Crypto Crash: Do You Still Believe?

[IMK 489]

Believe in them as speculative assets? Sure. They'll always be worth something since people can't help themselves and want to keep gambling and chasing the bag. But as an alternative & viable currency? No, not at all.

 

Edit: That's for crypto btw. Anyone involved in NFTs that isn't personally running a pump & dump is just idiotic.

Edited June 23, 2022 by IMK

[NarNumbers 193]

yeah, i have a small position in the major coins

[Nanne30 324]

i rather invest in real estate than on crypto to be honest. land rarely loses value.

[Romeo 215]

Everyone buy nigcoin plz

[MILAD 204]

2 hours ago, Romeo said:

Everyone buy nigcoin plz

lmfao

[Pietru 1,231]

There are better ways to invest honestly

[£Sir Severed 594]

Just to get it out of the way NFTs always have been and always will be a joke in their current form.

 

Price has nothing to do with crytpo fundamentals so yes I still believe in crypto. Obviously it hurts bag holders but crypto isn't supposed to be an investment at its core and anyone who thinks this crash means crypto is dead doesn't understand what crypto was actually supposed to be about. This isn't the first crash and it won't be the last. If you are the investing type now is probably a pretty good time to stock up and hold for a year or two. 

 

Without going deep into why fake crypto like BTC/ETH are shit in terms of of original intent due to lack of privacy and transaction rates, they are still great investment opportunities at this point. And maybe one day enough people will become educated about crypto to understand why Monero is superior and that coin will really explode.

[S3lvah 291]

Until cryptos are massively utilized for paying for goods and services, the only reason they exist for most is to be a pyramid scheme. That being the case, I don't believe in 'em any more than I do in gambling. And pyramid schemes in particular tend to benefit the rich few at the top who have the most experience and resources to work 'em efficiently.

 

I wish it were just a zero-sum game (even if rich peeps end up winning), but unfortunately it isn't even that given the vast quantities of unnecessary pollution caused by crypto mining.

Edited June 23, 2022 by S3lvah

[≈Vanuckle 2,136]

3 hours ago, Sir Severed said:

 

And maybe one day enough people will become educated about crypto to understand why Monero is superior and that coin will really explode.

Do you have a promo code I can use

[Gravety Bomb 73]

The bubble has not popped yet.

[Req 228]

Can't wait to see which coin goes to 0 next.

[Ace 632]

Crypto was always just a MLM. Same for NFTs. I dumped most of my luna about a week and a half before that crashed and I haven't really owned any major currencies since the start of the year. Same for the majority of my stock portfolio but that's a different story.

 

Don't get me wrong, we're in for a rough recession at the least soon, but Crypto/NFTs are basically the next version of the dot com bubble. Perhaps if currencies such as bitcoin followed its creator's vision more closely by creating an actual global currency with more transparency(which never could have happened due to him wanting it to be decentralized from governments), focusing on being used for day to day transactions instead of stocks lite, I could have a little faith. Instead it's a tool to gamble on and now that everyone has realized how badly things can go when you gamble poorly people are going to steer clear of it until the next big pseudo-MLM comes along.

 

Back in 2013 when I chucked 10 usd into Bitcoin, myself and many others didn't think we'd come back to what we came back to  over half a decade later and we honestly shouldn't have come back to it at all. There's no real investments being made, it's market expansion with nothing real gained while inflation grows off of it.

Edited June 24, 2022 by Ace

[Tika191 1,099]

On 6/22/2022 at 3:48 PM, Adam_ said:

Heard @Tika191 been afk cause crypto made him homeless ..

cant afford me rent anymore ty chainlink

[Dr3ambash3r 275]

yeah

[Da Bazz 715]

To me it seems like it's just another way to make a profit. Maybe if the crypto community, or whatever they call themselves, tried to do more in terms of actually using it to trade goods (make it useful like money) instead of focusing on trying to make a profit it would become something more. Ie, they could help businesses with implementing crypto payment systems. Idk if they do that I'm not at all knowledgeable but that seems more useful than just buying low and selling high....

 

Right now it's so tied to the regular market it's just an extension of that. It's nothing special.