Re: Whats wrong with crypto
So it comes down to stored value:
Paper currency, its value controlled by a government as it is backed by the faith in that government. Devalued whenever that want.
Gold-silver, was valued by what it cost to mine. Now valued by what a bank says it is worth and controlled by issuing paper saying they will give you that value in the future.
Stocks, value is controlled by market that has nothing to do with what the co makes or does.
Property or asset you control, its value is largely valued on what you value it as but is costly to own as it is taxable by every bureaucrat that can.
Crypto, supposedly valued by the cost of creating it, but in reality it appears to be valued like property.
That is my take on stored value methods. If you desire to be wealthy beyond your dreams, come up with a way to store value of your life-time that can’t be taken or devalued. We all need a way that we can work all our lives and have something we can exchange when we no longer can work. Having to invest (gamble) your life-time value just so you can offset the attrition rate is just another scam.
Our time is better spent fixing what is wrong with why we can’t have a true stored value than point the finger at each attempt and call each other names.
That said, I think SBF should now be the stored value of others till he refunds the life-time value he stole of others. Hard labor for the rest of his life might be a good start.