Quote:
Originally Posted by Paul T
I agree, no one is adopting it, they are just trading it. It's been around for how long now and it's not even close to being relevant as a means of paying for goods and services. It's a purely speculative play traded amongst the same folks more or less. Institutional investment does not give it any credence IMO because those guys will chase ANYTHING that has the potential to make $$, regardless of real world utility. I read the other day that something like 15-20% of the fixed supply of BTC is gone forever - just *poof* evaporated, never to come back. If you accidentally sent Bitcoin to a dead address those coins are gone forever. You can NEVER get them back, they cease to exist. Imagine inheriting some Ford stock from your Uncle or something only to be told you can never have it because you lost the secret password. That's pretty much crypto and why, at least IMO, it will never reach widespread acceptance. Hell, half of the county is afraid to invest in the stock market? You think they'll embrace something where misplacing a passcode means their "asset" is lost forever? Have fun trading it, but this will never, ever become a true currency adopted by the masses.
|
for sure.
the scam works for as long more people are buying in, than selling out. like all ponsi schemes, like all these scams, it relies on those that have bought in, convincing those who havnt to buy in. as long as they are successful at that, and as long as they get out before the scheme is exposed, its all good. thats why all these guys will come in and owning a bunch of bit coin, try to convince you to buy it. its like they were born yesterday. or they will pretend to be born yesterday, in order to convince you through any means necessary to invest your money (even insults now? lol). its a perfect ponsi scheme for the age of the internet. it doesnt rely on a central figure, to sell everyone, it distributes out that role to everyone who owns some. makes them all evangelists for it. its even better described as an MLM i think.
but like all ponsi schemes, it will fail. just a matter of when. like i said, i think the broligarchy will keep this scheme going a lot longer, but like all valueless ponsi schemes, it will crash and burn.
and since no actual economic forces are at play, no utility has been generated, no goods produced and no services rendered, its economically a dead end. in fact, it has negative utility because it costs you computer hardware and power to mint the coins, so it has an only negative value economically.
think about it, if these coins were of any value at all, why would they need all these people trying to sell them to you? all these people who already own them, interesting...
have fun in your male equivalent to an MLM. get out before the whole thing comes down.