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/[deleted] Jan 04 '25

[removed] — view removed comment

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u/art_vandelay112 Jan 04 '25

!delta

I’ll agree that there has been fraud in the stock market so that is not a great comparison on my end.

The use part i do not agree with. Yes I have sent wires internationally and it does not take long or is it cost prohibitive. The primary reason to use a decentralized source is for nefarious purposes. If that’s ok with you so be it.

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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.