It basically is. Crypto itself has no inherit worth. You don’t actually own anything. It is purely speculative. If the value of crypto collapses today, there is nobody who will ever recoup any value.
Let’s contrast that with the stock market. Are a lot of people screwed as well? Yes. But the business has physical assets that can be sold or auctioned off to recoup something
Actually, yes, you DO own crypto. If you hold the private keys to your crypto, you OWN that crypto.
To own is to have something that you control. If you have the private keys and nobody has the seed phrase or the spend address to your wallet, literally no one can take it from you.
Everything you just said applies to any form of currency. Don’t tell me you actually believe FIAT is backed by anything.
stock market
Stop. You’re already fucking up there. Cryptocurrency as a concept is not meant to be a stock. Yes there are people who treat bitcoin and shitcoins as such, that doesn’t make it a stock. That is the mistake that many people and so many others make on a daily basis. This is why I don’t support shitcoins, the only currency you should support is one with a purpose, such as the many time aforementioned monero.
If the Japanese yen had the volatility that it could go from now to worthless to 3x it’s current value in a week, would you not put money into it at the dip and cash out at the peak? Yet yen is not a stock, it is a currency. Currency is something you exchange for goods.
The word pyramid scheme does not apply to bitcoin, it applies to RUGPULLS, but nobody controls bitcoin.
It basically is. Crypto itself has no inherit worth. You don’t actually own anything. It is purely speculative. If the value of crypto collapses today, there is nobody who will ever recoup any value.
Let’s contrast that with the stock market. Are a lot of people screwed as well? Yes. But the business has physical assets that can be sold or auctioned off to recoup something
Actually, yes, you DO own crypto. If you hold the private keys to your crypto, you OWN that crypto.
To own is to have something that you control. If you have the private keys and nobody has the seed phrase or the spend address to your wallet, literally no one can take it from you.
Everything you just said applies to any form of currency. Don’t tell me you actually believe FIAT is backed by anything.
Stop. You’re already fucking up there. Cryptocurrency as a concept is not meant to be a stock. Yes there are people who treat bitcoin and shitcoins as such, that doesn’t make it a stock. That is the mistake that many people and so many others make on a daily basis. This is why I don’t support shitcoins, the only currency you should support is one with a purpose, such as the many time aforementioned monero.
If the Japanese yen had the volatility that it could go from now to worthless to 3x it’s current value in a week, would you not put money into it at the dip and cash out at the peak? Yet yen is not a stock, it is a currency. Currency is something you exchange for goods.
The word pyramid scheme does not apply to bitcoin, it applies to RUGPULLS, but nobody controls bitcoin.
Crypto is not backed by anything. The US dollar is backed by the credit of the US government. Crypto is not backed by anything.