A little embarrassing…but before becoming a socialist, I briefly got into cryptocurrency 🤮. I had staked (locked up) some crypto on Coinbase and they kept extending the period before I could sell it.

Well, they finally let me sell it and now I don’t have any crypto. One positive about this experience…I doubt I’ll ever get scammed again.

  • SovereignState@lemmygrad.ml
    14·
    2 years ago

    I had ~ $200 in fucking doge and sold it for ~ $170 like a month before Elon skyrocketed it. I would be in such a better place if I had just waited, but at the same time that sort of shit’s indicative of how much of a scam it really is.

  • DrSankara@lemmygrad.ml
    14·
    2 years ago

    Congratulations! I’ve met people irl getting so pulled into crypto, one being an “ex” gambling addict. For this guy it was the hope of getting lucky and making a fortune one day, a lottery ticket out of low paid shitty employment.

    I’ve heard a little about how exploitative crypto can be, like an electronic ponzi scheme. Though I don’t know too much about it tbh. What are your thoughts? What go you into it?

    • i_must_destroy@lemmygrad.mlOP
      10·
      2 years ago

      I had a ton of debt (slowly paying it off now) and thought it would be a way to make money to pay off debt. I wasn’t thinking clearly then. It’s sad to try to sell that to people as a way to be secure financially.

  • pancake
    12·
    2 years ago

    How sad, that such an interesting technology (from a technical standpoint) has ended up becoming little more than an elaborate scam, a gadget of capitalism at best. I hope someone will find a way to use blockchain algorithms for good, but that simply hasn’t happened so far.

    • MexicanCCPBot@lemmygrad.ml
      10·
      2 years ago

      I’ve been thinking about the “work certificates” thing that Marx proposes for abolishing money when achieving communism, and one way to do that right could be through a blockchain-type thing, in order to perfectly calculate the certificate’s value based on the work performed, then make them nontransferable and forge-proof. So the tech could be useful by then. Correct me if I’m wrong on the work certificates thing though.

      • SpaceCowboy@lemmygrad.ml
        7·
        2 years ago

        100% agree. There is a lot to be said for a massively complex and dynamic ledger system that is open to outside examination.

    • SpaceCowboy@lemmygrad.ml
      8·
      2 years ago

      It will be used. Iran and the DPRK are already putting resources into it. What I always say is that it is something which will be useful, not valuable (in the long run). Also, I don’t judge a tool entirely based on how it’s been used by some people. I am still withholding judgment… from an administrative perspective I think blockchain and NFTs will be very convenient. But in the meantime it is definitely being used as a speculative cash grab by wall street and your standard capitalist leeches.

  • holdengreen@lemmygrad.ml
    6·
    2 years ago

    I made close to $2K short term swapping ETH. Now I’ve possible lost considerably more than that from the crash.

    Hope I come out in the green. If my workstation works out well I might make another server to mine monero or something honestly. It’s prob OK because I use solar and these are old server parts that would prob become waste anyways…

    You can’t eat crypto or use it to survive so be careful.

  • CriticalResist8@lemmygrad.ml
    6·
    2 years ago

    I still have cash stuck in crypto, but thankfully it’s not emergency savings or anything – never invest more than you can afford to lose regardless. So now I’m just waiting for crypto to come back up, if ever, sell this crap, and stop it entirely lol.