Whenever I hear someone talking to me, or read any article of “lets go invest in [XYZ] crypto”, I get the exact same vibes like when someone comes to you and says “Lets go to the casino and invest some money so we will be rich”. But we all know gambling is not an investment.
Hell even gambling has some rules and boundaries, but I cant tell any decent rules that help the “investors” in crypto.
But in general, what are the key and buzz sentences of crypto? We all know it, but do they make any sense whatsoever?
I often hear that it is a decentralised payment method to combat the shady wall street investors, who speculate currencies to scam poor people out of money.
– If we think this through, almost every currency we use at the moment does not work in “Floating exchange rate system”. In a floating exchange rate system the currency can either skyrocket, or fall to the ground without limitations at any given time. But seriously the currencies we use today do not work like this (unless there’s a a world war that empties the treasury to rock bottom). There’s always a moment when the government steps in, and does not let the currency hit rock bottom. There’s a damn good economic reason for this. Hell even other nations step in to avoid this (for example Germany after WW2 received massive funds from allied nations to avoid bankruptcy).
But the damn crypto can hit rock bottom at any time, we see it constantly with scam and other shitcoins. Additionally, do we even hear of these wall street folks scamming us out of money? Like I don’t know anyone who was a victim of this recently. But when it comes to crypto, I constantly see scam coins (just like recently that squid game coin, or save the kids coin) fall to ground and average joes losing money. Hell even the celebrities, like Elon mess with twitter messages to influence the exchange rate, but at the end he is the one winning.
The other big argument is how this is a payment, that will revolutionise everything.
We have bitcoin for 12 years now. Why noone is paying with it so far? I know how criminals use it on dark web, or how the wannacry ramsomware asked for crypto payment. But legit people? Who pays with crypto? Noone apart from criminals to avoid the tracking of government. I never see any advertisement to pay with it, I never hear of anyone paying with it, hell I dont even hear anyone saying that they buy crypto for a payment. Always there’s one reason for buying it: to become rich very quickkly with no effort whatsoever.
Crypto is enviromental, because most it is sourced by green energy.
Possibly this is the biggest bullshit around it. Just because green energy is used for it, that does not make it good. Because we are removing valuable energy from important sectors that could use it. Also China which is not even near green nation, starts to ban crypto due to enviromental reason. In the USA there’s a major lake that is overheating in the past years due to crypto mining.
This thing is not a payment, not an investment. It’s a nonsense. Ruins the computer economy (well adds a major element to chip shortage), hurts the enviroment, and additonally gives the rich people even more money, because this is so damn easy to manipulate.
Just admit it’s a risky gambling pyramid scheme. Nothing else.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.