Agreed that crypto influencers are atrocious people.
However, when crypto has had three booms in seven years, you can ridicule it all you want, but it makes sense to put a small percentage of your investment money into it.
The return of investment on crypto doesn’t come from any value it generates. It comes from other people who made bad bets and lost their money on the same. That makes investing in crypto the same as participating in a Pyramid. Your argument, if taken for face value, can easily be extended to defend pyramid schemes.
What’s the difference between a useless cryptographic token and a useless piece of paper if there are people willing to give me things I want for either?
That’s just not true. Monero, litecoin, bch… transactions cost less than a penny. No one uses bitcoin for illegal things anymore (it’s tracable and forever on the blockchain, people use monero instead) but if they were wouldn’t that mean bitcoin is useful for exchanging goods?
I use crypto for a bunch of legitimate things like paying for my VPN, phone bill, donating to foss projects etc.
I use it because it’s more private, faster and more convenient for me. I can always have it with me, use it from any place, any time, for anything I want with no hidden fees and no one can seize, freeze, track or control my money. If you think that thoes things are valueable only to criminals you must have lived under some 1st world rock for a while.
I use crypto to privately pay for my VPN, phone bill, to donate to foss projects. I sold some digital items online for crypto. I use it because it’s faster, more private (if done correctly) and convenient than using a credit card or bank transfer. No one can seize, freeze, or control my crypto. I can donate, pay or get paid on my own terms with no middle man. If visa, mastercard, banks or fintech companies generate value then so does crypto.
I was talking about the use of crypto as an investment, not as currency. While the latter was the purpose that cryptocurrencies were originally designed for, the former now far outweighs it.
I’m suggesting that my “investment budget” is nothing.
I think this one flew right over your head.
Specifically, I’m making light of the fact that no matter how hard I try to make a living wage, I still struggle to make everything work, indirectly shedding light on the recent discussions about stagnant wages and out of control inflation, raising costs to live while providing me no means by which to afford those increases.
Most months I barely have enough left over to buy myself a single meal at a restaurant as a once-a-month treat, nevermind have money set aside for retirement or have an “investment budget”.
That there’s such thing as “crypto influencers” and that they’re awarded for pulling people into the scam not only blows my mind, but also indicates how fucked we are as a whole, when it comes to being able to think critically.
Check out the BBC podcast on the One Coin scam, it’s beyond me how these people can live with having destroyed so many lifes (yes, I know how, by hallucinating a world where they’re the good guys):
Like how they decided they’d hold it by gripping the top of the pyramid, not the base plate like a usual sane person.
I bet if you asked them to hand you a drink, they’d hold it from the top with two fingers dipped into the fluid. Then proceed to be confused as to why you don’t want to drink it anymore.
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