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Literally everyone (100%) I knew that are into cryptocurrencies are primarily using them as speculative asset. That alone is not a problem. The problem is when
by SCLeo 5y ago
Literally everyone (100%) I knew that are into cryptocurrencies are primarily using them as speculative asset. That alone is not a problem. The problem is when they advocate cryptocurrencies or blockchains, they always talk about "decentralization", "uncensorable", "privacy", "future of web" or some other crap that they are not use the cryptocurrencies primarily for. That is what makes cryptocurrencies fraudulent.
If most (in my personal observation, 100%) use cases of such sector seems fraudulent, I do believe it is justified to generalize to the entire sector.
- dns_snek 5y agoDecentralization, privacy, and censorship resistance are indeed goals of blockchain technology and cryptocurrencies. In addition, they also serve as speculative assets. What's fraudulent about that? Cryptocurrencies do in fact provide all of that (not all of them provide all of these guarantees, but some do).
- SCLeo 5y agoYou completely missed my point. Simply put: People use cryptocurrencies as speculative asset while they claim they are using them for decentralization and other properties.
- dns_snek 5y agoI still don't see the fraud? Just because your friends/associates aren't using cryptocurrencies for that purpose right now, doesn't mean that other people aren't, or that they won't be in the future. This is akin to saying that seat belts are fraudulent because they aren't saving your life every single day. You might not need the properties of censorship resistance, privacy and so on right now, until one day you do. I would much rather live in a world where such currencies are available in case I need to rely on them.
- mattwilsonn888 5y agoYes but do you understand what speculation means? Speculation means betting on future value.
- tim333 5y agoThose things aren't so incompatible. You can hope they'll go up because they have useful properties.
- saurik 5y agoYes, dumb people exist; and, apparently, you are even surrounded them! However, that doesn't mean that an entire concept of technology is inherently without substance: it just means that when something involves money and the world is in an uncertain time that lots of people are going to go overboard with it without any real understanding.