4 ms·

The problem with Bitcoin and many other cryptocurrencies is that they are not actually used that much, at least not in western countries with good stable access

The problem with Bitcoin and many other cryptocurrencies is that they are not actually used that much, at least not in western countries with good stable access to banks and credit cards and so on. But this is not the entire world, it's not even the majority of the world. It is a pyramid scheme in the sense that those who invested first will gain the most but at the same time that is true for basically any technology. If you "got in" early on the web and started creating websites for example the likelyhood that you will be successful increases with time. You learn what works and what doesn't, you get ahead of everyone else. Just to be born earlier could make you rich, just buy a good domain name and sit on it. People like me born later wouldn't stand a chance. People who created websites early that solves really obvious stuff is hard to compete against just because they were early in a new tech. I have huge respect for the pinboard guy but I am not really sure saying "Bitcoin is a pyramid scheme" is going to help anyone.

lottin 5y ago
It's true that by buying bitcoin you're basically rewarding someone for having been there before you. So maybe you need to ask yourself if you want to do that. Do I want to reward some moron who has contributed nothing to society just because he was there before me? That's the question everybody should be asking.
- ecmascript 5y ago
  > That's the question everybody should be asking. Yes I agree, but at the same time it is also true that you could be that guy. If Bitcoin turns out to actually be used in the wild in the long term, for asset storage or otherwise, you will be the one missing out. Basically, Bitcoin and other crypto investment right now is all about FOMO. If it's gonna be important for many people in the future the valuation that it has now is nothing and could easily double many times. I have just a tiny amount in bitcoin and eth to be frank. I am not sure I believe in the crypto space or not and so far I have missed a great opportunity because I was being too negative. Honestly, stock investments is basically the same thing. If you invest early, you may get a big reward but the risk is greater that it won't amount to anything. The same is true for crypto.
- pcthrowaway 5y ago
  This could be even more aptly applied to real estate though, no?
  - lottin 5y ago
    Generally, no, it couldn't, unless you're buying a house for the only purpose of selling it later for a profit.

lottin 5y ago

It's true that by buying bitcoin you're basically rewarding someone for having been there before you. So maybe you need to ask yourself if you want to do that. Do I want to reward some moron who has contributed nothing to society just because he was there before me? That's the question everybody should be asking.

ecmascript 5y ago
> That's the question everybody should be asking. Yes I agree, but at the same time it is also true that you could be that guy. If Bitcoin turns out to actually be used in the wild in the long term, for asset storage or otherwise, you will be the one missing out. Basically, Bitcoin and other crypto investment right now is all about FOMO. If it's gonna be important for many people in the future the valuation that it has now is nothing and could easily double many times. I have just a tiny amount in bitcoin and eth to be frank. I am not sure I believe in the crypto space or not and so far I have missed a great opportunity because I was being too negative. Honestly, stock investments is basically the same thing. If you invest early, you may get a big reward but the risk is greater that it won't amount to anything. The same is true for crypto.
pcthrowaway 5y ago
This could be even more aptly applied to real estate though, no?
- lottin 5y ago
  Generally, no, it couldn't, unless you're buying a house for the only purpose of selling it later for a profit.