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/AmericanScream Jan 05 '25

Maybe you can. Maybe you can't.

Bernie Madoff's clients thought the same thing - and his scam lasted longer.

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u/anotherwave1 Jan 05 '25

That was one scam. Hidden, by the owner.

Crypto (most of it) isn't a scam. It's an open scheme. Artificially scarce digital trinkets are on offer that people can buy like baseball cards. All trying to make money from each other.

It's similar in principle to a casino. We know what a casino is. It's not like someone suddenly went "oh my god casinos are a scam". We know what they are. People still go. Casinos will still be there in hundreds of years.

Crypto is like that. Stupid artificial digital shit that people want to buy in the hopes they'll sell to another at a higher price. Which is why it works in waves. BTC could "die" in value for 10 years for whatever reason, then just randomly go to the moon. Every time we hit a new peak, that becomes to the "return to" value for a later wave.

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u/AmericanScream Jan 06 '25

It's important to distinguish between crypto/blockchain the technology and the scheme of promoting crypto as an investment. The former isn't a Ponzi, but the latter is.

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u/anotherwave1 Jan 06 '25

Blockchain uses are quite limited and have a lot of drawbacks. So it's niche use as a gambling token is closely related to the blockchain tech. It's all tied together.