Are cryptocurrencies a scam? My boomer parents keep telling me that it is a pyramid scheme and is backed by nothing...

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
discord.gg/v6aXTKZ
twitter.com/AnonBabble

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

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

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.

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.

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.

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.

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.

Thoughts on POSW? Do you have any?

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.

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.

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.

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.

your parents are right, user
follow this advice.

>boomer parents believing fiat is backed by something

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

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

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

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.

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?

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

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

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

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

That's not how a ponzi works.

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

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

Now this is what I call paranoia

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.

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.

top kek that video

Social security is a scam in general

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

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

Someday fed notes will be a historical curiosity.

Bitcoin will persevere.

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

>All altcoins are ponzi schemes

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

>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?

This, medium-rare jej

Tell them they just described fiat currency.

>pyramid scheme
no
>backed by nothing
yes

good luck taking profit

True value will always win out.

>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?

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.

Meant to reply to this

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

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.

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