****Official Crypto Degen Thread****
- Thread starter Moral
- Start date
Can I still buy Bitcoin for low fees from a larger exchange that claims to be the market exchange rate at an ATM in a grocery store operated by a Nepalese family and use it to get cheap high quality drugs in the mail? I hate people if they ruined this ideal system because they got in on the ground floor of a temporary arbitrage opportunity
I’m still not quite certain what people were investing in when they bought crypto. The technology was in place with or without one’s ability to create their own token to pass across it. Nobody accepted crypto as currency, at least not for any asset of value.
So what were people investing in? What were they farming?
It is used as currency for the deep web, hacker ransoms, and other illegal stuff. Sometimes very wealthy people make large transfers on the blockchain. So very useful.
I get that but it still needs to be exchanged for currency. We can already make large wire transfers, requiring trusted exchanges every step of the way, so what was being accomplished here? Particularly for the investor class? What was the valuation to trade based on?
Time and lots of money savings for the monetary system business class.
For the retail investor at this time very little. That is about 10 years down the road. The US government has by inaction caused the actions we are seeing today. Basically it is the wild west out there, but if you put in the research one can make money at it in the short term.
Let alone on how they make the absurd amounts of money Sam Bankman-Fried was supposed to be making, how do any of these crypto "banks" and "exchanges" make any money at all? Anything to do with cryto just looks like a ponzi scheme to me.
Put $15 into safemoon ($11 after conversion and bitmarket fees) during shutdown as a joke and now it's valued at $0.48. Woo!
I have $100 in Safemoon. I keep it there to remind me how "good" of an "investment" it is.
Eunice is wrong.
Crypto is about obviating the need for trust.
Holding fiat is placing trust in the central banks.
"Full faith and credit" was broken long ago.
"It's good practice to convert asserts to your private wallet, not on exchanges in someone else's control and requiring you to trust them, when not in use."
