Is Crypto Useless?

I am sorry to all the crypto bros!

This was filmed about 6 months ago.

Joel Wyld?and I had a thrilling debate with?Matthew Brown?and?Matthew Preston?about the entire crypto space. (Watch the full episode 35 of The Sam Panetta Show - The Great Crypto Debate)

My side of the debate was that crypto had nothing to offer to society.

This opinion was held firm over the years, even as the crypto market boomed and I sat on the sidelines watching folks make bank in the space.

However, fast forward to today, and the entire ecosystem appears to be on the brink of collapse.

Now, do not get me wrong, I know that some market participants made proper coin.

You probably had 10% of the speculators in crypto make very significant amounts of money.

And you probably had another 10% of the participants lose absolutely everything, ruining their life along the way.

However, for 80% of the people that got involved, they did not make or lose big money.

They did lose hard earned cash speculating on the price of an asset that they did not really understand though.

And this is why I was so vocal about it and so strong in my opinion.

Because it is not the professional speculators that do their arse in markets like this.

It is everyday mum and dad investors who were taking a punt because everyone else was doing it.

And to be truthful, since the collapse of the crypto markets, I have toned down my rhetoric on the subject. Because the damage has already been done.

And it serves no one for me to kick people when they are down.

Now, not losing money in the crypto market was a good second place.

If I was really clever, I would have been long on the way up and short on the way down.

The moral of the story is to understand where you are putting your hard earned money.

Understand the value of the asset that you are buying as an investor.

And understand that if you are purely betting on price, you are a speculator, not an investor.

Which is fine, as long as you know the difference. And behave accordingly.

Anyway, this is probably the last time I will ever post about crypto.

Best of luck out there!

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Let me know your thoughts in the comments below!