Crypto Myth

  1. Cryptocurrency is based on greater fool theory. The music will eventually stop. It’s a wealth transfer scheme. A coin like bitcoin is largely dominated by a few owners of most of the coin and they can manipulate it’s value.

  2. Cryptocurrency has no inherent value. Surprise surprise Fiat does have inherent value which is the fact that you can use it to pay taxes. Governments will not accept taxes in crypto.

  3. The underlying tech of crypto is a buzzword. You can’t list 10 use cases of block chain that have transformed anything. And the tech has been around for 10 years. Lol.

  4. Crypto does not meet the criteria of good money. It cannot become money. For one, it is volatile and deflationary. It’s stupid.

  5. Crypto is not an asset. It barely has utility. Lmao. It is a speculative tool to transfer wealth in the hopes that you will benefit from the Greater Fool Theory.

Wacha watu wazidi kujimbamba . Cryptocurrency is ideal for Kenyans though, just look at how we speculate in stuff like land , instead of investing in the GDP sectors.
We have a shoreline that is very rich with marine life, something if well tapped to can lift the masses out of poverty, lakini wapi ?
Instead we are sinking billions of ksh into land speculation and other ventures that sound urbane like cryptocurrency.

Ulichengwa na bitcoin ukashindwa kutulia. Fact is crypto provides anonymity of transactions, hiyo ndio real value yake, all that talk about inherent value na deflation are political problems, they can always change when a new avenue for application arises just like govts created central banks to accommodate the highly problematic fiat currency.

Kenyans speculative middle man culture can be directed towards the stock market. But the guys running it have been unable to attract mid sized companies for people to invest in.

There is no value to anonymity for the average person. If I sell drugs sure I want to be anonymous but if I’m making a remittance? The billionaire class already have mechanisms to hide their wealth & income in the current set up. So of what value is anonymity considering there is the added burden of converting crypto to REAL DOUGH.

Central Banks existed eons before Fiat Currency, which is a recent phenomenon. So you’re wrong man. Nixon time is when Fiat became a thing. Central Banks were created to address problems like bank runs. Crapto has no future.

Fiat is just paper as well. Anyway, Chinese government has launched their own crypto and billionaire Elon Musk said you can buy Teslas using bitcoin. What’s the harm anyway in throwing a few coins in crypto? My bro made 2M from 25k in just 3 months trading crypto. The thing is you must know how to trade it.

what burden, si kuna localbitcoins and paxful, there’s even a bitcoin ATM in westy, you can also use PayPal in the international exchanges like coinbase na coindirect. Alafu I maybe wrong on the role of Central Bank before fiat but they sure have a convenient mechanism to allow fiat to continue existing.
You could even argue that bitcoin is neo-fiat, it relies on future insolvability of current cryptographical algorithms just like fiat relies on future growth, alafu it adds another layer of anonymity, plus its independent of the govts and their central banks. As long as the internet exists, bitcoin is here to stay, you can even buy a Tesla now with crypto, so tulia tu hapo ukingoja

hii pia ni kama kuuliza the value of solar when KPLC is cheaper, people need something that makes them feel they’re beyond govt scrutiny especially in murica and as long as that need is there (fuelled by dick measuring contests to prove to the other who’s in control) bitcoin and solar will fulfil the need

You cant analyze cryptos in such a lacklustre method. Quote stats where possible.

It remains the BIGGEST THING, PARTICULARLY TO UNDERGROUND INTERNET DEALINGS!

I stopped reading here

Dunning Kruger effect

Crypto is the best place to make money if you have the trading skills.

Have you used the crypto atm… how do they operate… I know for sure, their rates must be lower than the current global rates on crypto so as to make a cut, they have the atm address on the device? What is the maximum amount you can withdraw?

Wewe huelewi pesa ni nini na shida zake ziko wapi. Anza kupunguza ujinga na hii link:
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In short you can’t store value with Fiat. It’s always loosing value because governments are always printing money.

She confuses legitimacy with value. Governments give Fiat legitimacy by only accepting taxes and making payments in a certain currency but they don’t give it value.

Economics 101.
Value ni mnyama ingine tofauti.

This is like saying a guy won Sportpesa Jackpot so betting is fantastic. Your bro owned the coins for no other reason other than the expectation that there would still be demand for an appreciating asset. Trying to shoe horn Tesla to justify crypto is silly.

Fiat can pay taxes. Crypto cannot. Huge distinction.

Lmao. The future of innovation in Financial Services is seen in China right now. And the Government wants to use digital currency to have more reliable data. This is the only future of digital currency. Govt issued and definitely up for scrutiny.

You’re clueless. Inflationary money exists to fulfil the needs of a modern global economy. The money is printed to meet growing demand as a result of increased population + transactions. Deflationary gold backed money would just lead us to wars and mercantilism.

While money has a function of store of value it’s primary purpose is to facilitate exchange of goods and services. Aka a measure of value. You can store value in commodity and financial assets. Pension schemes, Central Banks do the same thing. Even so, Fiat has proven reliable in being stable enough to store value. Which is why you sign contracts even 4 Years far at the particular amount.

Crapto cannot facilitate transactions effectively because it’s volatile and deflationary. Nobody wants to buy bread 100 btc today and tomorrow it’s 7000 btc in vaue. Secondly, crapto dicentivizes people from buying things which results in contracting economy. It’s also so expensive to produce in terms of electric consumption.

Expect you can’t bypass nation states. Being a citizen of a country is an inherent thing. You can go live in Somalia and be free to not pay taxes and speculate crypto all day.

You can’t force people outside China to use govt owned crypto, bitcoin is the real deal, na hakuna govt democratic that will succeed in restraining use of bitcoin. You can definitely create a local govt backed crypto, but you’ll never be able to compete with bitcoin on a global scale while the internet still works, plus use of China as your use case is pretty poor given that even huko kwao they have pretty much their own internet, China is an outlier na hata wao still have trouble controlling bitcoin mining and transactions. Bitcoin is pretty much part of the internet now you can’t just wish it away.