5 ms·
>A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. And what on earth makes them think
by tw04 5y ago
>A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich.
And what on earth makes them think cryptocurrency doesn't exist simply to make an elite minority rich? Just because it might be a different minority doesn't change the equation. And oh by the way, there is absolutely 0 government protections in the new system. Don't get me wrong, over the last 70 years a lot of the protections in existing financial institutions have been watered down, but I'll still take an FDIC backing on my bank account over: "oh no we got "hacked" and all of your wallets are gone, sorry about that!"
- tachyonbeam 5y agoSame. I lost a small but nonzero amount when a fraudulent crypto exchange went bust. There's a reason FDIC protection exists. This is going to be unpopular, but the value proposition for cryptos isn't there yet IMO. It's either "get rich quick" or "buy drugs online". It really isn't "convenient way to transfer money" yet. I'd rather invest in companies that are actually doing something useful. The value of those seems generally less likely to evaporate overnight. Why would I want to own dogecoins when I can own shares of companies that are changing the world?
- bgroat 5y agoYou're forgetting the immense riches that can be made in cybercrime!
- NoGravitas 5y agoThe ransomware market has been booming lately.
- spinny 5y agooh no we got "hacked" only happens if you leave your crypto on an exchange. It's not yours until it's under your control