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I don't quite understand how we're 10 years into crypto and people still aren't sure the value that a trillion dollar industry generates, I wonder why there's s
by ikt 4y ago
I don't quite understand how we're 10 years into crypto and people still aren't sure the value that a trillion dollar industry generates, I wonder why there's so much confusion around this?
It seems like there's a small niche of people who like finance and tech who get it, but if you're not in that group you will (for example) use hCaptcha without even realising it's on Ethereum and will never see the value even when it's right in front of you.
Maybe people like using it for cross border payments or getting money out of extremely unstable currencies, or anything to playing a game of godsunchained.com or any of immutable.com's properties (including those damn NFT's), maybe you can get a better interest rate lending a stablecoin on app.aave.com instead of in a trad finance savings account, watch some theta.tv, or just like the whole crypto ecosystem in general? the communities, the telegram group chats, the chart watching, the idea of WAGMI, the idea of directly having a say in a project and talking to the CEO via telegram instead of via an online form where you put in your preferences and then a share holder meeting happens months later etcetc
There are a lot of people who see it as a get rich quick scheme in the same way WallStreetBets users use the stock market to try and get rich quick, but ultimately the continued improvements in Ethereum and Bitcoin which push for a faster, cheaper, better digital currency systems are moving it forward and bring something of value to the table, because in reality if it brought nothing no one would be talking about Crypto, it'd just be worthless Disney Dollars like I was told Bitcoin was back when I first looked into it 10 years ago.
- addicted 4y agoIt’s not a trillion dollar industry. Most of the mark to market happening in crypto is because of transactions between different cryptos. If it had to be converted to real dollars, the market cap would plummet rapidly.
- gerdesj 4y agor/wallstreetbets is famous for descriptions of losing money. Yes, there have been some accidents involving apes actually making money and the recent GME thing. Your Disney Dollars analogy is outstanding! If you bought BT https://coinmarketcap.com/currencies/bitcoin/ https://coinmarketcap.com/currencies/bitcoin/ in say Jan 2020 and flogged it in mid Nov 2021 then you would see quite a payback. However, look at the value curve and note how chaotic it is. You cannot meaningfully attempt to predict how crypto will perform so it is nearly gambling. You might win or not. Generally you won't win. I have no skin in this game but is it still possible to short these beasts? If it is then I suggest wacking a few ponies on it, if you have some to spare.