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Buying crypto is not 'investing in technology'. Also, a currency with massive deflation is not usable. You can't go to the moon forever AND have a usable curren
by timkam 4y ago
Buying crypto is not 'investing in technology'. Also, a currency with massive deflation is not usable. You can't go to the moon forever AND have a usable currency. So even if one bets on adoption of crypto and is risk averse (e.g., to not endanger one's family), the best is to not buy crypto. By now, there are most likely already plenty of families falling apart because plenty of guys (many of whom live under problematic socio-economic conditions/are poorly educated/adopted a responsible lifestyle too late in their lives) followed exactly your line of argumentation. Is there really any doubt that this is happening?
- dragontamer 4y ago> Also, a currency with massive deflation is not usabl You got it backwards. Its currently inflation (BTC getting less-and-less valuable over the recent past). Deflation was 2020, when BTC climbed in price dramatically. Neither deflation, nor inflation, makes for a good currency. That "1000 ether" bet could be $1-million if executed today, but it was $3-million just a few months ago. Because there's no stability in cryptocoins, they are neither stores of value (they decline too quickly), nor currencies (they go up and cause price changes).
- timkam 4y agoI think you are right. But my argument was addressing the crypto-bullish assumption that crypto goes up (i.e., assuming long-term deflation) and that one should 'invest' in it as a responsible parent (as implied by the parent comment that I was responding to). So assuming a (potentially counterfactual) deflation was a strategy for my argument (like in a formal proof by contradiction).