4 ms·
Only roughly 2% of my portfolio is in crypto so I am far from an evangelist but I don’t feel that this is a very compelling argument. I don’t disagree with the
by oxymoran 5y ago
Only roughly 2% of my portfolio is in crypto so I am far from an evangelist but I don’t feel that this is a very compelling argument. I don’t disagree with these points, but it is only half the story. A)doesn’t mention that ethereum is in the process of changing to proof of stake so that should largely decouple the energy correlation. B)most importantly, fails to note rising global inflation and central banks running wild printing money. Large, Non meme coins can act as a store of value similar to gold given their network effects. C)of late, the stock market has become every bit the casino that crypto is so I don’t see this as a purely crypto problem. Hell, the stock market has been rife with fraud and greed for decades.
Importantly, a criticism that he missed would be to the digital gold argument. If things ever do “hit the fan”, there is no guarantee of electricity or of governments not shutting down the internet. Poof, crypto all gone.
- bob446 5y agoHow on earth is something that can and does drop up to 80% be a “store of value” you mad yin. Mental
- Nursie 5y ago> doesn’t mention that ethereum is in the process It's been in process for years. This is a meme in itself.
- gordian-mind 5y agoMakes sense since it's a difficult problem. And it's progressed quite a bit during that time.
- onlyrealcuzzo 5y agoFor the foreseeable future, crypto will be denominated predominately in fiat. Why does central banks printing money have anything to do with crypto? It affects crypto the same as it affects corn and soybeans and gold and the S&P and any other investment. Central banks printing money seems inherently unfair if you're a creditor and a boon if you're a debtor. Until the majority of global debt is denominated in Crypto (ie never) - it doesn't change anything WRT central banks.