this post was submitted on 10 Jul 2023
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I think crypto is significantly less legitimate than the stock market.
On some level, publicly traded companies have tangible value (buildings, machines, people, client lists, patents, etc.). Whereas crypto currency has never had any tangible value, it's all just been a gamble on whether the technology will catch on—backed by an insane hype machine driven in no small part by "rug pulls", Ponzi schemes, and pump and dumps (if the guy from the Wolf of Wall Street is in on it, run).
Once crypto catches on as a mainstream payment method in a class with debit, credit, and PayPal I think it might make sense to think of shares in the exchanges and/or settlement networks as investments.
However, buying coins to hold in case the line goes up doesn't seem like a credible investment strategy to me.
'Once' implies a degree of certainty that isn't warranted. 'In the unlikely event that' is a more realistic replacement
I would tend to agree, but I spent most of an entire comment shitting on crypto, and I was trying to throw the crypto bros a bone.
Besides, whether crypto will catch on eventually is immaterial to the fact that buying and holding coins is an atrocious facsimile of an investment strategy.