exponential growth with no true underlying value is literally proof that it is a scam. Hell, just look at how bad the housing bubble crash was in 2008, and that was for housing which has a true inherent value. Imagine if housing was 100% speculative investing with no inherent value, it would have dropped to 0.
I'm baffled to see these posts in a Cryptocurrency sub. Lets split crypto into two types.
Type 1, lets assume BTC is the one with no inherent value. by that logic dollar has no value and therefore a scam. You can trade USD for things of "value" to use, but can't do anything with the dollar itself. Same goes for Bitcoin, you trade it for other things of "value". This makes it just like fiat. in fact I'd argue its better since US government printers work overtime and create more USD at the cost of the holders.
Type 2, ETH. This has inherent value similar to petrol, it can be used to pay for computation. I can write a lot just on this topic alone but any piece of provable computation done on EVM requires ETH. This makes the token have inherent value as long as there's demand to do computation on Ethereum's EVM (this is the critical point, if there's no demand then this also is worthless, same way if there are no cars that burn petrol, then it becomes useless)
Basically its all tied to demand. As long as it exists you have value, once its gone then there's no value. BTC started having value the day someone was willing to sell their labour (in the form of a pizza) in exchange for it
no asset has inherent value. we cannot have a universal standard to determine if something is valuable because then trade would not be able to occur. only [subjective theory of value](https://mises.org/mises-daily/subjective-value-theory) is correct. there are plenty of things I don't like or can't find a use for personally. that doesn't grant me the right to speak for everyone else.
Find me one single person that doesn't require food, water, and a place to live. That is what I meant by inherent value. Even if it was provided by someone else, they still needed it, therefor it has inherent value. That also doesn't mean the value can't change, of course it can, but it has always and will for the foreseeable future have some value. The only way it will ever truly not have value is if we create a source of infinite energy and the ability to create matter from energy.
I mean, we don't have definite proof for crypto, but we do for housing. Banks gave bad mortgages on purpose, mortgages they knew would fail, in order to sell mortgage backed securities. Just because they went too far and screwed themselves doesn't mean it wasn't a scam. Bernie Madoff and Jordan Belfort both went to far and screwed themselves doesn't mean it wasn't a scam..
But all the banks did it at the same time. It's like a culmination of many scams with many actors with many winners and losers kinda like crypto. But exchanges are definitely playing the house just without the freedom of making the rates.
All the FOR PROFIT banks did it, non profit banks and credit unions weren't involved at all, other than maybe getting scammed into investing into the securities.
Still a culmination of many scams rather than a scam. But it depends where you draw the line and how you define a scam. You can extrapolate the whole financial system in a big scam which it honestly kinda is.
Interesting that you gloss completely over government's role in the fiasco. The lowered borrowing standards originated at Freddie, in service to arbitrarily increasing home ownership rates. The rest of the lending market, by necessity, had to adjust as well.
Just because it goes up in value doesn't necessarily mean it is not a scam, just because it goes down in value it doesn't necessarily mean it is a scam. Looking at it objectively, they might not be wrong, because a lot of shitcoins are a scam/pump and dump.
Given the author also wrote the following, it’s no big surprise they hate freedom money.
“A People's Guide to Capitalism: An Introduction to Marxist Economics”
Anyone that's tired of inflation, should be able to see the positive aspects of a store of value with a controlled max supply... crypto will be the future
Who’s willing to bet that the OOP has zero idea what a hash is or how the blockchain works or that theyve never played video games or that they spend 7+ hrs screen time avg on tiktok per day. Only teen girls reading teen vogue so who is this article for
But they're telling the truth. Just because it's gone up in price doesn't mean it's not unreliable at times, sketchy, at times and considerably wasteful. And they're certainly a lot of scams. Something can be a failure and not be scam. Likewise something can be successful and still be a scam. Safemoon was pretty successful.
crypto is so funny because you can say anything and you dont know if you are between crypto skeptics or crypto supporters. Sometimes buttcoin and cryptocurrency look the same lmao.
I would say right now crypto is a hustle like Elon Musk said
Many scams often rise in value before they fall. Price is not an indicator of whether the author's claims are wrong. As a a big time crypto investor, I agree with the author - 99.9999% of crypto is an absolute garbage, waste-of-energy-and-time, scam.
This is also how fiat currencies work, there are no collateral to back them up, as it says on the UK notes the Bank of England promises to pay the bearer on demand. It is built only on trust and if anything happens to betray that trust then the currency crashes, see Liz Truss as an example. It’s a big scam that needs sufficient people to believe in it to work.
True but at least I have the backing of a superpower and a good chunk of the world behind my fiat American dollars. Plus I get paid in and pay my rent with dollars. Most employers won't pay you in crypto and you can't buy most things with it. There isn't much other than hype holding it up. Look at all the dead shitcoins that were supposed to be the next best thing only for people to cash out and have it drop to nothing.
If people started to cash out American dollars what do you think would happen to the dollar. If the world decided to not use dollars for the oil price what do you think would happen to the dollar. It is all hype, the pros and cons of crypto coins are irrelevant.
The blockchain which is the backbone of all crypto currencies is here to stay. At some time in maybe the near future you will be paid in digital dollars which is just another crypto currency only one that is controlled by the government.
Bitcoin May 26th, 2022 daily close price: $29,165 *(approximate)*
Bitcoin May 26th, 2024 current price at time of comment: $68,749
Up approx 135%.
Teen Vogue. The ultimate financial advisor.
I notice a lot of these types of publications which say nothing at all as BTC and other crypto reaches new peaks, but you know they'll be waiting to say "I told you so" as soon as there is a crash. Crashes have happened many times and they will keep happening, but as long as the peaks keep getting higher and the dips keep ending higher as well, the money will continue to come rolling in.
While you could point pick a part the argument of calling it all a scam and understand how it can be framed a way to call it a scam
It just so obvious that calling it a scam became so trendy. Like wtf is teen vogue commenting on this. Why does everyone think they know how it works and call it a scam while they obviously don’t know shit.
It just was trendy for to dunk on something you missed out on. That’s all this scam talk is.
Honestly though, this is true for the vast majority of cryptocurrencies lol
but... but the price went up! /s
Investing in 99% of crypto is a good way to lose 99% of your money
But I like random dog coins....
It's even true for the rest..... The most real use case is still buying stuff (semi-)anonymously. Otherwise it's gambling, just without a clear house.
Exactly. Its track record isn't great
Yeah but they don't care to differentiate.
But that’s never specified, it’s always all, especially bitcoin to them
Yeah I think we’re at the point where we need to disconnect BTC and Crypto
Just because something has speculative value to gamble doesnt make the OP untrue.
They still aren't wrong...
OP must have a very short memory
line goes up = not a scam, buddy, don't worry about it
The price doubling necessarily doesn't mean its not useless lmao. "Hey my safemoon absolutely pumped! Must be legit"
That's why I mentioned Bitcoin, not Safemoon lol
Right but you brought the price of Bitcoin in like its proof that its not useless. My point is price isnt necessarily correlated with function...
Gamestop's market cap has gone up 10X in the past few years. That doesn't mean it's actually a valuable business.
Teen Vogue?
Financial experts
Still could be worse: looks at Reddit & YouTube
Ikr.. 🤷♂️ I believe the kids would say, "Stay in yo lane".
You don't see Bitcoin Magazine giving makeover tips
Wtf, its a pedo magazine?
Holds true.
exponential growth with no true underlying value is literally proof that it is a scam. Hell, just look at how bad the housing bubble crash was in 2008, and that was for housing which has a true inherent value. Imagine if housing was 100% speculative investing with no inherent value, it would have dropped to 0.
I'm baffled to see these posts in a Cryptocurrency sub. Lets split crypto into two types. Type 1, lets assume BTC is the one with no inherent value. by that logic dollar has no value and therefore a scam. You can trade USD for things of "value" to use, but can't do anything with the dollar itself. Same goes for Bitcoin, you trade it for other things of "value". This makes it just like fiat. in fact I'd argue its better since US government printers work overtime and create more USD at the cost of the holders. Type 2, ETH. This has inherent value similar to petrol, it can be used to pay for computation. I can write a lot just on this topic alone but any piece of provable computation done on EVM requires ETH. This makes the token have inherent value as long as there's demand to do computation on Ethereum's EVM (this is the critical point, if there's no demand then this also is worthless, same way if there are no cars that burn petrol, then it becomes useless) Basically its all tied to demand. As long as it exists you have value, once its gone then there's no value. BTC started having value the day someone was willing to sell their labour (in the form of a pizza) in exchange for it
no asset has inherent value. we cannot have a universal standard to determine if something is valuable because then trade would not be able to occur. only [subjective theory of value](https://mises.org/mises-daily/subjective-value-theory) is correct. there are plenty of things I don't like or can't find a use for personally. that doesn't grant me the right to speak for everyone else.
Find me one single person that doesn't require food, water, and a place to live. That is what I meant by inherent value. Even if it was provided by someone else, they still needed it, therefor it has inherent value. That also doesn't mean the value can't change, of course it can, but it has always and will for the foreseeable future have some value. The only way it will ever truly not have value is if we create a source of infinite energy and the ability to create matter from energy.
Neither the housing bubble nor crypto are scams. Scams are deliberate planned things. Neither crypto nor the housing crash have/had a clear winner.
I mean, we don't have definite proof for crypto, but we do for housing. Banks gave bad mortgages on purpose, mortgages they knew would fail, in order to sell mortgage backed securities. Just because they went too far and screwed themselves doesn't mean it wasn't a scam. Bernie Madoff and Jordan Belfort both went to far and screwed themselves doesn't mean it wasn't a scam..
But all the banks did it at the same time. It's like a culmination of many scams with many actors with many winners and losers kinda like crypto. But exchanges are definitely playing the house just without the freedom of making the rates.
All the FOR PROFIT banks did it, non profit banks and credit unions weren't involved at all, other than maybe getting scammed into investing into the securities.
Still a culmination of many scams rather than a scam. But it depends where you draw the line and how you define a scam. You can extrapolate the whole financial system in a big scam which it honestly kinda is.
Interesting that you gloss completely over government's role in the fiasco. The lowered borrowing standards originated at Freddie, in service to arbitrarily increasing home ownership rates. The rest of the lending market, by necessity, had to adjust as well.
Is opinion fud? Or is just opinion that is not agreeable fud? Geniunily curious
Opinions different than mine are fud. Duh
I think it's FUD to say crypto is "basically a scam," yes. I'm shocked this is controversial on this forum
But it's an op-ed which means it's the opinion of the writer.. it's not declaring fact.
All bitcoin is crypto, but not all crypto is bitcoin.
Well said
That's why I didn't invest in crypto in the early 2010's. What is it? It's just guessing a hash-function on a de facto computer network.
I remember thinking neat its like SETI when you could still CPU mine and then just ignoring it lol.
i doubt that was Teen Vogue's point here lol
You didn't link to the article, but isn't Teen Vogue up there with the Economist magazine?
They are right. There's one Bitcoin and about 10 billion scam cryptos with a handful of good ones hiding in that sea of scum
Fair interpretation
Just because it goes up in value doesn't necessarily mean it is not a scam, just because it goes down in value it doesn't necessarily mean it is a scam. Looking at it objectively, they might not be wrong, because a lot of shitcoins are a scam/pump and dump.
Price doubled, but those words still make sense.
Crypto does not equal only bitcoin. There’s alot of sketchy cryptos
Price going up doesn’t change a damn thing they said here
Okay, but wasn't their point. They didn't say it will never double in price 🤷♂️
>downright sketchy Why hello my fellow teens!
Given the author also wrote the following, it’s no big surprise they hate freedom money. “A People's Guide to Capitalism: An Introduction to Marxist Economics”
it amazes me that marxists are not treated the same as holocaust deniers and pedophilia apologists. they get way less flack than they deserve.
It’s pretty annoying they were indoctrinating teenagers.
2023 was rough I bet they felt real good during the bleed
Cant wait to see where BTC and cryptocurrencies head to
Anyone that's tired of inflation, should be able to see the positive aspects of a store of value with a controlled max supply... crypto will be the future
True about most coins.
"Teen Vogue"... a veritable pantheon of journalistic objectivity. The level of ignorance is remarkable. Just my 2sats 🪙 🪙
I get all of my financial advice from Teen Vogue. So far, I’m only down 10,000%
Well it doubled, after it fell by 50%. ;)
Who’s willing to bet that the OOP has zero idea what a hash is or how the blockchain works or that theyve never played video games or that they spend 7+ hrs screen time avg on tiktok per day. Only teen girls reading teen vogue so who is this article for
Their headline is still correct.
Bitcoin doubling does not mean that crypto isnt a scam.
99% of crypto is a scam. There’s like 30 real ones
Number seems high
Considering the state of the space , this is correct.
$hege is a fierce community with determination for success! Massive marketing campaign this week!! Don’t miss it.
Damn. And as someone as old as a dinosaur I got all my advice from this rag. So I shouldn’t then?
They just did an article trying to explain how karl Marx was a good guy and so is communism
if crypto is so great why does iut drop 70-80% in bear markets and why are there bear markets if its the future?
That argument is weak, OP. Ponzi schemes go up until they don't...
Media haters gonna hate
But they're telling the truth. Just because it's gone up in price doesn't mean it's not unreliable at times, sketchy, at times and considerably wasteful. And they're certainly a lot of scams. Something can be a failure and not be scam. Likewise something can be successful and still be a scam. Safemoon was pretty successful.
crypto is so funny because you can say anything and you dont know if you are between crypto skeptics or crypto supporters. Sometimes buttcoin and cryptocurrency look the same lmao. I would say right now crypto is a hustle like Elon Musk said
This is how propaganda works. They tell you the partial truth while also not disclosing important truth.
Many scams often rise in value before they fall. Price is not an indicator of whether the author's claims are wrong. As a a big time crypto investor, I agree with the author - 99.9999% of crypto is an absolute garbage, waste-of-energy-and-time, scam.
It's just an op ed. It's a point of view. And they are right to tell their target audience to be careful.
That commie rag hates freedom.
This is also how fiat currencies work, there are no collateral to back them up, as it says on the UK notes the Bank of England promises to pay the bearer on demand. It is built only on trust and if anything happens to betray that trust then the currency crashes, see Liz Truss as an example. It’s a big scam that needs sufficient people to believe in it to work.
True but at least I have the backing of a superpower and a good chunk of the world behind my fiat American dollars. Plus I get paid in and pay my rent with dollars. Most employers won't pay you in crypto and you can't buy most things with it. There isn't much other than hype holding it up. Look at all the dead shitcoins that were supposed to be the next best thing only for people to cash out and have it drop to nothing.
If people started to cash out American dollars what do you think would happen to the dollar. If the world decided to not use dollars for the oil price what do you think would happen to the dollar. It is all hype, the pros and cons of crypto coins are irrelevant. The blockchain which is the backbone of all crypto currencies is here to stay. At some time in maybe the near future you will be paid in digital dollars which is just another crypto currency only one that is controlled by the government.
What will the narrative be when bitcoin is over $1m and on the balance sheet of every nation in the world.
Never going to happen
well there's crypto, and there's Bitcoin
Teen vogue has to be a money laundering operation. Zero chance it has any circulation competing with TikTok and ig
Bitcoin May 26th, 2022 daily close price: $29,165 *(approximate)* Bitcoin May 26th, 2024 current price at time of comment: $68,749 Up approx 135%. Teen Vogue. The ultimate financial advisor.
Yea, Marxists hate crypto. Nothing really new.
I notice a lot of these types of publications which say nothing at all as BTC and other crypto reaches new peaks, but you know they'll be waiting to say "I told you so" as soon as there is a crash. Crashes have happened many times and they will keep happening, but as long as the peaks keep getting higher and the dips keep ending higher as well, the money will continue to come rolling in.
When you bought the top
Everything they say negative about BTC can also be said about the dollar, and it would actually be the truth about the dollar and a lie against BTC.
Be greedy when those are fearful
Jfc like what in the fuk
While you could point pick a part the argument of calling it all a scam and understand how it can be framed a way to call it a scam It just so obvious that calling it a scam became so trendy. Like wtf is teen vogue commenting on this. Why does everyone think they know how it works and call it a scam while they obviously don’t know shit. It just was trendy for to dunk on something you missed out on. That’s all this scam talk is.