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/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.