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I know a handful of people who benefited a lot from Bitcoin by just speculating with it. They got wealthy, some even rich and now they have much better living s
by repomies691 7y ago
I know a handful of people who benefited a lot from Bitcoin by just speculating with it. They got wealthy, some even rich and now they have much better living standards. That group fits into the niche that were quite well "served" by Bitcoin.
Just pointing out that "scammers and criminals" is clearly not the only ones benefitting from Bitcoin, and I would suspect it is also minority.
- pjc50 7y agoAnd where did that wealth come from? Other people's trading losses.
- Method-X 7y agoSo now the stock market is a scam too?
- goatinaboat 7y agoThe stock market is not because good companies really do become more valuable by doing real work. It’s not zero-sum.
- jmalicki 7y agoI don't know why this has been downvoted, it's basic economics.
- pjc50 7y agoStocks pay dividends. Cryptocurrencies don't. Commodities can be sold and consumed for some real economic purpose. Cryptocurrencies can't. It's like gold except you can't see it or make jewellery from it or use it for anything.
- Method-X 7y agoI made no comment(s) on your above mentioned points. I was replying the assertion that "trading gains are someone else's trading loses".
- pjc50 7y agoIt's an arithmetic consequence of there not being any intrinsic return. The money won from cryptocurrency trading can only come from other traders, because there are no coupons, dividends, or physical deliveries.