LogFAQs > #953540252

ROOTFayth posted...

just because you know about microbiology clearly doesnt mean you know about crypto, comparing it with tulip bulbs lol, last rich people Ive seen do that have been allocating part of their portfolio into crypto

Yes, people became millionaires with tulip bulbs too.

So far, the only really rational argument for cryptocurrency not being a speculative bubble is that it's also a legitimate currency.

Except it really isn't a legitimate currency. The extent to which its value increases makes it much more lucrative to acquire than it is to spend, and if there ever does come a time in which it undergoes inflation, its value to investors will crash. Essentially, you can either view it as a potential hyperinflation event waiting to happen, or a speculative investment bubble.

The irony being that considering it legitimate because it's designed to be a currency actually is an even worse argument for its legitimacy than considering it a speculative bubble.

While I disagree with it being considered a Ponzi scheme by definition, it does have some characteristics. Especially since it will primarily benefit the people who got in early at the expense of the people they suckered into buying late while the original investors were gearing up to sell.

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