Just got very lightly flamed by another user for making fun of crypto and was told that Lemmy and crypto have “the exact same advantages and disadvantages”. Now I disagree heavily there, since even if it shares some principles I’d argue that the scale of the problems change when you’re talking about a global finance system versus a social media platform filled with beans. But it did get me curious- how many of you are crypto supporters?
I use Monero to pay for online services such as VPN, hosting, domains, VPS, E2EE cloud hosting, solely because I don’t want to be on someone’s list of customers and I don’t want constant spam. Same reason I pay cash in stores and don’t have loyalty cards. Might be very slightly more pricey that way but the reward for me is no marketing teams to deal with.
Nope. Crypto is clearly a scam
I’ve generally been seeing the opposite sentiment on Lemmy and I’m here for it. Crypto bros can stay on the other site.
I don’t care about crypto at all. At this point I think of any crypto as pump and dump scams unless proven otherwise
Absolutely not. Hell my whole instance is vehemently anti crypto
Only reason I want to get into crypto is being able to donate to heroes like fitgirl
Goddamned heroes 07
Crypto is and always has been a joke. It also doesn’t work that much like the fediverse, which is basically a webring where the sites like to copy each other. TBH I’m looking forward to the
webring hostLemmy instance drama and people beingkicked from the webringdefederated.The hivemind of Lemmy has been the opposite so far in my experience. I’m probably what most here would call a “crypto bro,” though I wouldn’t call myself that.
It’s weird to me that the occupy wallstreet folks are all like “banks do it better.” It’s also weird to me that it’s gotten so polarizing. You don’t have to be a libertarian to see its benefits, and you don’t have to be a communist to want scammers locked up.
God, I hope not. Crypto is an interesting technology that’s been used to promote what’s essentially a scam. Just ask yourself this: Are the people into crypto using it to buy things? Or are they going to sell it for dollars at a high value and then walk away?
Most are the latter. Very few people even bother setting up software wallets. They just keep their crypto on markets and try to sell high.
That means that for most people, it’s not a currency at all, it’s an investment. But a normal investment is backed by something of value, while crypto is just backed by pure speculation - that is, it’s backed by all the other people who are trying to sell high, too. The name for a system where you get people to buy valueless assets and drive up their price so you can sell yours and leave others holding the bag is: “Ponzi scheme.”
The name for a system where you get people to buy valueless assets and drive up their price so you can sell yours and leave others holding the bag is: “Ponzi scheme.”
No, that’s a Greater Fool scheme. A Ponzi is more centralized and the people who get paid out are not supposed to be aware that the money is coming from new investors. Ponzi schemes hide that aspect of it. In a Greater Fool you are betting on someone being dumber than yourself enough to buy your worthless investment at a higher price.
A lot of crypto is Greater Fool, but there have been crypto Ponzi schemes.
As a side note, there is a cultural tendency to call all scams Ponzis when they are not. It is a specific type of scam.
Huh. I was thinking of the whole scheme being centralized around a few core people who push crypto, but I think you’re right. “Greater fool” is a better label for it. Thanks!
It’s a bit of both. The increase in value for those who got in early is propped up by the hype of new bagholders.
Dont think so, they might just be very loud. A couple of other reddit alternatives, on the other hand, …
No
Found to be the opposite here, but I guess it’ll depend on what communities you follow.
I am not. Plus the ones needing to be mined by wasting of ton of energy are basically an environmental disaster.
I filtered out every crypto and investing sub on Reddit other than r/bogleheads
I’m a fan. Go ahead and downvote me.
I do own & use cryptocurrencies a bit but would never had thought to link Lemmy to anything crypto related. Don’t even follow any crypto communities around here… being part of the Reddit exodus, over on Reddit there’s so much spam and shills surrounding the topic that I avoid those communities there too.
My guess is you just happened to run into a random crypto bro.
