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Celerity

(46,866 posts)

16. Massive systemic flaw in the tulip analogy. Tulips lack fungibility.

Sat May 22, 2021, 06:53 PM

May 2021

They also involved a monstrously difficult supply and distribution chain. Crypto is completely fungible and can be redeemed globally in a spilt second.

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Do you use cryptocurrency? [View all] milestogo May 2021 OP

No but I do have to listen to "that guy" at the office who dreams of getting rich quick with it nt Shermann May 2021 #1

I wish I'd bought some underpants May 2021 #3

Me too. My "guy" just got his clock cleaned last week. Bristlecone May 2021 #18

Did he fess up to it? Shermann May 2021 #19

I asked how it was going; He didn't want to talk about it. Bristlecone May 2021 #21

Mine too. He didn't sink much into it though. róisín_dubh May 2021 #40

No, and I can't imagine the circumstances under which I ever would. Gidney N Cloyd May 2021 #2

Exactly right FakeNoose May 2021 #20

I still believe they are a scam ... PBC_Democrat May 2021 #4

I bought 1 Bitcoin in 2015 just to see what it was. Kablooie May 2021 #5

It smacks of a pyramid scam to me. SergeStorms May 2021 #6

It's being used primarily as an investment tool today. Kablooie May 2021 #7

Perhaps it was "meant to be a currency," and perhaps it wasn't. PETRUS May 2021 #11

Interesting read. SergeStorms May 2021 #13

Yes, it's unknown territory Bucky May 2021 #22

No, but I use something completely exotic that most people seem never to ever have used DFW May 2021 #8

I don't use it but I trade it. WarGamer May 2021 #9

No transaction fees? SergeStorms May 2021 #14

plenty of transactions fees and yes you do have to report every single trade tandem5 May 2021 #30

Beaucoup paperwork. SergeStorms May 2021 #31

Not really WarGamer May 2021 #32

I've been trading crypto for 8 years... tandem5 May 2021 #37

I just do it on RH... WarGamer May 2021 #38

BTC is building a shoulder right now, so it will do tandem5 May 2021 #39

you're right... I'm almost back. WarGamer May 2021 #45

No. We tried to tell our son about the great tulip mania in 17th century Holland... Hekate May 2021 #10

Massive systemic flaw in the tulip analogy. Tulips lack fungibility. Celerity May 2021 #16

Of course the fungibility of cryptos is another way of saying pass it on to the next sucker Bucky May 2021 #23

you clearly do not understand blockchain and crypto Celerity May 2021 #24

The difference between currency backed by governments versus backed by Dude On Internet Bucky May 2021 #26

The US government can never cover the debt via taxation Celerity May 2021 #27

Thanks for trying to explain it to us plebs BannonsLiver May 2021 #28

LOL TraceNC May 2021 #34

I do not consider myself rich in terms of a material measurement of wealth, so you will have to Celerity May 2021 #35

you're 100% correct WarGamer May 2021 #33

Well said. I tried explaining this to some people but was nowhere near as eloquent FlyingPiggy May 2021 #46

I sure wish I had listened to my cousin and bought last year. FlyingPiggy May 2021 #12

yes RandiFan1290 May 2021 #15

Nope and didn't buy into tulips either whistler162 May 2021 #17

that tulip analogy, as I stated above, is profoundly flawed Celerity May 2021 #25

The fact that mining it sucks up an enormous amount of energy Ron Green May 2021 #29

This The Revolution May 2021 #41

I don't use it nor do I invest in it. As a finance professional, I don't quite understand how to In It to Win It May 2021 #36

Thank you. milestogo May 2021 #42

It would be extremely difficult for crytocurrency to gain a foothold as a use for everyday currency In It to Win It May 2021 #43

Cryptocurrency has been around for a few years now and I'm still not convinced that it isn't... Tommy Carcetti May 2021 #44