$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

Post by deevolution » Fri, May 14, 2021, 1:03 AM UTC

rblion wrote: post #447

I own $0 crypto. Good in theory but if you look at it very closely, the whole thing is a racket that enriches a few people manipulating the market and enchants millions of speculators who want to 'get rich quick'. My gut says it's best to invest in myself and build things that are universally appealing and useful.

Post by Animats » Fri, May 14, 2021, 1:05 AM UTC

pshc wrote: post #440

plebianRube wrote: post #408

Earlier quoted context omitted.

Proof of work keeps the network fair. Non mining nodes have the final say. Proof of stake lets players with the most money have the most say.

Can you elaborate what you mean by “the most say”? The nodes aren’t voting on political proposals. So long as one entity doesn’t control >50% of the validating nodes, it doesn’t really matter, does it?

Post by PeterisP » Fri, May 14, 2021, 1:07 AM UTC

LeoPanthera wrote: post #452

rblion wrote: post #447

I own $0 crypto. Good in theory but if you look at it very closely, the whole thing is a racket that enriches a few people manipulating the market and enchants millions of speculators who want to 'get rich quick'. My gut says it's best to invest in myself and build things that are universally appealing and useful.

You discount the entire category of users who don't "hold" any cryptocurrency at all, but use it as a medium of transfer - buying as much as they need and then transmitting it elsewhere.

Post by [deleted] » Fri, May 14, 2021, 1:07 AM UTC

LeoPanthera wrote: post #452

rblion wrote: post #447

I own $0 crypto. Good in theory but if you look at it very closely, the whole thing is a racket that enriches a few people manipulating the market and enchants millions of speculators who want to 'get rich quick'. My gut says it's best to invest in myself and build things that are universally appealing and useful.

You discount the entire category of users who don't "hold" any cryptocurrency at all, but use it as a medium of transfer - buying as much as they need and then transmitting it elsewhere.

Post by fortran77 » Fri, May 14, 2021, 1:11 AM UTC

deevolution wrote: post #451

rblion wrote: post #447

I own $0 crypto. Good in theory but if you look at it very closely, the whole thing is a racket that enriches a few people manipulating the market and enchants millions of speculators who want to 'get rich quick'. My gut says it's best to invest in myself and build things that are universally appealing and useful.

It's not much different from the current fiat monetary regime. Those closest to the money spigot benefit the most... cryptocurrency opens it up to individuals rather than limiting it to governments.