'Scam'? It goes up, it goes down, just like everything else. Sure, it's quite vulnerable to market manipulation, but you still need an awful lot of money to move the market... and it's not like you can't make money as a retail investor. Just like stocks. Just don't FOMO in high and sell at lows like a tard.
It's exactly the same 'scam' as every other market tbh.
But it is different. And even those heavily invested in BTC and other coins will say so too - this exact point is perhaps the very driver of why they clamor for it to be invested in - because it is so different.
I really do like the idea of of people getting in on something that goes to the moon - I really do, why not see people make lots of money from putting money into something like coins? But the reality of what is promised and what is delivered are 2 different things.
The technology behind the coins is a brilliant technology and the user case for various parts of the technology is very strong, perhaps none more so than what ethereum offers. But just like a promise of a product that is supposed to do something envisioned, and its actual ability to deliver, eventually the hype has to give way to the realities of what the product actually
does today and not what it might do in a decade.
If a guy comes up with an idea for a rocket, I am not going to say his rocket idea is worth billions because the idea could deliver something, I am going to give my money to the guy that builds the rocket that makes it to where he says it needs to go. No coin really goes where it needs to go for the user case. If a coin does, it won't make other coins with he same idea more valuable - it will crash them. And the fact thousands of other coins still have caps measure din tens of billions that we KNOW will never reach the promise has the calling card of "watch out". scam.
I can say with certainty if I buy a stock in "x" and it goes down there will be some rational for it - i.e. the earnings forecast and returns to investors has been weakened by conditions so it's inherent value has changed. Assets of the company plus it's expected return is a pretty fair guide to the value. So when in harsh economic conditions my stock in "x" drops, there is usually a formula that says literally "my $1 share of the company is going to produce only 80% of the work it used to, so its now 80 cents".
I.E. a dollar that is worth now only 50 cents usually has an equation with it that says "Its worth 50 cents now because it does 50% of the work it used to. A loaf of bread costs me $2 now instead of $1".
But with these coins there is no such calculation. If ETC goes down or up 50% there is no "It is doing 50% more/less work". The coin does the same thing at $1 or 1 cent.
I feel as the screws tighten on money supply, and as economic conditions get more tighter, the freedom we've had to splurge on whimsical matters goes down sharply, and the push comes to shove as it becomes very important as to where we put out drying up supply of cash into things that actually do work.
I know of several people into Cryptos (I too was but pulled out months ago, although it was a small investment), who have ridden the wave of growth and falls and what bothers me is the very rationals they use to justify it going up are the same ones they use to justify it going down and I think they are going to get more burnt.
Anyone who is into Crypto I truly wish the best fortunes to come to them - I do. And when a close friend was making hog on the wave I was really happy for him, he was riding high, and now that things have soured he isn't doing so great.
I wish you the best, but crypto isn't like other investments but if you make a killing on it then good for you. But to be clear, you aren't investing, you are speculating and the equations and risks for speculation are markedly different than "normal" investing.
Go to the moon, I will clap. But I think that moon is actually a bright light fixed at the bottom of the Marianna Trench with a lot of misdirection involved to get you to look in that direction.
I feel sorry for the people who bought in when the Luna Foundation started to buy up BTC to back the project, that ought to have made it less risky. But these fucking tards who have no clue what they're doing, and then go crying to the government to regulate the shit out of the whole market when they lose their shirts? Fuck 'em. They're ruining it for everyone.
