two years ago i acquired some crypto for "purposes" and didn't spend all of it.

[xibanya@mastodon.xyz]

two years ago i acquired some crypto for "purposes" and didn't spend all of it. the unspent portion has apparently appreciated greatly in value. im looking at my kraken portfolio like, too bad the only thing this crap is genuinely useful for is "purposes"

[xibanya@mastodon.xyz]

the only way to actually realize these supposed gains would be to convert to USD and deposit them in my bank account, thus linking them to my real identity and defeating the point. so despite supposedly being worth a lot in USD, the balance cannot be converted to anything that can be spent on useful things, it can only be spent on more "purposes"

[xibanya@mastodon.xyz]

a huge amount of the purported value of crypto as an asset is derived from this kind of value lock-in, with external value coming in one-way and then staying trapped in the ecosystem. so it's misleading to compare crypto markets to normal forex markets because the USD, yen, euros, etc have a value that isn't boosted by them being in practical terms impossible to sell for large amounts of their holders

[xibanya@mastodon.xyz]

why I don't just get a bunch of wallets to launder it through: It's that two years ago I had $50 worth (supposedly) and now I have $250 worth. The value growth is striking, but the total sum is small enough that so much of it would be lost in this kind of laundering I might as well just sit on it until I want to once again engage in dubious market activity

[xibanya@mastodon.xyz]

and now the punchline: i was not buying recreational drugs but rather acquiring what i had been legally prescribed but unable to obtain for months due to shortages

[njord@mastodon.gamedev.place]

@Xibanya Back in like 2015, I actually looked into using it as an alternative to credit cards, so that customers in high fraud rate countries could purchase products from my shop

Needless to say, that was when I determined that cryptocurrency was useless. I literally was trying to use it for it's purported use case, and it was so clunky it wasn't viable.

[xibanya@mastodon.xyz]

these toots are for entertainment purposes only and do not represent real events. any resemblance to real persons living or dead is entirely coincidental and more importantly not legally actionable