People Twitter

6471 readers

1162 users here now

People tweeting stuff. We allow tweets from anyone.

RULES:

Mark NSFW content.
No doxxing people.
Must be a pic of the tweet or similar. No direct links to the tweet.
No bullying or international politcs
Be excellent to each other.
Provide an archived link to the tweet (or similar) being shown if it's a major figure or a politician.

founded 2 years ago

MODERATORS

SendMeYourTaTas@sh.itjust.works

pelespirit@sh.itjust.works

1261

Be kind to your elders (lemmy.world)

submitted 2 days ago by The_Picard_Maneuver@lemmy.world to c/whitepeopletwitter@sh.itjust.works

344 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] sugar_in_your_tea@sh.itjust.works 4 points 23 hours ago

everyone either loses money in crypto or makes very little

And this is why people misunderstand crypto. The point isn't to make money, and it never was. Profiteers have twisted it into that to make a quick buck from pump and dump schemes, but it shouldn't be considered "investing" in any sense of the word.

Cryptocurrency should have two primary uses:

Facilitate transactions - needs successo widescale adoption by merchants and fast, cheap transactions
Store of value, like a bank account

BTC transaction costs are way to high and slow for #1, so it's unlikely to get enough volume of regular transactions to even out valuations. The lightning network helps, but I think it also has problems. And unfortunately, coins with lower transaction costs that should scale better either get banned (e.g. privacy coins in some areas) or don't catch on.

I'm still holding out hope that it'll stabilize and become useful for transactions, but I'm not putting any significant money in until that happens because I don't see it as an investment.