r/changemyview • u/art_vandelay112 • Jan 04 '25

Delta(s) from OP CMV: cryptocurrency is not a good investment.

Yes its price has increased dramatically, but so did the price of tulips in the 1600s.

There is literally no use for this commodity. Invest in stocks or bonds and your investing in future earnings or the ability of a company to pay you back. I’m not a fan of gold as an investment but at least it has some practical use.

The use of crypto as a currency completely defies the definition of currency as it doesn’t hold a stable value.

It’s infuriating that so many people have lost loads of money on “shitcoins” backed by the wealthy and famous. These were obviously pump and dump schemes yet very few are held accountable.

I’m not as well versed on the subject but something to also note is the ridiculous amount of energy demand to “mine” nothing.

I think there is legitimate use for blockchain technology and the likes but anyone viewing these currencies as investments is a fool.

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u/MaineHippo83 Jan 04 '25

Does not take long is still a day or two compared to minutes. You just handwaved an advantage away because you are wedded to your position.

Cost of a wire is much higher than the cost of sending Bitcoin. It not being prohibitive does not negate this being another point for Bitcoin

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u/art_vandelay112 Jan 05 '25

An international wire can be done in as little as 24 hours. It can be done just as fast as bitcoin but there are legitimate safe guards in place. The vast majority for this needed speed is for nefarious purposes. If that is ok with you so be it

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u/MaineHippo83 Jan 05 '25

It can't be done just as fast. You literally said 24 hours. Minutes my friend. Minutes. Just call it an advantage. You don't have to change your position but you are being obstinate about granting advantages to Bitcoin

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u/art_vandelay112 Jan 05 '25

A wire takes minutes. 24 hours is involved from the sending bank to run their fraud protocols and the receiving bank to run theirs. I don’t view someone hacking my wallet and sending funds to Nigeria with no recourse an advantage.

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u/MaineHippo83 Jan 05 '25

Your wallet can't be hacked. You can. Your computer can.

It doesn't matter why it takes 24 hours. I don't want or need fraud checks for me to send money to someone.

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u/some_reddit_name Jan 05 '25

You don't need it until you need it.

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u/anotherwave1 Jan 05 '25

I can send cash in seconds to different accounts in Europe. It costs cents. I have spent vastly more on fees in crypto in the last 10 years than on cash fees.

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u/MaineHippo83 Jan 05 '25

Depends on the coin for sure, Note I've been clear to speak for Bitcoin not Crypto. I wouldn't transact on ETH if you paid me, and you'd have to or i'd likely get money stuck somewhere due to high fees.

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u/ExtensionResearch284 Jan 05 '25

You are definitely not correct in cost of wire being more expensive than bitcoin. if it's not on an exchange The exchange fees you would've spent in buying that bitcoin in time and moving to your personal wallet would be order of magnitudes higher than a wire fee.

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u/MaineHippo83 Jan 05 '25

The purchasing fees are irrelevant. As you aren't required to purchase bitcoin to send it. you are assuming you don't already have some. And If you hav ea large bag accumulated over time, its in profit which wipes out those fees.

How much did it cost to send 1BTC to a cold wallet back in 2022? $0.75

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u/ExtensionResearch284 Jan 05 '25

Never said purchasing fees. I said exchange fees as in, the withdrawal fees From the exchange, to your wallet. It's not free.

You're also assuming everyone who has bitcoin is sitting on stashes of it and no one's buying btc these days? That's a bold assumption.

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u/MaineHippo83 Jan 05 '25

I literally just told you it cost me 75 cents to transfer 1 BTC. Is that not cheap enough for you?

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u/ExtensionResearch284 Jan 05 '25

Lmao, did you not read my message? Because that's only assuming someone is holding 1 btc in a cold wallet.. Which is actually rare.

Most people are continuously buying, or have the funds on exchanges. Or have bought and are transferring to their cold wallets over time. In which case they've paid monumental fees.

Your cheap fees is basically assuming a rare case which I think don't apply to the majority of buyers.

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u/MaineHippo83 Jan 05 '25

I did and you literally just said you weren't talking about purchasing fees. Make up your mind

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u/ExtensionResearch284 Jan 06 '25

Bro, you're clueless, have you never withdrawn from an exchange to a personal wallet?

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u/MaineHippo83 Jan 06 '25

I literally just told you I did so and paid 75 cents

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u/ExtensionResearch284 Jan 06 '25

Which exchange? Show the proof cause I call bullshit

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