this post was submitted on 04 Mar 2024
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The same is, however, true for most of the stock market.
The only counter argument is dividends, which are extremely rare in most industries, and barely a dent relative to an investor's portfolio.
You can argue that owning a piece of a company who generates value is not the same thing as owning some useless cryptographic token.
What's the difference between a useless cryptographic token and a useless piece of paper if there are people willing to give me things I want for either?
The piece of paper you're talking about is useful to exchange goods.
The cryptographic token is not because it's too volatile and transactions are costly.
There is a reason the only things using Bitcoin as an actual currency are illegal things, buying credit card numbers or paying for ransomware.
That's just not true. Monero, litecoin, bch... transactions cost less than a penny. No one uses bitcoin for illegal things anymore (it's tracable and forever on the blockchain, people use monero instead) but if they were wouldn't that mean bitcoin is useful for exchanging goods?
I use crypto for a bunch of legitimate things like paying for my VPN, phone bill, donating to foss projects etc.
I use it because it's more private, faster and more convenient for me. I can always have it with me, use it from any place, any time, for anything I want with no hidden fees and no one can seize, freeze, track or control my money. If you think that thoes things are valueable only to criminals you must have lived under some 1st world rock for a while.
Capitalism is a pyramid scheme.