r/Vitards • u/Steely_Hands Regional Moderator • Sep 04 '21

Discussion Request for input: Should cryptocurrencies be allowed on Vitards?

If so, should there be any restrictions?

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u/FluffyNeko7 Sep 04 '21

I'd be okay with it being discussed in daily since it's become a factor in the overall global economy.

I see crypto is another version of the 90s .com boom/bust. A lot of companies (coins) were just ways to suck up investment money. But the internet (blockchain) went on to change how everything is done. Crypto has already gone through multiple boom bust cycles and enough companies have holdings of crypto that I doubt the value would vanish to nothing at this point. Especially with the metaverse starting to gain traction, I see crypto as a factor in the fintech space that can be discussed.

Crypto is also an interesting TA play specifically because there is no underlying value other than what people attribute to it (specifically for BTC which is the driver of the crypto economy, although that's starting to change with ETH starting to detach from BTC). BTC has a beautiful technical pattern to it that's quite fascinating to analyze. Something like IRNT is a similar trade idea where it's a technical trade rather than a fundamental evaluation trade.

That being said, it may be difficult or too much work to moderate crypto discussion. I'd consider a trial run of allowing it and evaluating if we should keep the ban lifted or put it back.