Posts

The bad side of Bitcoin / NFTs that you should know - a critical look

avatar of @mypathtofire
25
Steve Hodl
@mypathtofire
·
·
0 views
·
2 min read

Welcome to my deep dive into the bad side of crypto.

Many risks and Ponzi Schemes

Some critics of Bitcoin and Crypto generally, argue that it is just a ponzi scheme backed by nothing. Well, let's take a look.

In their current form, are cyptos and NFTs ponzi schemes?

Is the crypto market a giant bubble, possibly the biggest of all time?

Why do we "invest" in crypto? Is it because we want a stable store of value and be able to access our crypto in the next 5 or 10 years like savings?

Is everybody investing in crypto because they want to get a 10x or 100x their investment like in the early days of crypto in November 2013?

Is this similar to a ponzi scheme, where the early investors try to sell to a greater fool and get out before it blows up?. It looks like it has some similarities but i will let you make up your own mind.

There are groups creating many crypto startups (shitcoins) who try to replicate the early pump and dump of the bitcoin rise. Why would we invest in them? To keep for a long time?

Could any of the following happen??

  • My Crypto could have been a victim of an exchange hack like Mt. Gox
  • My PC with my wallet on could have broked or stolen
  • I could have lost my bitcoin wallet
  • What if i had been using Bitfinex? or Bitconnect?

Bitcoin is like the wild west, there isnt anywhere really safe that you can store it easily. There are also lots of scammers out there looking to part you with your bitcoin.

Let me know what you think in the comments, does bitcoin have characteristics of a ponzi scheme? And what do you think of the risks i mentioned?

Posted Using LeoFinance Beta

Posted Using LeoFinance Beta