Whatever you’ve gotta tell yourself, buddy. I make reliable extra income every month relieving experts and believers like yourself of your crypto capital, so by all means, never change. The system needs suckers.
Cryptos have value because their investors all agree that they do. That’s where it ends. If those investors stopped believing that, their value would drop to zero because there’s no underlying material value supporting it’s market value. They’re shared delusions, and arguably self-perpetuating high-control groups.
What I’m calling “real material value” are things like physical assets and profit generation capacity. Companies own things, and they use those things to generate profit, which in turn filters down to investors. This dynamic doesn’t exist in crypto.
Gold has real material value as a useful product, not simply a store of value.
I’ve only worked in finance for 6 years, and only on the technical side, so forgive me if my vocabulary doesn’t meet your standards.
If you’re actually disagreeing with the point that I’m making, and not just being pedantic, please let me know who you work for so I can be sure to avoid their services in the future.
Unlike cryptos, gold and stocks have real material value behind them, not just community buy-in.
You can make the art/baseball cards/stamps argument, but then you’d be conceding that the value of cryptos — something pitched as a revolutionary technology with limitless profit potential — is, in reality, determined by the same irrational valuation process as niche collectible markets.
There’s a reason we don’t pay for groceries and mortgages with baseball cards and stamps.
I think the Ponzi claims stem from the fact that so many people are in the market for speculative profit (and not to revolutionize finance or whatever), and the fact that earlier investors can only capitalize on their investments by proselytizing, recruiting, and ultimately selling their bags to new investors. Framed that way, it’s quite Ponzi-ish.