Would you please not cross into personal attack? The GP comment wasn't good, either, because it's much too generic and repetitive. Discerning readers are weary of this repetition, which is getting shallower and nastier as it continues.
Nonetheless, what you posted was considerably worse. Please don't take threads in degenerate directions.
Classic coiner arguments. "Have fun staying poor!"
For the record I:
(1) Bought during the 2017 run-up, and sold around $17,000 in early 2018, and parlayed that into various other investments that have done quite well. I've posted to that effect here in the past.
(2) Shorted CME futures at $56,000, and a bunch of Coinbase and a bunch of Tesla. That's roughly $100,000 USD per contract in profit - deposited directly into my SIPC insured FINRA regulated account with zero counter-party risk, 60% long term capital gains. Not bad for two weeks work.
You worry about your account, leave mine to me :) I'm talking about crypto on its merits, not its price. The merits of course inform my investment decisions.
There are tons of ways to make money on this planet, HODLing crypto is just one among them. I was addressing the question directly: why do I hate bitcoin? Asked, and answered.
But to supplement: the thing I hate most about crypto are the touts and the community.
This is different to hating tiltok though. Ponzi schemes actually hurt real people when they collapse. I think it’s reason able to think that pointing out the emperor’s lack of clothes is public spirited.
Honestly 'its a Ponzi' has been debated a million times, it isn't, except in a really loose description into which any currency or asset could fall. They all rely on someone else wanting to pay more for an asset that you did. That's it.
It's a negative sum speculative vehicle. For every $1 that goes in exactly $1 can come out - minus miner fees. Any gains in welfare are illusory.
Options, futures and commodities are zero-sum, because gains for one party are distributed directly from the other party's losses.
Stocks are positive sum because companies have earnings, revenues and profits. They use this income to grow the business, pay dividends or re-purpose shares. It's absolutely the case that you can get more than $1 out for each $1 put into share ownership.
making the world a better place = deny billions access to any financial lifeline they may have.
Those silly Zimbabweans, Venezuelans and Turks, why are they losing their life savings?
Can't they just do smart things like you, and login to an SIPC insured account to short Bitcoin right at the top without any counter-party risk, while their financial advisors manage the rest of their portfolios? Duh.
It finally makes sense, you are from the "let them eat cake" camp.
In those countries a single BTC transaction fee can be a month's wage. Venezuelans know this - they moved 66% of domestic transactions to USD, not crypto. [1] And of course they did, it's strictly a better currency. In every meaningful way.
I'm from the "don't tell them it's cake when it's a sawdust to pump your bags" camp.
