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IllustriousAct28 t1_j1hsqch wrote

All crypto is a Ponzi scheme. It will all fall apart now that the dominoes have started.

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WTFrashelle t1_j1ht51y wrote

Now that we’ve seen a major crypto business go under surely crypto will cease to exist.

edit: /s

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HandoTrius t1_j1ihmd9 wrote

Crypto will continue to exist and will continue to be used to scam and dupe thousands

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WTFrashelle t1_j1iqpgp wrote

We won’t need crypto for that though 🤷🏻‍♂️

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hokumbafflegab t1_j1joggq wrote

Exactly. Scams have existed forever regardless of the tech.

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HandoTrius t1_j1kcyu6 wrote

Its almost like thats why we have rules, laws and regulations.

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hokumbafflegab t1_j1jo7wc wrote

Lol this has been said continuously since 2009, yet here we are. It’s bigger than ever. Crypto is here to stay whether you like it or not.

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IllustriousAct28 t1_j1md7x9 wrote

Been lots of scams that have gone a lot longer than that

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hokumbafflegab t1_j1ztsit wrote

You realize saying “crypto is a scam” is like saying “the internet is a scam” because one person made a malicious website. Makes no sense.

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IllustriousAct28 t1_j21vvcx wrote

There are no hard assets securing any crypto. It will all eventually fall apart, there is no way it can't.

But I've only got a degree in finance from Mount St Mary's University so I'm sure I'm wrong, go put everything you've got into it.

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hokumbafflegab t1_j24bg99 wrote

Appealing to your "finance degree" is pretty sad and just tells me you're most likely an insecure new grad or someone who is doing nothing with their finance degree. I've been in the ethereum space for ~6 years now. Demand for ETH comes from demand to use applications or contracts on the network which has continued to grow steadily every year. Every few years there is a new innovation which brings a huge spike in usage due to these applications (and all the get rich scams that come with it). Supply/new issuance is intentionally dynamic, depending on the usage of the network. At times of low usage, supply becomes inflationary and directs this value to the 500k+ validators. At times of high usage, the supply becomes deflationary due to the EIP-1559 base-fee burn.

As long as there is demand to transact or use an application/contract on ethereum, the price will never go to zero. In the long term, after the network and market matures, the price will stabilize.

Note that fiat USD and all modern fiat currencies are also backed by nothing. Their demand comes from two places: the government requires tax payments in their flavor of fiat and their relative stability/utility compared to other assets.

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