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Why cryptocurrency and NFTs are horrible (lemmygrad.ml)

submitted 2 months ago by [email protected] to c/[email protected]

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First of all, the hype of different blockchains has garnered attention. People who fall into the hype hasn't learned about the financial literacy and the risks of investing into those.

When Axie Infinity became popular in my country, influencers have started promoting the game and so-called scholarship, which is to refer to a new player. Within a few months of playing, people lost money. Influencers haven't spoken about the players losing money.

Remember, investment into such blockchains carries a risk. Those are called the digital Ponzi scheme by some people.

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[–] [email protected] 7 points 2 months ago (5 children)

the DPRK would disagree 😎

[–] [email protected] 4 points 2 months ago (4 children)

This, I'd say that the fact crypto has a clear role to play in subverting and undermining the west's totalitarian chokehold on trade and finance (particularly between nations) fully redeems it.

[–] [email protected] 6 points 2 months ago (2 children)

exept it doesnt, all crypto markets are almost entirely controlled not only by the west but by the exact same people and institutions that controlled similar thing before. crypto is completely and utterly useless except as vehicle for speculation, there does not exits a use case where better technologies didnt already exits.

[–] [email protected] 3 points 2 months ago* (last edited 2 months ago) (1 children)

lol iunno about that: https://www.reuters.com/technology/cybersecurity/north-korea-laundered-1475-mln-stolen-crypto-march-say-un-experts-2024-05-14/

[–] [email protected] 1 points 2 months ago

even if thats true laundering money isnt a use case for the technology its a flaw in it. its not exactly cool when sex traffickers and the like do it, is it.

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