Cryptocurrency, DAOs and NFTs

[skelly423]

I don't want to pollute the card forums with my opinions on these vessels, but the topic came up, and a user asked why I think crypto is a con. Here are my two cents:


Cryptocurrency has been here for years, and I still haven't seen a practical real-world use for it. It's cumbersome to acquire, you can't spend it on anything easily (except other cryptocurrencies and crypto-adjacent technologies; ie NFTs). That alone isn't enough to call it a con, just an technology with marginal apparent value.

The con comes with the infrastructure surrounding cryptocurrencies. Artists have their work stolen. There are massive fees to convert to/from cryptocurrencies. Cryptocurrency is a substantial money laundering venue.
The allocation of computing power is incredibly damaging to the environment. There are gaping security holes that allow major investments to be stolen in an instant with no recourse for the victims. There have been entire platforms hacked, with all of the combined investment money stolen.

In sum, a whole lot of downside, with very few, if any positives. Selling it as a legitimate wealth-producing investment is the con.