Crypto (and NFT) Bros Collecting Major Losses

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Besides Anti-MLM content, I have also started watching other videos about scams and other predatory tactics. One of which involves NFTs and Crypto. Like Forex itself isn’t a scam, I don’t believe Crypto itself is either, but the people involved in it seem to think this is the next “get rich quick” scheme. I have watched videos about those who invest money into it only to lose that and more when the market goes under. Here are some of the things I’ve learned while watching this content

Decentralized currency isn’t always a good thing

Like MLM reps, crypto traders want to trade goods and services among each other without having a centralized exchange system. However, it can also backfire on them because of the major day-to-day swings. A bitcoin could be worth $400 today and tomorrow it could be $1800, or on the other spectrum, a coin could be worth $20,000 today but $5000 tomorrow.

Some have used the 2008 economic downturn as the sole reason

Okay, I can tell you this… I was in college when the 2008 economic downturn happened. My family was affected by it (and our hometown was majorly affected as well). We still had our home and everything, but jobs were scarced. I get that. I also know that even though we never really got back to where we were, new opportunities have popped up to where we can not only contribute to the economy, but we can also (at least) try to live comfortably (which is hard here in the US). For those who invest in crypto, they say they do it because they are still affected by the downturn 14 years later and they want their money back. This part here makes me sad because I too want to get things back, but this just isn’t the answer.

They hate billionaires and hedge fund managers

You know what, me too. Hard work combined with your best work ethic won’t get you to a million bucks. If you have heard the saying “the first million is the hardest to make”, there’s a reason for it. Crypto investors know this too, but want to get there quickly just to be on the same level as the billionaires and multimillionaires they despise. Hedge fund managers are also their ire because they invest on Wall Street and made millions in stocks. If you have ever lived through the 2021 GameStop and AMC stock events, you know why

They love to hold on to their “earnings”

Speaking of GameStop and AMC, crypto bros loved to hold on to their “earnings” just because of the belief that they can send the stock higher in price in order to sell it later in what they call it “to the moon”. They did it like any other investor would do… buy low and sell high. Then again, they are fighting the Wall Street investors who, and I hate to say this, have better tools for where to invest their money. They always say, “don’t put all your eggs in one basket” and again, there’s a good reason for it

Some invested in crypto to be able to pay for stuff

This I may get behind if it wasn’t being taken for the joke that it is now. They want to pay for expensive things like weddings, social events, or even want to take care of family one day. With the volatility that it has now, I really don’t see this as a viable option. It’s easier to say “maybe they shouldn’t have them if they can’t afford it”, but try telling that to them. They will double-down

Some do it to avoid paying taxes

I get it, we don’t like taxes. I don’t either, but we have to pay them every year. Some invest in it so that they don’t have to pay taxes on their crypto earnings because they feel that the government takes too much from them. Now with the passage of the Inflation Reduction Act, they might not be doing that for much longer, so keep that in mind when tax season comes

They don’t really own the “artwork”

Now, we’re going to go on the subject of NFTs, or non-fungible tokens. The idea is that if you buy an NFT, you own a “piece” of the item, like if it is a digital asset. These are unique and it’s a one-of-a-kind token that is irreplaceable. An example of that is the monkey “artwork” that you may have seen all over the internet. That seems simple enough, but there’s one problem with that concept that I will talk about in the next section

They see right-clicking as the enemy

So the loophole with this is that people will post their NFTs like it’s something very unique, but they’re just JPEG images that others can right-click on, just like any other image. In other words, it’s duplicatable. Having watched Noble Xenon’s Crypto Bros series, NFT bros don’t like it when people right-click their images to save, but unless they knew how to disable that, there’s nothing they can literally do.

Crypto Mining good or bad for the environment?

Back to cryptocurrency, have you ever wondered where the coins even come from? There’s something called ‘bitcoin mining’ or ‘crypto mining’, where a computer operation generates a coin for circulation. It’s also a verification system to make sure the coins go where they’re supposed to go. Forbes has more info on that, but as they use multiple computers with game cards and special CPUs to operate such a thing, I would say it’s not a good thing for the environment for the same reason physical mining isn’t. Using equipment for hours on end affect performance overall and I haven’t really seen those trying to mitigate it outside of putting a portable fan next to it.

Overall, it’s not sustainable. Crypto might be the thing of the future, but unless they have a fiat-based backup plan, I don’t think it will stand on their own. Yes, central banks are shady, but it is a “necessary evil” that we have to live with.

Where do you stand on this? Let me know below in the comments

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