What is your stance on crypto?

What is your stance on crypto?

  • I believe in crypto, and promote everything it stands for 100%

    Votes: 8 30.8%

  • I believe in crypto, but dislike the reputation it has.

    Votes: 1 3.8%

  • I don't know whether to love crypto or hate it.

    Votes: 5 19.2%

  • What is crypto?

    Votes: 2 7.7%

  • I dislike crypto, but think there are good solutions with crypto.

    Votes: 1 3.8%

  • I absolutely hate crypto, and will go out of my way to tell everyone else why they should too.

    Votes: 9 34.6%
  • Total voters
    26
ktm said:
None of the voting options really fit my view, which could best be described as agnostic I guess. I don't love it or hate it. Personally there isn't a place for it in my life in any way, but I respect that some folks have made fortunes and find it to be incredibly worthwhile.
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Are you kidding? There is a choice describing 100% of your view. "I don't know whether to love it or hate it"
David's faith said:
I hate about crypto that it is almost a religion. It's like preachers in a mall - you can't avoid them. Back in the day Forex trading was the religion you couldn't avoid, now it's crypto and meme stonks. If people would put in as much energy into learning to trade as they use to talk about crypto they would reach seven figures a lot sooner.
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I like trading crypto a lot better than I do regular stocks. 24/7 trading, and you also free to do whatever you want with it after you buy it, since you own it. Can't do that with regular assets. Plus you don't have all these stop loss rules.
zghorner said:
I love everything about crypto, decentralized currency, constant/set supply so basically disinflationary, blockchain, etc...

my 2 main hang ups essentially revolve around its high risk:

1) no SIPC or FDIC...and people do have their wallets hacked, there is no way around that. yes, most of the time it is their own fault for not following safety procedures...taking a screen shot of your recovery seed instead of writing down, not using a hardware wallet, etc...but still a higher level of personal responsibility must be adopted to protect yourself.

2) several countries have already banned the use of CC. Imagine what would happen if the US decided it was a threat to the USD and banned it. They already push the narrative of "its primarily used for illegal black market transactions". Nearly all value would be completely wiped out instantly. Is this likely? probably not but the world is pretty fucky right now.
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A lot of countries don't know whether to ban it or unban it. Just look at India and China, their heads are spinning because they don't know what the outcome is. And since most countries have allowed crypto, they don't want to be left in the dust while other countries take profit.
 
ET180 said:
Yes. That's about the time the US started aggressively outsourcing all production overseas. Go into a Walmart and try to find something other than food or fluids that is made in America. Not easy to do.
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What it has to do with anything? It is called a global market place. Do you really want to pay $25 for a T-shirt when you can get it for 5?
 
https://data.oecd.org/conversion/purchasing-power-parities-ppp.htm

This might not be in-sync with cryptoboys' usual speech: Comparing the dollar with itself does not make any sense. There are many factors that would have to included to understand the real purchasing power of a currency, for example 'salaries', like some of you have mentioned already.

The cryptochaps' slogan is "look! you could have bought a house with 1000 dollars in 1920 and now you can't even buy a motorbike", one of the many stupid things they say, it works for the audience that is directed to, I guess.
 
As everybody on this forum knows, I am a bit crypto fan and think there is a lot of potential.

One big delineation for me is with Bitcoin vs everything else.

Bitcoin is special. It doesn't mean it will definitely outperform the rest, but from a risk/reward standpoint, it is by far the best bet in the space (in my opinion of course).

A lot to say about that but ill start with the 2 most popular cryptos: Bitcoin and Etherium

Let me first say I own both. I own much more BTC.

I think Eth will go up a lot, very possibly more than bitcoin. If you look at the fundamentals, such as network adoption and such, ether's growth would make US tech companies jealous. I think the coin goes up a lot.

BUUUUT

There are major competition to Ethereum. Many other protocols try to do the same thing - be a smart contract platform. While ether is the market leader right now, I just don't know who will "win" in the long term? Solana, Tezos, Polkadot? I just don't know.

Bitcoin on the other hand, in my opinion, has no competition. There is no other serious competitor for what bitcoin is - a nonsoverign, scarce, store of value bearer asset. Nothing else is close, and I don't think will ever be. Bitcoin has this "use case" completely dominated.

This also combats the argument that there will be a technological innovation that displaces bitcoin. Bitcoin only does a simple thing. It's hard to displace something with a simple use case with a better mousetrap, how much better can a simple mousetrap get?

In nerdy quant talk (which I am one) - I would say bitcoin is close to crypto beta. If the whole space works, which it very likley will, then bitcoin will work. There is no competition. Ether on the other hand has a lot of idiosyncratic (specific) risk. Doesn't mean its a bad bet, or that it wont go up more than bitcoin, its just a different risk profile.

Im sure some take umbrage to some of my comments, would love to hear em!
 
Maybe I'm just getting old (okay, I am getting old), but I just don't get it.

...miners must complete complex puzzles to validate transactions. This process requires a huge amount of computer power and is often criticized due to its environmental impact...

...Being a self-proclaimed Ethereum maximalist, Cuban has frequently spoken about why he loves the blockchain. For him, it’s mostly due to Ethereum’s smart contracts, or collections of code that run on the blockchain and execute agreements.

“What really changed everything was smart contracts,” he said in March 2021. “Smart contracts came along, and that created DeFi [or decentralized finance] and NFTs [or non-fungible tokens]. That’s what changed the game. That’s what got me excited. That’s why it’s a lot like the internet.”

https://fortune.com/2022/04/05/mark-cuban-ethereum-merge-crypto-bullish/

I mean, seriously, WTF?! How is this not a meaningless, emperor-with-no-clothes fad? A digital tulip bubble? (And don't get me started on NFTs.)

As for trading cryptos, all I see is musical chairs and hot potatoes, and I'm reminded of a joke about the “optimist” who fell or jumped off New York City’s Empire State Building. As he was falling many floors, someone asked, “How’s it going?” He responded:

“So far, so good!”
 
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Frederick Foresight said:
Maybe I'm just getting old (okay, I am getting old), but I just don't get it.

...miners must complete complex puzzles to validate transactions. This process requires a huge amount of computer power and is often criticized due to its environmental impact...

...Being a self-proclaimed Ethereum maximalist, Cuban has frequently spoken about why he loves the blockchain. For him, it’s mostly due to Ethereum’s smart contracts, or collections of code that run on the blockchain and execute agreements.

“What really changed everything was smart contracts,” he said in March 2021. “Smart contracts came along, and that created DeFi [or decentralized finance] and NFTs [or non-fungible tokens]. That’s what changed the game. That’s what got me excited. That’s why it’s a lot like the internet.”

https://fortune.com/2022/04/05/mark-cuban-ethereum-merge-crypto-bullish/

I mean, seriously, WTF?! How is this not a meaningless, emperor-with-no-clothes fad? A digital tulip bubble. (And don't get me started on NFTs.)

As for trading cryptos, all I see is musical chairs and hot potatoes, and I'm reminded of a joke about the “optimist” who fell or jumped off New York City’s Empire State Building. As he was falling many floors, someone asked, “How’s it going?” He responded:

“So far, so good!”
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Im not seeing your beef tho? It's just an age thing and that you don't get it? I'm not seeing how this a "meaningless, emperor-with-no-clothes fad" based on an article about Mark Cuban

Honesty question and not trying at all to be a jerk. Why such pushback against this? What makes you so uncomfortable other than a lack of understanding?
 
GlobalMacro90 said:
Im not seeing your beef tho? It's just an age thing and that you don't get it? I'm not seeing how this a "meaningless, emperor-with-no-clothes fad" based on an article about Mark Cuban

Honesty question and not trying at all to be a jerk. Why such pushback against this? What makes you so uncomfortable other than a lack of understanding?
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Hey, I said it was an age thing first! I don't pretend to understand cryptos in any detail. I have neither studied nor traded them. I'm just an (uninformed) armchair critic. But, big picture, I just see one big cabbage patch. Remember those?

And it's not specifically about the article I linked. That one just happens to be the most recent. "Mining" cryptos as an economic activity and a store of value strikes me as utter bullshit. I mean, come on. Seriously?! It's like an alternate reality that took hold and people bought in with both hands.

The only thing I regret is that I didn't catch this tiger by the tail when it was smaller. Yeah, I missed out, and I'm pissed. But it doesn't change my opinion that this crypto thing is one big fart waiting to happen.
 
Frederick Foresight said:
Hey, I said it was an age thing first! I don't pretend to understand cryptos in any detail. I have neither studied nor traded them. I'm just an (uninformed) armchair critic. But, big picture, I just see one big cabbage patch. Remember those?

And it's not specifically about the article I linked. That one just happens to be the most recent. "Mining" cryptos as an economic activity and a store of value strikes me as utter bullshit. I mean, come on. Seriously?! It's like an alternate reality that took hold and people bought in with both hands.

The only thing I regret is that I didn't catch this tiger by the tail when it was smaller. Yeah, I missed out, and I'm pissed. But it doesn't change my opinion that this crypto thing is one big fart waiting to happen.
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I get that and appreciate the honesty. Hey I'm not all-knowing and certainly could be wrong here (that's what stops are for right?)

I would just say try to remove your skepticism and just give this an honest look. More transactions settled on the bitcoin network last year than Visa! There is an estimated 200MM+ crypto users (and at this point that mostly means holders I admit) worldwide.

Bitcoin alone is worth almost 1 trillion US dollars, more than every company in the world save for a handful of the biggest (AAPL, MSFT, GOOG, etc)

Maybe there is something here that you are missing :)

Also, again my opinion, its not too late at all. I think a buy of bitcoin at ~46k will look extremely cheap in a few years.
 
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