After years of investing in crypto, I am struggling to see how to be legitimate.
51 sats \ 7 comments \ @BitBit 14 Nov 2023 bitcoin
After years of investing in crypto, I am struggling to see how any of this could possibly be legitimate.
As the title says. It just doesn't make sense to me why these companies would choose to make money off of the coin, or transaction fees alone (unless they are all out to make some cash and dash of course). All of this technology, all of these services, the use of a token/coin could be baked into being a publicly traded company.
The silly crypto dreams of crypto-maxis seem ages old by now. This isn't going to revolutionize the finance system as we know it. You've watched too much Mr. Robot or something. If you think some digital, super energy inefficient cash is going to store value forever... i've got bad news for you.
Eventually these companies and coins are going to need to provide real world value. Otherwise it's nothing more than some weird digital swap meet that will only financially benefit a fraction of the people playing the game.
I am struggling to see how this becomes part of our society in a big way. I am struggling to see that this is all nothing more than the wild, wild west of fake money and great advertising. I don't really understand a world where these companies are successful and legitimized without years of legislation.
I'm sure this will be downvoted to hell. But does anyone see a path to where this is not just some form of crazy day trading?
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110 sats \ 0 replies \ @kepford 14 Nov 2023
I agree with you. You described crypto. Not bitcoin. You know that right?
Do you know what problems bitcoin was created to solve? Do you see the value in permissionless money. Being able to validate your own transactions. No need for middle men? A fixed supply of money? Sounds like you just invested in a stock you don't understand.
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23 sats \ 0 replies \ @DarthCoin 14 Nov 2023
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1 sat \ 0 replies \ @0xbitcoiner 14 Nov 2023
I noticed that you never wrote "bitcoin" in the text. You always wrote "crypto", and that is correct.
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0 sats \ 0 replies \ @fm 14 Nov 2023
money is money.. crypto is not bitcoin economy is not a closed system obviously the system will scam with crypto or fiat. Its designed to do so.
seams you where lured to crypto by greed and just now realized you are on the scammed side.. bitcoin can help to fix the money.. not shitcoins.. either way.. no thing will fix the human greed and economy manipulation.
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0 sats \ 0 replies \ @fishyness 14 Nov 2023
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0 sats \ 0 replies \ @antic 14 Nov 2023
Most people are going to have a hard time understanding savings technology when most people don’t have any savings, but once they start taking even a tiny bit of control over their finances are learn how to save in Bitcoin, the revolution becomes self-fulfilling as it sucks the life out of fiat.
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0 sats \ 0 replies \ @02fa90fd41 14 Nov 2023
Unfortunately, this is true and crypto is still in the hype phase. Even though it appears to you that everyone knows about crypto because of the circles you associate in, however, crypto is still very new to most of the population (I posted just the other day that someone asked me about bitcoin and what it is). innovation and adoption are lacking and low and it doesn't help that regulation forces are constantly battling it.
It just doesn't make sense to me why these companies would choose to make money off of the coin
Most of these companies do not, they make money from investors and the investors then use trading techniques, vesting and other things to make their money back. Some investors outright just don't care if they lose money as they can call it a loss and also just have their name associated with portfolio pieces.
Otherwise, it's nothing more than some weird digital swap meet that will only financially benefit a fraction of the people playing the game.
I think this is a little narrow-minded (no offence intended) - However, a tokenised future is definitely on the horizon - maybe not my life time but it has to start somewhere.
A long time ago I was told: "You don't know what you don't know and never assume someone knows what you know and never assume to know what they know" - always sticks with me.
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