honest question: isn't crypto currency a closed system of speculators selling to speculators? From the outside, to me at least, it seems like an incredibly energy hungry ponzi scheme designed around printing monopoly money using ultra rare deep sea squid ink.
So are people using it for any purpose other than to sell it to the next rube?
All honest questions. I really don't know of any economically useful way that crypto currency is currently used for.
Another problem I have with crypto is how elitist it all is, especially for an instrument with rather libertarian, even anarchist roots.
Mining BTC requires exceptional investment, which basically makes it feasible only for the rich.
Understanding BTC requires technical knowledge 99% of the world does not have.
Heck, with all the regulatory hurdles, even using BTC requires more effort than most people have the time to expend.
(Yes, you can transfer BTC from one wallet to another fairly easily. But turning that BTC into actually useful local currency can be ridiculously complicated, depending on your local laws.)
On what basis do you claim this? Personal speculation?
To speak plainly, I highly doubt you believe what you're claiming to believe (that cryptocurrecy is being used solely for speculation), which leaves dishonest rhetoric as the only alternative.
>which leaves dishonest rhetoric as the only alternative.
not at all. These were honest questions. I don't personally closely follow crypto, and outside of the occasional web anecdote of "there was some guy somewhere who once paid for pizza with btc" I've not seen or heard of the currency used for practical purposes.
honest question: isn't crypto currency a closed system of speculators selling to speculators? From the outside, to me at least, it seems like an incredibly energy hungry ponzi scheme designed around printing monopoly money using ultra rare deep sea squid ink.
So are people using it for any purpose other than to sell it to the next rube?
All honest questions. I really don't know of any economically useful way that crypto currency is currently used for.