Are cryptocurrencies a scam? My boomer parents keep telling me that it is a...

Stark_Naked
Stark_Naked

Are cryptocurrencies a scam? My boomer parents keep telling me that it is a pyramid scheme and is backed by nothing. They tell me i would be wasting my money if i got into it and that it all is going to collapse.

Other urls found in this thread:

discord.gg/sEPdC
youtube.com/watch?v=OG3WMaWwJig
veekyforums.com/thread/1987823/business
discord.gg/v6aXTKZ

Harmless_Venom
Harmless_Venom

Did the dotcom bubble stop the internet? No.
A lot of things in crypto are a scam, but some aren't.
ETH is a scam btw

haveahappyday
haveahappyday

A lot of crypto's are a scam and it takes some time and practice and reading before you know whats a scam and what isn't.

That being said, Bitcoin isn't a scam and you likely know more about it than a couple of retarded boomers. Hold at least 1 Bitcoin until 2030 and you will be laughing at everyone.

Make your own choices. Don't listen to boomers. They haven't spent 5 minutes looking past media Bitcoin hit pieces

takes2long
takes2long

They are old and do not understand the future in front of them.

India, Taiwan, Japan. They are all major powers moving towards complete acceptance of cryptocurrencies. This is a trend that will move across the world.

Snarelure
Snarelure

Never listen to boomers, user, at least when it comes to new and innovative technology. Sure, there's plenty of scam coins and they clearly outnumber the legitimate coins, but cryptocurrency as a whole has a place in our collective futures.

Remember, most boomers, including Al Gore, believed the early internet to be nothing more than a novelty that would never come into common use.

AwesomeTucker
AwesomeTucker

I tried making a slight parallel to the early internet, gold rush, early oil booms, and just stocks that now are worth 100x what they were worth a decade ago but they just ignored everything i said.

Lord_Tryzalot
Lord_Tryzalot

Of course, some people just get set in their attitudes. Even if you were to make a bundle off crypto, it's likely that they wouldn't change their opinion of it.

In other words, there's no convincing them. So, just do your own research and invest in something you believe will turn a profit.

I've been speculating in cryptocurrency since 2013 and I've turned $500 into 10k. And that's just the money I have in the bank. I have much more tied up in various coins.

You're your own man so invest as you please. And don't sweat the dips.

kizzmybutt
kizzmybutt

How did you find yourself learning about the cryptocurrency trade? Totally new to this and it's perked my ears recently to read into it.

TreeEater
TreeEater

Thoughts on POSW? Do you have any?

WebTool
WebTool

All altcoins are ponzi schemes.

Not because they have no use, but because they were created with the intention of them being ponzi.

Blockchain technology is a fucking mess right now and ironically enough, until a set or rules and regulations is put in place, they have no more value or use than penny stocks.

TechHater
TechHater

That picture made me kek. Crystal's another wewuzzer

JunkTop
JunkTop

Do you even know what a ponzi scheme is?

Nude_Bikergirl
Nude_Bikergirl

Hey, it sounds legit to me. Shakespeare is so bad that it makes sense that she created it all.

Crazy_Nice
Crazy_Nice

That's because they're dumb boomer normie scum. I bet they're the type of fuckers that insist that real estate can only go up and there's no bubble.

Spamalot
Spamalot

This desu famygdala, people forget that he mainly wrote dumb romcom plays

w8t4u
w8t4u

It does matter if you make money from it. We offer an opportunity.
discord.gg/sEPdC

Deadlyinx
Deadlyinx

youtube.com/watch?v=OG3WMaWwJig

is true for pow coins
pos coins maybe not

Lord_Tryzalot
Lord_Tryzalot

A ponzi scheme is just a long term pump n dump

viagrandad
viagrandad

Yes and no.

Do most have any actual long term value? No.

Do they fluctuate in price? Yes.

Do people buy them? Yes.

Just don't be the last one standing in a 200 man game of musical chairs with only 10 chairs and you can make some money.

ZeroReborn
ZeroReborn

I first heard of BTC back in 2011 on Something Awful forums, but didn't give it much thought until it hit the $80 mark some time in 2013, still kick myself for not investing when it was $120 a coin. I didn't think it could get much higher (The Mt. Gox fiasco blew my mind). Later moved onto C-Cex while making the occasional trade on Yobit because they are most open to new coins.

I recommend you get your information from a variety of sources. Veeky Forums is good for discovering up-and-coming coins, but I'm always wary of taking Veeky Forums's advice.

Also, invest long-term in coins that at least provide some useful functionality i.e. fast transaction/confirmation times, anonymity, inflation/deflation control, high fungibility, etc. and are included on several exchanges. It's not the best idea to get involved in Veeky Forums supported coins because you could get left holding the bag.

I haven't really looked into PoSW. Just haven't had the time.

whereismyname
whereismyname

What other sources would you recommend? Any that delve deeper into explaining the crypto market? I am as new as could be to this but thanks for the initial info so far.

Supergrass
Supergrass

One more thing, don't invest any money you can't afford to lose or be without for a good long while. Most popular coins rebound after a while, so long as they aren't scams.

SomethingNew
SomethingNew

I like to use Veeky Forums, bitcointalk.org, cryptocompare.com, coinmarketcap.com, sites dedicated to a specific coin, and Google. On occasion, I Google a coin that I've been following to see if any major news organization is talking about it.

likme
likme

your parents are right, user
follow this advice.

veekyforums.com/thread/1987823/business

Carnalpleasure
Carnalpleasure

boomer parents believing fiat is backed by something

TechHater
TechHater

you don't understand what bitcoin is
it's simply an active ledger backed by sha-256 hashing power
what gives it value is that it doesn't have to answer to anyone
rules and regulations would kill it, it would kill the blockchain
when it was created it was a protest against the bank bail outs in 2008
when quantitative easing keeps happening to prop up the economy bitcoin is constant.
when the fed changes interest rates on a whim, bitcoin is constant.
when the government decides they can give your savings a haircut in greece, bitcoin isn't affected
you should read more about what you're talking about before you make ridiculous statements

whereismyname
whereismyname

I'll write that down, thank ya. Have any previous experience in any of this or is this mostly self-taught?

Spazyfool
Spazyfool

listening to boomers
Ofcourse they will tell you it's a scam, when crypto takes off, their days of parasitism are over.

Harmless_Venom
Harmless_Venom

Your post formatting and the fact that you can't read, tells me you're retarded. I specifically mentioned altcoins in my post, not BTC.

All altcoins are ponzi schemes. Old investors make money off new ones, with the old ones usually being the devs for altcoins. Altcoins are also measured in value against BTC.

bitcoin is constant

It's value is shackled to the value of USD. The value will crash if USD does. You're retarded if you don't think this is true.

TreeEater
TreeEater

A little off topic, but the talk about Ponzi schemes and boomers reminded me. I hear that Social Security is a Ponzi scheme, is this a conspiracy theory or is there some truth?

Skullbone
Skullbone

taking advice from a generation that still watches TV, barely can use the internet and still rents movies
not a great plan, user

SniperWish
SniperWish

If u wanna be in the know then join us
discord.gg/v6aXTKZ

TechHater
TechHater

If anybody says crypto is a pyramid scheme they're idiots.
It's a ponzi scheme.

TreeEater
TreeEater

Just go over it yourself logically in your head.

take money from current working class
pay retirees and disability with money
new generation retires
new generation of workers paying for their welfare

They say it isn't because the people who collect from it, paid into it. However, the pay outs are way more than what is put into it by the people cashing their welfare checks. The majority of it is funded by affluent citizens who pay outrageous amounts in taxes.

so yeah, taking from you saying its for your future safety net (because you're too retarded to plant the seed to a nice life in the future), then giving it to those currently needing it, and then paying you with the people who are working when you arent.

tl;dr ya its a ponzi

5mileys
5mileys

That's not how a ponzi works.

Need_TLC
Need_TLC

Any crypto not named bitcoin is a scam

They use clever marketing buzzwords and bullshit and pretend companies are investing in them

Bitcoin is programmable digital money which will evolve with time

The people holding bitcoin know it's worth 1000x more than it's current value and will hold during manipulated dumps, while people holding altcoins are just in for the pump and dump I.e. "get rich quick" bullshit

farquit
farquit

Boomers (nocoiners) know LITERALLY NOTHING about cryptocurrencies and avoid it just because it is strange to their generation.

viagrandad
viagrandad

Now this is what I call paranoia

Fuzzy_Logic
Fuzzy_Logic

I'm mostly self-taught, in that no one has given me any instruction on the matter, per se. I've read an obscene amount of material made by innumerable authors. The hard part is discerning truth from falsehood, fact from wishful thinking or malice or greed or the like.

It's a never ending battle, but well worth it. Cryptocurrency, aside from being merely profitable, is a fascinating subject and I enjoy learning about the solutions each currency purportedly offers.

ZeroReborn
ZeroReborn

You can buy BTC with your 401k.
You can open an IRA for just BTC.

Gen Y is the generation that will bring BTC into business.

Overstock
Amazon
Microsoft
Steam

America is 9 years away from the last meltdown.
Countries around the world are failing financially and switching over to BTC as a means of transaction.
Over 20 BILLION dollars is vested into BTC - not including alt coins.

When America goes through another debt cycle, which is obviously overdue, you will see a massive movement into Gold, Silver, and BTC.

America's next debt cycle will be the next Great Depression and will make Americans really question finances.

I wouldn't be surprised right now if big wall street players are slowly moving into BTC, to only pull the plug on the economy.

But your parents are use to getting Jewed and nothing will change their mind.

TechHater
TechHater

top kek that video

askme
askme

Social security is a scam in general

Spamalot
Spamalot

Yes. Most Crypto is a "scam". Its not a scam per say, but its fake currency not backed by anything, with no intention of ever using it etc.

A few are legit. The purpose of money is to have something that you can exchange for goods and services. Bitcoin is one of those.

The rest are the equivalent of creating a fake company, and have a fake stock for it, and we all gamble on it with real money.

That said, it doesnt necessarily mean its a bad investment. If you look at a lot of companies, their stock is no different than a shit coin. Businesses are valued at billions, yet have no profits, no plan for profits, and dont have the assets to pay out their stock if they closed doors tomorrow. Some companies have more debt than common stock value, yet continue to trade even though the stock is in reality worth zero dollars. But it has worth, because people make up value and give it worth.

tldr: Much crypto is just a made up thing for us to put money into so we can gamble our money with other /biztards

w8t4u
w8t4u

Coins are not a ponzi scheme. Like one, but not one.

A Ponzi scheme is when I take your $10 for an investment. Then you want your $10 back plus interest, so I borrow $15 from someone else (who thinks they are investing in me). I use that $15 to pay you back. But now I need money to pay back that person who gave me the $15. So I borrow money from two other people, and so forth.

Basically you're using other peoples capital to pay out someone, but because their capital is gone and not invested, you need to get more peoples capital etc.

The reason social security is technically a ponzi scheme, is because the people paying into it are not getting their money back plus interest (which is what an investment it). The people paying into it, their money goes directly to the people collecting. Its a ponzi scheme, but its designed that way with the assumption that as long as the economy always grows, and the population always grows, there will be more money going in than going out. Its the same theory that says national debt doesnt mean anything, because we can borrow money to pay back money, and with the economy growing, inflation and growing GDP will always be greater than the percent we are paying in interest.

Coins on the other hand have a value that is determined solely by demand for each coin. They are no different than stocks (as I said above). Yes, people sell to new people, who eventually dump to new people, etc, but because two existing investors in coins can trade back and forth it isnt a ponzi scheme

Ignoramus
Ignoramus

Someday fed notes will be a historical curiosity.

Bitcoin will persevere.

Stupidasole
Stupidasole

Fucking boomers, the worst cry baby scums on this Earth.

Crazy_Nice
Crazy_Nice

All altcoins are ponzi schemes

You don't understand what ponzi schemes are if think all altcoins are ponzi schemes.

farquit
farquit

It's value is shackled to the value of USD. The value will crash if USD does.

That's not what he meant. The number of bitcoins being created through mining can be predicted, the same cannot be said for fiat. We do not know when the fed will decide to print more money.

It's value is shackled to the value of USD

Shackled? In what way? Is it programmed to be sold only in USD? Is it impossible to buy with Euros or CNY?

massdebater
massdebater

This, medium-rare jej

AwesomeTucker
AwesomeTucker

Tell them they just described fiat currency.

farquit
farquit

pyramid scheme
no
backed by nothing
yes

good luck taking profit

viagrandad
viagrandad

True value will always win out.

LuckyDusty
LuckyDusty

fait currency
backed by nothing
Except the full-faith and credit of the United States of America my friend! Our government, central bank, and largest public banks are willing and happy to spend billions of dollars defending our currency's exchange rate against the other majors. Who is defending BTCs price against other currencies or alt-coins?

askme
askme

Are you serious? If progeny could inheret, that would dry up the reserve faster than it is already. The problem isn't SS, it's stagnant wages and completely anti worker policies.

massdebater
massdebater

Meant to reply to this

cum2soon
cum2soon

H-how is eth a scam? I'm asking for a f-friend who is 8k deep.

New_Cliche
New_Cliche

Nash, I mean Satoshi designed bitcoin in such a way that ensures the vested interests will never agree to alter to protocol.
Bitcoin will always remain the unit of account, alts will compete with eachother for mass scaling, Bitcoin was not designed with that purpose in mind, there's no need to protect it from alt coins.

BlogWobbles
BlogWobbles

Where the fuck can i get some bitcoin and how do i make a bitcoin wallet

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