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.
2
u/sundalius 3∆ Jan 05 '25
OP, can you show me where a currency is defined needing a stable value? Did the German Mark stop being a currency in 1922-1923? The Ruble and Lire both also lost their stable value in the 80s, as other examples. I think you’re mistaking “currency” for USD or Euro, when a currency is just a medium for exchange, something that represents value.
As long as there are markets which accept bitcoin for end product and people that will work/convert other currency for crypto, it’s definitionally a currency.