• DankZedong
    18•2 years ago

    I have a few friends who are invested in crypto. While I don’t want to get them financially wrecked, I’m enjoying every fucking second of this.

    • @i_must_destroy@lemmygrad.mlOP
      16•2 years ago

      I don’t like to admit this, but I briefly got into crypto last year. I was desperate to try to find a way to get ahead financially. After like 3 months I was like ‘this shit is a scam and now I’m gonna go read Karl Marx finally’. I guess it was the final straw to radicalize me.

      • DankZedong
        12•2 years ago

        I was once invested too. I understand what it is and it’s not all doom and gloom. But I’ve yet to meet someone who is actually in it for the tech and not for obscene financial gain.

    • @i_must_destroy@lemmygrad.mlOP
      12•2 years ago

      It sucks, but I think people are starting to realize there is almost literally no way to ‘get ahead’ or even live remotely comfortably in this system.

  • @KommandoGZD@lemmygrad.ml
    10•2 years ago

    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_must_destroy@lemmygrad.mlOP
      10•2 years ago

      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?

      • @KommandoGZD@lemmygrad.ml
        5•2 years ago

        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.

          • Joe BidetA
            5•2 years ago

            Isn’t “I made money and here is how you can make money too” (one of) the base(s) of any ponzi scheme?

    • @roastpotatothief
      2•2 years ago

      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.

    • @KommandoGZD@lemmygrad.ml
      13•2 years ago

      Jesus Christ…

      “My $50,000 of luna from a few days ago is now worth $300.”

      Gotta hand it to them though, the way they’re just matter of factly talking about losing their life savings is kinda impressive in a way

    • @i_must_destroy@lemmygrad.mlOP
      10•2 years ago

      Most of those types just say ‘diamond hands! HODL’ until their account is $0.

      I feel bad though, there are a lot of people who were preyed on and lost a lot. It’s pretty insidious to tell people this shit it the only way to financial peace.