isn’t hot deals and there’s no arb. I don’t need to repeat the criticism of cryptos already made above. Yet they don’t really apply to the discussion. The real criticism is of your get quick rich scheme that has no fundamental value proposition. Whether you are making those as a shill, a troll, or just someone with mediocre financial knowledge is irrelevant.

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The thing is, I don’t see many people advocating crypto as an investment strategy unless you are talking about some fringe sites.

I’m just unhappy since I can’t buy a graphic card at a decent price point. Still waiting for that impending crash… waiting… waiting…

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I would. I think, as an asset class, it is likely to be worth significantly more in 5-10 years than 1T. There absolutely is value in some of these projects. Avoiding the scams and pump/dump and whatnot, is an issue of course.

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Can you expand on what you would include in the asset class and if it would simply be a subset of currencies?

Blockchain developments would drop into tech or tech services, right?

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Right, I’m not talking about traditional companies that are using blockchain tech. But I wouldn’t consider it a subset of currencies at all. I think cryptoassets is a better term for the sector, as many or most of these are not going to be used as currency.

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The part I don’t understand is that, if the underlying technology is sound and useful, why couldn’t a large institution or group of them adopt some kind of blockchain (crypto ledger) tech without paying up for any existing coins? What’s keeping all the current coins from going to zero once this happens?

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75

This is a nebulous prediction, GK. It confirms my already strong suspicion that no one’s crystal ball is superior to another, expect that prior fact patterns signal this hype curve may again fall short of its’ proponents’ exuberance.

When was the last time a new asset class arose?

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I mean, if Facebook was just about its codebase, why doesn’t someone just copy them? Everything about cryptoassets is network effects.

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Why is it nebulous? Are you saying my prediction is ill-defined, or something else?

The thing is, I’m not sure it’s that much of an asset class, so much as an alternative ownership structure. These are basically tech startups with a different capital structure. It’s not that different from the trend lately for tech companies to issue non-voting shares and such.

Though, I know I call it an asset class, simply out of convenience.

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I’ll state what I think the long thesis is, and y’all correct me please if it’s wrong.

#1 Blockchain tech will someday be valuable for processing various types of financial or other transactions.
#2 In pursuit of #1, one or more of the existing crypto coins will be adopted and used to do so.

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That’s too vague really. It’s already true. Ethereum is widely being used to process crypto transactions of other coins.

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Then, I invite you to rewrite it :slight_smile: