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Mon Feb 14, 2022, 02:41 PM

Is it just me or did Crypto jump the shark last night

The Crypto companies went all out on advertising spending last night during the Superbowl. This is one of many articles about how they dominated the airways. https://fortune.com/2022/02/03/crypto-super-bowl-commercials-binance/

I will be the first to admit that I don't really get Crypto currencies. It is more than just having a limited understanding of them. I just don't get why they exist in a broad market. It seems to me that they have limited uses for limited kinds of people like criminals and anarchists. All of the rest just seems like hype and the fear of missing out. Which is where the Super Bowl advertising spree comes in to fuel even more hype and FOMO.

I don't particularly have any gripe with the concept as long as they don't undermine actual currency that we all depend on.

But if I am going to adopt any means of currency, I have two major hurdles: A) Confidence that it is at least real enough not to burn me and B) Widespread places where I can use it

I don't see either of those things even close to being true yet. Maybe Bitcoin is conceivable in the 5-10 year horizon but it isn't there yet.

The problem I see is that there are dozens of different crypto currencies and there isn't room for more than 1-2. Meanwhile, the proliferation and ultimate failure of the rest is simply going to undermine the potential of the few.

Meanwhile, the entire argument for crypto seem to be in the speculation and trading realm. Which seems particularly suspect to me. Without a widespread marketplace actually utilizing the currency, it seems even more theoretical than ever.

Or, maybe I am just old.

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Reply Is it just me or did Crypto jump the shark last night (Original post)
genxlib Feb 2022 OP
samsingh Feb 2022 #1
2naSalit Feb 2022 #9
Initech Feb 2022 #16
lagomorph777 Feb 2022 #2
Dave in VA Feb 2022 #3
genxlib Feb 2022 #6
lagomorph777 Feb 2022 #8
2naSalit Feb 2022 #10
PoliticAverse Feb 2022 #4
GoneOffShore Feb 2022 #13
Initech Feb 2022 #5
genxlib Feb 2022 #7
2naSalit Feb 2022 #11
MineralMan Feb 2022 #12
genxlib Feb 2022 #15
MineralMan Feb 2022 #17
LetMyPeopleVote Feb 2022 #14
MineralMan Feb 2022 #18

Response to genxlib (Original post)

Mon Feb 14, 2022, 02:42 PM

1. It makes no sense as a currency

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Response to samsingh (Reply #1)

Mon Feb 14, 2022, 03:05 PM

9. Not for the 99%...

If we can't make their money irrelevant to them, they will make it so for us. It's almost like a war of economies and whose will make life livable for whomever has the relevant resource of currency. The winners of that war will be making the rules.

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Response to 2naSalit (Reply #9)

Mon Feb 14, 2022, 03:35 PM

16. I feel like cryptocurrency jumped the shark in 2016 with the "blockchain bros".

And then it jumped the shark again with the advent of NFTs. And let's face it, the people who are making millions and billions off cryptocurrency are the people who you wouldn't trust with 15 cents, let alone $15 million.

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Response to genxlib (Original post)

Mon Feb 14, 2022, 02:44 PM

2. Crooks, anarchists, and gullible gamblers.

No thanks for me.

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Response to genxlib (Original post)

Mon Feb 14, 2022, 02:50 PM

3. Maybe they think its Dutch tulips?

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Response to Dave in VA (Reply #3)

Mon Feb 14, 2022, 02:56 PM

6. Except that it seems worse to me

You can't even plant these tulips.

At least back then, when the bottom dropped out, at least they had expensive tulips on their hands.

With this it just seems like it could evaporate into thin air.

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Response to genxlib (Reply #6)

Mon Feb 14, 2022, 02:58 PM

8. Yeah, at least a tulip bulb is an actual thing.

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Response to genxlib (Reply #6)

Mon Feb 14, 2022, 03:06 PM

10. +1

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Response to genxlib (Original post)

Mon Feb 14, 2022, 02:50 PM

4. The problem is crypto currencies don't actually solve the problems they were supposed to solve.

The primary reason people are buying them is because they believe their price will go up, but they are running out of greater fools.

Extensive discussion of the problems with crypto and NFTs...

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Response to PoliticAverse (Reply #4)

Mon Feb 14, 2022, 03:17 PM

13. Thanks for the video. Explains crypto and NFT's in a way that aligned with my gut reaction

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Response to genxlib (Original post)

Mon Feb 14, 2022, 02:55 PM

5. As John Oliver says: it's everything you don't understand about money...

Combined with everything you don't understand about technology!

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Response to Initech (Reply #5)

Mon Feb 14, 2022, 02:57 PM

7. Perfect

I can always count on John Oliver to succinctly boil down a subject.

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Response to Initech (Reply #5)

Mon Feb 14, 2022, 03:07 PM

11. Exactly!

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Response to genxlib (Original post)

Mon Feb 14, 2022, 03:15 PM

12. Cryptocurrency is a scam.

Its price goes up as more people buy it and the demand for it grows. The increasing price gets more people to buy into the concept. But, like all pyramid schemes, if people stop buying it in increasing numbers, the price will go back down again. So, it is dependent on getting more people involved as buyers.

Early investors can be winners, but those who come in and buy high will eventually become losers.

The real problem is that it is based on nothing. So, it has no real intrinsic value. Further, it is not backed by a reliable creator, such as a successful nation, or even a successful corporation, as equity stock is backed.

It's a fantasy currency, and the actual fantasy is that you can get rich just by buying it. Some will get rich, but if you're buying into it now, you're way too late in the predictably short lifespan of cryptocurrencies.

Now, just watch: Someone will come into this discussion and tell you I'm wrong. Will you believe that person? If so, buy away. You'll help that person make money from your money. What a deal, eh?

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Response to MineralMan (Reply #12)

Mon Feb 14, 2022, 03:28 PM

15. Oh, I agree with you

I have always thought they were dodgy.

Some are probably scams from the get go. Others probably start out with good intentions but are effectively scams because they have no intrinsic value to support the rising values. No matter what, I was not interested.

I just thought that last night was a tipping point where they were trying to lure millions more people into it.

Like that old story of the shoe shine boy, when it seems too easy...run.

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Response to genxlib (Reply #15)

Mon Feb 14, 2022, 03:37 PM

17. Yes. There is a need to get smaller investors involved with cryptocurrency.

Those smaller investors will provide genuine currency in exchange for cryptocurrency, but without actually understanding the cryptocurrency at all.

So, they're saying, essentially,

"Here. Give us some government-backed money, and we will give you a reference to some cryptocurrency in exchange. There are no guarantees that you can get your real money back, but we will tell you that the value of your cryptocurrency will rise. There are ways to get real money for your cryptocurrency, of course, but we won't tell you exactly how to do that. Why would you, if your investment keeps appearing to be growing? It's a good deal for you. Trust us. Invest just a little real money and watch. We know you'll want to invest more because, as we said, 'It's a good deal for you.'"


Be afraid. Be very afraid. Don't invest more than you can afford to lose suddenly.

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Response to genxlib (Original post)

Mon Feb 14, 2022, 03:24 PM

14. Cyrpto has never made any sense to me

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Response to LetMyPeopleVote (Reply #14)

Mon Feb 14, 2022, 03:38 PM

18. There's a reason it doesn't make sense to you.

It doesn't make sense to anyone, really.

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