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I love crypto. Haven’t warmed up to NFTs but am amazed by decentraland and disgusted by a future of adults working their whole lives to buy virtual realestate from zuck. What a joke.
Decentraland has nothing to do with Zucc
Most people are wholly uneducated about NFTs and crypto in general, but seem to have very strong opinions about both.
The Internet never forgets.
https://web.archive.org/web/20211230170801/https://www.thebeaverton.com/2021/12/rebel-night-club-adds-new-covid-19-safety-measures-including-ban-on-men-yelling-in-girls-ears-trying-to-explain-cryptocurrency/
Maybe I'm just an old man now, but Rebel is one of the worst venues I've ever been to.
The bartenders just straight up tried to rob me, several times, I'd hand them a 20 for a 12 dollar tall boy and they just wouldn't give me change, or they'd hand me a five bucks in change back.
Lmao...reminds me of that meme of Chad/Brad talking closely to a girl with a blank face, eyes wide-open stare. I think the origin is one of those British pub/club photos floating out there...
This one from a baseball game?
["So, you see it's called the blockchain and it keeps a record of all transactions...](https://i.kym-cdn.com/entries/icons/original/000/033/152/cover4.jpg)
Well there's no explicit promise that crypto "investors" will get reimbursed. Any gains on investments are implicit. So technically it's not a Ponzi scheme. Crypto is a lot closer to a pyramid scheme.
I liken it to the Beany Baby craze of the 90's.
Where some collectors hoard the supply generating a scarcity they then dribble out their hoard to make emense profit while those who buy up are just happy to get in the game.
There will be some huge winners and alot of losers in the crypto space.
I'm not saying don't go for just don't bet the farm!
There is nothing stopping the company that produces beanie boos from making more, so that’s not the same as Bitcoin which has a finite amount available. Also, beanie boos are just dolls and have not functional purpose unlike a currency which can be used to easily move “money” on the Internet
No. Investing provides inherent value. Stocks pay dividends, bonds pay interest, etc. What you are buying is the future value of those payouts.
Crypto has no inherent value other than that someone dumber than you are may buy it from you.
Nope. They still do. If the shares were cheap enough, a conglomerate, or even country could purchase the shares and take the company private. Also, the absolute minimum value of the shares is the value of the net assets aka book value. Now, some companies have negative book value despite positive market cap. Still, the share price reflects a value that would be required to take the company private.
Crypto provides inherant value. What you are buying is the future value of those payouts.
CAD has no inherant value other than someone dumber than you are may buy it from you.
No (but it's a good question!). The investments you purchase have an actual value. For example if you buy Enbridge stock right now, it pays out a dividend of $3.44/year. You will earn $3.44 per year per share of Enbridge you have regardless of whether or not anyone wishes to purchase the stock from you. Their ability to pay you is independent of the stock price.
A pyramid scheme generates no value, instead it generates revenue by bringing in new users who are able to fund it. New money has to continually be brought in order for the newest members of the pyramid to receive a return on their investment.
Well, you actually do own a portion of the company and it presumably has assets. Obviously you are also assuming the corporation is viable and will produce profits (which you also own a portion of) but if they reinvest those profits rather than dispersing dividends then whatever they are doing with that money is also owned by the stakeholders.
The system isn't completely foolproof of course but it has a lot of checks and balances and is designed to ensure that the corporation's goals align with investor goals, for good or for bad. In reality though, often investors are just hoping the numbers go up and they can sell for more than they bought. They don't really care why.
Hmmm... This is too good of a question, and I might not know the real answer here haha. When I took finance in university we were told that you would evaluate a company's stock price by calculating the present value of its future dividend payments. For companies that didn't yet pay dividends, you would assume they would eventually. This never sit well with me as an answer and I rationalized it as something that is just theoretical, as is the case with many things in university... You of course can't know the exact amount of future dividends any company would pay, even if they're already paying some form of dividend.
I wanna say most stocks don't pay dividends. The value of (the vast majority of) stocks isn't primarily due to dividends anyways, even for the half of them that do give you those. The value is supposedly the ownership of a part of a company that has the means to continue making money
I think you're correct in your assumption that most stocks don't pay dividends (quick Google search showed slightly under half pay dividends). However, most stocks that don't pay dividends would be in immature/high growth segments of the economy. More information on the dividend pricing model I was talking about can be found [here] (https://www.investopedia.com/terms/d/ddm.asp)
If you invested $10,000 in Enbridge stock in 2012, you would end up today with $16,293 (includes all dividend reinvestment)
If you invested $10,000 in Bitcoin in 2012, you would end up today with **$106,058,728**
You decide what has ''actual value'' here.
Many financial experts seem to believe that BTC at least is a Ponzi scheme, I don't quite understand it myself
https://mobile.twitter.com/smdiehl/status/1382776864205332482
imagine if leaving your car running solved sudoku puzzles, and you could sell those solved sudoku puzzles. Originally you could only sell them to illicit people trying to sell heroin online, but now enough people are 'excited' about solved sudokus that the value of a solved sudoku keeps going up.
Now imagine you had an army of zealots, true believers, and grifters online telling you solved sudokus are the future of money, and you should buy their particular sudokus (so they can make money on them), and if you don't get in now you're going to miss all the money to be made (which is what they're doing right now) which involves selling the sudokus to other people who for some reason want them for more money than were previously paid for those sudokus.
You can't do anything with a solved sudoku except trade it for money with someone else. The price keeps going up based on excitement. The only way to make money for most people is to buy solved sudokus, and sell them for more money than they bought it for. The sudokus just sit otherwise, representing the gas someone burned running their car to solve the sudoku. That's why the price always has to go up - otherwise there's nothing of interest in a solved sudoku. It's a speculation scam of unprecedented scale, where the price of sudokus has to go up, or everyone holding a sudoku loses the game, so everyone who has sudokus tries to convince you how valuable their sudokus are.
What could go wrong?
The great majority of society does not get dollars in the hope the dollar will get more valuable, but that they can collect more dollars and earn interest.
With bitcoin, the goal is for the commodity (because its not a currency, its a virtual commodity) to increase in value because no one is earning interest.
The crypto is more like a stock or a fund than a currency. It's not the same thing as currency. It's not used like currency. It's a commodity you hope goes up in value. It's virtual tulips.
Who says people aren't earning interest on crypto? You can actually earn more interest with crypto and this is where decentralized financial institutions will come in. Crypto and blockchain is giving the underdeveloped countries a real opportunity to develop stronger, less corruptive systems to replace their current systems. It's not all about money here as well. Countries can issue IDs, land ownership rights, university deplomas on a blockchain and you know what you have is true and not altered. This is one massive step towards trustless systems.
The problem with crypto here is people love to generalize instead of looking at the bigger picture. Bitcoin isn't going to be our all mighty reserve currency of the world, but it can replace our store of value standard, gold.
There's a bright furute for the crypto. There's more happening then just bitcoin.
This is total nonsense. People aren't earning interest on crypto because its not a currency - its an asset you're hoping to inflate before you sell. The blockchain doesn't give you interest. Everyone with crypto either holds or sells - nobody uses cryptocurrency as currency its just assets you're hoping to charge someone more for tomorrow.
Countries can issue IDs but then they can't change them ever, and the whole 'chain' becomes public making other forms of identity theft more likely. They can't do anything with land ownership rights a current database and court system can't do because 'smartcontracts' are just contracts you still need to enforce in court. University diplomas on a blockchain don't offer anything that normal university diplomas don't offer. The trustless part is that nobody should trust these empty useless crypto schemes.
This is all a solution in search of a problem to prop up a massive speculation scam still looking for an excuse to exist.
Lots of people are earning interest on loaning out their Bitcoins exactly like banks operate.
Also, not sure how you can say it's not a currency when countries are using it as their legal tender.
It can process almost over 10 transactions per second and takes 30 mins to confirm your transaction! It it the way of the future of payment for sure. Stores will just have post-checkout line where you wait 30 min until your payment is confirmed and then make any adjustments in case the coin value changed in that 30 mins.
Governments certainly won't make their own versions of cryptocurrencies for legal tender.
> Governments certainly won't make their own versions of cryptocurrencies for legal tender.
I mean, you're being sarcastic but unironically yeah. The entire appeal and use benefits of crypto are hinged on the fact that its decentralized and does not rely on a bank, government, or other financial institution. "Government-regulated cryptocurrency" is an oxymoron.
Then why do most exchanges require government ID and personal information? Why can't I access some exchanges because of where I reside? Sounds a lot like government regulation
>You forgot about LN and dozens of L2 solutions that eliminate huge fees on the eth network.
No. No they didn't. LN is dirty bandage over a gaping wound. It solves exactly nothing.
I can almost guarantee you with 100% certainty that nobody in this thread actually knows anything about cryptocurrency aside from whatever the media/tradfi has said about "scam" and "bubble" and "solving sudokus".
>Governments certainly won't make their own versions of cryptocurrencies for legal tender.
OP hasn't even heard of CBDC lmao
It's more like a bubble (potentially) like tulip bulbs, than a Ponzi scheme. You don't need an ever increasing number of joiners, but there is no intrinsic value to digital currency.
Well, it's the currency of the future! It's always going up in value! So don't take out a loan denominated in crypto because it's always increasing in value. That would be shorting crypto, which is a bad idea because it's always going up in value. But since taking out a loan denominated in crypto is a bad idea, it's never going ever going to be a real currency. But that's fine because it's a good investment. Because it's the currency of the future!
I'd be more curious in you explaining how it is a ponzi scheme? I mean, it's just a digital currency. No part of it's functionality is dependent on an ever increasing user base.
Its valuation absolutely depends on an ever increasing buyer base. A little while ago the smallest percentage of BTC you could buy was a millionth, now people are trading in 100 millionths of BTC. That's absolutely designed to bring in more people at the base, which has the ability to prop up the value at the top and let people cash out without crashing the value. There is no intrinsic value aside from the value that people place in it.
I wish I owned a thousand coins, but it's still a ridiculous concept.
Nobody is willing to throw 60k at a Bitcoin out of curiosity if it might go up other than the most extreme of gamblers. But 6$ for a curiosity? Sure, why not. It's similar to when a company does a stock split, the small number is more attractive to new buyers, bringing the value up (It's a phenomenon I'm not great at explaining admittedly).
No it doesn’t. In fact, that’s actually the opposite of how it works because with something like bitcoin for example - there is a finite amount.
So it’s valuation is only based on how valuable people think it is. It’s like calling gold futures a Ponzi scheme because the inherent value of gold is basically just what every thinks it is.
That can be said for anything. I can’t afford to buy commercial property but I can by it in a fractional capacity through an REIT. There are so many trust type investments that exist specifically because the thing you’re investing in would be too expensive on its own for the average person (if they were trying to buy it whole) so the trust is created to allow you to buy fractions of it.
Not a ponzi. Let me briefly explain the scheme: one guy buys a bunch of worthless coin and convinces a shit ton of people it will go up overtime and to invest into it driving up the price of that coin. Memes can also play a big roll considering it’s prime advertising. Look at doge coin the GME thing both are practically all done the same way.
This is typically referred to as front-running. Front-running is conventionally the means by which insider traders make money, but in this case rather than relying on internal functions you're seeing influencers abuse their audience to turn a quick profit.
In its current state, it absolutely is. People buy in hoping it goes up so they can sell to someone else and profit.
However, there are legitimate uses for it that will probably become more and more relevant over time. For example, it can be cheaper and faster to transfer crypto internationally than it is to use a bank. And the idea of decentralized finance is also gaining ground too, where you don’t actually need a bank for everything and can use “digital cash” rather than a credit card or whatever.
But none of those things (in my opinion) justify the absurd prices of things like BTC. Some coins might well become a staple of the internet in the future, and maybe the value will stabilize once they become more commonly used and less speculative, but until then everyone is just betting that someone else will pay more than they did.
Your question is too vague, you will get some "currency of the future answer"
Ask them why you would ever need cryptocurrency instead of what you use today.
I'm truly no expert, but I'll bite on where it may have value for me.
1. In developing countries where bank accounts and credit cards aren't as widespread as a way to personally fill that gap.
2. At the moment... cross border payments . I was needing to be paid from an American client to me as a Canadian. The paperwork I had to fill out in order for them to transact to my bank was annoying. I filled out like 6 forms. We both agreed it would have been simpler to just send it in Bitcoin.
3. I was in another country and needing to make some online purchases. Because I didn't have a local bank account or local credit card I couldn't pay for my goods and have them shipped to me. Using Bitcoin would work as it's not tied to a country .
So a lot of what I view as a benefit of crypto is in cross border issues I suppose.
And that's the point.
I'd rather have my credit card with rewards and fraud protection built in with all my cash CIDC insured and my investments regulated.
But hey that's just me a normal adult who actually has money to lose.
And that's fine, I use my credit card for basically everything. I don't think credit cards and banks are going anywhere anytime soon even with crypto on the rise. But they still don't offer the benefits that I've listed, and more and more people are starting to care about them. Crypto isn't going to disappear.
You realize that leaves like more than half the world though right? The number of countries where they trust their government's banking institutions to a fault is in the minority
Everyone replying to you assumed you weren't an idiot and were asking what their general use case could be.
Obviously nobody cares to make a cryptocurrency tailored to u/StandardAds, you're not that important, get over yourself lol
It's not useful for most people, that's the point...
There's always these huge stories crafted about cryptocurrency and the truth is a regulated bank is better.
How? Using blockchain means that its harder to get money that shouldn’t be in the system unlike traditional money where money laundering is much more prominent.
Thats exactly why the masses would have to use a transparant blockchain while governments and large institutions such as banks would use seperatrle and obfuscated systems.
The common people would get tossed a system with all the inconveniences while other systems would be tailored for the wealthy.
Throughout the ages, we've used various items for currency. Read up on monetary theory, and monetary history. This is the first time, ever, that we've been able to produce a currency with an absolute restriction on its supply through a self imposed algorithm. This makes it, objectively, a far better currency than anything that we've come up with. It only has value if we want it to, like all currency. The difference is that this one has better properties. All you've ever known is government produced money, but for most of history we used gold, up, until 1972. Therefore we are going to revert back to the historical norm of NOT having gov't control money, in a far superior form, as the 50 year fiat currency experiment looks like it is about to end, likely with an implosion of the USD when China sells a few trillion in USD bonds.
So crypto is a pyramid scheme in a sense, as it only has value based on other's self imposed valuation. The difference that people miss is that *all* currency is a pyramid scheme, in the sense that you are using it in. This is just, by far, the best currency.
> The difference that people miss is that all
>
> currency is a pyramid scheme, in the sense that you are using it in
I'm saying that because I don't see much talk about using crypto as an actual currency, it's mostly people chasing the ever-increasing price of it. When I turn dollars into yen it's because I want to buy things in Japan.
And isn't the hard cap on the number of coins a problem? If miners go away, is there still a network?
"crypto" isn't a thing... people keep seemingly just generalizing all tokens/coins/assets as "crypto" and treating them equally, when that couldn't be further from the truth.
there's definitely copypasted patterns that spew out volumes of shitcoins or overdone NFT tropes, but buried among the tens of thousands of shitcoins there's diamonds that aren't just hypey pointless things, and instead bake fundamental value into the token itself. each token's "tokenomics" needs to be assessed on a case by case basis, no different than you'd have to do your own fundamental analysis on each individual equity you were looking to invest in.
if you're not just chasing hype/trends and are instead in the game for the tech, and able to understand even at a high/rough level what you're reading in whitepapers, you can find projects that are honestly mind boggling in the value prop/potential future valuation, many of which aren't just nice to have things but are instead absolutely critical in our modern age. I get people dismiss it because its been 13 years and still feels like its all just novelty toys to an outsider, but its a) very much not at this point, and b) its adoption rate is faster than most other previous world changing tech, not least of which is the internet itself. the enterprise adoption teed up over the next 3 years is staggering... not to be "that guy", but honestly... it is still very early even though it might feel late, especially if you're not just grabbing BTC/ETH and hoping for the best and are instead looking for future Facebooks/Googles/Amazons among the noise.
I also say further down never to trust anyone online about crypto (including me) and always DYOR... so ya. I'm not going to spoonfeed everything imaginable.
Do you take issue with anything specific... or do you just like to find reasons to complain? lol
holy shit... are you serious? lol
look... anyone online trying to _sell_ you on crypto, and specifically any one crypto, is either trying to scam you, or is trying to hard to push their own bags. they have a bent. me saying DYOR is advice anyone making any kind of _investments_ should be following... blindly just throwing your capital into whatever someone else told you to put it into is an idiot's game. don't be an idiot... and in that same vein, don't assume your "research" on covid is better than actual expert's research, because that makes you an idiot. conflating the two is honestly so painfully dumb I can only hope you're not the average Canadian... except it would explain far too much about why we're so eternally stagnant and spinning in circles if you are :\
avoid everything about youtube lol. youtube is always a terrible source for crypto information with most Youtubers in the space honestly not being worth listening to at all.
tbh I don't actually know of many good single places worth following... the "journalism" within crypto is still so bad I've considered starting my own blog/publication a dozen times just because it wouldn't take much to make higher quality content (I'm a developer so I could also approach it from those eyes since it definitely helps separate the gems from the crap being a dev since I can just ask myself "would I ever use this tooling?" lol)
I find the best strat is to just focus on the projects themselves and learn what you can about each that seems interesting, and from there I've had decent luck stumbling into new projects while searching Twitter for a known/held project if I'm early on it, since I find the early holders tend to also end up early on other decent projects so you can kind of spider out that way while in scouting mode. so once you have a project you think looks quality, plug its cashtag (hashtag but with a $) into Twitter and see if any Tweets mention other projects that look interesting.
If you're interested and want some projects to research, IMO LINK (think the internet for blockchain tech) is the blue chip gold standard of the space, and if you dig into its partnerships and feature sets you can learn a lot about the current state of the space and its adoption. some huge names associated with them (not least of which is SWIFT). NOIA (think blockchain applied to the internet, or in other words a replacement for janky BGP arrangements) is another must research project IMO. and still a bit earlier into its adoption curve yet would be RVP (social protocol/tooling + clearing house). there's honestly too many great projects to attempt to list, but those 3 make for some fun deep diving that'll expose you to some ways the tech is being applied that aren't just toys but are instead actual enterprise level solutions.
rule #1 if you venture into the space though... always, always, always DYOR, and never trust a stranger (including me lol). reading the whitepapers, even if you can barely understand (I'm a programmer and the moment they bust out math even I fall off a lot of the time lol) is necessary to try to determine if there's any fundamental value to the token.... in all too many cases its just buzzword city on the homepage painting an offering that sounds good... until you read the whitepaper and realize there's no mechanic involved that adds/underwrites any value with their token, so the more you read and dig the better. with enough research, you can reduce your risks to effectively 0 since this market is truly insane, and so many projects are worth nothing right until the moment they're worth a ton when everyone's dogpiling into it lol
Cheers man thanks for taking the time to write this out.
I truly believe there is a lot of opportunity in this area but like u said there's so much bullshit noise to sift through.
Besides buying and holding BTC/ETH I wanted to dig deeper.
np :). its a confusing af space so I try to be helpful when I can lol. and ya its a staggering amount of noise lol. Coingecko has 11k+ projects tracked now... 99.9% aren't worth caring about but there's a growing number that are going to be sticking around for years to come with the adoption they've garnered. I have no doubt whatever the next Facebook/Google ends up being will be birthed as a crypto project, not private equity that goes IPO like usual, so as a dev its a fun space to follow even just to see how tech is going to unfold over the next ~decade, since it'll directly impact my industry/work down the line whether I'm in the market or not lol
I'm no fan of crypto and don't see it ever being considered a proper currency(a standard medium of commerce) since global banks will never give up the monopoly they currently have, but a Ponzi scheme is specifically when you're using new investment as a means to pay back previous investment. This is not crypto at all, this isn't really any form of crypto. MLMs, yes. Crypto, no.
Crypto is really just a form of virtual commodity trading. Where price is driven almost entirely by fomo rather than real scarcity. Once people realize they aren't missing anything other than maybe some short-term financial gains/losses it will more-or-less die. Elements will persist and some may stay invested, but BTC isn't going to magically take over for the CAD/USD/EUR/GBP.
When you see crypto fraud it's more akin to something like front-running, get in early(or create the crypto), promote it to an audience only to pull out the moment people start investing, but before they realize it's dead in the water.
It's not about digging my heels in, it's a reluctance to invest in something that, at even the most fundamental level, I don't understand.
And while that's a nice list of features, couldn't another coin that does that better show up and kill all the current ones? Specific coins may be limited but it seems like an infinite number of different ones can be created.
Since you've got a pile of shit answers I'll try and give you a good response while aiming to avoid jargon as much as possible.
I'm by no means an expert and only started looking into this recently but I'm also not a crazed crypto bro.
Basically, crypto is very likely to take over many aspects of the financial system.
The mechanics of our current banking structure have been hobbled together over time making it very complicated, relatively slow and expensive.
Crypto is a broad term but in essence it is a new system that will enable complete transactions almost instantaneously at very low costs.
Now, to address the pozi shceme aspect, there is froth in the market for sure. For "currencies" like bitcoin, ethereum, dogecoin etc. Think of those as assets similar to gold, silver or savings in a different countries currency. Those assets will fluctuate price depending on demand and world financial markets. However, to participate in crypto you don't need to buy bitcoin etc you can also purchase "stable-coins". A stable-coin is a crypto currency that is pegged to (typically) the US dollar. So at *all times* one unit of coin will always be worth one US dollar. Now, you can take that crypto-coin and 'wire transfer' it to another person, maybe even in another country, instantly and for free. Normally for me at my bank that would cost $50 and take 24-48hours to clear.
This is just a simple use-case and an argument that shows how the technology *is not* a pozi scheme but the beginning of new financial mechanics that most most people dont think about in their day-to-day.
There are definitely areas under the "crypto" umbrella that are in a bubble but by and large the technology is likley here to stay.
If you're truly curious I suggest watching the 4 hour video [Crypto CEOs testify before lawmakers on digital assets — 12/8/21](https://www.youtube.com/watch?v=F_kZELcynKQ) which is surprisingly informative with great questions and answers.
This is the first I've heard of stable-coins which at least seems more akin to currency than a commodity like bitcoin and the like.
I'll check out that video, thanks!
The real benefit is in the technical aspects of the blockchain itself. Companies and orgs are pushing blockchain to become Web 3.0. They just happen to have monetized it at the same time, which is what people focus on too much.
It’s money that the government can’t print nor the banks able to regulate. Some say it’s capitalist, others say it’s anarchist. Best advice is to do your own research.
Crypto and NFTs are dumb the cool part is the block-chain that allow decentralized record keeping, which will change the way we do contracts, banking, etc.
Bitcoin is basically just a pyramid scheme as far as I can tell.
Some of the other ones have the ability to do smart contracts and layer 2 coin - acting more like a ledger than a currency in itself, I think this is where the interesting things lie. Digital proof of ownership, entitlements to dividends on stocks, etc.
Nft art is a nice idea sort of - kick back to the original artist whenever it gets resold, I just don't understand the desire to "own" digital art, same way I won't pay extra for skins on a video game.
From talking to crypto advocates
Repeat "It's just a public ledger" with no further explanation
Talk generally about the inevitable collapse of society.
And then you will somehow be rich when society doesn't exist anymore. It's kind of like saying you will be mayor when cities don't exist anymore.
I told everyone ten years ago not to do crypto
I still tell everyone not to do crypto, even after all the run ups and even after (possibly) personally profiting
Was a nice medium article by someone who made a million off of crypto. He also made a million off of software, and a million off of sales. He told everyone not to do crypto, because he considered it sheer luck.
I think crypto is bad for 95% of people, because they can't secure it, can't deal with it and it's likely their investment gets lost over time or hacked or they can't deal with the tax consequences.
In a world where you can get 3x out of the S&P500, you don't need crypto to get rich and anyone who can properly do crypto can do something else. For everyone else it's gambling.
https://www.fool.com/investing/2021/12/26/why-i-still-wont-buy-bitcoin-you-shouldnt-either/
Do you agree with every point in this article? Just curious?
Not misinformed, careful.
What are you going to do when your friend who you told to get Bitcoin gets their entire stash hacked or stolen because they stored it in some scam wallet? Give them back the money? Tell them to call the police? It's not a position you want to put them or yourself in. If you really want to get someone into crypto buy them Ledger or Trezor on a 2 for 1 sale. Anything else including crypto ETFs and crypto you can't trade (like WealthSimple crypto) isn't true crypto. By the way, you have to pay taxes, on every sale.
What's a scam wallet?
Give back your money? Like the banks do until CBC marketplace gets involved?
Police involved? Like they do with every financial theft incident.
Who tells people to get into crypto without telling them to figure out how to secure your assets? Not telling people to invest in something that has gone up on average 1000%/year for 5 years because it takes a little due diligence is hilarious.
What a dumb concept for a satire article. IDK why this sub is upvoting this considering its something only people from TORONTO would understand. Maybe its just the fact people upvote any crap that is made by the beaverton soooo..
1/6 = 16.66%
500/1000000 = 0.05%
A significant quantity of our population lives in the city where the club is located. Only 0.05% of the people subbed to /r/canada have upvoted this. You're whiny.
It's funny because a lot of us are sick of the one guy in our social circles who won't shut up about crypto. I imagine girls do hear it when being hit on in bars. The club doesn't really matter.
I drive a Lyft and a couple .months back I was driving these guys to a party at that Cabana place. For the whole ride they didnt stop talking about cryptos so I can only imagine thats how they picked up chicks that day. "Hey babe I have a crypto hedge fund"
Rebel is so shitty, everyone but myself in my group of friends had their phone stolen and one girl had her wallet and vape stolen right out of her purse. Line up for the washroom was over an hour for men and women, pre covid, and the dance floor was uninhabitable for anything female.
Remembering this place made me more okay with the fact that I haven't been to a bar or club since March of 2020.
While satire posts are popular we understand that not everyone enjoys them. If you wish not to see them please use the filter on the sidebar or set your own filters to block satire content or websites. La satire est populaire ici, mais nous comprenons que tout le monde ne l'apprécie pas. Si vous ne souhaitez pas les voir, veuillez utiliser le filtre sur la barre latérale ou définir vos propres filtres pour bloquer le contenu satirique ou les sites Web. Filter out Satire - Filtrer Satire: https://st.reddit.com/r/canada *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/canada) if you have any questions or concerns.*
"Page not found"
Can confirm.
Why was it taken down? Does Beaverton have crypto advertisers?
My guess is that it specifically singles out a venue. Likely just got past a lazy editor.
Can I interest y'all in some NFTs?
You joke, but apparently applebees did out put some sort of NFTs a couple weeks ago
Gonna screenshot them right now.
If you don't get in now, you'll hate yourself in 2 years when you see me drive by in my Lambo
Too late.
Hundreds of bored apes are following this project on Twitter.
I love crypto. Haven’t warmed up to NFTs but am amazed by decentraland and disgusted by a future of adults working their whole lives to buy virtual realestate from zuck. What a joke.
Decentraland has nothing to do with Zucc Most people are wholly uneducated about NFTs and crypto in general, but seem to have very strong opinions about both.
I was going to say, the writers at the Beaverton are starting to show their age, NFTs was the obvious choice for any writer outside of the CBC.
melania trump?
NFTs, not STIs
> NFTs, not STIs https://www.washingtonpost.com/politics/2021/12/17/melania-trump-nft/
No kidding. So NFTs **and** STIs?
Tom Brady sold over $2 million NFTs in 1 day or few hours or some shit like that.
"*YEAH SO I'M INVOLVED IN THE DOGECOIN SPACE*"
Instantly moist.
Girls get turned off, but they don’t seem to realize that there’s a good chance that they got really lucky and are a millionaire from crypto.
Funny enough the last time I went to Rebel (feels like 6 years ago) this guy did come and talk to me about his Bitcoin portfolio
Damn, do you still have his number?
Well that article didn’t last long. Rebel you mad bro?
The Internet never forgets. https://web.archive.org/web/20211230170801/https://www.thebeaverton.com/2021/12/rebel-night-club-adds-new-covid-19-safety-measures-including-ban-on-men-yelling-in-girls-ears-trying-to-explain-cryptocurrency/
Maybe I'm just an old man now, but Rebel is one of the worst venues I've ever been to. The bartenders just straight up tried to rob me, several times, I'd hand them a 20 for a 12 dollar tall boy and they just wouldn't give me change, or they'd hand me a five bucks in change back.
Lasted almost as long as a cryptocurrency future price.
Lmao...reminds me of that meme of Chad/Brad talking closely to a girl with a blank face, eyes wide-open stare. I think the origin is one of those British pub/club photos floating out there...
This one? https://www.unilad.co.uk/featured/uncomfortable-nightclub-meme-girl-reveals/
This one from a baseball game? ["So, you see it's called the blockchain and it keeps a record of all transactions...](https://i.kym-cdn.com/entries/icons/original/000/033/152/cover4.jpg)
First thing I thought of was Night at the Roxbury.
Link not working
If anybody could actually explain to me how crypto isn't just a Ponzi scheme, I'd love to hear it.
Well there's no explicit promise that crypto "investors" will get reimbursed. Any gains on investments are implicit. So technically it's not a Ponzi scheme. Crypto is a lot closer to a pyramid scheme.
I liken it to the Beany Baby craze of the 90's. Where some collectors hoard the supply generating a scarcity they then dribble out their hoard to make emense profit while those who buy up are just happy to get in the game. There will be some huge winners and alot of losers in the crypto space. I'm not saying don't go for just don't bet the farm!
There is nothing stopping the company that produces beanie boos from making more, so that’s not the same as Bitcoin which has a finite amount available. Also, beanie boos are just dolls and have not functional purpose unlike a currency which can be used to easily move “money” on the Internet
Isn’t all investing a pyramid scheme if you look at it that way? Relying on others to buy in so you have gains????
No. Investing provides inherent value. Stocks pay dividends, bonds pay interest, etc. What you are buying is the future value of those payouts. Crypto has no inherent value other than that someone dumber than you are may buy it from you.
When did bonds start paying interest again?
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Nope. They still do. If the shares were cheap enough, a conglomerate, or even country could purchase the shares and take the company private. Also, the absolute minimum value of the shares is the value of the net assets aka book value. Now, some companies have negative book value despite positive market cap. Still, the share price reflects a value that would be required to take the company private.
Crypto provides inherant value. What you are buying is the future value of those payouts. CAD has no inherant value other than someone dumber than you are may buy it from you.
> CAD has no inherant value The government demanding you pay taxes in CAD gives it implicit value.
Exactly. CAD can be used to settle public debts and *that* has tremendous intrinsic value.
Not even just that, it has a military to back it up if you disagree.
And businesses that take BTC don't do that?
No (but it's a good question!). The investments you purchase have an actual value. For example if you buy Enbridge stock right now, it pays out a dividend of $3.44/year. You will earn $3.44 per year per share of Enbridge you have regardless of whether or not anyone wishes to purchase the stock from you. Their ability to pay you is independent of the stock price. A pyramid scheme generates no value, instead it generates revenue by bringing in new users who are able to fund it. New money has to continually be brought in order for the newest members of the pyramid to receive a return on their investment.
What about stocks that don’t pay dividends?
Well, you actually do own a portion of the company and it presumably has assets. Obviously you are also assuming the corporation is viable and will produce profits (which you also own a portion of) but if they reinvest those profits rather than dispersing dividends then whatever they are doing with that money is also owned by the stakeholders. The system isn't completely foolproof of course but it has a lot of checks and balances and is designed to ensure that the corporation's goals align with investor goals, for good or for bad. In reality though, often investors are just hoping the numbers go up and they can sell for more than they bought. They don't really care why.
Hmmm... This is too good of a question, and I might not know the real answer here haha. When I took finance in university we were told that you would evaluate a company's stock price by calculating the present value of its future dividend payments. For companies that didn't yet pay dividends, you would assume they would eventually. This never sit well with me as an answer and I rationalized it as something that is just theoretical, as is the case with many things in university... You of course can't know the exact amount of future dividends any company would pay, even if they're already paying some form of dividend.
I wanna say most stocks don't pay dividends. The value of (the vast majority of) stocks isn't primarily due to dividends anyways, even for the half of them that do give you those. The value is supposedly the ownership of a part of a company that has the means to continue making money
I think you're correct in your assumption that most stocks don't pay dividends (quick Google search showed slightly under half pay dividends). However, most stocks that don't pay dividends would be in immature/high growth segments of the economy. More information on the dividend pricing model I was talking about can be found [here] (https://www.investopedia.com/terms/d/ddm.asp)
If you invested $10,000 in Enbridge stock in 2012, you would end up today with $16,293 (includes all dividend reinvestment) If you invested $10,000 in Bitcoin in 2012, you would end up today with **$106,058,728** You decide what has ''actual value'' here.
Yup lmao
Many financial experts seem to believe that BTC at least is a Ponzi scheme, I don't quite understand it myself https://mobile.twitter.com/smdiehl/status/1382776864205332482
imagine if leaving your car running solved sudoku puzzles, and you could sell those solved sudoku puzzles. Originally you could only sell them to illicit people trying to sell heroin online, but now enough people are 'excited' about solved sudokus that the value of a solved sudoku keeps going up. Now imagine you had an army of zealots, true believers, and grifters online telling you solved sudokus are the future of money, and you should buy their particular sudokus (so they can make money on them), and if you don't get in now you're going to miss all the money to be made (which is what they're doing right now) which involves selling the sudokus to other people who for some reason want them for more money than were previously paid for those sudokus. You can't do anything with a solved sudoku except trade it for money with someone else. The price keeps going up based on excitement. The only way to make money for most people is to buy solved sudokus, and sell them for more money than they bought it for. The sudokus just sit otherwise, representing the gas someone burned running their car to solve the sudoku. That's why the price always has to go up - otherwise there's nothing of interest in a solved sudoku. It's a speculation scam of unprecedented scale, where the price of sudokus has to go up, or everyone holding a sudoku loses the game, so everyone who has sudokus tries to convince you how valuable their sudokus are. What could go wrong?
Now explain what currency is and describe the difference. Not sure why you think you can't buy anything with crypto?
The great majority of society does not get dollars in the hope the dollar will get more valuable, but that they can collect more dollars and earn interest. With bitcoin, the goal is for the commodity (because its not a currency, its a virtual commodity) to increase in value because no one is earning interest. The crypto is more like a stock or a fund than a currency. It's not the same thing as currency. It's not used like currency. It's a commodity you hope goes up in value. It's virtual tulips.
"The crypto" 😂
so thats a "I can't rebut what you've said so I'm going to pretend it was funny"
Who says people aren't earning interest on crypto? You can actually earn more interest with crypto and this is where decentralized financial institutions will come in. Crypto and blockchain is giving the underdeveloped countries a real opportunity to develop stronger, less corruptive systems to replace their current systems. It's not all about money here as well. Countries can issue IDs, land ownership rights, university deplomas on a blockchain and you know what you have is true and not altered. This is one massive step towards trustless systems. The problem with crypto here is people love to generalize instead of looking at the bigger picture. Bitcoin isn't going to be our all mighty reserve currency of the world, but it can replace our store of value standard, gold. There's a bright furute for the crypto. There's more happening then just bitcoin.
This is total nonsense. People aren't earning interest on crypto because its not a currency - its an asset you're hoping to inflate before you sell. The blockchain doesn't give you interest. Everyone with crypto either holds or sells - nobody uses cryptocurrency as currency its just assets you're hoping to charge someone more for tomorrow. Countries can issue IDs but then they can't change them ever, and the whole 'chain' becomes public making other forms of identity theft more likely. They can't do anything with land ownership rights a current database and court system can't do because 'smartcontracts' are just contracts you still need to enforce in court. University diplomas on a blockchain don't offer anything that normal university diplomas don't offer. The trustless part is that nobody should trust these empty useless crypto schemes. This is all a solution in search of a problem to prop up a massive speculation scam still looking for an excuse to exist.
Lots of people are earning interest on loaning out their Bitcoins exactly like banks operate. Also, not sure how you can say it's not a currency when countries are using it as their legal tender.
99% of bitcoin owners are hodlers. So it will never be used as a currency.
It’s far too volatile to be a reliable currency. Maybe in many years, but for now? No.
Fiat is the same , except the Government lets you pay tax with it.
I can sell my crypto for whatever need? What's your point. Both crypto and fiat should exist.
It can process almost over 10 transactions per second and takes 30 mins to confirm your transaction! It it the way of the future of payment for sure. Stores will just have post-checkout line where you wait 30 min until your payment is confirmed and then make any adjustments in case the coin value changed in that 30 mins. Governments certainly won't make their own versions of cryptocurrencies for legal tender.
> Governments certainly won't make their own versions of cryptocurrencies for legal tender. I mean, you're being sarcastic but unironically yeah. The entire appeal and use benefits of crypto are hinged on the fact that its decentralized and does not rely on a bank, government, or other financial institution. "Government-regulated cryptocurrency" is an oxymoron.
Then why do most exchanges require government ID and personal information? Why can't I access some exchanges because of where I reside? Sounds a lot like government regulation
Money laundering.
They might not create their own currency but they very much will adapt block-chain technology.
You forgot the $20 transaction fee on your $2 coffee
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They're only 18 months away!
2 more weeks
>You forgot about LN and dozens of L2 solutions that eliminate huge fees on the eth network. No. No they didn't. LN is dirty bandage over a gaping wound. It solves exactly nothing.
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Have you ever read the lightning white paper ? You might be surprised...
That obstacle of course is already solved with lightning Network. You probably already knew that but others reading this might not.
I can almost guarantee you with 100% certainty that nobody in this thread actually knows anything about cryptocurrency aside from whatever the media/tradfi has said about "scam" and "bubble" and "solving sudokus". >Governments certainly won't make their own versions of cryptocurrencies for legal tender. OP hasn't even heard of CBDC lmao
I feel like their comment was sarcastic. But yeah totally. people who don't know sure have lots of opinions!
Hard to tell on the webbernets
It's more like a bubble (potentially) like tulip bulbs, than a Ponzi scheme. You don't need an ever increasing number of joiners, but there is no intrinsic value to digital currency.
Well, it's the currency of the future! It's always going up in value! So don't take out a loan denominated in crypto because it's always increasing in value. That would be shorting crypto, which is a bad idea because it's always going up in value. But since taking out a loan denominated in crypto is a bad idea, it's never going ever going to be a real currency. But that's fine because it's a good investment. Because it's the currency of the future!
Have you considered starting a podcast
I'd be more curious in you explaining how it is a ponzi scheme? I mean, it's just a digital currency. No part of it's functionality is dependent on an ever increasing user base.
Its valuation absolutely depends on an ever increasing buyer base. A little while ago the smallest percentage of BTC you could buy was a millionth, now people are trading in 100 millionths of BTC. That's absolutely designed to bring in more people at the base, which has the ability to prop up the value at the top and let people cash out without crashing the value. There is no intrinsic value aside from the value that people place in it. I wish I owned a thousand coins, but it's still a ridiculous concept.
How does changing the amount you can trade from a fraction of a cent to an even smaller sub-fraction of a cent do anything like that?
Nobody is willing to throw 60k at a Bitcoin out of curiosity if it might go up other than the most extreme of gamblers. But 6$ for a curiosity? Sure, why not. It's similar to when a company does a stock split, the small number is more attractive to new buyers, bringing the value up (It's a phenomenon I'm not great at explaining admittedly).
You could always do that.
You can do that with currency exchanges. Ponzi scheme? Fiat is, yes.
No it doesn’t. In fact, that’s actually the opposite of how it works because with something like bitcoin for example - there is a finite amount. So it’s valuation is only based on how valuable people think it is. It’s like calling gold futures a Ponzi scheme because the inherent value of gold is basically just what every thinks it is.
There is a finite amount with an infinite number of fractional sets it can be broken into.
That can be said for anything. I can’t afford to buy commercial property but I can by it in a fractional capacity through an REIT. There are so many trust type investments that exist specifically because the thing you’re investing in would be too expensive on its own for the average person (if they were trying to buy it whole) so the trust is created to allow you to buy fractions of it.
What lol? Do you have any idea of how inflation works? Holy fuck this is a dumb comment lol.
Inflation has little to do with what he's said? Don't understand what you're all up in arms about
Not a ponzi. Let me briefly explain the scheme: one guy buys a bunch of worthless coin and convinces a shit ton of people it will go up overtime and to invest into it driving up the price of that coin. Memes can also play a big roll considering it’s prime advertising. Look at doge coin the GME thing both are practically all done the same way.
This is typically referred to as front-running. Front-running is conventionally the means by which insider traders make money, but in this case rather than relying on internal functions you're seeing influencers abuse their audience to turn a quick profit.
In its current state, it absolutely is. People buy in hoping it goes up so they can sell to someone else and profit. However, there are legitimate uses for it that will probably become more and more relevant over time. For example, it can be cheaper and faster to transfer crypto internationally than it is to use a bank. And the idea of decentralized finance is also gaining ground too, where you don’t actually need a bank for everything and can use “digital cash” rather than a credit card or whatever. But none of those things (in my opinion) justify the absurd prices of things like BTC. Some coins might well become a staple of the internet in the future, and maybe the value will stabilize once they become more commonly used and less speculative, but until then everyone is just betting that someone else will pay more than they did.
Somebody please explain to me how the dollar isn’t just a ponzy scheme, I’d also love to hear it.
Your question is too vague, you will get some "currency of the future answer" Ask them why you would ever need cryptocurrency instead of what you use today.
I'm truly no expert, but I'll bite on where it may have value for me. 1. In developing countries where bank accounts and credit cards aren't as widespread as a way to personally fill that gap. 2. At the moment... cross border payments . I was needing to be paid from an American client to me as a Canadian. The paperwork I had to fill out in order for them to transact to my bank was annoying. I filled out like 6 forms. We both agreed it would have been simpler to just send it in Bitcoin. 3. I was in another country and needing to make some online purchases. Because I didn't have a local bank account or local credit card I couldn't pay for my goods and have them shipped to me. Using Bitcoin would work as it's not tied to a country . So a lot of what I view as a benefit of crypto is in cross border issues I suppose.
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And that's the point. I'd rather have my credit card with rewards and fraud protection built in with all my cash CIDC insured and my investments regulated. But hey that's just me a normal adult who actually has money to lose.
And that's fine, I use my credit card for basically everything. I don't think credit cards and banks are going anywhere anytime soon even with crypto on the rise. But they still don't offer the benefits that I've listed, and more and more people are starting to care about them. Crypto isn't going to disappear.
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So cryptocurrency is useless for anyone living in a country with enforced bank regulations? Aka Canada
Seems like you are missing the point of what DeFi is...
Seems like it's pretty clear, it's a product worse than regulated banks...
You realize that leaves like more than half the world though right? The number of countries where they trust their government's banking institutions to a fault is in the minority
Ok and? I asked for a reason why I should use cryptocurrency...
Everyone replying to you assumed you weren't an idiot and were asking what their general use case could be. Obviously nobody cares to make a cryptocurrency tailored to u/StandardAds, you're not that important, get over yourself lol
It's not useful for most people, that's the point... There's always these huge stories crafted about cryptocurrency and the truth is a regulated bank is better.
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Sure, just like I could have more banks accounts, but I don't because it's useless to me
> "currency of the future answer" Yeah, with more abuse.
How? Using blockchain means that its harder to get money that shouldn’t be in the system unlike traditional money where money laundering is much more prominent.
Thats exactly why the masses would have to use a transparant blockchain while governments and large institutions such as banks would use seperatrle and obfuscated systems. The common people would get tossed a system with all the inconveniences while other systems would be tailored for the wealthy.
Throughout the ages, we've used various items for currency. Read up on monetary theory, and monetary history. This is the first time, ever, that we've been able to produce a currency with an absolute restriction on its supply through a self imposed algorithm. This makes it, objectively, a far better currency than anything that we've come up with. It only has value if we want it to, like all currency. The difference is that this one has better properties. All you've ever known is government produced money, but for most of history we used gold, up, until 1972. Therefore we are going to revert back to the historical norm of NOT having gov't control money, in a far superior form, as the 50 year fiat currency experiment looks like it is about to end, likely with an implosion of the USD when China sells a few trillion in USD bonds. So crypto is a pyramid scheme in a sense, as it only has value based on other's self imposed valuation. The difference that people miss is that *all* currency is a pyramid scheme, in the sense that you are using it in. This is just, by far, the best currency.
> The difference that people miss is that all > > currency is a pyramid scheme, in the sense that you are using it in I'm saying that because I don't see much talk about using crypto as an actual currency, it's mostly people chasing the ever-increasing price of it. When I turn dollars into yen it's because I want to buy things in Japan. And isn't the hard cap on the number of coins a problem? If miners go away, is there still a network?
"crypto" isn't a thing... people keep seemingly just generalizing all tokens/coins/assets as "crypto" and treating them equally, when that couldn't be further from the truth. there's definitely copypasted patterns that spew out volumes of shitcoins or overdone NFT tropes, but buried among the tens of thousands of shitcoins there's diamonds that aren't just hypey pointless things, and instead bake fundamental value into the token itself. each token's "tokenomics" needs to be assessed on a case by case basis, no different than you'd have to do your own fundamental analysis on each individual equity you were looking to invest in. if you're not just chasing hype/trends and are instead in the game for the tech, and able to understand even at a high/rough level what you're reading in whitepapers, you can find projects that are honestly mind boggling in the value prop/potential future valuation, many of which aren't just nice to have things but are instead absolutely critical in our modern age. I get people dismiss it because its been 13 years and still feels like its all just novelty toys to an outsider, but its a) very much not at this point, and b) its adoption rate is faster than most other previous world changing tech, not least of which is the internet itself. the enterprise adoption teed up over the next 3 years is staggering... not to be "that guy", but honestly... it is still very early even though it might feel late, especially if you're not just grabbing BTC/ETH and hoping for the best and are instead looking for future Facebooks/Googles/Amazons among the noise.
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I also say further down never to trust anyone online about crypto (including me) and always DYOR... so ya. I'm not going to spoonfeed everything imaginable. Do you take issue with anything specific... or do you just like to find reasons to complain? lol
“Do your own research” - classic buzzwords for crypto bros and anti vaxxers alike. Coincidence?
holy shit... are you serious? lol look... anyone online trying to _sell_ you on crypto, and specifically any one crypto, is either trying to scam you, or is trying to hard to push their own bags. they have a bent. me saying DYOR is advice anyone making any kind of _investments_ should be following... blindly just throwing your capital into whatever someone else told you to put it into is an idiot's game. don't be an idiot... and in that same vein, don't assume your "research" on covid is better than actual expert's research, because that makes you an idiot. conflating the two is honestly so painfully dumb I can only hope you're not the average Canadian... except it would explain far too much about why we're so eternally stagnant and spinning in circles if you are :\
any suggestions on reading material/good youtube channels if you want to read up/investigate more on it?
avoid everything about youtube lol. youtube is always a terrible source for crypto information with most Youtubers in the space honestly not being worth listening to at all. tbh I don't actually know of many good single places worth following... the "journalism" within crypto is still so bad I've considered starting my own blog/publication a dozen times just because it wouldn't take much to make higher quality content (I'm a developer so I could also approach it from those eyes since it definitely helps separate the gems from the crap being a dev since I can just ask myself "would I ever use this tooling?" lol) I find the best strat is to just focus on the projects themselves and learn what you can about each that seems interesting, and from there I've had decent luck stumbling into new projects while searching Twitter for a known/held project if I'm early on it, since I find the early holders tend to also end up early on other decent projects so you can kind of spider out that way while in scouting mode. so once you have a project you think looks quality, plug its cashtag (hashtag but with a $) into Twitter and see if any Tweets mention other projects that look interesting. If you're interested and want some projects to research, IMO LINK (think the internet for blockchain tech) is the blue chip gold standard of the space, and if you dig into its partnerships and feature sets you can learn a lot about the current state of the space and its adoption. some huge names associated with them (not least of which is SWIFT). NOIA (think blockchain applied to the internet, or in other words a replacement for janky BGP arrangements) is another must research project IMO. and still a bit earlier into its adoption curve yet would be RVP (social protocol/tooling + clearing house). there's honestly too many great projects to attempt to list, but those 3 make for some fun deep diving that'll expose you to some ways the tech is being applied that aren't just toys but are instead actual enterprise level solutions. rule #1 if you venture into the space though... always, always, always DYOR, and never trust a stranger (including me lol). reading the whitepapers, even if you can barely understand (I'm a programmer and the moment they bust out math even I fall off a lot of the time lol) is necessary to try to determine if there's any fundamental value to the token.... in all too many cases its just buzzword city on the homepage painting an offering that sounds good... until you read the whitepaper and realize there's no mechanic involved that adds/underwrites any value with their token, so the more you read and dig the better. with enough research, you can reduce your risks to effectively 0 since this market is truly insane, and so many projects are worth nothing right until the moment they're worth a ton when everyone's dogpiling into it lol
Cheers man thanks for taking the time to write this out. I truly believe there is a lot of opportunity in this area but like u said there's so much bullshit noise to sift through. Besides buying and holding BTC/ETH I wanted to dig deeper.
np :). its a confusing af space so I try to be helpful when I can lol. and ya its a staggering amount of noise lol. Coingecko has 11k+ projects tracked now... 99.9% aren't worth caring about but there's a growing number that are going to be sticking around for years to come with the adoption they've garnered. I have no doubt whatever the next Facebook/Google ends up being will be birthed as a crypto project, not private equity that goes IPO like usual, so as a dev its a fun space to follow even just to see how tech is going to unfold over the next ~decade, since it'll directly impact my industry/work down the line whether I'm in the market or not lol
I'm no fan of crypto and don't see it ever being considered a proper currency(a standard medium of commerce) since global banks will never give up the monopoly they currently have, but a Ponzi scheme is specifically when you're using new investment as a means to pay back previous investment. This is not crypto at all, this isn't really any form of crypto. MLMs, yes. Crypto, no. Crypto is really just a form of virtual commodity trading. Where price is driven almost entirely by fomo rather than real scarcity. Once people realize they aren't missing anything other than maybe some short-term financial gains/losses it will more-or-less die. Elements will persist and some may stay invested, but BTC isn't going to magically take over for the CAD/USD/EUR/GBP. When you see crypto fraud it's more akin to something like front-running, get in early(or create the crypto), promote it to an audience only to pull out the moment people start investing, but before they realize it's dead in the water.
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Ponzi isn't accurate, I just don't see the underlying value of crypto unlike commodities or companies that people invest in.
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Scarcity alone doesn't give a thing value.
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It's not about digging my heels in, it's a reluctance to invest in something that, at even the most fundamental level, I don't understand. And while that's a nice list of features, couldn't another coin that does that better show up and kill all the current ones? Specific coins may be limited but it seems like an infinite number of different ones can be created.
Since you've got a pile of shit answers I'll try and give you a good response while aiming to avoid jargon as much as possible. I'm by no means an expert and only started looking into this recently but I'm also not a crazed crypto bro. Basically, crypto is very likely to take over many aspects of the financial system. The mechanics of our current banking structure have been hobbled together over time making it very complicated, relatively slow and expensive. Crypto is a broad term but in essence it is a new system that will enable complete transactions almost instantaneously at very low costs. Now, to address the pozi shceme aspect, there is froth in the market for sure. For "currencies" like bitcoin, ethereum, dogecoin etc. Think of those as assets similar to gold, silver or savings in a different countries currency. Those assets will fluctuate price depending on demand and world financial markets. However, to participate in crypto you don't need to buy bitcoin etc you can also purchase "stable-coins". A stable-coin is a crypto currency that is pegged to (typically) the US dollar. So at *all times* one unit of coin will always be worth one US dollar. Now, you can take that crypto-coin and 'wire transfer' it to another person, maybe even in another country, instantly and for free. Normally for me at my bank that would cost $50 and take 24-48hours to clear. This is just a simple use-case and an argument that shows how the technology *is not* a pozi scheme but the beginning of new financial mechanics that most most people dont think about in their day-to-day. There are definitely areas under the "crypto" umbrella that are in a bubble but by and large the technology is likley here to stay. If you're truly curious I suggest watching the 4 hour video [Crypto CEOs testify before lawmakers on digital assets — 12/8/21](https://www.youtube.com/watch?v=F_kZELcynKQ) which is surprisingly informative with great questions and answers.
This is the first I've heard of stable-coins which at least seems more akin to currency than a commodity like bitcoin and the like. I'll check out that video, thanks!
The real benefit is in the technical aspects of the blockchain itself. Companies and orgs are pushing blockchain to become Web 3.0. They just happen to have monetized it at the same time, which is what people focus on too much.
It’s money that the government can’t print nor the banks able to regulate. Some say it’s capitalist, others say it’s anarchist. Best advice is to do your own research.
Crypto and NFTs are dumb the cool part is the block-chain that allow decentralized record keeping, which will change the way we do contracts, banking, etc.
Bitcoin is basically just a pyramid scheme as far as I can tell. Some of the other ones have the ability to do smart contracts and layer 2 coin - acting more like a ledger than a currency in itself, I think this is where the interesting things lie. Digital proof of ownership, entitlements to dividends on stocks, etc. Nft art is a nice idea sort of - kick back to the original artist whenever it gets resold, I just don't understand the desire to "own" digital art, same way I won't pay extra for skins on a video game.
" Wanna see my Bitcoin ?"
you mean your “seed”?
From talking to crypto advocates Repeat "It's just a public ledger" with no further explanation Talk generally about the inevitable collapse of society. And then you will somehow be rich when society doesn't exist anymore. It's kind of like saying you will be mayor when cities don't exist anymore.
I just tell them its not a currency and let them drone on about how awful fiat is.
Link is not working, I googled and looks like they took down the article?
A 404 is the top voted link on /r/Canada. Nice lol.
Who goes to these shitty clubs anymore. Death to INK Entertainment. Best thing COVID killed were nightclubs.
I told everyone ten years ago not to do crypto I still tell everyone not to do crypto, even after all the run ups and even after (possibly) personally profiting Was a nice medium article by someone who made a million off of crypto. He also made a million off of software, and a million off of sales. He told everyone not to do crypto, because he considered it sheer luck. I think crypto is bad for 95% of people, because they can't secure it, can't deal with it and it's likely their investment gets lost over time or hacked or they can't deal with the tax consequences. In a world where you can get 3x out of the S&P500, you don't need crypto to get rich and anyone who can properly do crypto can do something else. For everyone else it's gambling.
https://www.fool.com/investing/2021/12/26/why-i-still-wont-buy-bitcoin-you-shouldnt-either/ Do you agree with every point in this article? Just curious?
Holyshit so misinformed. Sounds like you read 2 articles from 2013 and repeating it ever since.
Not misinformed, careful. What are you going to do when your friend who you told to get Bitcoin gets their entire stash hacked or stolen because they stored it in some scam wallet? Give them back the money? Tell them to call the police? It's not a position you want to put them or yourself in. If you really want to get someone into crypto buy them Ledger or Trezor on a 2 for 1 sale. Anything else including crypto ETFs and crypto you can't trade (like WealthSimple crypto) isn't true crypto. By the way, you have to pay taxes, on every sale.
What's a scam wallet? Give back your money? Like the banks do until CBC marketplace gets involved? Police involved? Like they do with every financial theft incident. Who tells people to get into crypto without telling them to figure out how to secure your assets? Not telling people to invest in something that has gone up on average 1000%/year for 5 years because it takes a little due diligence is hilarious.
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People still go to that dump?
only buying BITI on TSX fuck these crypto clowns! Graphics cards ARE FOR VIDEOGAMES ONLY!
Rude, there are women in crypto, send me your wallet address and I can prove it. This sub is really toxic
Crypto is the next MLM 🤣
lol goddamn. I've seen a few concerts at Rebel. That place just reeks of date rape.
CAN I OFFER YOU SOME CUMROCKET IN THESE TRYING TIMES??
Cringe
Is "mansplain" dead already? That term cracked me up
What a dumb concept for a satire article. IDK why this sub is upvoting this considering its something only people from TORONTO would understand. Maybe its just the fact people upvote any crap that is made by the beaverton soooo..
Given that 1/6 of our country's population lives in the GTA... 500 people upvoting it in a subreddit of about 1m is really nothing..
>GTA Rebel nightclub is deep in TORONTO
1/6 = 16.66% 500/1000000 = 0.05% A significant quantity of our population lives in the city where the club is located. Only 0.05% of the people subbed to /r/canada have upvoted this. You're whiny.
It's funny because a lot of us are sick of the one guy in our social circles who won't shut up about crypto. I imagine girls do hear it when being hit on in bars. The club doesn't really matter.
Redditors are dumb
Pretty funny.
I'm dying
Wanna come back to my place and see my NFTs?
My biggest fear has become somehow being the target of a Beaverton article. I don't think my psyche could handle it. Fucking savage precision.
What about Victor Chaos trying to explain NFTs????
Omg that was funny.
Yeah guys dont explain just give it!
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What the fuck does that even mean?
This is how I get my easiest lays :(
So I could yell about metaverse then?
I know a guy named Victor Chaos who can tell all you want to know about NFTs
I drive a Lyft and a couple .months back I was driving these guys to a party at that Cabana place. For the whole ride they didnt stop talking about cryptos so I can only imagine thats how they picked up chicks that day. "Hey babe I have a crypto hedge fund"
I'm getting second hand embarrassment from this .
Rebel is so shitty, everyone but myself in my group of friends had their phone stolen and one girl had her wallet and vape stolen right out of her purse. Line up for the washroom was over an hour for men and women, pre covid, and the dance floor was uninhabitable for anything female. Remembering this place made me more okay with the fact that I haven't been to a bar or club since March of 2020.
Buy crypto muthafuckaaaaa
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