I've been trying to figure out what the potential ups/downs are for holding onto my crypto as an investment and lately I've had a harder time justifying holding on. It seems like there was a period where we could've ridden the wave, but I'm not seeing that much upside. I bring up these potential points in hopes that someone can dissuade me of these concerns, but I'm pretty pessimistic at this pointUser Interface: If money is all about trust then it's REALLY hard to get people to trust what they don't understand. Even at the height of crypto mania most people had no idea how a blockchain actually works. Add that to all the stories of people having their accounts drained, sending money to the wrong address, and the completely lack of insurance like FDIC and it strikes me that it would be pretty hard to get non-speculators to put significant amounts of money into crypto for safekeeping."The unbanked/third world": I've actually been living in the third world on and off for the last six months, and I've got to say... it was HARD getting any level of interest in crypto from anyone. Even in countries with decent technical knowledge and a horrible local currency (Argentina), people were much more interested in using US dollars or online banking than in figuring out crypto exchangesNO ONE IS @#$@ING SPENDING IT. Like... SERIOUSLY. I have friends who WORK in the crypto world, and when I go out to dinner with them, or sell my speakers or ANYTHING, none of them are willing to pay me in bitcoin. It seems ridiculous to have a currency that everyone is holding on to because they're waiting for it to be worth more. There was even a report that over 90% of mined bitcoin hasn't moved at all in the last 6 months. That is terrible for a currency.I bring these up to start a conversation and would honestly love to hear other opinions about this.
Submitted December 11, 2019 at 06:36AM
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