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As my Dad told me, anyone investing in crypto is a fool looking to take advantage of another fool. It’s all Greater Fool Theory.

ur-whale 3y ago
https://en.wikipedia.org/wiki/Argument_from_authority https://en.wikipedia.org/wiki/Argument_from_authority But I must admit that using your actual dad as the source of authority is quite a stretch.
- redcobra762 3y ago
  He's not arguing the position as correct because his dad told it to him. He's not arguing the belief at all, he's just stating it. So no, it's not an argument from authority.
  - sharperguy 3y ago
    Given that he didn't provide any further evidence to his claim, I think it seems reasonable to guess that might have been an attempt.
    - redcobra762 3y ago
      More likely he wanted to share with us something his father had said that he felt was relevant.
- Lambdanaut 3y ago
  Usually an argument from authority doesn't hold any weight, but come on. It's their dad
elwell 3y ago
> anyone investing in crypto FTFY: anyone investing
- RandomLensman 3y ago
  Not really.
- iamthirsty 3y ago
  Not really. My first econ professor equated regular investing in stocks is more like buying a a loan (at the absolute most basic level). You can keep it, and hopefully get more money out of it than you put in, or risk getting less or none of it if the underlying borrower wasn't the best and goes in to default. Or you can sell it to someone else for more or less depending on the borrowers performance.
- bodiekane 3y ago
  It's sad people are so financially illiterate. Buying partial ownership (shares) in a real company that makes a product or service profitably, or loaning money to a person or business that will be paid back with interest, are both ways to invest capital which can increase in value with no "greater fool". Apple stock isn't worth more today than in 1990 because people arbitrarily agreed upon a bigger number, it's worth more because they've innovated and grown and now sell expensive products to a billion customers around the world. Crypto tokens, NFTs, beanie babies, rare coins, paintings only increase in value if some greater fool comes along to pay more than you paid for it. At least with a painting or a beanie baby you could display it in your house, I guess.
  - hereme888 3y ago
    The use case for the NFT thing has been so sad. I thought it would give rise to some sort of decentralized ID tech, but all it amounted to in the real world was mutant gorilla pictures. And then you have a bunch of competing blockchains with significantly different underlying code, so how does anything get standardized?
  - elwell 3y ago
    It's the same fundamental thing. Apple stock is worth more because future people believe it to be worth more. The 'why' behind that is also the same: people believe that the product has value. Even deeper, people believe that their life has value. It's all the same fundamentally.
democracy 3y ago
Your dad didn't understand the philosophy of Bitcoin. It is more about to fool the unbanked and to unbank the fooled. Not the other way around, remember!
LAMike 3y ago
> My daddy said bitcorn is bad :/ You should listen to him!

ur-whale 3y ago

https://en.wikipedia.org/wiki/Argument_from_authority https://en.wikipedia.org/wiki/Argument_from_authority But I must admit that using your actual dad as the source of authority is quite a stretch.

redcobra762 3y ago
He's not arguing the position as correct because his dad told it to him. He's not arguing the belief at all, he's just stating it. So no, it's not an argument from authority.
- sharperguy 3y ago
  Given that he didn't provide any further evidence to his claim, I think it seems reasonable to guess that might have been an attempt.
  - redcobra762 3y ago
    More likely he wanted to share with us something his father had said that he felt was relevant.
Lambdanaut 3y ago
Usually an argument from authority doesn't hold any weight, but come on. It's their dad

elwell 3y ago

> anyone investing in crypto FTFY: anyone investing

RandomLensman 3y ago
Not really.
iamthirsty 3y ago
Not really. My first econ professor equated regular investing in stocks is more like buying a a loan (at the absolute most basic level). You can keep it, and hopefully get more money out of it than you put in, or risk getting less or none of it if the underlying borrower wasn't the best and goes in to default. Or you can sell it to someone else for more or less depending on the borrowers performance.
bodiekane 3y ago
It's sad people are so financially illiterate. Buying partial ownership (shares) in a real company that makes a product or service profitably, or loaning money to a person or business that will be paid back with interest, are both ways to invest capital which can increase in value with no "greater fool". Apple stock isn't worth more today than in 1990 because people arbitrarily agreed upon a bigger number, it's worth more because they've innovated and grown and now sell expensive products to a billion customers around the world. Crypto tokens, NFTs, beanie babies, rare coins, paintings only increase in value if some greater fool comes along to pay more than you paid for it. At least with a painting or a beanie baby you could display it in your house, I guess.
- hereme888 3y ago
  The use case for the NFT thing has been so sad. I thought it would give rise to some sort of decentralized ID tech, but all it amounted to in the real world was mutant gorilla pictures. And then you have a bunch of competing blockchains with significantly different underlying code, so how does anything get standardized?
- elwell 3y ago
  It's the same fundamental thing. Apple stock is worth more because future people believe it to be worth more. The 'why' behind that is also the same: people believe that the product has value. Even deeper, people believe that their life has value. It's all the same fundamentally.

democracy 3y ago

Your dad didn't understand the philosophy of Bitcoin. It is more about to fool the unbanked and to unbank the fooled. Not the other way around, remember!

LAMike 3y ago

> My daddy said bitcorn is bad :/ You should listen to him!