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Some of it is that, some of it is just simple greed. Many people think they're too good to fall for pyramid schemes and MLM, yet they'll dump money into cryptoc
by simias 5y ago
Some of it is that, some of it is just simple greed. Many people think they're too good to fall for pyramid schemes and MLM, yet they'll dump money into cryptocurrencies or some meme stock because they think it'll make them millionaires.
I too believe that the blockchain is mostly useless outside of buying drugs online, yet I don't think cryptocurrencies are going anywhere any time soon. It's effectively become a casino for millenials and zoomers where everybody hopes to become a millionaire overnight. Some even succeeded.
No amount of technical argumentation is going to change that.
- grey-area 5y agoYes I think greed is the simplest explanation for the explosion of interest in bitcoin and other similar schemes. They are constructed so that early adopters benefit, and benefit most if they shill the coin to others, and so they do, using various narratives about worldchanging technology, a new paradigm etc, etc.
- simias 5y agoWeaponized FOMO in realtime at a worldwide scale. It's a tough societal problem to solve. With good old pyramid schemes it took a lot more work to it off the ground. Now you can just astroturf on Reddit, Discord and the big social networks with your fancy new "revolutionary" cryptothingy and you're making millions. I've been following the DogeCoin pump on reddit over the past couple of months, it's absolutely transparent that it's a pure pump with no fundamentals but people buy into it because they think they're early enough not to be left holding the bags. IMO the Gamestop thing is mostly exactly the same, but obviously the situation is more complex there.
- bob33212 5y agoCasinos have existed for a long time and are known to be a place where a lot of people loses money, but that doesn't stop others from showing up and losing more.
- sneak 5y ago> I too believe that the blockchain is mostly useless outside of buying drugs online Decentralized financial tools like Uniswap and its ilk have finally changed that.
- ac29 5y agoHow? My best understanding of Uniswap is that it provides liquidity to exchange between cryptocurrency pairs. There is no evidence that it is providing liquidity for anything actually useful - with traditional finance, companies issue shares or debt to increase production lines, fund new R&D, etc.
- enumjorge 5y ago> It's effectively become a casino for millenials and zoomers Mark Cuban and Elon Musk are also investing in cryptocurrencies and neither of them fall into those age groups.
- simias 5y agoPlease don't be obtuse, I obviously wasn't implying that 100% of cryptocurrency enthusiasts are in a specific age range, I'm just saying that culturally they probably have more of a following in a younger crowd.
- enumjorge 5y agoI wasn’t being obtuse, but I can see why it came across that way. Crypto definitely got started among the younger more indie crowd, but I think that has slowly changed over time and will continue to do so. Bitcoin was introduced almost as a way for the little guy to fight “the system”, but I think people underestimate how much influence the old players like Wall Street, billionaires (hence my previous comment) and governments are starting to have on it.
- tnzm 5y agoThey invest on behalf of the house.
- agumonkey 5y agoIt's also the most profitable trading category for old traders who know how to ride cycles safely. Not advocating, just adding another bit of info