Current Events > What's the benefit if everyone invests in cryptocurrency?

(+) Yeah! (+)

This year pretty much every other Super Bowl commercial was telling us to invest in cryptocurrency.

Doesn't that make everyone millionaires and therefore the value of money gets fucked up or something?

Or is it all just a massive scam like it seems to be on the surface?

I'm too dumb to understand how this works.

Everyone loses money except the 1%

everyone would have fat, juicy, cyberwallets to mine after i release my cryptoworm

At the very least you can park some cash on a stablecoin and get like 8% apy vs the banks that give like 0.01% apy

stablecoins stay pegged to usd and are used in defi swaps

VigorouslySwish posted...

At the very least you can park some cash on a stablecoin and get like 8% apy vs the banks that give like 0.01% apy

stablecoins stay pegged to usd and are used in defi swaps

I think i'd rather just stay poor than attempt to understand this.

The benefit is that we all beat inflation instead of getting $0.02 per month from bankers.

EffectAndCause posted...

I think i'd rather just stay poor than attempt to understand this.

Its so easy lol you just buy the coin

EffectAndCause posted...

I think i'd rather just stay poor than attempt to understand this.

Thats real sad.

VigorouslySwish posted...

At the very least you can park some cash on a stablecoin and get like 8% apy vs the banks that give like 0.01% apy

stablecoins stay pegged to usd and are used in defi swaps

Let's say I move my savings account into Coinbase and put it in usdc for the 8% apy.
Am I just fucked if Coinbase gets "hacked" and my wallet is compromised? I feel I see a lot of articles about exchanges getting crypto stolen from them

Dont buy crypto; buy stocks instead.

All crypto is just a rug pull scam. They are telling you to buy because Bitcoin is like 33% off the all-time high and they want you to cut their losses so they can sell and break even.

Buy, hold.
Don't sell until you're rich.
That's literally all you have to do.

Imit8m3 posted...

Buy, hold.
Don't sell until you're rich.
That's literally all you have to do.

So how is it any different or better than the stock market weve had for hundreds of years?

EffectAndCause posted...

So how is it any different or better than the stock market weve had for hundreds of years?

Its not better; its worse.

Crypto represents useless numbers on a screen that produce NOTHING.

Stocks represent BUSINESSES that generate REAL REVENUE.

EffectAndCause posted...

So how is it any different or better than the stock market weve had for hundreds of years?

It's much faster. Stocks might get you +10%in a good year. This year I'm already up 115%.
The stock market has been around for ages and everyone is into it already. Crypto is still in it's infancy and a lot of people don't even know it exists yet. Huge potential for growth with mass adoption.

Seems like one of those things thats gonna quickly explode and then fizzle if/when the enough people grab a hold of it and squeeze it for all its worth. Does it actually have long term staying power or is it just a passing thing and you need to strike while the iron is hot or youre gonna miss it like Moviepass?

it's around to stay, and the techier heads among us can explain why much more succinctly than i can.

they've been calling it a bubble for decades.

I believe that it can and will replace the dollar one day.
SHIB is being accepted as payment at more and more places every day. And they just rebranded a fast food restaurant called Wellys with SHIB.
It also doesn't destroy the environment with mining like Bitcoin does. All of SHIB already exists. There's nothing to mine.

Dat_Cracka_Jax posted...

Let's say I move my savings account into Coinbase and put it in usdc for the 8% apy.
Am I just fucked if Coinbase gets "hacked" and my wallet is compromised? I feel I see a lot of articles about exchanges getting crypto stolen from them

The big exchanges have been refunding hacks as long as the coin isnt some obvious rugpull

the advantage is that when more people "invest" in bitcoin, the whales holding the vast majority of the coins are finally able to sell some off and make money.

VigorouslySwish posted...

At the very least you can park some cash on a stablecoin and get like 8% apy vs the banks that give like 0.01% apy

stablecoins stay pegged to usd and are used in defi swaps

Anyone promising 8% guaranteed returns is scamming you

If everyone invests, everyone makes infinite money forever, is probably how it works.

No benefit if everyone does except to the worst and greediest personalities out there who get a larger group of people to mess with.
Only benefit right now is you can immediately identify anyone who endorses it as a bad egg to be avoided. Hell if they start talking about NFTs or blockchain technology in a broader sense you can reliably identify them as the scum of the earth.
I don't have high hopes for people who watch sportsball though so the ads will probably win this one decisively.

Just now if somebody talks positive about any coin, they provably have a lot of money invested in it already.

https://en.wikipedia.org/wiki/Dot-com_commercials_during_Super_Bowl_XXXIV

g980 posted...

Anyone promising 8% guaranteed returns is scamming you

Ive been getting it for a year

g980 posted...

Anyone promising 8% guaranteed returns is scamming you

Also fyi banks used to offer rates like that at one time until they realized they could all just band together, stop competing with apy, and keep the money for themselves

VigorouslySwish posted...

Ive been getting it for a year

lol

VigorouslySwish posted...

Also fyi banks used to offer rates like that at one time until they realized they could all just band together, stop competing with apy, and keep the money for themselves

VigorouslySwish posted...

Also fyi banks used to offer rates like that at one time until they realized they could all just band together, stop competing with apy, and keep the money for themselves

nope not how that works