Can someone update a comrade only tangentially informed about the crypto-sphere? Read this article earlier today and that opened up more questions than it answered. Is this more substantial than the countless previous crashes/downturns?
I think it crashed similarly in 2017, but it’s become way more mainstream now. I would assume with its higher profile, more people will realize it’s a Ponzi scheme and it’s chance of recovery becomes slimmer each crash.
Also if you’re currency loses 80% of its value every few years, why would anyone want that?
I assume for the same reason anyone would ever buy any crypto - in hopes of large rates of growth. That’s all it ever was anyway, no? If you continue to buy at low points and sell at high points the crashes would even become desirable to maintain the rate of profit even when the highs in absolute term don’t reach as high?
Again, I haven’t really looked into this stuff since like 2018, but that’s what I figured back then. If this is something different - and media is making it sound like it is - I don’t understand how especially the relevance of the stablecoin stuff.
Any currency can be attacked by investors, making it crash. Crypto currencies are more vulnerable because they are smaller (for the moment).
I don’t know anything about terra/luna. It sounds like an interesting idea. Maybe there was some structural flaw that made it more vulnerable to attack.
Can someone update a comrade only tangentially informed about the crypto-sphere? Read this article earlier today and that opened up more questions than it answered. Is this more substantial than the countless previous crashes/downturns?
Trust me though, the less you know about NFTs/crypto, the better.
I think it crashed similarly in 2017, but it’s become way more mainstream now. I would assume with its higher profile, more people will realize it’s a Ponzi scheme and it’s chance of recovery becomes slimmer each crash.
Also if you’re currency loses 80% of its value every few years, why would anyone want that?
I assume for the same reason anyone would ever buy any crypto - in hopes of large rates of growth. That’s all it ever was anyway, no? If you continue to buy at low points and sell at high points the crashes would even become desirable to maintain the rate of profit even when the highs in absolute term don’t reach as high?
Again, I haven’t really looked into this stuff since like 2018, but that’s what I figured back then. If this is something different - and media is making it sound like it is - I don’t understand how especially the relevance of the stablecoin stuff.
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Isn’t “I made money and here is how you can make money too” (one of) the base(s) of any ponzi scheme?
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Any currency can be attacked by investors, making it crash. Crypto currencies are more vulnerable because they are smaller (for the moment).
I don’t know anything about terra/luna. It sounds like an interesting idea. Maybe there was some structural flaw that made it more vulnerable to attack.
NFTs are a different thing.