Crypto currency (IF banned from CA)

[LinekersLegs]

The growth in crypto fraud has turned exponential in recent years. The reported losses from crypto scams in 2021 were 60 times larger than in 2018, the Federal Trade Commission reported earlier this month, with crypto now accounting for 1 out of every 4 dollars lost to fraud in the reports monitored by the agency. Over 46,000 people lost more than $1 billion in crypto to scams since 2021, but the real sum of losses is likely vastly larger because most frauds are not reported, the agency said.

 

[LinekersLegs]

 

[chicoazul]

@nikom court why do you hide sir? We miss you.

 

[Jamiednm]

We should void Pound Sterling and adopt NFTs as the official UK currency.

It’s literally impossible to funge. Total no-brainer.

 

[Connor]

My bank keeps sending warnings about crypto scams

I’m in no danger, mr Santander

 

[Efcjake]

@nikom court why do you hide sir? We miss you.

Probably had to sell his PC and phone

 

[Efcjake]

Not to mention that the main app the El Savadorean people use has the government in control of the private keys also.

Just watch it go tits up when they try to withdraw and find their bank account was used to pay off bonds.

 

[LinekersLegs]

 

[malcson]

Crypto Currency is essentially unregulated gambling, you may win but remember for anyone to win their need to be a lot of losers. So you have a greater chance of being one of the losers than one of the winners. The value of Bit Coins only increases whilst people keep putting money in, so it’s essentially a Ponzi scheme.

 

[DuuuncanHadaPigeon]

Crypto Currency is essentially unregulated gambling, you may win but remember for anyone to win their need to be a lot of losers. So you have a greater chance of being one of the losers than one of the winners. The value of Bit Coins only increases whilst people keep putting money in, so it’s essentially a Ponzi scheme.

The value of any stock (not accounting for stock buybacks) only increases whilst people keep putting money in, so it's essentially a ponzi scheme.

 

[The Gueye Science]

The value of any stock (not accounting for stock buybacks) only increases whilst people keep putting money in, so it's essentially a ponzi scheme.

Nonsense. The value can also increase when companies increase (or are expected to increase) their profits. This is why companies whose stock is not publicly for sale also increase and decrease in value. When you buy stock you are buying a share of something that materially exists, unlike with crypto.

 

[DuuuncanHadaPigeon]

Nonsense. The value can also increase when companies increase (or are expected to increase) their profits. This is why companies whose stock is not publicly for sale also increase and decrease in value. When you buy stock you are buying a share of something that materially exists, unlike with crypto.

I should have said 'The price of any stock' instead of value

If no one buys apple stock, the price of apple stock will not go up, it doesn't matter if they sell a trillion iphones. If the orderbook has nothing on the bid side, the stock the price will not go up (ignoring buybacks)

The price of the stock will only increase whilst people keep putting money in.

 

[YoboCopter]

I always find it amusing the people who dont own any crpyto are the ones who feel most strongly about it?

 

[Lobster Johnson]

A friend of mine recently invested his share of his deceased mother's house into crypto and has just tanked about 15 grand.

On the plus side he's a massive conspiracy theorist and putin fanboy so, y'know.

 

[malcson]

The value of any stock (not accounting for stock buybacks) only increases whilst people keep putting money in, so it's essentially a ponzi scheme.

Not at all because stocks are tied to the value and profitability of the company and shares pay dividends if the company does well. Yes the value increases because people want the shares if they are making profit and the price increases due to supply and demand (there is a finite supply unlike Crypto).