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Some pretty sad stuff in there about the lady putting her retirement savings into NFTs and hoping they "pay off". Lots of people are going to get hurt by scams

Some pretty sad stuff in there about the lady putting her retirement savings into NFTs and hoping they "pay off". Lots of people are going to get hurt by scams like "crypto" and NFTs. And yet, these articles always conveniently manage to leave out lots of positive things about Bitcoin. There was plenty of stupid stuff at the conference, but there was good stuff too. Here are some worth watching: https://www.youtube.com/watch?v=cR4sMsI8z7U&list=PLe0djdakvnFZ2C7DMjQfiuqCtbxk0ZTsz&index=23 https://www.youtube.com/watch?v=cR4sMsI8z7U&list=PLe0djdakvn... https://www.youtube.com/watch?v=CcTDF8Oh434&list=PLe0djdakvnFZ2C7DMjQfiuqCtbxk0ZTsz&index=14 https://www.youtube.com/watch?v=CcTDF8Oh434&list=PLe0djdakvn... https://www.youtube.com/watch?v=I2Q-HPCJ57k&list=PLe0djdakvnFZ2C7DMjQfiuqCtbxk0ZTsz&index=16 https://www.youtube.com/watch?v=I2Q-HPCJ57k&list=PLe0djdakvn...

AviationAtom 5y ago
Investing in crypto for the long-term isn't necessarily bad, people just need to limit it to no more than 2-3% of their funds, as it is very much a speculative investment.
- Quindecillion 5y ago
  That's funny because I don't see saving my money in Bitcoin as "speculative" at all. I see it as long-term savings for retirement and inheritance. There's no trading going on. As they say, time in the market is better than timing the market.
  - sp332 5y ago
    I think that's a saying for the stock market, not commodities.
    - AviationAtom 5y ago
      The change from it being regulated as a security to a commodity will be most interesting. They're also supposed to be dropping tax reporting on transactions lower than $600, IIRC. This could open up the door for crypto to be practically used as an everyday currency. I think the problem still lies in what was hit on in the article: nobody wants to wait 20 minutes for their transaction to confirm fully. Additionally, nobody wants to pay a $20 ETH gas fee for a $2 "microtransaction". I do see exciting developments happening with crypto though, especially with technologies like zkRollup, which would bundle transactions, to bypass the high ETH gas fees. Right now I think XLM and Nano are among the few examples of crypto currencies that are both fast enough, and have low enough transaction fees, to actually be practical for utilization as a currency for day to day purchases. Though perhaps someone can correct me if I'm failing to mention better options.
      - 6c737133 5y ago
        Ah yes, XLM, created by the same fella that founded Mt. Gox, who went on to other noble pursuits, like leading Ripple, which is mired in SEC lawsuits Definitely no greater-fools scams to be spoken of here either. :rolleyes:

AviationAtom 5y ago

Investing in crypto for the long-term isn't necessarily bad, people just need to limit it to no more than 2-3% of their funds, as it is very much a speculative investment.

Quindecillion 5y ago
That's funny because I don't see saving my money in Bitcoin as "speculative" at all. I see it as long-term savings for retirement and inheritance. There's no trading going on. As they say, time in the market is better than timing the market.
- sp332 5y ago
  I think that's a saying for the stock market, not commodities.
  - AviationAtom 5y ago
    The change from it being regulated as a security to a commodity will be most interesting. They're also supposed to be dropping tax reporting on transactions lower than $600, IIRC. This could open up the door for crypto to be practically used as an everyday currency. I think the problem still lies in what was hit on in the article: nobody wants to wait 20 minutes for their transaction to confirm fully. Additionally, nobody wants to pay a $20 ETH gas fee for a $2 "microtransaction". I do see exciting developments happening with crypto though, especially with technologies like zkRollup, which would bundle transactions, to bypass the high ETH gas fees. Right now I think XLM and Nano are among the few examples of crypto currencies that are both fast enough, and have low enough transaction fees, to actually be practical for utilization as a currency for day to day purchases. Though perhaps someone can correct me if I'm failing to mention better options.
    - 6c737133 5y ago
      Ah yes, XLM, created by the same fella that founded Mt. Gox, who went on to other noble pursuits, like leading Ripple, which is mired in SEC lawsuits Definitely no greater-fools scams to be spoken of here either. :rolleyes: