Have you invested in crypto currencies? Why?

[Anonymous]

Yes

No

Other

[Fireguy17]

No, I don't have a clue how it works.
Cash for me is still king.
Long live the king.

[KrakenAttackin]

Crypto is pure snake oil. There is no intrinsic value to crypto unlike real equities.

[Fireguy17]

@KrakenAttackin it seems to me like it is invisible made up money.
1 glitch in a computer or it gets hacked, and it is gone.
No thank you.

[exitseven]

no, only people that got into it two years ago made money the rest have been cheated.

[stepyo99]

Monero because I think it stays the truest to the original conception of cryptocurrency (privacy, trustless decentralized payments, and empowering people to be their own bank). Pretty much all of the others either seem to me to be poorly executed or ponzi schemes.

Of course, Monero has its own risks like any new technology, so I don't have a lot invested, but I hold some and use some for payments occasionally.

[TheSpaceGnome]

Technology based money is worthless, only physical currency retains its value without electricity.

[Asker]

@TheSpaceGnome I agree.

[stepyo99]

@TheSpaceGnome I disagree. The value of a cryptocurrency over physical cash is in its ability to make quick transactions over long distances, how light weight and space-saving it is, and the ability to make trustless payments without a middle man. Crypto is inherently valuable. With physical currency you're dependant on a bank and the federal reserve telling you a piece of paper has value and how it can be used.

Now if you're talking gold and silver, I agree with you, but I still think crypto has some advantages and interesting potential.

[TheSpaceGnome]

Cash and coins can be deposited and used with a debit card, so it can do quick transactions over long distances AND be used without internet or electricity.

Cryptocurrency is dependant on technology to work, and can be easily deleted as a result of technology malfunction because it has no physical version, and is thus never going to be adopted by most of society. it's also not inherently valuable, as its not even a real object, just digits on a drive, so inherently it's worthless. What gives debit cards value is that you can redeem whats listed on them for physical currency.

Cash and coins are still physical objects, even after depositing them for digital transfer, so even in the case of a bank's computer system shutting down, the money still exists.

Gold and silver are not more valuable than cash and coins as a currency, and you need the currency to be centralized to prevent counterfitting or hyperinflation. Also there will always be middlemen and social dependancy for any currency to work. But crypto requires way more middlemen to work, because technology needs a lot of middlemen to be created, used, maintained, and repaired.

Right now most places do not accept cryptocurrencies, and this isn't ever going to change because of the facts I stated, as well as because government programs only pay in government money, and most people eventually end up on social security either via retirement or via becoming disabled.

Taxes to fund public services also have to be paid in federal reserve notes as well, and in order to buy crypto, you have to pay in federal reserve notes, meaning fiat money is worth more to the seller than cryptocurrency is, and that without fiat currency, you can't even get cryptocurrency unless you design it to perpetually inflate.

Crypto is a scam. A fad that will run it's course, valuable only ever to a select few.

[stepyo99]

@TheSpaceGnome What an incredibly normie take. Cash isn't inherently valuable. It's just paper that is constantly devalued by the federal government printing boatloads more every year. The federal government gives it value by commanding people to pay taxes with it, that's it. What are you going to do with all of your worthless paper cash if hyperinflation happens or the government collapses? It's not even good enough to wipe your ass with. Maybe you can burn that worthless crap for warmth.

Gold and silver have inherent value because not only do they have utilities outside of their use as money, but they also have a 10,000 year history of being used as money by many different civilizations.
And while I'm not going to argue that cyptocurrency isn't new and experimental, it has inherent value too. There is no bank or government ordering you to make payments with it in order to give it value. The value is entirely contained within its ability to be used as money. It's fungible, a medium of exchange, a store of value, and a unit of account.

[TheSpaceGnome]

Trading cards are just paper, yet they have value, art is just paper, same goes for books, comics, maps, posters, and photos. I could go on, but it all has value.

Money is actually denim by the way, not paper, but thats besides the point. The point is it does not matter what something is made of, it matters if its useful or pleasing in some way, money buys things, and therefor has inherent value, just because a few people hate it does not change that, but most things cannot be purchased with crypto, and its less effective than government currencies, so it lacks value.

The USD will always have value until another government currency replaces it. If the economy collapsed from hyperinflation and the USD became completely worthless (it won't), so too would cryptocurrency, as without tax dollars, infustructure, and money to cover labor, you can kiss technology goodbye, good luck doing digital transfers with no internet on a computer you can't plug in. 😂

Gold and silver stopped being used as money because there isn't enough of it to do so. That and its used in the technology that powers your cryptocurrency, as well as many other things.

Technology is very important, so its also very important that we figure out how to manufacture gold, silver, etc. at such a rate that it devalues it entirely as a form of currency. Just do we can avoid going back to a tech-less world.

[TheSpaceGnome]

just so*

[Asker]

@TheSpaceGnome Block chain technology is great. But still I don't believe in crypto currencies.

[stepyo99]

@TheSpaceGnome lmao, nobody uses any of that for money, just like they sure as hell won't be using paper for money in an economic collapse. You'd get laughed at for trying to trade cash for anything because it's worthless garbage. That's exactly what's happening in Venezuela for instance. People are using gold, silver, and cryptocurrency as money there because their own currency (which is also worthless paper) has been hyperinflating.
I don't know where on earth you get the idea that if the economy collapses, all of technology and infrastructure would collapse too. That is the craziest nonsense I've ever heard.

[TheSpaceGnome]

"I don't know where on earth you get the idea that if the economy collapses, all of technology and infrastructure would collapse too."

Because locally it would. Venezuela is a socialist country. In a capitalist country like the US, when the money goes, so does everything else.

Also I never said those things were used as currency, or that the economy would even collapse. And the population of venezuela is much smaller than the US and uses much less infustructure and technology. There isn't enough gold for the US population to use as currency AND as tech. Your comparison is absurd at best, the two countries are nothing alike.

[stepyo99]

@TheSpaceGnome Okay dude, you keep a tight hold of that precious paper. I'm sure it will be valuable forever.

[TheSpaceGnome]

No, it's a waste of money.
Any currency that becomes worthless without electricity, is stupid.

[strateguy632]

..2th