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  • I have been going to the same barbershop for many years now. Yesterday was the first time in all of those years that I have ever heard a discussion of financial markets. Interestingly enough, every barber and college-aged kid getting a fade was talking up how much they're making in crypto. One guy wearing a bitcoin t shirt, I kid you not, supposedly owns 12 bitcoin and refuses to sell any of it. Diamond hands is the motto. My barber was looking forward to repeating his “easy” tactic of buying the dips and selling the peaks. He’s pulling in an “easy five figures a month.” A college student has been using most of his living expenses student aid to invest in bitcoin and doge. For those of you that are heavily invested in crypto, does this picture seriously not worry you? Does this not seem like a bubble to you?

    “If shoe shine boys are giving stock tips, it’s time to get out of the market.”

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    • Originally posted by Panscan View Post
      They don't have access to running water, electricity or computers either. A central place that stores their money seems easier to establish to me than getting them electricity and cell phones/computers needed for them to have crypto.

      If these people wanted to help Africa they would get them clean water and electricity. They just want to make money off poor people to be frank. No human needs cryptocurrency to survive. All humans need clean water.

      To me, lots of the people who think bitcoin and other crypto works are people who own the coins and see price goes up = good, system works. But the systems don't work if you actually use them. I have gone full cycle, thought it was dumb, got involved early this year, bought some stuff, prices went up, made some money, read about it, using eth network for probably 50+ transactions, L2 solutions, exchanged it for random crap coins to speculate and see how the mechanics work and am now back to it again being nearly useless and own 0 crypto. They simply don't work well. Everyone says " tomorrow it will work well." BTC is 10 years old, it's not going to significantly change. At some point the speculation gleam will wear off. The stuff you see in crypto world is straight predatory and if the same tactics were used in the conventional equities market it would be front page on every newspaper in the world and people would be before all the fancy alphabet soup agencies in court.

      The amount of leverage? Where else can you get 100x leverage? Where else do you have these kinds of fees? Where else do you have no recourse is something is screwed up?

      But price goes up so crypto is good
      How do you think we can get people in Africa clean water? Why do you think the people in Africa, South America, Central America, and Asia do not have clean water and electricity in 2021? What has happened over the course of history that has created this enormous wealth gap in the world?

      We agree on one thing, all humans need clean water. Dependable and reliable electricity sure is helpful too.

      I disagree with you on how that is achieved. To me, this is achieved by allowing a free and open system to the hardest money the world has ever seen. This does not happen quickly though.

      It is clear to me that you went down the "crytpo" rabbit hole for a short ride. That's unfortunate, but somewhat unavoidable. I'm glad you made some money. Good for you.

      Unfortunately it sounds like you did not go deep enough in to the Bitcoin rabbit hole. There is a good reason I have avoided discussing other cryptocurrencies. Like you, I have found that >99% of them are scams and just ways for people to make money. They don't create anything new that doesn't already exist in a cheaper form or provide any real value to humanity.

      I strongly disagree with the conclusion you have made about Bitcoin though. It does provide significant value to humanity. Long term, it actually will help bring water and electricity to Africa, South America, Asia, or whatever other locations in the world embrace it. Those that don't embrace it will be left behind. It is not a short one though. You and I will never see the end of this story, but our great grandchildren may.

      There will still be rich and poor. But Bitcoin helps prevent the wealthy from continuing to rob from the poor. If you follow this to it's logical conclusion it ends in decreasing the wealth gap between rich and poor which has widened for the past 50 years.

      To say this in a very simple and quick manner. Dig deeper into Bitcoin and stop $hitcoining.

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      • Originally posted by Panscan View Post
        They don't have access to running water, electricity or computers either. A central place that stores their money seems easier to establish to me than getting them electricity and cell phones/computers needed for them to have crypto.

        If these people wanted to help Africa they would get them clean water and electricity. They just want to make money off poor people to be frank. No human needs cryptocurrency to survive. All humans need clean water.
        As with many things in life, multiple projects can be undertaken at once. Just like malaria treatment/prevention, HIV treatment/prevention, providing access to basic medical care, building shelters, supporting education can all happen at the same time as those who work on providing access to clean water.

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        • Originally posted by Outdoors View Post
          Bitcoin is legal tender in El Salvador.

          https://www.cbsnews.com/news/bitcoin...-legal-tender/

          It will be fascinating to see over the next few years if more countries adopt the Bitcoin standard.

          I'm pretty sure it's a bad look when a country that is best known throughout the world as a hotbed for drug and sex trafficking, violence, and crime makes legal a currency that is trying to shed its history of being used for aforementioned crimes. Silk Road, anyone? lol

          But as long as the bitcoin number goes up in value, who gives a f, amirite?

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          • Originally posted by Panscan View Post
            they simply don’t work well , it’s always waiting for the next thing. Eth 2.0 will fix everything the eth people claim. We will see , right now eth network doesn’t work.
            To be fair, eth 2.0 and PoS should reduce the fees, but the other problems may still remain...

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            • If eth 2.0 ever happens

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