Crypto Mania

  1. If BTC is a hedge against inflation, what are the other coins for? I mean, there are 4000+ of these alt coins. May be I am conservative in my understanding, and I understand that there are many metals also, like Gold, Silver, Copper etc which are considered a hedge investment. With the alt coins, I do not understand that concept. There are coins that are created just as a joke, again, a JOKE, and they have valuations worth billions of dollars. Either the USD has literally become so cheap that even a joke is worth Billions of USD. I mean, the founder, creator of Dogecoin did not think that his joke will become worth multiple billions. There is a coin, with the word MEME as its name :-|. These alt coins sound like making use of this concept of btc and blockchain, and simply use it as a Ponzi scheme to dupe naive investors into investing in it.
  2. Blockchain and Technology behind BTC is considered revolutionary, and world changing. This concept of 1 technology being considered revolutionary is a pattern in the technology industry. It almost feels like any world problem can be solved using this technology. Same seems to be true with the ‘blockchain’ technology. All these coins use such complex terms about the features they offer & amazing ways in which they are using blockchain tech etc. It all sounds super mumbo jumbo, and any naive investor must be feeling so astonished and amazed by it. The thing is, if you explain something using some hi-fi words, and use complex terms, you are generally considered intelligent and someone who knows his sh**t. Thus, there are so many coins spawned from this tech.
  3. Valuation of certain currencies are beyond my understanding. I heard a coin go from $0.1 to $60 in 30 seconds today, and what does the coin do. It helps you buy stuff in an online game. I mean, are people simply going nuts, or they have so much damn money that they are willing to spend so much of real USD to buy something virtual, that helps them buy stuff in an online game. I mean, what!!!!! This is absolute madness, and then stupid tweets from influential people like Elon Musk, Chamath and others simply add to this fire. Doge to the moon, its a freaking joke coin, stop patronizing it. I also do not understand why do these people get invited everywhere and are considered pioneers. I mean, Microstrategy is a computer software company, but I bet that no one invites its CEO for an interview and talk about new software they are making, but is asked only about his bitcoin price projection (which obviously is — to the moon).
  4. At times, I do feel that people in tech have it easy, firstly, they get to WFH even during this pandemic, they are least impacted by this whole mess of a situation, and on top of it, they create their own complex virtual money, dupe others to buy it with real money, and then enjoy. We have doctors out there, fighting to save lives, frontline workers keeping things running, but what do they get, claps and applauses and thats it. In the mean time, BTC went from 3K to 60K USD just because of speculations and propping up by other powerful individuals who have already seen their fortunes multiply multiple times during this pandemic.
  5. Lastly, the amount of electricity consumed by these cryptos, it just seems so hard for me to justify their presence. At one hand, we keep talking about climate change, global warming etc, and on the other hand, as it suits our wallet, we don’t give a damn and play around with virtual currency as it will give better returns due to heavy speculation. There are certain mining companies who consume more electricity then entire cities and countries, but its completely justified in this madness somehow. That is totally not acceptable, and there should be some voice raised against this madness.

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