Posts about Crypto
My brother is a 33 year old man who has lost literally ALL of his money in investing into cryptocurrency and NFT's. He spent $15,000 on an NFT back in 2021 that is now worth $40. He invested $30,000 in "weed-yolo-swag-420-shiba-inu" token and lost all his money. All of this was inheritance money from our grandma and grandpa. Yet he STILL fiendishly follows cryptocurrencies and NFT's like his addicted to it. Literally 10 hours a day he's reading about NFT's and trying to make money in cryptocurrency. He believes in counterculture decentralized finance life and thinks banks will ruin the world and that the USD will crash and that Bitcoin will replace it because it's "digital gold". He also thinks that Dogecoin is a legitimate currency and that any day now, it's going to explode in price to be worth more than the GDP of the United States. It's actually really creepy. He's like some sort of cult follower of Elon Musk and Jack Dorsey and has started his own company trying to be a "crypto consultant". Can someone explain this mindset to me? Because when I go over the r/Cryptocurrency sub-reddit, this behavior seems actually really common amongst Gen Z and Millennials.
Edit: I don't want to discredit the blockchain technology - it's cool and innovative - but let's be real here, it's basically just a public database with p2p transactions validation. Cryptocurrency itself is entirely useless. I'm sorry! Flame me if you want, I don't care. You can run a blockchain without any cryptocurrency mechanism to it at all. I can mint a token on Ethereum and pretend it's awesome, but it's nothing more than a popularity contest of who else will believe my token is awesome too. 99% of altcoins are purely useless. And just because you say that Bitcoin only has 21 million tokens makes it valuable, you are a fool. I can make my token have a MAX_TOKEN_COUNT = 21,000,000 parameter in the code and that doesn't make it valuable.
Blockchain != Cryptocurrency
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