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One of the claims has panned out: Plenty of people have gotten rich. To be fair, they've gotten rich from selling their early-adopter cryptos to the next fool.

by nikanj 5y ago

One of the claims has panned out: Plenty of people have gotten rich. To be fair, they've gotten rich from selling their early-adopter cryptos to the next fool. But many people have won the lottery.

soco 5y ago
The same argument can be made about Ponzi or MLM schemes...
- rockostrich 5y ago
  And venture capitalism.
- nikanj 5y ago
  If if quacks like a Ponzi scheme and makes early adopters rich like a Ponzi scheme..
zamalek 5y ago
> they've gotten rich from selling their early-adopter cryptos to the next fool. And that's where it all falls apart. Crypto-fanatics assume that "good for me" translates to "good for us." As we know, the crypto-rich only exist because others (usually many others) became crypto-broke and/or fiat-broke. At least, in general, people have no realistic expectation of winning the lottery. You also don't usually have people betting their entire life savings on the lottery. The analogy is only very loosely true.
- reedjosh 5y ago
  Bitcoin fanatic here. No, it's literally about taking money printing away from corrupt governments worldwide.
  - mr_spothawk 5y ago
    It ^^ me tho. Separate Money from the State
kappuchino 5y ago
Of all the comments here, yours triggered one capital "R" Realization, probably repeated here in other words a dozen: Lots and lots of people want to succeed like the early adopters of crypto by (nearly) any means. Their biggest "means" is denial of the capital "R" Reality: Its already too late to repeat the rise, like wanting netflix stock price to grow after it already rose high, because you just bought some and deserve another 500% gain. And so, since you need that rise badly, you dismiss each argument and everyone against your wish for repetition. Instead you hope for more "suckers" to buy after you so you can have the monyey and with it the break you think you deserve. And the thing is: I would want that too, damn - I would not mind 100.000 suckers to go broke for me to be rich. I'm just sane enough to see that this gamble is not worth to enrich the ones who are already "in". sigh

by nikanj 5y ago

One of the claims has panned out: Plenty of people have gotten rich. To be fair, they've gotten rich from selling their early-adopter cryptos to the next fool. But many people have won the lottery.

soco 5y ago

The same argument can be made about Ponzi or MLM schemes...

rockostrich 5y ago
And venture capitalism.
nikanj 5y ago
If if quacks like a Ponzi scheme and makes early adopters rich like a Ponzi scheme..

zamalek 5y ago

> they've gotten rich from selling their early-adopter cryptos to the next fool. And that's where it all falls apart. Crypto-fanatics assume that "good for me" translates to "good for us." As we know, the crypto-rich only exist because others (usually many others) became crypto-broke and/or fiat-broke. At least, in general, people have no realistic expectation of winning the lottery. You also don't usually have people betting their entire life savings on the lottery. The analogy is only very loosely true.

reedjosh 5y ago
Bitcoin fanatic here. No, it's literally about taking money printing away from corrupt governments worldwide.
- mr_spothawk 5y ago
  It ^^ me tho. Separate Money from the State

kappuchino 5y ago

Of all the comments here, yours triggered one capital "R" Realization, probably repeated here in other words a dozen: Lots and lots of people want to succeed like the early adopters of crypto by (nearly) any means. Their biggest "means" is denial of the capital "R" Reality: Its already too late to repeat the rise, like wanting netflix stock price to grow after it already rose high, because you just bought some and deserve another 500% gain. And so, since you need that rise badly, you dismiss each argument and everyone against your wish for repetition. Instead you hope for more "suckers" to buy after you so you can have the monyey and with it the break you think you deserve. And the thing is: I would want that too, damn - I would not mind 100.000 suckers to go broke for me to be rich. I'm just sane enough to see that this gamble is not worth to enrich the ones who are already "in". sigh