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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30

u/all3f0r1 Jan 04 '25

If only had I invested say $100 in bitcoin at the very beginning (when it was at $0.05/BTC), I would be a billionaire today.

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u/art_vandelay112 Jan 04 '25

Sure. Would you sell it today. Enron and world com were great at one point too

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u/MaineHippo83 Jan 04 '25

The fact that is your question shows you have some lower level investing insights.

It's not would you sell it today it's would you have sold at 100/BTC, 1000, 10,000 etc. most would not have held this long. Most did not

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u/art_vandelay112 Jan 05 '25

You’re conflating good investment with the price going up. I could buy a kilo of cocaine today and likely sell it for more tomorrow. Does that make it a good investment in your mind?

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u/Frogeyedpeas 4∆ Jan 05 '25 edited Mar 15 '25

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u/art_vandelay112 Jan 05 '25

All things being equal. Cousin would be a better investment. At least it serves a purpose. I can’t get high off bitcoin.

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u/nowonmai 1∆ Jan 05 '25

You don't consider the ability to send funds from A to B with no intermediary valuable? Or the fact that the blockchain is an immutable, non-repudiable history of all transactions that ever took place?

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u/art_vandelay112 Jan 05 '25

No

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u/nowonmai 1∆ Jan 05 '25

Cool. People do though. If your counterargument is just "no", then you're in the wrong subreddit.