Basically why is everyone freaking out in Crypto?
In: 7
Because all crypto is digital currency with value that was created out of thin air. They only have value because people think they have value. “But u/holygig, that describes all currencies!” True. However, most currencies are backed by the national governments of countries with real assets and economies and they still sometimes fail. See: Venezuela
They are investments, very risky investments because again there is nothing tangible backing them at all. The first thing people do in a market crash is they dump their riskiest investments. That is what is happening to crypto right now. All of them are crashing. Hard.
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