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Crypto is a scam in that it's just a virtual commodity some guy created and called it currency. It became currency some years later when it became possible to purchase goods and services with it.

It seems to be working. As long as enough people believe in crypto, it will have value.

On the other hand, crypto is not an investment. Cash isn't, either. Trading crypto is like trading foreign currency. It's gambling.

It seems to me, crypto will make a lot of sense if/when governments start to fail. If I was in Russia right now, I would much prefer Bitcoin over Rubles.

I suspect crypto will become the go-to for SHTF market insurance, going forward; even over gold. On the other hand, there are so many scams and low business ethics in the crypto world, it will die without a major reason detre.
 

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So, the innovation of money is no longer powered?

FWIW, I like the idea of alternate currencies.

The difference between trading crypto and chickens is that chickens have an inherent value. If someone wants to give you $1 per kg for your chickens, you can just live on drumsticks for a year. Crypto, on the other hand, is worth only what someone else will give you since a long string of pseudo-random numbers doesn't do anything for the world other than represent the idea of a unique virtual commodity.

Many people argue gold as a safe haven due to it's inherent value but the value of gold is far more arbitrary than many people seem to realize. Gold has real value connected to the cost of finding, extracting, and processing it into a usable metal and gold is needed in several industries but the gold price is mostly speculative with the real cost to produce being insignificant.
 
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