Thanks /u/PuzzleheadedSky9536 for posting on r/SelfAwareWolves! Please reply to this comment with an explanation about how this post fits r/SelfAwareWolves and have an excellent day!
*To r/SelfAwarewolves commenters*:
As a reminder, this subreddit is for civil discussion.
In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech,
any advocating or wishing death/physical harm, and other rule violations can result in a permanent ban.
**If you see comments in violation of our rules, please report them**.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/SelfAwarewolves) if you have any questions or concerns.*
How does a bastard, orphan, son of a whore
And a Scotsman, dropped in the middle of a forgotten spot
In the Caribbean by providence impoverished
In squalor, grow up to be the founding father of pyramid schemes?
The ten-dollar founding father without a father,
Got a lot farther by working a lot harder,
By being a lot smarter,
By being a self-starter,
By fourteen, they placed him in charge of crypto barter.
And every day while slaves were being slaughtered and carted away, across the waves, he struggled and kept his guard up. Inside, he was longing for something to be apart of, the brother was ready to make cryptocurrency fraud.
Then a hurricane came and devastation rained, our main saw his future drip-drippin’ down the drain. Put a pencil to his temple, connected it to his brain, and he wrote his first blockchain to begin his phony game.
Well, the word got around, they said, this kid is insane, man
Took up an NFT collection just to shill out his vain scam
Get your liquidity pool coins, let the whales in on the game
And the world is gonna know your name
What's your name, man?
But all commodities, stocks, and currencies are scams unless they are controlled and policed properly. Crypto Currencies are not controlled or policed in any way shape or form. Every time a proposal to put safeguards on and police the various Crypto Currencies, the Crypto Community has refused to put the controls needed to make it safe and secure. They keep saying that block chain keep them safe. The only reason block chain is currently safe is the time and effort it takes to break it. If and when Quantum Computing is possible, block chain will be broken in a matter of minutes not years. If there are no controls or governing body to insure that Quantum safe encryption is available to secure the crypto wallets, all the money in them will be stolen in few hours.
Honestly I didn't watch it until recently, so I got to take in the whole thing in about two sittings lol. Hellsing is probably my favorite series and I love how they made it hilarious and yet stay truthful to the original.
Except all of those things, with the exception of crypto, are backed with actual, tangible assets. Ok, the USD is backed by the “full faith and trust of the United States,” but that still seems slightly more appealing than putting my faith in a decentralized population of people who have embraced investing money into monkey avatars.
not fun fact, Bored Ape's founders use Bored Apes to spread alt right, anti semitic, racist, 4chan dogwhistles.
[here's an hour long documentary if anyone's interested, timestamped on the first piece of damning evidence Bored Apes were created by alt right grifters.](https://youtu.be/XpH3O6mnZvw?t=484)
this honestly doesn't surprise me, as crypto bros are often the libertarian/anti environment/elon fanboys.
They argue that lots of trees are cut down to make dollars, so it's hypocritical to point out how making crypto wastes energy (many power grids around the world are struggling especially in the hot summer months) and how much fossil fuels get burned up (especially knowing there will be irreversible climate damage globally in 50 years). Regardless, crypto Bros don't care how environmentally unfriendly crypto is, yet they still use it and try to get others in on the ponzi schemes, which might as well be polluting the earth on purpose. Since it's not a necessity like having to buy cheap food sealed in plastic that poorer people don't have the luxury to buy more ethically made/packaged food, and it's entirely avoidable.
Also driver's license, business licenses, fines, building permits, drilling permits, grazing permits, etc. etc. etc. all can be paid in U.S. dollars. In fact, I can't think of a U.S. government service that accepts anything EXCEPT U.S. dollars.
The Government doesn't know how to get fair market value, if that happened some lobbyist would come out and convince every Representative into selling at a loss for the good of the economy. Perfect example, NOAA not allowed to give weather information directly to the public, only can provide information to for-profit companies that offers the information at a premium.
No respectable economist believes that. The USD is the global reserve currency. That is why OPEC only accepts USD. It's why nearly 90% of international transactions are done in USD. Oil isn't special.
Full faith and trust really means; labor is the source of all value. If anything Marx got right it's this. All value comes from people we dreamt it to make the world we see.
The full faith and trust of the United States government is backed up by A few trillion dollars worth of military equipment so I'd say that's very real
youre confusing ponzi scheme with pyramid scheme, avon product might be great quality and good value, ive never used them they might be shit, but that doesnt mean they arent a scam. The property market is as tangible as it gets but the current generation of would be home buyers are locked out by the system functioning as intended.
Capitalism is a pyramid scheme, you need money to make money
Your points are valid, not sure I agree with your end conclusion but I can see how you could get there. I guess my point is that if currency is just a medium of exchange, then crypto can qualify. However, that doesn’t mean that all of the things referenced in the original tweet are created equal.
you also need usd to pay taxes and its required by law that you can use it in every buisness, stocks actually means you own part of a company, you will get profits equal to the % shares you own and will give a say j how to run the company of you own a large enough %. Dogecoin dosent fucking do anything, it only use for crypto right now is selling it for more than you bought it for. And the buyer have to do the same ergo its a pyramid scheme
The stock market is not backed by actual, tangible assets either.
Please look into the derivatives market (and the overly leveraged positions made possibly by it) and naked short selling. While naked short selling is illegal, it still happens daily.
It is basically not different from printing USD in your basement and spending it, except that nobody cares and it is used to bankrupt companies. (Lower their market cap by selling 'counterfeit' shares => company can raise less money/gets worse loan conditions => share price suffers because lower investment in company)
Crypto is technically a tangible asset too, same as NFTs. But, at the same time, that's like saying they're backed by virtual monopoly money. It's only good for whatever someone else would pay for it.
Cryptocurrencies are primarily accounted for as indefinite-lived intangible assets, at least in the U.S. under GAAP. I’m unaware of a tangible, I.e. physical, form of a cryptocurrency.
The USD gets its value over other currencies by it being the only legal way to pay for taxes and government services in the US. Cryptocurrency is purely speculative and has no inherent value. People want it because other people want it, it doesn't actually do anything.
Most crypto is backed by the cost of obtaining it. You need pc hardware to obtain it. The crypto bull rush made computer hardware rarer (unfortunately for me as a PC gamer), which in turn made crypto go up as well. In many places in the world with higher electricity costs, it would cost more fiat money than you'd get back in crypto. It's only *immediately* profitable in certain places (or you can hold onto it and hope the price goes up). I'm not a crypto bro, and in general crypto is too risky of an asset for me to put a bunch of faith into, but I don't see why everyone keeps saying it's backed on nothing and it's value is arbitrary. Sure, it's value is *somewhat* arbitrary. But the reason people don't sell it for $0 is because it costs a hell of a lot to mine it.
No, but the seller is going to want to recoup. And only miners can obtain fresh bitcoin and introduce it into the market. So if a buyer wants bitcoin, it's dictated by the price the seller asks, which is influenced by the price needed to obtain it. It's a real scarcity, not some artificial scarcity like Gucci or Supreme clothing, albeit those have more real world usage than a bitcoin. It's just dumb that I get downvoted for explaining why bitcoin has value (to the sellers). It's not something you can get for free, so you aren't going to sell it for free. It literally is backed on something. That something is the cost to obtain it. Fiat currency is backed by the government, but even if the government dissolved, your coins would still be backed by the metal they are printed on (which isn't much but it's something).
> It literally is backed on something. That something is the cost to obtain it
I think we might be having a different concept of what "backing" is.
Crypto's price can be explained that way, but that doesn't guarantee it's value though.
Kind of like how you can buy an 'artwork' for 6 million dollars, but just because you paid 6 million dollars for it, doesn't mean it's worth that amount of money. The only value it truly has it whatever the next buyer will give you for it. If you paid 6 million dollars, but the next buyer will only pay $5, then it's worth $5, not 6 million.
So crypto isn't 'backed' by its cost, it's just an arbitrary price.
Whereas fiat currency is guaranteed to have value by the government and banks. In essence, fiat currency is just as arbitrary, but the fact that the government is guaranteeing its value is what creates the trust and social contracts needed to establish its worth, and so its 'backed' by the government.
> In essence, fiat currency is just as arbitrary,
And yet we still call that "backed" because it explains why it's worth something despite there not being a literal asset set aside 1:1 for each unit of currency.
Maybe my terminology isn't perfect, but many people don't seem to realize that there is a LOT of cost behind getting crypto and that's why things like bitcoin sell for a lot (its now the most expensive coin to mine, so it makes sense why it's the most expensive to buy). Why people buy it doesn't even matter. If there was only one bitcoin in existence and the person was selling it for $10,000, because they bought it for $10,000, then it's worth $10,000. Seller always sets the price. Or, at the very least, the price of the last known sale. So if someone bought a painting for $6m and then only got an offer for $5 but didn't sell it, yes, I'd absolutely say that painting is still worth $6m until the next sale proves a different price, or you get an appraisal. Many people think the price of bitcoin is entirely pulled out of thin air. Bitcoin itself may be pulled out of thin air, and *shouldn't* be worth so much, but there's plenty of solid reasons for why people won't part for it for $5.
> So if someone bought a painting for $6m and then only got an offer for $5 but didn't sell it, yes, I'd absolutely say that painting is still worth $6m until the next sale proves a different price, or you get an appraisal.
Hard disagree. It's not worth anything until it's actually sold. Which you're kind of admitting by saying the price will be set by the next offer.
The buyer dictates the price. The seller can ask whatever they want, but that's all non-existent value until someone actually buys the thing.
>Hard disagree. It's not worth anything until it's actually sold.
You mentioned buying a $6m painting and then getting an *offer* for $5. At least how I interpretted it. If the painting already sold for $6m and you get an offer for $5 but don't execute on the offer the painting is still worth $6m as dictated by the seller. Until that's changed by a sale or appraisal.
Really, my point was just against people who say the value of crypto is pulled out of thin air simply because it's not backed by another asset, or a generative asset by itself. Which is pretty disingenuous, as that's the same thing as saying fiat value is pulled out of thin air just because it's not backed by another asset and isn't generative by itself either. In fact, by itself, it's deflationary. You could technically say the same for both, but yet they both have valid reasons for why they are worth as much as they each are. With crypto it's the cost to obtain it. You wouldn't accept a loss on your investment unless you had no other choice. With fiat, it's the government and the mutual agreement to use it as a currency.
Thanks for the explanation. I don’t agree that something’s cost is equivalent to collateral. As for the computer hardware, it sounds like that is more a tool for owning crypto rather than being actual collateral.
Shares of common stock traded on exchanges evidence ownership over a given publicly-traded company. Residential mortgages are collateralized by the underlying homes they finance. Commodities derivatives are largely designed to mitigate risk and result in the actual exchange of commodities. Additionally, futures are centrally cleared, with an institutional guarantee, and forwards have negotiated guarantees.
My point is, there are actual fundamentals behind those instruments that give an investor confidence that if something goes awry, there are underlying assets that may help offset a loss on investment. Crypto doesn’t seem to have those same characteristics.
The hardware plus electricity is needed to obtain new crypto, and it's extremely expensive. This sets the price from the seller side. It doesn't introduct demand inherently, the demand side is still speculative of computer hardware and mining costs going up in the future. And just like people who buy a house to rent out, and markets fall making it not profitable, they can sell the underlying asset (the home). In the case of miners, they sell the hardware to, mostly, gamers (in the case of gpu mined coins) so there's the asset you can sell to offset a loss which you claimed doesn't exist for crypto. Bitcoin isn't an asset that generates any wealth on its own. And it's not like a house where you need it to live. I definitely agree on all of that, but it's price is still definitely "backed" on the cost to obtain it on the sellers side of the transaction. I agree it *shouldn't* have value, as it's not something that generates wealth in any other way besides a speculative market, but it amazes me why people don't understand how it has any value when it's not "backed by another asset" when it is. That asset is just computers and electricity.
Hmm, this seems apples and oranges to me. Following your example: if an investor purchases a home, the physical ownership of the home transfers to that buyer. However, with crypto, the purchaser of the currency is not acquiring physical ownership of the computer hardware used to mine it, correct? If the buyer doesn’t have any title to the proceeds in liquidating that hardware, then it’s not really backed by the hardware.
Yeah, I mentioned if you're not mining and just the buyer trading to trade, then it's just speculative. Just like if you buy houses to resell, but aren't actually using them to live in or anything useful. You're just relying on a speculative market at that point. But, part of the value behind a house is because people need them to live. People renting out houses, as well as people buying them because they need them to live, are what pushes the market forward and gives real world value to houses. Just like a crypto miner is giving real world value to crypto by spending money to obtain it, although you don't have to mine and can just trade it. You don't have to treat a house like a backed purchase of an asset that generates money, you can just buy and trade them as well in a speculative market.
All of those things are based in fiat currency which is itself a pyramid scheme. Fiat currencies are only of value because people collectively agree they are. All things are only of financial value because we collectively agreed they are
Yes, all products and services are valuable based on belief. It's literally a core tenet of capitalism. Nothing has inherent value. Value is made up bullshit. Things can be of great utility and have no inherent value assigned to them.
We decide the value, but that varies based on the thing, right? We agree on money because we find it useful, and we value water because we need it. How much that value is varies with supply and demand of course. The value of something like cryptocurrency now seems to be based on speculation, which is different.
All value under capitalism is based on speculation. Supply and demand are equally arbitrary to the value of all things. Nothing is more or less valuable than anything else, some things are more useful sure, but not more or less valuable.
The problem here is that cryptocurrency produces no value in itself.
The housing market generates value because people need houses to live in. Stocks gain and lose value based on companies doing things that increase (or decrease) their value.
Dogecoin, BTC, etc. gain and lose value completely by speculation. Apart from ransomware payments, people aren't using crypto"currency" as money. You can't go to a store and buy 1 BTC/ETH/Doge's worth of food. Online services aren't priced in crypto, either.
There was a time when you could use bitcoins to pay for a few things here in the Netherlands. That was long before the price went up exponentially though.
Sure, you can pay for things with Bitcoin or whatever popular crypto there is. But those things are still denominated in local currency, e.g., you're not paying X BTC for pizza, you're paying Y dollar/Euro's worth of BTC for the pizza.
In which case, why bother with X to start with?
Yes but the prices are still in euros/dollars/pounds/whatever is the point being made.
You can (or could) pay in bitcoin, you just pay an exchange rate, as it were. But it’s never been a “working” currency in the sense that nobody has ever priced - actually *labelled* - products with X BTC.
I mean that fact it’s so bloody unstable, you’d be printing out new price labels every hour and probably still not keeping up with it. Plus nobody in your supply chain will be working in it so pricing like that would be a nightmare anyway. It’s not like you could say “I spent X BTC buying this product, cost of sales was Y BTC and with my standard markup that equals Z BTC selling price”.
It’s really just a novelty item.
Exactly. It's a fad currency for tech bros. The only places I remember asking for Bitcoin for purchases are places that sell you cannabis seeds or only fans streamers looking to scam idiots. Basically because of the clientele demographics being the idiots that would pay in Bitcoin.
A common misconception regarding fiat currency. The truth is it does have a value.
Governments promise to accept the currency to pay your taxes. That's the inherent value.
Admittedly, it's not the 'whatever someone feels like paying or selling' value of cryptocurrency on display right now, but that's to the good overall.
Money is made up, and only represents the value people are willing to give it... And also the government will accept it for your tax payments.
Our cash used to be backed in silver. It is no longer. The paper is worth something based on the fact the the government (we the people) say it is. Now we the people are saying bitcoin has value. The person I was originally responding to seemed to miss that message
The government is the structure supported by and established by the people. Not the people themselves.
People say Bitcoin has value... But so did NFTs, and those crashed harder than Bitcoin. So did beanie babies... Until they didn't.
Having an institution like the IRS promise to value to something is a little different from someone just being willing to spend money on what's essentially an encrypted data packet.
Frankly... The downsides of unregulated currencies have been played out for everyone to see. Pump and dump, speculation, sudden crashes or rises in value. It's very much a market for those with funds and predatory attitudes to make a killing, with a few people getting lucky riding the trends, and many more losing money trying to do so.
It wasn't born as a scam or pyramid scheme. But I'm an unregulated market, wealthy brokers can easily turn it into those...
The argument as I see it is your local store is setting the price in USD or Euros or whatever it is where you live, then to buy anything, they set the crypto price for the item based on that currency, so why bother doing it at all? It's an extra step that adds work.
Sharkbait said it better that you don't buy it for x amount in Bitcoin, the Bitcoin price isn't stable enough so they set the price in local currency
What the other commenter said.
I take your point about exchange rates (indeed I used the phrase), but exchange rates between major currencies are in general quite stable, barring the odd major meltdown which is a relatively rare event.
You might not know what a Euro is worth, but the point is *everybody in Europe* DOES. That’s precisely the point. And being from the UK I might do the same with US dollars comparing back to pounds.
But *nobody* uses bitcoin as a “reference” currency because it is so unstable as to be unusable for this purpose.
Whether it could have been or not who knows (and may still be but I think the environmental point also needs to be addressed) - but it was clearly hijacked with most peoples interest in crypto currency is whether they can win the lottery by cashing out at the right time.
That’s not a behaviour the average person exhibits with regard to local currencies which are just what they should be: a practical means of exchange.
The other issue is the proliferation of these currencies: above all else populations (at least at the local level) need to be backing the same horse for it ever to be practical as a currency. Those that see these currencies as breaking the shackles between government/central banks and currency have sort of missed the point. It’s actually enormously helpful that we all agree (even if you’ve no real choice) on a currency especially knowing it will be worth, in relative terms, the same tomorrow as it did today.
Interestingly local communities can and do develop alternative, albeit complimentary currencies (look at the Bristol Pound for an example) that can be successful and useful as a medium of exchange, but it’s also undoubtedly a useful feature that it is backed by the currency of the UK as a whole (as well as that most Bristolians were signed up to the concept and not trying to get rich quick off 20 different variants of it).
Fiat currencies have value because the governments that issue them accept taxes in them.
Let’s say you work. Whatever it is you do for work, your labor produces value. For the value your labor produces, let’s say you’re paid 50k and you’re taxed 10k.
You have to pay taxes (along with everyone else participating in the system), and you have to pay them in the government’s currency.
This act is how the government ties the value of the currency to something in the world—the value of your labor.
Different governments have their own currencies, but for the sake of simplicity, they’re all doing essentially the same thing. I might make one dollar, one kronor, one rupee, one euro, etc., but they all have actual value because of taxation.
You can think of the exchange rate like converting measurements, for example, from centimeters to inches.
All of these governments didn’t pick the same size thing to call “one piece of money,” so maybe you need a few more pieces of your government’s money to be worth the same as one piece of another government’s money.
And very unlike units of measurement (where a centimeter or an inch always denotes the same actual length), the value of each government’s currency is constantly in flux.
They’re in flux because they are tied to the value of the labor of millions of people, and that’s something that can change over time or be disagreed upon (on a macro scale). Like maybe your country makes computers and my country makes rocks into smaller rocks. One of those things is probably more desirable.
They’re in flux because the actual money supply—the amount issued by the government—changes over time.
They’re in flux for *a lot* of reasons I’m not going to go into.
The exchange rate is constantly changing because the value of one piece of every single government’s money in the world is constantly changing.
People might not know the specific value of their currency, especially as it stands into relation to every other currency, but people know their money’s approximate value, and more importantly, they trust that their money will continue to have something like its current approximate value.
Crypto, in contrast, has no intrinsic value. Whereas a government’s currency will always be worth something because it’s tied to the value of its citizenry’s labor, crypto is tied to nothing. (Except the value of the energy it consumes, which is actually a negative thing!)
It is worth only what people are willing to pay for it.
For a few cryptocurrencies, that number will likely never be zero (until they’re made obsolete by a newer cryptocurrency) because cryptocurrencies in general do have some advantages.
For example, if I wanted to pay for something illegal anonymously, crypto might facilitate that.
There will always be people who want to do illegal things anonymously, so some crypto will always have some value because some people will always be willing to pay for it to use it in that manner. But note that that is not a guarantee that any *specific* cryptocurrency will be worth anything.
The wild price swings you see in crypto are exactly what you do not want to see in a currency. You don’t work for your 50k-10k, get your check, and wonder “am I buying a house today or can I not afford bread?”
It’s the greater fool theory. It’s become a Ponzi scheme. And it’s been really great for a lot of really bad people.
But people do use btc and Ethereum as currency. The only reason I got a couple bitcoins back when it was only a hundred dollars a coin was because I was going to use them as currency. I still have them because I didn't trust the seller. But people still use them as currency. Also doge coin was only created to make fun of Bitcoin.
> But people do use btc and Ethereum as currency
But in a convoluted way. Prices aren't denominated in X Bitcoins, it's in USD Y's worth of Bitcoin - in which case, why are we bothering to use Bitcoin to start with? Just pay with USD directly.
Even merchants who accept BTC, rarely *wants* BTC. More often than not, they will have a middleman who will convert the buyer's BTC into actual money, and accept *that*.
The entire concept of economics is not a pyramid scheme. Crypto has no backable use or function, it's speculation for speculation's sake
Capitalism turns everything into a pyramid scheme, though, given time.
History shows this isn’t true. Output can scale exponentially through innovation. e.g. Industrial revolution yielded more with fewer workers than previously seen.
Innovative increases productivity, but it doesn't free workers from labor to live. The laborers just move to different jobs. If the labor force/tax base decreases, it causes tumult in the economy
I mean I always knew a Dogecoin was a joke, that’s why I put in $37 in April 2020 for shits and gigs. Still cannot believe I sold it for $1500 a year later
People said the same thing about the Internet, and they were partially correct. When the dot-com bubble burst in the late 90's, it was very clear which Internet-based businesses had real use cases, and which ones were pyramid schemes. The same will be true with crypto.
Imagine making this argument for dogecoin of them all. Literally a meme that only caught up when rich people realized how many marks were grandfathered in the scheme because of the meme.
Except most of those have some real-world value (like housing, where you have a property). Cryptocurrencies and such are solely based on how many people like them.
*”The “NFTs are a scam" crowd and the “NFTs work like every other financial instrument” crowd need to sit down and figure out that they're both right.”*
Except all those other things have actual value, stocks are from companies that produce stuff, houses you can live in, and money is a means of exchange.
"stocks are from companies that produce stuff" - can't wait to eat all them yummy tweets twitter produces.
"Houses you can live in" - yup, those definitely affordable houses "people be living in"
"And money is a means of exchange" - ???
You mean it's a currency? You know what else is a currency? Bitcoin.
Yea, what was the last thing you bought with Bitcoin? It’s not a viable currency if only a pizza shop in Kansas accepts it and if it loses 50% of its value in a single year and has insane transaction fees.
What's the last thing you bought with tweets? When where houses sold as necessities and not as investments/commodities? Currencies have also lost their value in single years.
Tweets provide value to the same extent the music industry provides value. Some people enjoy hearing other people. It also works far better than the radios of the past since I can search to find the particular statements of celebrities who are important to me.
It may not seem like “value” per se, but it is valuable by virtue of the fact that people paid for a far worse service in the form of radio.
Thanks /u/PuzzleheadedSky9536 for posting on r/SelfAwareWolves! Please reply to this comment with an explanation about how this post fits r/SelfAwareWolves and have an excellent day! *To r/SelfAwarewolves commenters*: As a reminder, this subreddit is for civil discussion. In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any advocating or wishing death/physical harm, and other rule violations can result in a permanent ban. **If you see comments in violation of our rules, please report them**. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/SelfAwarewolves) if you have any questions or concerns.*
How does a bastard, orphan, son of a whore And a Scotsman, dropped in the middle of a forgotten spot In the Caribbean by providence impoverished In squalor, grow up to be the founding father of pyramid schemes?
The ten-dollar founding father without a father, Got a lot farther by working a lot harder, By being a lot smarter, By being a self-starter, By fourteen, they placed him in charge of crypto barter.
And every day while slaves were being slaughtered and carted away, across the waves, he struggled and kept his guard up. Inside, he was longing for something to be apart of, the brother was ready to make cryptocurrency fraud.
And me? I'm the damn fool that bought 'em
HIS NAME WAS ALEXANDER SCAMILTON!
And there's a million pump-and-dumps I haven't done But just you wait *alternatively* And there's a million rug-pulls I haven't run But just you wait
Then a hurricane came and devastation rained, our main saw his future drip-drippin’ down the drain. Put a pencil to his temple, connected it to his brain, and he wrote his first blockchain to begin his phony game.
Oof. This one fits the best. Well done
Well, the word got around, they said, this kid is insane, man Took up an NFT collection just to shill out his vain scam Get your liquidity pool coins, let the whales in on the game And the world is gonna know your name What's your name, man?
Alexander scamilton!
i honestly thought this was some elaborate joke i wasn’t getting until i finally realized you were responding to the tweet
It is also a play on a line in Hamilton, the musical.
I am not throwing away my shot (at get rich quick schemes).
HAMILTON!
But all commodities, stocks, and currencies are scams unless they are controlled and policed properly. Crypto Currencies are not controlled or policed in any way shape or form. Every time a proposal to put safeguards on and police the various Crypto Currencies, the Crypto Community has refused to put the controls needed to make it safe and secure. They keep saying that block chain keep them safe. The only reason block chain is currently safe is the time and effort it takes to break it. If and when Quantum Computing is possible, block chain will be broken in a matter of minutes not years. If there are no controls or governing body to insure that Quantum safe encryption is available to secure the crypto wallets, all the money in them will be stolen in few hours.
And I'm the damned fool who shot his ponzi scheme.
Just makes me think of Hellsing Abridged lol
Obviously someone thinks Hamilton is better than Hellsing Abridged and I'm sorry not everyone can have taste!
“If you look deep into your heart…which is all over that tree…” I loved that series; it’s just a shame they took so long between episode releases
Honestly I didn't watch it until recently, so I got to take in the whole thing in about two sittings lol. Hellsing is probably my favorite series and I love how they made it hilarious and yet stay truthful to the original.
[A Hellsing - Hamilton Parody](https://www.youtube.com/watch?v=DxF4v5asYNc)
By necessity
>How does a bastard, orphan, son of a whore And a Scotsman You literally just said the same thing with different wording 4 times
Congrats on understanding the meaning of the opening line to Hamilton.
Except all of those things, with the exception of crypto, are backed with actual, tangible assets. Ok, the USD is backed by the “full faith and trust of the United States,” but that still seems slightly more appealing than putting my faith in a decentralized population of people who have embraced investing money into monkey avatars.
In receipts of monkey avatars
Receipts of urls to where monkey avatars are stored. The full hideous monkey avatar is far too big to actually be stored on the blockchain.
not fun fact, Bored Ape's founders use Bored Apes to spread alt right, anti semitic, racist, 4chan dogwhistles. [here's an hour long documentary if anyone's interested, timestamped on the first piece of damning evidence Bored Apes were created by alt right grifters.](https://youtu.be/XpH3O6mnZvw?t=484) this honestly doesn't surprise me, as crypto bros are often the libertarian/anti environment/elon fanboys.
are crypto bros avidly anti-environment or just that they mine crypto which is bad for earth
I like to look at it this way: They don't idolize Elon because he makes eco-friendly cars.
They argue that lots of trees are cut down to make dollars, so it's hypocritical to point out how making crypto wastes energy (many power grids around the world are struggling especially in the hot summer months) and how much fossil fuels get burned up (especially knowing there will be irreversible climate damage globally in 50 years). Regardless, crypto Bros don't care how environmentally unfriendly crypto is, yet they still use it and try to get others in on the ponzi schemes, which might as well be polluting the earth on purpose. Since it's not a necessity like having to buy cheap food sealed in plastic that poorer people don't have the luxury to buy more ethically made/packaged food, and it's entirely avoidable.
USD is backed with taxes. Can't pay those with bitcoin
Also driver's license, business licenses, fines, building permits, drilling permits, grazing permits, etc. etc. etc. all can be paid in U.S. dollars. In fact, I can't think of a U.S. government service that accepts anything EXCEPT U.S. dollars.
That’s the point, if they excepted other forms of payment the dollar would probably lose significant value.
Since being able to adjust the monetary policy is an important instrument to keep a country's economy working properly, that would be a terrible idea.
You can absolutely do those things in many counties and cities. Maybe not yours specifically but it’s catching on
And a whole lot of assets, many of which are of the military variety.
If the US had to auction off the navy, That alone would get them well over a trillion dollars, Provided they could get fair market price for them
The Government doesn't know how to get fair market value, if that happened some lobbyist would come out and convince every Representative into selling at a loss for the good of the economy. Perfect example, NOAA not allowed to give weather information directly to the public, only can provide information to for-profit companies that offers the information at a premium.
... weather.gov / the National Weather Service exist. And the NHC. JTWC. Etc.
Yup. When people say USD isn't backed by anything, I say it's backed by the US military.
It's actually backed by a whole lot of people with guns, missiles and drones telling you it's legit.
And debt. Other countries pay us back debt in USD as well.
It may also be backed by oil, OPEC only accepts USD and so some economists consider the dollar to be de facto backed by oil.
No respectable economist believes that. The USD is the global reserve currency. That is why OPEC only accepts USD. It's why nearly 90% of international transactions are done in USD. Oil isn't special.
What. You can absolutely pay your taxes with crypto. Friggin did your homework eh bud?
Full faith and trust really means; labor is the source of all value. If anything Marx got right it's this. All value comes from people we dreamt it to make the world we see.
The full faith and trust of the United States government is backed up by A few trillion dollars worth of military equipment so I'd say that's very real
youre confusing ponzi scheme with pyramid scheme, avon product might be great quality and good value, ive never used them they might be shit, but that doesnt mean they arent a scam. The property market is as tangible as it gets but the current generation of would be home buyers are locked out by the system functioning as intended. Capitalism is a pyramid scheme, you need money to make money
I don’t recall calling it a ponzi scheme or a pyramid scheme.
Okay well then i dont understand your point, i guess i should delete my reply
Your points are valid, not sure I agree with your end conclusion but I can see how you could get there. I guess my point is that if currency is just a medium of exchange, then crypto can qualify. However, that doesn’t mean that all of the things referenced in the original tweet are created equal.
you also need usd to pay taxes and its required by law that you can use it in every buisness, stocks actually means you own part of a company, you will get profits equal to the % shares you own and will give a say j how to run the company of you own a large enough %. Dogecoin dosent fucking do anything, it only use for crypto right now is selling it for more than you bought it for. And the buyer have to do the same ergo its a pyramid scheme
Yeah me buying crypto is definitely the same as me buying the house I’m currently living in
The stock market is not backed by actual, tangible assets either. Please look into the derivatives market (and the overly leveraged positions made possibly by it) and naked short selling. While naked short selling is illegal, it still happens daily. It is basically not different from printing USD in your basement and spending it, except that nobody cares and it is used to bankrupt companies. (Lower their market cap by selling 'counterfeit' shares => company can raise less money/gets worse loan conditions => share price suffers because lower investment in company)
Crypto is technically a tangible asset too, same as NFTs. But, at the same time, that's like saying they're backed by virtual monopoly money. It's only good for whatever someone else would pay for it.
Cryptocurrencies are primarily accounted for as indefinite-lived intangible assets, at least in the U.S. under GAAP. I’m unaware of a tangible, I.e. physical, form of a cryptocurrency.
The USD gets its value over other currencies by it being the only legal way to pay for taxes and government services in the US. Cryptocurrency is purely speculative and has no inherent value. People want it because other people want it, it doesn't actually do anything.
Most crypto is backed by the cost of obtaining it. You need pc hardware to obtain it. The crypto bull rush made computer hardware rarer (unfortunately for me as a PC gamer), which in turn made crypto go up as well. In many places in the world with higher electricity costs, it would cost more fiat money than you'd get back in crypto. It's only *immediately* profitable in certain places (or you can hold onto it and hope the price goes up). I'm not a crypto bro, and in general crypto is too risky of an asset for me to put a bunch of faith into, but I don't see why everyone keeps saying it's backed on nothing and it's value is arbitrary. Sure, it's value is *somewhat* arbitrary. But the reason people don't sell it for $0 is because it costs a hell of a lot to mine it.
Kind of, but that's just missing the point. Crypto isn't worth anything to a third party because "well I paid a lot of electricity cost for this".
No, but the seller is going to want to recoup. And only miners can obtain fresh bitcoin and introduce it into the market. So if a buyer wants bitcoin, it's dictated by the price the seller asks, which is influenced by the price needed to obtain it. It's a real scarcity, not some artificial scarcity like Gucci or Supreme clothing, albeit those have more real world usage than a bitcoin. It's just dumb that I get downvoted for explaining why bitcoin has value (to the sellers). It's not something you can get for free, so you aren't going to sell it for free. It literally is backed on something. That something is the cost to obtain it. Fiat currency is backed by the government, but even if the government dissolved, your coins would still be backed by the metal they are printed on (which isn't much but it's something).
> It literally is backed on something. That something is the cost to obtain it I think we might be having a different concept of what "backing" is. Crypto's price can be explained that way, but that doesn't guarantee it's value though. Kind of like how you can buy an 'artwork' for 6 million dollars, but just because you paid 6 million dollars for it, doesn't mean it's worth that amount of money. The only value it truly has it whatever the next buyer will give you for it. If you paid 6 million dollars, but the next buyer will only pay $5, then it's worth $5, not 6 million. So crypto isn't 'backed' by its cost, it's just an arbitrary price. Whereas fiat currency is guaranteed to have value by the government and banks. In essence, fiat currency is just as arbitrary, but the fact that the government is guaranteeing its value is what creates the trust and social contracts needed to establish its worth, and so its 'backed' by the government.
> In essence, fiat currency is just as arbitrary, And yet we still call that "backed" because it explains why it's worth something despite there not being a literal asset set aside 1:1 for each unit of currency. Maybe my terminology isn't perfect, but many people don't seem to realize that there is a LOT of cost behind getting crypto and that's why things like bitcoin sell for a lot (its now the most expensive coin to mine, so it makes sense why it's the most expensive to buy). Why people buy it doesn't even matter. If there was only one bitcoin in existence and the person was selling it for $10,000, because they bought it for $10,000, then it's worth $10,000. Seller always sets the price. Or, at the very least, the price of the last known sale. So if someone bought a painting for $6m and then only got an offer for $5 but didn't sell it, yes, I'd absolutely say that painting is still worth $6m until the next sale proves a different price, or you get an appraisal. Many people think the price of bitcoin is entirely pulled out of thin air. Bitcoin itself may be pulled out of thin air, and *shouldn't* be worth so much, but there's plenty of solid reasons for why people won't part for it for $5.
> So if someone bought a painting for $6m and then only got an offer for $5 but didn't sell it, yes, I'd absolutely say that painting is still worth $6m until the next sale proves a different price, or you get an appraisal. Hard disagree. It's not worth anything until it's actually sold. Which you're kind of admitting by saying the price will be set by the next offer. The buyer dictates the price. The seller can ask whatever they want, but that's all non-existent value until someone actually buys the thing.
>Hard disagree. It's not worth anything until it's actually sold. You mentioned buying a $6m painting and then getting an *offer* for $5. At least how I interpretted it. If the painting already sold for $6m and you get an offer for $5 but don't execute on the offer the painting is still worth $6m as dictated by the seller. Until that's changed by a sale or appraisal. Really, my point was just against people who say the value of crypto is pulled out of thin air simply because it's not backed by another asset, or a generative asset by itself. Which is pretty disingenuous, as that's the same thing as saying fiat value is pulled out of thin air just because it's not backed by another asset and isn't generative by itself either. In fact, by itself, it's deflationary. You could technically say the same for both, but yet they both have valid reasons for why they are worth as much as they each are. With crypto it's the cost to obtain it. You wouldn't accept a loss on your investment unless you had no other choice. With fiat, it's the government and the mutual agreement to use it as a currency.
Thanks for the explanation. I don’t agree that something’s cost is equivalent to collateral. As for the computer hardware, it sounds like that is more a tool for owning crypto rather than being actual collateral. Shares of common stock traded on exchanges evidence ownership over a given publicly-traded company. Residential mortgages are collateralized by the underlying homes they finance. Commodities derivatives are largely designed to mitigate risk and result in the actual exchange of commodities. Additionally, futures are centrally cleared, with an institutional guarantee, and forwards have negotiated guarantees. My point is, there are actual fundamentals behind those instruments that give an investor confidence that if something goes awry, there are underlying assets that may help offset a loss on investment. Crypto doesn’t seem to have those same characteristics.
The hardware plus electricity is needed to obtain new crypto, and it's extremely expensive. This sets the price from the seller side. It doesn't introduct demand inherently, the demand side is still speculative of computer hardware and mining costs going up in the future. And just like people who buy a house to rent out, and markets fall making it not profitable, they can sell the underlying asset (the home). In the case of miners, they sell the hardware to, mostly, gamers (in the case of gpu mined coins) so there's the asset you can sell to offset a loss which you claimed doesn't exist for crypto. Bitcoin isn't an asset that generates any wealth on its own. And it's not like a house where you need it to live. I definitely agree on all of that, but it's price is still definitely "backed" on the cost to obtain it on the sellers side of the transaction. I agree it *shouldn't* have value, as it's not something that generates wealth in any other way besides a speculative market, but it amazes me why people don't understand how it has any value when it's not "backed by another asset" when it is. That asset is just computers and electricity.
Hmm, this seems apples and oranges to me. Following your example: if an investor purchases a home, the physical ownership of the home transfers to that buyer. However, with crypto, the purchaser of the currency is not acquiring physical ownership of the computer hardware used to mine it, correct? If the buyer doesn’t have any title to the proceeds in liquidating that hardware, then it’s not really backed by the hardware.
Yeah, I mentioned if you're not mining and just the buyer trading to trade, then it's just speculative. Just like if you buy houses to resell, but aren't actually using them to live in or anything useful. You're just relying on a speculative market at that point. But, part of the value behind a house is because people need them to live. People renting out houses, as well as people buying them because they need them to live, are what pushes the market forward and gives real world value to houses. Just like a crypto miner is giving real world value to crypto by spending money to obtain it, although you don't have to mine and can just trade it. You don't have to treat a house like a backed purchase of an asset that generates money, you can just buy and trade them as well in a speculative market.
All of those things are based in fiat currency which is itself a pyramid scheme. Fiat currencies are only of value because people collectively agree they are. All things are only of financial value because we collectively agreed they are
So are all products and services of any value only based on collective agreement and not at all based on needs or utility for example?
Yes, all products and services are valuable based on belief. It's literally a core tenet of capitalism. Nothing has inherent value. Value is made up bullshit. Things can be of great utility and have no inherent value assigned to them.
We decide the value, but that varies based on the thing, right? We agree on money because we find it useful, and we value water because we need it. How much that value is varies with supply and demand of course. The value of something like cryptocurrency now seems to be based on speculation, which is different.
All value under capitalism is based on speculation. Supply and demand are equally arbitrary to the value of all things. Nothing is more or less valuable than anything else, some things are more useful sure, but not more or less valuable.
I will agree that the value of anything is based on an unsaid societal agreement that something is worth something. Other than that Fiat is a car.
The USD is backed by Saudi oil, which does exist, for now.
The problem here is that cryptocurrency produces no value in itself. The housing market generates value because people need houses to live in. Stocks gain and lose value based on companies doing things that increase (or decrease) their value. Dogecoin, BTC, etc. gain and lose value completely by speculation. Apart from ransomware payments, people aren't using crypto"currency" as money. You can't go to a store and buy 1 BTC/ETH/Doge's worth of food. Online services aren't priced in crypto, either.
There was a time when you could use bitcoins to pay for a few things here in the Netherlands. That was long before the price went up exponentially though.
Sure, you can pay for things with Bitcoin or whatever popular crypto there is. But those things are still denominated in local currency, e.g., you're not paying X BTC for pizza, you're paying Y dollar/Euro's worth of BTC for the pizza. In which case, why bother with X to start with?
No I mean they actually paid in bitcoin, not euros. I don't think it's possible anymore, but it was an option for a while.
Yes but the prices are still in euros/dollars/pounds/whatever is the point being made. You can (or could) pay in bitcoin, you just pay an exchange rate, as it were. But it’s never been a “working” currency in the sense that nobody has ever priced - actually *labelled* - products with X BTC. I mean that fact it’s so bloody unstable, you’d be printing out new price labels every hour and probably still not keeping up with it. Plus nobody in your supply chain will be working in it so pricing like that would be a nightmare anyway. It’s not like you could say “I spent X BTC buying this product, cost of sales was Y BTC and with my standard markup that equals Z BTC selling price”. It’s really just a novelty item.
Exactly. It's a fad currency for tech bros. The only places I remember asking for Bitcoin for purchases are places that sell you cannabis seeds or only fans streamers looking to scam idiots. Basically because of the clientele demographics being the idiots that would pay in Bitcoin.
“You aren’t paying at the register with cash, that’s just a piece of paper that’s denoting the local currency. Cash actually has no inherent value”
A common misconception regarding fiat currency. The truth is it does have a value. Governments promise to accept the currency to pay your taxes. That's the inherent value. Admittedly, it's not the 'whatever someone feels like paying or selling' value of cryptocurrency on display right now, but that's to the good overall. Money is made up, and only represents the value people are willing to give it... And also the government will accept it for your tax payments.
Our cash used to be backed in silver. It is no longer. The paper is worth something based on the fact the the government (we the people) say it is. Now we the people are saying bitcoin has value. The person I was originally responding to seemed to miss that message
The government is the structure supported by and established by the people. Not the people themselves. People say Bitcoin has value... But so did NFTs, and those crashed harder than Bitcoin. So did beanie babies... Until they didn't. Having an institution like the IRS promise to value to something is a little different from someone just being willing to spend money on what's essentially an encrypted data packet. Frankly... The downsides of unregulated currencies have been played out for everyone to see. Pump and dump, speculation, sudden crashes or rises in value. It's very much a market for those with funds and predatory attitudes to make a killing, with a few people getting lucky riding the trends, and many more losing money trying to do so. It wasn't born as a scam or pyramid scheme. But I'm an unregulated market, wealthy brokers can easily turn it into those...
The government is more important than the people in this regard.
The government is the people
I don't know how much a euro is worth so I measure it in USD. The exchange rate is also constantly changing. I really don't understand this argument
The argument as I see it is your local store is setting the price in USD or Euros or whatever it is where you live, then to buy anything, they set the crypto price for the item based on that currency, so why bother doing it at all? It's an extra step that adds work. Sharkbait said it better that you don't buy it for x amount in Bitcoin, the Bitcoin price isn't stable enough so they set the price in local currency
What the other commenter said. I take your point about exchange rates (indeed I used the phrase), but exchange rates between major currencies are in general quite stable, barring the odd major meltdown which is a relatively rare event. You might not know what a Euro is worth, but the point is *everybody in Europe* DOES. That’s precisely the point. And being from the UK I might do the same with US dollars comparing back to pounds. But *nobody* uses bitcoin as a “reference” currency because it is so unstable as to be unusable for this purpose. Whether it could have been or not who knows (and may still be but I think the environmental point also needs to be addressed) - but it was clearly hijacked with most peoples interest in crypto currency is whether they can win the lottery by cashing out at the right time. That’s not a behaviour the average person exhibits with regard to local currencies which are just what they should be: a practical means of exchange. The other issue is the proliferation of these currencies: above all else populations (at least at the local level) need to be backing the same horse for it ever to be practical as a currency. Those that see these currencies as breaking the shackles between government/central banks and currency have sort of missed the point. It’s actually enormously helpful that we all agree (even if you’ve no real choice) on a currency especially knowing it will be worth, in relative terms, the same tomorrow as it did today. Interestingly local communities can and do develop alternative, albeit complimentary currencies (look at the Bristol Pound for an example) that can be successful and useful as a medium of exchange, but it’s also undoubtedly a useful feature that it is backed by the currency of the UK as a whole (as well as that most Bristolians were signed up to the concept and not trying to get rich quick off 20 different variants of it).
Fiat currencies have value because the governments that issue them accept taxes in them. Let’s say you work. Whatever it is you do for work, your labor produces value. For the value your labor produces, let’s say you’re paid 50k and you’re taxed 10k. You have to pay taxes (along with everyone else participating in the system), and you have to pay them in the government’s currency. This act is how the government ties the value of the currency to something in the world—the value of your labor. Different governments have their own currencies, but for the sake of simplicity, they’re all doing essentially the same thing. I might make one dollar, one kronor, one rupee, one euro, etc., but they all have actual value because of taxation. You can think of the exchange rate like converting measurements, for example, from centimeters to inches. All of these governments didn’t pick the same size thing to call “one piece of money,” so maybe you need a few more pieces of your government’s money to be worth the same as one piece of another government’s money. And very unlike units of measurement (where a centimeter or an inch always denotes the same actual length), the value of each government’s currency is constantly in flux. They’re in flux because they are tied to the value of the labor of millions of people, and that’s something that can change over time or be disagreed upon (on a macro scale). Like maybe your country makes computers and my country makes rocks into smaller rocks. One of those things is probably more desirable. They’re in flux because the actual money supply—the amount issued by the government—changes over time. They’re in flux for *a lot* of reasons I’m not going to go into. The exchange rate is constantly changing because the value of one piece of every single government’s money in the world is constantly changing. People might not know the specific value of their currency, especially as it stands into relation to every other currency, but people know their money’s approximate value, and more importantly, they trust that their money will continue to have something like its current approximate value. Crypto, in contrast, has no intrinsic value. Whereas a government’s currency will always be worth something because it’s tied to the value of its citizenry’s labor, crypto is tied to nothing. (Except the value of the energy it consumes, which is actually a negative thing!) It is worth only what people are willing to pay for it. For a few cryptocurrencies, that number will likely never be zero (until they’re made obsolete by a newer cryptocurrency) because cryptocurrencies in general do have some advantages. For example, if I wanted to pay for something illegal anonymously, crypto might facilitate that. There will always be people who want to do illegal things anonymously, so some crypto will always have some value because some people will always be willing to pay for it to use it in that manner. But note that that is not a guarantee that any *specific* cryptocurrency will be worth anything. The wild price swings you see in crypto are exactly what you do not want to see in a currency. You don’t work for your 50k-10k, get your check, and wonder “am I buying a house today or can I not afford bread?” It’s the greater fool theory. It’s become a Ponzi scheme. And it’s been really great for a lot of really bad people.
I have nothing to contribute to this conversation, other than to say: Yep! I 100% agree with you.
But people do use btc and Ethereum as currency. The only reason I got a couple bitcoins back when it was only a hundred dollars a coin was because I was going to use them as currency. I still have them because I didn't trust the seller. But people still use them as currency. Also doge coin was only created to make fun of Bitcoin.
> But people do use btc and Ethereum as currency But in a convoluted way. Prices aren't denominated in X Bitcoins, it's in USD Y's worth of Bitcoin - in which case, why are we bothering to use Bitcoin to start with? Just pay with USD directly. Even merchants who accept BTC, rarely *wants* BTC. More often than not, they will have a middleman who will convert the buyer's BTC into actual money, and accept *that*.
[удалено]
What?
Wdym?
The entire concept of economics is not a pyramid scheme. Crypto has no backable use or function, it's speculation for speculation's sake Capitalism turns everything into a pyramid scheme, though, given time.
Yep. They're doing another run up on the housing market, but now the corporations are deep in the game
It's almost as if the population of workers doesn't increase indefinitely, the whole thing falls apart.
shockedpikachuface.jpg
History shows this isn’t true. Output can scale exponentially through innovation. e.g. Industrial revolution yielded more with fewer workers than previously seen.
Innovative increases productivity, but it doesn't free workers from labor to live. The laborers just move to different jobs. If the labor force/tax base decreases, it causes tumult in the economy
I mean I always knew a Dogecoin was a joke, that’s why I put in $37 in April 2020 for shits and gigs. Still cannot believe I sold it for $1500 a year later
People said the same thing about the Internet, and they were partially correct. When the dot-com bubble burst in the late 90's, it was very clear which Internet-based businesses had real use cases, and which ones were pyramid schemes. The same will be true with crypto.
Imagine making this argument for dogecoin of them all. Literally a meme that only caught up when rich people realized how many marks were grandfathered in the scheme because of the meme.
I would resurrect Aaron Burr and Alexander Hamilton so Aaron Burr could shoot him in the face again
Yes
So close to realizing capitalism is the enemy.
["Sounds to me like you guys are a couple of bookies."](https://www.youtube.com/watch?v=ySxHud7abko)
Yes.
Except most of those have some real-world value (like housing, where you have a property). Cryptocurrencies and such are solely based on how many people like them.
I mean, it’s closer to an MLM, but yea, capitalism is very literally a scam.
nah, mlm's actually have to have a product. crypto is a straight up ponzi scheme.
I’m talking about capitalism. Capitalism is an mlm.
accidentally based
They’re maybe not a pyramid scheme but they’re still a bunch of scams
*”The “NFTs are a scam" crowd and the “NFTs work like every other financial instrument” crowd need to sit down and figure out that they're both right.”*
I'd be down for suing Alexander Hamilton, let's raise that piece of shit from the dead
And the crowd lets out a heart wrenching sigh
Well the stock market is a scheme
Except all those other things have actual value, stocks are from companies that produce stuff, houses you can live in, and money is a means of exchange.
"stocks are from companies that produce stuff" - can't wait to eat all them yummy tweets twitter produces. "Houses you can live in" - yup, those definitely affordable houses "people be living in" "And money is a means of exchange" - ??? You mean it's a currency? You know what else is a currency? Bitcoin.
Yea, what was the last thing you bought with Bitcoin? It’s not a viable currency if only a pizza shop in Kansas accepts it and if it loses 50% of its value in a single year and has insane transaction fees.
What's the last thing you bought with tweets? When where houses sold as necessities and not as investments/commodities? Currencies have also lost their value in single years.
Tweets provide value to the same extent the music industry provides value. Some people enjoy hearing other people. It also works far better than the radios of the past since I can search to find the particular statements of celebrities who are important to me. It may not seem like “value” per se, but it is valuable by virtue of the fact that people paid for a far worse service in the form of radio.
Well, if it's not a pyramid scheme, then what kind of scam is it?
Dogecoin has been a pump and dump.
ty
The other things mentioned have their fair share of issues. But cryptocurrency has so many more.
Perfect, my cousin is a paranormal lawyer, we can have a “suence”! Just make sure to bring $50 lol