So recently I had a family gathering and we were all just talking about random things, making conversation as people do when cryptocurrency made its way into the chats.. basically there was a couple of older people who are about 40-60 ( maybe a late 30's guy ) and they were pretty against it. They seem to think that everybody invested in crypto are invested because they want crypto to replace the dollar.
I told them that most people aren't here for that and that they are investing into new and different types of technology but it was like talking to a brick wall.
They said that having any type of currency which has 1 coin worth over $30,000 isnt sustainable, I told them that nobody actually cares about the number on the coin.. we care about % gains and losses of our investments.
They said the problem with cryptocurrency is that a small amount of people own a majority of it, I told them that fiat is exactly like this..
They said cryptocurrency has no physical value, I said even fiat is digital and we haven't used a gold standard in years.
They said crypto can be hacked into. I said it's very hard and complicated if you properly secure your crypto just like you should properly secure your banking information to which they said banks are liable to your money and will pay it back if someone steals it.
I kind of didn't know how to respond to that last argument.
Also this guy said crypto can be 51% hacked to which I responded that issue has been fixed on any half decent coin.
Anyway I haven't really been in the crypto world for too long, I wasent expecting this conversation to escalate to the level it did.. so I tried to do my best. How did I go?
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