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Well, for one, it's a scarily huge scam by now... if it's a scam. It's worth almost 50% of apple or MS at this point, and growing much more quickly than either
by emn13 5y ago
Well, for one, it's a scarily huge scam by now... if it's a scam. It's worth almost 50% of apple or MS at this point, and growing much more quickly than either the past year - if it were to crash, that's going to reverberate...
Also, it's personally annoying that this seemingly superfluous activity is STEALIN' MAH CHIPS! Perhaps that feeling isn't reasonable, but at least without careful consideration it looks like crypto's rise is contributing to a lack of silicon supply. Perhaps more relevantly long term but less tangible are the other resources it's slurping up, including lovely things like electricity from coal-fired-power plants (though with china supposedly exiting the market, maybe it's less bad now?).
Then there's the criminal element to the whole thing; the lack of transparency means it looks like at least some of those involved are also involved in criminal activities and use it as a way of avoiding some banking oversight.
Finally, the people getting rich off this are pretty nebulous and don't appear to have deserved this windfall in an age when most people aren't having such an easy ride. People don't like faceless corp's either, and the structure may be different here, but it feels similarly impersonal.
All in all, crypto is getting a surprisingly good rep really - probably because it's also stickin' it to the man, which is also pretty unreasonable ;-).