About Crypto

[Sucumbio]

The Currency, that is.

Go!


My response:

"I think it's a ponzi scheme. It inisists on itself, " he said to himself, reminiscing the family guy episode and yet only one of a billion memories slightly askew (It insists upon itself, Lois....) . Or the day he was strapped for cash so painfully he saw a sign reading "Stuff Envelopes for 3000 dollars a week!!" and took it seriously.

"But with every currency we allow ourselves to be hinged. Gosh...," he thought.

"I hope my life is never so bad I'm not able to make it without...," and his mind trailed into scenarios and reflections of years long gone.

 

[Glubbfubb]

Cryptocurrency will only work if there is something to back it, without that the concept of currency goes out of the window.

 

[KneeOfJustice99]

Currency is confusing enough as it is, no need to make it even more cryptic.

Crypto will probably die the moment a recession occurs, and to be honest, I don't think it'll come back from that. There's always been a degree of general skepticism about crypto overall, so if it were to plummet due to something like that, I don't truthfully think it would return.

 

[---]

I think it's interesting in theory to have a currency that's not dictated by a Government, but in practice it's the wild west in more ways than one IMO. It also certainly doesn't help that there's nothing currently backing it so it's basically a power outage away from a Rick and Morty scenario (start of Season 3).

One of my biggest questions is who owns these warehouses containing all of the data, should a crash occur would Governments be willing to bail out their citizens, and how much responsibility those who buy into this currency hold to society in terms of environmental impact. I think whether or not wealth inequality contributes is a good question as well, but that's another can of worms and that get rich quick schemes are nothing new.

On a personal level, given the industry I work in, Crypto has been a major headache for my coworkers and I. I've directly dealt a lot of people who have sadly sunk their lifesavings into these markets and have lost big either directly from the Crypto market itself or leaving themselves open to other types of fraud.