Submitted by Colinian18 t3_10oakja in tifu
vrythngvrywhr t1_j6ewd9q wrote
Reply to comment by lcbomber in TIFU by buying too much crypto by Colinian18
You're 100%. Markets bounce.
Scams... Not so much.
copyboy1 t1_j6fdiae wrote
Pyramid schemes don’t tend to rebound.
VolkClawtooth t1_j6gnki9 wrote
More like Ponzi schemes ..cryptocurrency is hinged on new buyers spending big and tanks every time someone wanders off with a big selliff
lcbomber t1_j6ex3pw wrote
I don’t have time to explain math to your dense skull. Go do some research, learn about it, then see if you still think it’s a scam.
vrythngvrywhr t1_j6exibg wrote
I understand math. The block chain is an incredible invention without a current use. That's being picked up by every scam and con artist this side of a shit coin.
Trying to pick the one that's going to be worth something is like trying to find the Amazon in a sea of Pets.com.
Encouraging people who are so idiotic they'd dump everything into SaveTheKids going into fees and a negative bank account so they can #MOON is tantamount to theft.
dreadpiratew t1_j6f70bp wrote
Stocks are as much a pyramid scheme as crypto. It’s all just a popularity contest. Profits don’t matter unless they make you more popular. Losses don’t matter unless they make you less popular.
vrythngvrywhr t1_j6f7af4 wrote
Actual partial ownership of a company with assets, and profit recognized by law vs actual partial recognition of ownership of numerical bits of a mathematical chain serving no purpose.
Sure thing buckaroo.
dreadpiratew t1_j6f7jjz wrote
Your “ownership” means nothing unless you are buying a significant portion and voting, contributing to company decisions. It’s really no different than crypto, seriously think about it.
aussie_nub t1_j6f8o8y wrote
If the company is liquidated, it has actual assets to sell. Bitcoin does not. You're 100% guaranteed a return of $0 when they tank but a company sells up all their assets and then pays out creditors in a particular order. Shares are usually last, but at least there's a reasonable chance you'll get something in return, even if it's only a fraction.
dreadpiratew t1_j6f9hgu wrote
It’s still just a popularity contest - stocks and Bitcoin. If they are popular, they go up. Your “share” in a company is really no different than your fraction of Bitcoin. It’s just some mystical thing.
And technically, If you look at history, it’s more likely that your stock will go to $0 than Bitcoin.
aussie_nub t1_j6f9ys3 wrote
>And technically, If you look at history
Companies have been around for hundreds of years, bitcoin is just over a single decade.
dreadpiratew t1_j6fa31o wrote
Exactly! Companies have zeroed for centuries!
vrythngvrywhr t1_j6f80io wrote
You're right. If the company goes tits up I'm like seventh in line to be paid.
If crypto goes tits up there isn't a line to get money back.
magnificentmemer t1_j6gkmsd wrote
Ownership means nothing unless you're directly registered. If you own shares in a brokerage, you don't have true ownership of the company.
Fun fact of the day.
Overall I agree with your point though.
lcbomber t1_j6ey6bv wrote
Lol, one that’s going to be worth something? You’re saying that as they all become “worth something” right now. Bitcoin, ETH, Matic, BNB, so many more, all up 10’s, 100’s of percent from inception. Because people are using them.
vrythngvrywhr t1_j6eyi06 wrote
Enron was worth billions and regarded as the best investment because they couldn't lose money.
Until that whole bankruptcy and prison thing.
Pets.com was worth money before the bubble burst.
Good luck and good day bud. Hopefully you don't wind up homeless working behind the dumpster at your local Wendy's.
lcbomber t1_j6ez6t8 wrote
Your pessimism and closed-mindedness are laughable. Stay happy out there fam 🙏🏻
SignedTheMonolith t1_j6f322x wrote
Crypto won’t work because government needs tangible wealth to tax, not some block chain priority.
lcbomber t1_j6f3mej wrote
Not sure I follow, because Colorado already started accepting Bitcoin for tax payments, so that’s gotta be possible. Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash. Gov could collect and hodl the bitcoin or sell it off when it’s sent to them.
stormdelta t1_j6jh6ya wrote
As someone who lives in Colorado, no they didn't.
They made a partnership with PayPal where you give PayPal a % fee to exchange your cryptocurrency for actual USD, which PayPal then gives to the government. At no point is the government actually accepting Bitcoin as part of that process.
> Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash.
Complete lack of privacy isn't a positive for most people.
lcbomber t1_j6jyawy wrote
Good info, thank you for that, kind local!
And on your point of privacy, I do agree, and so do others, which is why more privacy focused blockchains like Monero exist. Just some food for thought, not trying to shill XMR, I’ve honestly never had any or tried to get any yet. But it’s out there.
magnificentmemer t1_j6gkv14 wrote
I hope one of these morons down voting you remembers your comment, one day.
AnotherDempsey t1_j6fodte wrote
If they're all up so much, how are you only breaking even? 🧐
Popatteri t1_j6hvayb wrote
I did my research and crypto is greater fool theory.
barsoapguy t1_j6igbhs wrote
Back, it’s a scam.
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