• grrgyle@slrpnk.net
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    3 months ago

    Yeah riding the bubble let a couple of nerds and early investors maybe take advantage of a little economic mobility, like, incidentally. But those days are long passed now. Like you said, it’s rigged in favour of entrenched capital, just like everything else now.

    • aviation_hydrated@infosec.pub
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      3 months ago

      BTC is steady last few months at 60k, if you purchased last year, your investment is up 3x. If you bought 2 years ago at the peak, you’re up a few %, which still beats international inflation

          • aviation_hydrated@infosec.pub
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            3 months ago

            I guess some people have that stance, but it’s a currency. It’s supposed to be boring and not thought about much. It’s not like most people care about antique and rare coin collections, but some people do, most people just spend and save their money

            • symthetics@lemmy.world
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              3 months ago

              Calling it a currency is generous. I know it’s meant to be, but let’s be honest - you’re not buying the majority, or probably even any, everyday goods or tech with your BTC are you? Most people certainly aren’t. And most BTC owners certainly aren’t. They’re holding to the moon.

              • aviation_hydrated@infosec.pub
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                3 months ago

                If my local grocery story would accept it, I would. It’s a compatibility issue, which all technology is tested this way. Having 5G towers in the 1900s would have been a bummer, but today, somewhat standard. Crypto will need to pass this test if it’ll survive

                • symthetics@lemmy.world
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                  3 months ago

                  Do you know what a blockchain is? It’s not cutting edge technology at all.

                  You’re right though, there is a compatibility problem.The BTC network is designed to be inefficient and it’s slow as fuck. Why would we replace a fast and pretty efficient system with a slow one that also makes your money unrecoverable if you make a typo?

                  That’s not even touching on how fun it would be to buy your groceries when BTC crashes 20% overnight.

                  Or how ridiculously convoluted using crypto is in general. And how easy it is to get hacked, scammed, rug pulled.

                  It’s complete fantasy mate. I’m guessing you’re deep in the crypto space from your comments, which are the same old non arguements over and over, so no one ever talks about any potential negatives. That in itself should tell you everything you need to know.

                  I’m not saying you can’t make money with crypto, but it’s a casino and nothing more. The rest is just feel good bullshit sold to you to make you buy and hold, generally.

                  • aviation_hydrated@infosec.pub
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                    3 months ago

                    Well, most of our current economic payment system is smoke and mirrors for the majority of the world. In the US, bank transfers can take up to weeks to process, and the only reason why it looks fast to end users is it’s insured so they just change the digits on the screen

                    I’m not necessarily sold on crypto, I am just over the fiat system. Living through multiple economic collapses, seeing prices rise and only held low due to government supplements and corrupt lobbying, and the general way fiat leads to over consumption will do that

                    Give me something better and I’ll take it. I know it’s slower than cash, clunky and uses as much resources as google, but right now those aren’t draw backs to me in this current environment where we need debt to sustain day to day existence

        • aviation_hydrated@infosec.pub
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          3 months ago

          No, it’s like any other currency minus it has a fixed supply. So use it, since inflation is eating away any currency with a limitless supply

          • Kecessa@sh.itjust.works
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            3 months ago

            But deflation pushes people not to spend their money and crypto with a fixed supply is in fact deflationary since the accessible supply goes down as people lose access to their wallet for one reason or another.

            Also, crypto value and crypto prices of items are based on the comparable fiat value so yes, getting in at the right time makes a huge difference.

            In the end crypto bros just make it so there’s still rich people at the top, they’re just not necessarily the same ones.

      • symthetics@lemmy.world
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        3 months ago

        Yes if you meet those criteria and cash out right now. Most people I to crypto will hold though.

        Why? Because that’s the narrative pushed on the community over and over and over - hodl never sell.

        Why? Because if everyone sells, all the people manipulating the market like Tether and their buddies lose their money. Fair play to those that can make a bit of money, but unless you’re already rich, are running the market, or fine with creating a shitcoin to rug people, crypto is not going to make most average people rich at all.

        Just another way for the already wealthy to fuck you over.

        • aviation_hydrated@infosec.pub
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          3 months ago

          Most assets work that way, if everyone sold Nividia stock then it would tank as well. Most things outside of food and shelter only have value due to our collective belief. Diamond and water paradox is constant in society

            • aviation_hydrated@infosec.pub
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              3 months ago

              I think an asset is anything that can be converted to liquid, so that depends if you think crypto is liquid or not, which probably depends on location

                • aviation_hydrated@infosec.pub
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                  3 months ago

                  It doesn’t matter what I believe, I was referencing an economic textbook on what an asset and currency are

                  What do you believe it to be?

                  • symthetics@lemmy.world
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                    3 months ago

                    It does matter, because with respect you changed what you class it as to support your arguement. Obviously there’s still discussion on how to class BTC, but my understanding is the consensus outside of crypto is it’s a speculative asset.

                    That’s also why it would be terrible as a currency, from what I understand.