Think about something like private/public pensions, annuities etc. A cogitating being knows that they are getting older and will need money for retirement, but they also should know that there are essentially just 4 ways to make an investment grow without any labor input from the investor: the bond market, the stock market, the real estate market and private lending to companies or individuals.
Now with the possible exception of private lending a citizen can do all the above, and remember they also know that they will need money for retirement. So tell me again why do they need public/private pensions and annuities? And why we allow such actors to operate given they redundacy considering the fact that they are preying on people's fears that they won't be able to make it in the future?
If crypto preys on people's greed then the legacy financial system preys on people's fears. They are 2 equally bad behaviors.
The cost of storage on Filecoin is $0.0000001 USD / GiB / mo.
This makes no sense. That’s $10^-4 per TiB per month or one cent per TiB per 10 years. You can’t buy anything remotely resembling a hard drive, even used, for anything resembling this price. You can’t buy a disk controller. You can’t buy power to run the thing.
This means that miners have absolutely no incentive to store your data except for the lulz. This is useless for any serious purpose.
Cryptocurrency kind of reminds me of that Star Trek episode where they were going to destroy the Borg by giving them this impossible n-dimensional object to ponder. It had no solution but was infinitely interesting so they would ponder it, and ponder it, enlisting more and more minds in the collective until the entire Borg were occupied doing nothing but considering this shape. Cryptocurrency kind of seems to have done that to hacker culture. It's infinitely technically fascinating and pushes all the right cyber-libertarian buttons so it sucks in more and more resources forever but amounts to nothing.
Crypto is like the mental virus in the movie "Pontypool" [0] - people are infected by it and cannot think about anything else.
The potent mix of greed, exclusivity, and novelty applied at the right time someone's life can ruin just about anyone.
Critical? Then you must not have gotten rich/must not be money material!
This is quite literally the line used by "energy deregulation" MLM hucksters.
It's OK to admit that you're enthusiastic about something because you think it'll make you rich. Heck, it's even OK to promote it because you think that will help pump things in some small way (or a large way, depending on which sketchy Telegram chats you're pumping it in).
But don't BS others, or yourself, about your reasons for doing this.
The music's been fading out for a bit. The world changing innovations didn't happen, the grand plans were very nearly all vaporware, and the few that were even arguably real have come to naught.
It doesn't take any bitterness to come to an overwhelmingly negative opinion about this entire area and anyone even somewhat bullish on it.
Tether? Scam. Ripple? Scam. Most shitcoins? Scam. Crypto as a technology? It's just code, and open source (usually) and you personally can get involved by submitting a PR.
People buy stonks with VERY little understanding of what makes it worth something. Same shit
This fraud galore has no legal basis for existing.