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Crypto coins have zero value and are reduced even more in the fact we cn all set up a new coin each day.
They became a pyramid scheme, on the basis you are told, by them and people will trade. But most people do not trade as they hold them hoping others will trade (buy things) while they hope they raise in price.
Pyramid schemes work in the same way. They have often a bogus product that makes them look legit. Then you blag people into getting rich quick.
If you get in early, and sell when things are high, you may make money.
But for the bulk of people, they will buy high and hold on, then the coins crash and never go back.
It is not that cripto has no use, but the problem is people connect it to real money.
The con comes as people tell you rubbish about how you should ignore people saying bad things about it, as its a coin outside world government's and gives you control and so on. Guess what, you hear the same arguments with pyramid schemes (almost word for word).
In practical terms, these coins are not used by many to buy and sell. And why would you? Who would sell a house in such coins when tomorrow your coins may be worth 0 or a zillion.
The reason the dollar is used by not just the USA but a few other countries, is because its stable.
Now crypto coins can have a place as long as you do not see it as a value connected to real money. For instance in a VR world, trading in a crypto coin may work. But the moment you connect it to real money, it becomes something people want to try to make a fast buck with, and as such everyone buys, and just holds on to it.
With bitcoin and others, the chances are it will die. It is possible it becomes worth less than $0.
The bitcoin is close to a point where investors will sell hoping to get any profit or at least not loose too much.
As it goes down, people will not even try to sell, as it will be worth so little, that they know they may at most get a few bucks.
However, who would give you money for bitcoins anyway? Unless your stupid, no one is going to pay out money for worthless bitcoins. So many firms will probably stop trading.
Of curse people will also hope bitcoin and others recover. This will be unlikely (though possible), as people will not risk investing huge money into such coins. You may have a few who invest $5 for fun, and even then, would sell if the coins rose in value.
However, the chance of a recovery are low.
One suspects the bitcoin will bounce around the $20,000 mark for a bit, and then crash as people do not see a recovery. And then people will panic sell.
Its once bitcoin goes to the $19,000 mark is presumably the end, when people fear and everything goes freefall.
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