this post was submitted on 10 Aug 2024
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Technology
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Yes, crypto people keep getting fooled by record breaking prices. So sad.
The prices don't mean anything if no one is paying it, which if something is at said 'record breaking' levels, means there is at least 1 fool out of the 2 involved.
It's still just a pyramid scheme in the end, because if I'm trading ammo or a sandwich or pigs or something, at the end of the day if no one wants to buy them from me I can still use them myself.
With crypto, there will by definition be someone holding a valueless and unusable item at some point. Whether or not the opportunity to make money in the time before that happens outweighs being involved in a pyramid scheme, is what everyone has to ask themselves (and be judged for depending on their answer).
You can argue about whether all money is the same in this regard, but there have been hundreds of crypto coins that have failed since the last fiat currency died.