Letter in Support of Responsible Fintech Policy

Re:Letter in Support of Responsible Fintech Policy by pavlov on Tuesday June 07, 2022 @07:51AM (#31652799)

> “Obviously the more potential someone sees the more they will be involved”

This sentence summarizes why crypto is so peculiar. It’s all about belief in some potential, not utility or returns. And you’re supposed to get “involved”.

When you buy a stock or a bond or a derivative or a currency hedge, it doesn’t usually become a way of life. But crypto isn’t a practical financial product so much as a club membership. Bored Apes figured this out and took out the financial pretense completely.

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Re:Letter in Support of Responsible Fintech Policy by roenxi on Tuesday June 07, 2022 @08:10AM (#31652980)

People can (and have) said the same thing about gold for thousands of years. The evidence is in, cryptocurrency is some sort of asset. It is unclear how big the crypto market is, but at this point it seems a safe bet after the last decade that there there is enough interest to sustain a billion dollar market in cryptocurrency even under the most pessimistic of scenarios. It is probably going to be quite a bit bigger.

The next real question is how to value it. That'll take a recession to figure out by clearing out the scams, but it'll become clear in time.

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Re:Letter in Support of Responsible Fintech Policy by rout39574 on Tuesday June 07, 2022 @09:44AM (#31654202)

It's an asset like a baseball card or a beanie baby.

Notably less asset-like than e.g. MTG cards, with which you can at least play a game.

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