this post was submitted on 04 Mar 2024
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Technology
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Agreed that crypto influencers are atrocious people.
However, when crypto has had three booms in seven years, you can ridicule it all you want, but it makes sense to put a small percentage of your investment money into it.
The return of investment on crypto doesn't come from any value it generates. It comes from other people who made bad bets and lost their money on the same. That makes investing in crypto the same as participating in a Pyramid. Your argument, if taken for face value, can easily be extended to defend pyramid schemes.
The same is, however, true for most of the stock market.
The only counter argument is dividends, which are extremely rare in most industries, and barely a dent relative to an investor's portfolio.
Capitalism is a pyramid scheme.