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I wasted years of my life in crypto

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Re: I wasted years of my life in crypto

#821

Post by kylehotchkiss »

reenorap wrote: post #601

I worked at a crypto exchange and after I came to the conclusion that 99% of crypto was scams and rugpulls, I sold all my crypto and vowed to have nothing to do with it. It's more of a religion than a financial instrument and absolutely nothing has shown to me that crypto is anything more than a speculative gamble, basically tulips with the religious promise of a better world. The number of employees that lost money…

I've found that looking at some people's approach towards tech as a new religion helps me to understand their irrational/criticism-free opinions of them - also helps me understand that I'm not going to change their minds on any of it, and limits my desire to debate it with them.

The religion of the Social Graph/global connectivity, the religion of the Cryptocurrency, the religion of AI (and the separate religion of AGI). People's fixation on UBI leans religious too. All promised transformation into better lives for people around the world, but none have managed to achieve it. We'd really be better off shipping hundreds of containers of solar panels to the global south than pretending some quantity of code we write will have as big an impact.

Re: I wasted years of my life in crypto

#822

Post by bangaladore »

sneak wrote: post #761
anthonypasq wrote: post #751

Earlier quoted context omitted.

well i would hope so, a normal savings account has 0 risk. im not sure this is a great argument to hold some bitcoin lol

A normal savings account does not have zero risk.

What risk are you taking on with a normal savings account?

If you are saying the global collapse of the financial system, crypto will be the first to fall in that case. Crypto like BTC is pretty much a more volatile market tracker.

Re: I wasted years of my life in crypto

#823

Post by teekert »

anthonypasq wrote: post #751
teekert wrote: post #604

Earlier quoted context omitted.

My advice is always: Just hodl some bitcoin, but not in amounts that make you cry when you loose it. It's been better for me so far than normal savings accounts.

well i would hope so, a normal savings account has 0 risk. im not sure this is a great argument to hold some bitcoin lol

Through some coincidence I started with 80€, now it’s 20k. Maybe someday it’ll buy my kid a house. Then I’ll take it out. If I loose it all, I don’t care.

Re: I wasted years of my life in crypto

#824

Post by Imustaskforhelp »

immibis wrote: post #775
Imustaskforhelp wrote: post #455

Earlier quoted context omitted.

Okay full disclosure, I believe in stablecoins only but what are your thoughts on nano. It has zero fees and I worked using its zero fees to store data/timestamps in it by nanotimestamps Personally I prefer usdc on polygon

> what are your thought on nano. It has zero fees I repeat: > Almost every cryptocurrency starts out with low fees and then fees increase when it gets popular and runs into processing limits.

Once again, I have no skin in the game at all and I do not own any nano.

Nano uses proof of work to counter scam from both sending and receiving side and it uses open representative voting.

Basically nano works from my understanding as like hey, we will host the servers for nano since its kinda cheap to do so but also that we can promote our services via the voting model, mostly done by exchanges like binance,kraken for free.

The model of nano lacks the idea of payment in the first place, its whole model is built around send/recieve proof of works and representative voting

I created a tool which did literally 10s of transactions on nano tokens I got from a faucet and they had 0 fees so I stored data like "hello world" lets say on the chains without losing a single coin (I had like 0.000001) or something

They still are sustainable and without spam by that much partially because of their proof of works and from what I know, it can get really hard to spam if one tries to do so.

Personally there is nanusd but its highly unregulated, just created by one guy, I wish if something like nano can be created at a stablecoin level but yea.

What are your thoughts now, I wish to not sell on nano (the coin) but ORV (the technology), I find it more interested than blockchain essentially, there are some minor differences like nano uses lattice structure etc.

Also please dont buy nano reading this, I find the coin still speculative and I wish if someone can create a more regulated version of a stablecoin combined with running basically a nano node internally, its all open source I guess.

Re: I wasted years of my life in crypto

#825

Post by bangaladore »

darkwater wrote: post #809
vmh1928 wrote: post #799

Earlier quoted context omitted.

Make money from the next greater fool who walks in the door. That's the essence of crypto, magic beans and greater fools.

I'm not into cryptocurrencies and I hold exactly 0 of them but... Isn't basically how people make money out of gold?

Gold has a use case in the real world. We can't manufacture it, so every time it is used to plate a printed circuit board, or XYZ other real application someone needs to purchase it from someone else. Some amount gets recycled, but certainly some not.

Crypto has zero fundamental use case in the real world.

Re: I wasted years of my life in crypto

#826

Post by wat10000 »

PKop wrote: post #690
reenorap wrote: post #601

I worked at a crypto exchange and after I came to the conclusion that 99% of crypto was scams and rugpulls, I sold all my crypto and vowed to have nothing to do with it. It's more of a religion than a financial instrument and absolutely nothing has shown to me that crypto is anything more than a speculative gamble, basically tulips with the religious promise of a better world. The number of employees that lost money…

Both supporters and critics approach it too religiously. Yes 99% is scams and rugpulls. The rest of the higher profile coins are, at the very least, tools to make money. Why emotionally sell all your crypto vs holding some higher quality as insurance with potential upside? Or even, ride the periodic bulls and take profits, rinse and repeat? If it's full of scammers, why not take some of their money? Does this require…

Why crypto? Why not one of the millions of other things you can invest in? Should I hold some onion futures as insurance with potential upside, or ride the periodic bulls of the Nepalese rupee and take profits?

Re: I wasted years of my life in crypto

#827

Post by vkou »

darkwater wrote: post #809
vmh1928 wrote: post #799

Earlier quoted context omitted.

Make money from the next greater fool who walks in the door. That's the essence of crypto, magic beans and greater fools.

I'm not into cryptocurrencies and I hold exactly 0 of them but... Isn't basically how people make money out of gold?

For the most part, yes. "I am a gold speculator" is, for those reasons, not exactly socially productive employment.

Re: I wasted years of my life in crypto

#828

Post by isubkhankulov »

The fiat financial system (aka wall st and main st banking) is heavily regulated on a state and federal level.

Yet after over a decade, the government explicitly did not regulate crypto despite significant overtures from the industry. Nothing other than enforcement actions, until very recently.

This, to me, implies that the government does not want to regulate it proactively because they don’t want to legitimize it.

Re: I wasted years of my life in crypto

#829

Post by kotaKat »

AnthonyMouse wrote: post #342
bhickey wrote: post #307

Earlier quoted context omitted.

> I want to buy subversive literature from someone I already trust not to rip me off Subversive literature printed on blotter paper. Outside of buying sex and drugs the only uses for cryptocoins are, and always has been, ransoms, scams and gambling.

Okay, tell me how I buy something over the internet without tying the purchase to my government ID. Your argument seems like "only criminals want privacy" which is a no.

I used to mail money orders to people to buy things over the Internet as a kid, before I had access to a bank account.

Before you could just buy Pocky at any old Walmart in the US, I remember mailing Celga[1] a money order to purchase some directly from Japan…

[1] https://www.celga.com/

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