The bitcoin/crypto hate and dismissiveness on this forum continues to amaze me (and make me more bullish than ever) I think there are legit concerns to raise regarding this asset class, but most of the FUD on this forum are not real concerns in my opinion. This includes, but is not limited to, other coins are faster than bitcoin (ur missing the point), bc forks exist the supply isnt limited (please look at how the bitcoin forks have turned out), it's not "real" (ur old), governments can pull the plug (that ship has sailed), it can be hacked (BTC cant be hacked, third parties can be hacked like everything else ever), etc. There are legit concerns. ESG is a real concern. Even if you don't think its a real concern, institutional money does and thats all that matter. Bitcoin is also well below where it was a year ago, certainly technical analysis wouldn't look favorably on it at the moment. There are other legit concerns as well. Anyway - honest question from the crypto hater / doesnt solve anything / is a ponzi crowd... How do you explain the huge talent going into the space then? I am in my 30s and work on Wall St, and I know MANY of my peers leaving 400k+ jobs for crypto. These people are not dumb, went to ivy league schools (I know bc I went to school with them) etc. Why do you think this talent movement is happening? Do you think all of these people are wrong? (serious question, they could be). I would love to know how the cognitive dissonance between crypto is a Ponzi and people who went to Harvard and work at GS are leaving for crypto works.
the answer is simpler - greed and FOMO. There is not a single problem that crypto solved that existed, on the contrary the energy it is consuming making environment worse. It is the best tool for illegal activities for sure. The only reason crypto is where it is is fake money that artificially pumped it - fake “stable” coins. We will only know the real value/potential of this asset class when fake money leaves the system. There is nothing wrong with stable coin if it is being audited by reputable firm btw.
It's not crypto hate. People here hate themselves for missing the boat. Another bunch of sheep you forgot is the " I won't touch anything that is not regulated and trades on IB with a 6ft pole" - crowd. These will wait until the financial service providers will establish products and infrastructure for the lazy gamblers and fleece them with all kinds of fees they pull out of thin air to power the machine and the regulator. There is a saying in crypto: "When you were too stupid to get a job at Goldman in 2017 you had to get into crypto. Today when you're too stupid to make money in crypto, you have to apply for a job at Goldman."
There isn't any hate towards Bitcoin. The general response on this forum is always directed to very weak articles claiming incredible arguments that are quite difficult to defend. It is too easy to comment against them just because the original posters are normally bitcoiners that were very lucky at some point, and now they feel like they have a voice on it. You can easily see that those posters don't understand much of cryptocurrencies in the first place. You will not see any interesting technical posts or anything related to the actual "talent" behind that movement here. On the contrary you will see "Bitcoin is going to reach 300k" , "I sent Bitcoin and it took 5 minutes to reach another country", "Bitcoin is the solution to all our problems!" The level is way too low, so people easily jump over it with all sort of sarcastic replies. Talk about something interesting and you will see how you will get interesting replies. We don't care that you went to school with cool boys, we don't know them and can't see what they are doing, so how about if you start posting something interesting yourself instead of claiming that the rest are negative towards you.
Exactly I personally think Blockchain will have a huge impact on our society. Love the idea and would love to discuss technical parts. Personally built few project myself on my local Ganache blockchain. The amount of fraud in this space is unprecedented. No one ever saw anything like this before, MBS was kids play comparing to shit happening in crypto. If fraud is stopped crypto will crash hugely and then we will have a normal market.
I will openly admit: I don’t understand crypto and I have made zero dollars trading it. I also missed the dotcom and most of Web 2.0. I have heard many presentations by smart people on this topic and I still don’t get it. I get how blockchain will change the world, I don’t see why the cryptos should appreciate because of it.
Cognitive dissonance, by it’s very nature, is a blind spot. Brain drain participants will be the planes making it back.
So.. reinforce the cockpit, engine cowlings and fuel tanks. The rest apparently makes little difference... so long as the plane can fly with damage to the "non-critical" areas. Makes sense.
it would not appreciate even close to current rediculous level had it not been for fake money, stable coins that are backed by pretty Much nothing and are allowed to be treated on par with USD.