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I know making millions off crypto doesn't make me an authority, but... It's not an investment. I made money off people speculating by taking advantage solely of

I know making millions off crypto doesn't make me an authority, but... It's not an investment. I made money off people speculating by taking advantage solely off an inefficient market. There's nothing else to it. Money put in is not used to generate more wealth. Whether it's going to be used as an official currency in the future in no way would make an investment, nor would it mean it should even go up an value.

droopyEyelids 3y ago
This is half a joke, but maybe there is demand for a vehicle for speculation that isn't tied to anything real, at all. It achieves some sort of purity of concept. Plenty of people _gamble_ on the stock market but there has always been some sort of link to reality. With crypto, you can cut that tether and really treat it like gambling, rigged odds and all.
- jakderrida 3y ago
  > but maybe there is demand for a vehicle for speculation that isn't tied to anything real, at all. I'll go with completely agreeing with this statement, the way it's written. Let's be honest...There's nothing semantically or generally wrong with it to argue against. As far as the "gambling" part... My objection would be that speculative vehicles aren't really on the "stock market" as much as they are the "derivatives market", if anything. Problem here is that the derivatives are, by definition, tied to the value of something else that could be called an investment. I'm not opposed to people trading. I made my money with market making algorithms and will make more as people keep trading. I'm just saying that classifying it as an "investment" poses quite a few issues for the SEC in terms of regulating it. Introducing it into an ETF that does nothing but hold crypto will be viewed by the public (that doesn't understand what crypto is) into presenting it as an investment. There are issues with that.
- wmf 3y ago
  There is absolutely demand for that, especially when you add in artificial scarcity.

droopyEyelids 3y ago

This is half a joke, but maybe there is demand for a vehicle for speculation that isn't tied to anything real, at all. It achieves some sort of purity of concept. Plenty of people _gamble_ on the stock market but there has always been some sort of link to reality. With crypto, you can cut that tether and really treat it like gambling, rigged odds and all.

jakderrida 3y ago
> but maybe there is demand for a vehicle for speculation that isn't tied to anything real, at all. I'll go with completely agreeing with this statement, the way it's written. Let's be honest...There's nothing semantically or generally wrong with it to argue against. As far as the "gambling" part... My objection would be that speculative vehicles aren't really on the "stock market" as much as they are the "derivatives market", if anything. Problem here is that the derivatives are, by definition, tied to the value of something else that could be called an investment. I'm not opposed to people trading. I made my money with market making algorithms and will make more as people keep trading. I'm just saying that classifying it as an "investment" poses quite a few issues for the SEC in terms of regulating it. Introducing it into an ETF that does nothing but hold crypto will be viewed by the public (that doesn't understand what crypto is) into presenting it as an investment. There are issues with that.
wmf 3y ago
There is absolutely demand for that, especially when you add in artificial scarcity.