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Is Crypto Finally Dead?
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this post was submitted on 19 Jun 2023
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Technology
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I know one crypto bro IRL. He acknowledges that it's all just a pyramid scheme, but he enjoys it because it's like gambling but with more strategy involved I guess.
Gambling except the expected value is higher than 0
Is it really though? If I were to go and buy my first ever crypto coin today would you really say the expected value is greater than 0?
I have no doubt those who got in years ago or mine coins using other's resources have an expected value greater than 0 but that's not the entire market. I hope.
I guess it depends on your time-frame and your risk profile. BTC/ETH over the medium term has done much better than pretty much any other asset in the world. Altcoins didn't even factor into my brain when I made that comment.
Would you also consider GameStop’s NFT marketplace for games part of a pyramid scheme?
Or maybe what F1 is doing to evolve how they handling ticketing? Here’s a recent follow up on F1’s NFT ideas I came across recently.
It’s… just not all a pyramid scheme. To say it’s all a pyramid scheme is missing the forest for the trees. It’s n o t
While I think you're right in that neither of those seem to be pyramid scheme, I disagree with the implication that they are any better (apologies if that was not the implication).
They seem to just be creating an avenue for monotization of something that, I assume (but I could be wrong here), was previously free by nature, hence the necessity for an NFT to monetize it.
I guess really that's just what NFTs do, or at least their main use case. But I guess I just fundamentaly disagree with that idea.
And because he gets a decent cut of the profits. Coming out ahead (for a while) has a way of assuaging one's worries.