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Not really. The only people who profit from crypto are those who got in early and those who scam ordinary people looking to invest.
I tried mining bitcoins way back when, when one bitcoin was worth a fraction of a cent. I mined a few dozen coins until I decided it really wasn't worth the electricity bill, reformated the hard drive and repurposed the machine for serious CAD work that actually paid the bills. That's my only regret. Other than that, as far as I'm concerned, crypto can fuck right off - especially now that the orange utan in the White House and his removed sons are doing it too.
I'm sure that back in the day, there were pillocks crowing the same way about the vast fortunes they made from tulip bulbs.
Their comment is basically "we logged the whole forest and sold lumber for profit, now don't you feel stupid for not doing it when trees still existed?!" Most anti crypto people are more sad that crypto exists than upset that they didn't cash out big. A fascist government saying that everyone who engaged in ruining the forest was right isn't going to change how people actually feel about the fact the forest is now gone.
People like that would rather be "right" than good, and will side with whoever is declaring them "right".
There was opportunity almost every year to profit. I've watched it dip almost cyclically and then rocket. Seems like November it would start to get really big again. So many opportunities over the past decade to jump in. Each time there was Reddit users and other telling others how dumb it all was.
Like any of these new things. I'm starting to embrace it more. I'm so tired of people calling every new thing silly. The worst part is in finding that it's actually starting to divided along political lines. People on the left seem like there the most adverse to change and adaptation.
I enjoyed crypto when it was a decentralized asset that isn’t bound by monetary policy inherent in fiat shell games. Transfer fees were eh, but avoiding forex scalpers was dope.
Dumbasses who only see it as a financial instrument are what has ruined crypto. We literally had the potential for a new gold standard-esque inflationary hedge, and instead we got NFTs, rug pull scams, and a permanently bag-holding ‘investor’ class.
I agree. I thought the idea and technology behind it was really interesting.
But also looking back. Writing was on the wall. A lot of people justify not investing into it. But truth is this was a vehicle that a lot of people could have been well off with. But online types couldn't help but shit on it.
Is it great? No.
Could people have changed their lives? Absolutely.
Will they get another chance like this? Probably not.
And it's one of those moments in my like where I'm kind of waking up to the type of people who did this complaining about crypto or AI or Google or whatever the new thing is. They're always there just acting like a body guard to opportunity for growth and improvement. It's the Reddit mentality the r/relationship advice mob shouting DIVORCE at every opportunity. It sucks because people do listen to them.
I think the question I always have is "what is driving the value"? Why do more people want it now than a year ago?
Since the only answer that I can come up with is "because someone later might pay more for it", it makes me a little skittish to bother with it. I did invest in etherium when it looked like web 3.0 might actually be a thing, but that seems to have stagnated so I sold.
The issue right now is that every "asset" seems to only go up, the question will be how it all fairs when the next crash happens (cause it will happen eventually). Stocks in companies that produce something can usually weather a storm and rebound, same with bonds, but what does an intangible speculative asset do?
Bet the farm on it. Let us know how it goes, if they don't repo your computer.
I did pretty well with it. Could have been better. But I fucked up listening to a lot of the people online who I thought knew what the fuck was up.
If I hadn't deleted my Reddit account I could literally show you others smugly saying "go ahead put your money into it and let me know how it goes" almost every year I was on Reddit. I don't get how or why you guys exist like this. But you do and you're online in droves.
It's such a cool thing to witness. All these crackhead kids you would probably get off on calling dumb who go on to make lots of wealth with something like this. Meanwhile a lot of the super intelligent heroes of the story don't get much further ahead but keep doubling down every year.