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Except crypto actually works for its intended use cases. I use it constantly. Maybe it works poorly for traders but those of us actually using cryptoassets for

by lrvick 4y ago

Except crypto actually works for its intended use cases. I use it constantly. Maybe it works poorly for traders but those of us actually using cryptoassets for privacy, inflation resistance, and censorship resistance ignore the scams and traders. Scams and traders dominate the conversation of most new technology. Same things happen in traditional markets. Cults of personality and false promises by corporations inflate stock prices all the time. Takes a while to find the real price sometimes.

mym1990 4y ago
Inflation resistance is meaningless for a currency that has wild fluctuations, and not just sometimes, but on a daily basis. You have to be joking to say that something that went from basically 0, to 61k, down to 16k and wild swings in between that is "inflation resistant".
- lrvick 4y ago
  Not joking at all. Inflation hits you the most in the long term. If you acquire deflationary but volatile assets like Bitcoin for long term holding, you use dollar cost averaging so the swings become meaningless. Buy a little every month. I was buying at $10, $1k, $10k, $60k, and everywhere between. I will be buying at 100k too. Deflationary assets trend to be short term volatile, but long term up. https://inv.riverside.rocks/watch?v=XbZ8zDpX2Mg https://inv.riverside.rocks/watch?v=XbZ8zDpX2Mg
vesinisa 4y ago
> those of us actually using cryptoassets for [...] inflation resistance Heh, gotta say cryptos have weathered their first real test as a hedge against rising global inflation (since early 2021) really well. Meaning, the rising interest rates have almost decimated dollar valuation of cryptos as the tech gold rush imploded. Please do not mistake this article's author's concern as an attack on the libertarian fundamentals of cryptocurrency. The article is about how crypto has been marketed as an investment to retail consumers, and this space is simply wrought with terrible scams.

by lrvick 4y ago

mym1990 4y ago

Inflation resistance is meaningless for a currency that has wild fluctuations, and not just sometimes, but on a daily basis. You have to be joking to say that something that went from basically 0, to 61k, down to 16k and wild swings in between that is "inflation resistant".

lrvick 4y ago
Not joking at all. Inflation hits you the most in the long term. If you acquire deflationary but volatile assets like Bitcoin for long term holding, you use dollar cost averaging so the swings become meaningless. Buy a little every month. I was buying at $10, $1k, $10k, $60k, and everywhere between. I will be buying at 100k too. Deflationary assets trend to be short term volatile, but long term up. https://inv.riverside.rocks/watch?v=XbZ8zDpX2Mg https://inv.riverside.rocks/watch?v=XbZ8zDpX2Mg

vesinisa 4y ago

> those of us actually using cryptoassets for [...] inflation resistance Heh, gotta say cryptos have weathered their first real test as a hedge against rising global inflation (since early 2021) really well. Meaning, the rising interest rates have almost decimated dollar valuation of cryptos as the tech gold rush imploded. Please do not mistake this article's author's concern as an attack on the libertarian fundamentals of cryptocurrency. The article is about how crypto has been marketed as an investment to retail consumers, and this space is simply wrought with terrible scams.