BTC maximalist wrote:
"The internet will have same economic impact as the fax machine"
blah blah blah.
Right away the internet had email and web browser and millions using it. Crypto has no utility except as a gambling game for the poor with Trump stimulus money until this economic cycle ends. What’s the end game for crypto except as a unregulated gambling tool Matt Damon is pushing loser NFL fans to partake in along with the usual sports betting ads?
BTC maximalist wrote:
Change is the only constant in life. Get with it or get left behind.
Pure FOMO. That’s part of the scam. Also most people just say it’s the future of money but I don’t understand it. Also part of the scam.
The change is central bank digital currency. Not a crypto gambling platform. People are only excited about this crypto stuff because of an opportunity to play casino game and (possibly) profit, not because there is any real utility.
Sh||tcoin Gambler wrote:
BTC maximalist wrote:
"It's not currently as decentralized as it could be" is a bad argument..
That’s not the argument. Crypto bros say it’s decentralized but it’s not. Being decentralized is stupid anyway and no country will put up with that for its currency, total fantasy land.
the whales of bitcoin own and control so much of it that the wealth distribution is worse than in North Korea
Explain why we need a "country" to validate currency. Free exchange just relies on trust between two people.
Adam Smith called...... you should answer.
Sh||tcoin Gambler wrote:
BTC maximalist wrote:
Change is the only constant in life. Get with it or get left behind.
Pure FOMO. That’s part of the scam. Also most people just say it’s the future of money but I don’t understand it. Also part of the scam.
The change is central bank digital currency. Not a crypto gambling platform. People are only excited about this crypto stuff because of an opportunity to play casino game and (possibly) profit, not because there is any real utility.
History is littered with the words of techno-pessimists.
I enjoy your rantings.
Sh||tcoin Gambler wrote:
BTC maximalist wrote:
"The internet will have same economic impact as the fax machine"
blah blah blah.
Right away the internet had email and web browser and millions using it. Crypto has no utility except as a gambling game for the poor with Trump stimulus money until this economic cycle ends. What’s the end game for crypto except as a unregulated gambling tool Matt Damon is pushing loser NFL fans to partake in along with the usual sports betting ads?
Hahahahahah you have no clue about the history of the internet.
I see why you think what you think now.
Youthful overconfidence ;)
“The crash of crypto is bound to happen for the same reason that all Ponzi schemes eventually crumble: There is not an infinite supply of new people willing to pay ever-increasing prices for the stuff that you currently own. The more interesting question is not whether many small-time investors will lose a lot of money on their crypto investments, but what will happen when they do?
Here is what will happen when hundreds of thousands of younger investors are smashed by the crypto crash: They will be radicalized. This will not be experienced as simply a decline in prices, because crypto represents much more than a simple investment to its most fervent adherents — it represents a way out of the American trap. It represents the existence of opportunity, the possibility of economic mobility, the validation of the idea that you, a regular, hard working person without connections, can go from the bottom to the top, thanks to nothing but your own savvy choices. When that myth is shattered, disillusionment with the American system will follow. Unfortunately, given the realities of the moment, these newly disillusioned and radicalized and angry and broke people are far more likely to turn to fascism than to socialism.
Crypto, a portfolio of inherently worthless online tokens, is already sustained almost entirely by myth. Its value proposition is so inscrutable that when it melts down, almost any narrative could be crafted to plausibly explain it. It was the Fed! The government! The leftists who hate entrepreneurialism! It was the dark and devious forces of the shadowy deep state! Anything will do. It will enforce the priors of those who placed their faith in crypto as a good substitute for the American dream — a crowd of Barstool Sports readers and tech libertarians and the types of people who used to buy silver bars from Alex Jones before they turned to Bitcoin. The crypto-evangelist population skews heavily towards a sort of New Age libertarian, anti-government right wing-ism, and when they see their financial dreams evaporate, they will likely set their sights for revenge on the things they already despise. The broad effect will lead to a large number of newly angry, bitter, disillusioned, hopeless people who are too steeped in the culture wars to turn towards working class solidarity, and instead turn towards hate.
So, if you want to amuse yourself during these end times, think about how much the timing of the crypto crash might end up affecting the basic existence of American democracy itself. If the crash strikes, say, six months before the 2024 presidential elections, it could be sufficient fuel to propel Donald Trump or one of his acolytes back into the White House and to further poison the national dialogue with rage and a spirit of vengeance. A fun thing to speculate on.”
https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism
It's been 800 years since Cinghis Khan made people surrender gold, diamonds, and silver for printed paper currency. The Chinese invention of the printing press enabled paper bills to be mass produced. Europe, Russia, Persia, Northern India, China, Korea, Turkey, Poland, etc. were decimated wiped out, conquered, raped and were integrated into the Monghol Empire. Today the internet is the Monghol Empire of 800 years ago. Bitcoin was invented by Japan as the currency of the internet. Instead of one Great Khan 800 year ago we all thank for civilizing and bringing Chinese technology to the World, today we have open source codes that comprise 99% of internet servers, and we have distributed Crypto . Its a new world.
CryptoPunk #2338 wrote:
Steve The Addict OFFICIAL -----^^^^^ wrote:
The price of bitcoin right now is cheap when you compare it with its value a decade from now.
How do you know its value will be higher in 2032? It doesn't function as a currency. So it's a crypto-asset****. But it doesn't meet definition of an asset either since it doesn't produce anything. So it's a zero sum game where all 13,000 of the shtcoins ultimately take a different path to $0. Maybe you're lucky during the gambling path to $0 and you're able to find someone else to sell it to before the jig is up and it busts. But there are and will be just as many losers as winners, if not more losers.
Steve The Addict OFFICIAL -----^^^^^ wrote:
It's price is volatile in the early stages of its adoption.
What does adoption even mean at this point? Institutions letting people trade the turds even though they know it's worthless except to gamble and make money on fees? The whole idea of crypto is a libertarian fantasyland that is like going back to the 1920s before FDIC insured banks and SEC securities laws. Decentralized currency is fantasyland. Many of the coins are not decentralized because the miners are highly centralized in China or Belarus and the people who founded the coins own and control a very high percentage of the coins (i.e. "whales") and they are able to control and manipulate the price of the coin since there are no securities laws (crypto are unregistered securities). If anything happens to your crypto and it's hacked or no longer there, you can try to go straight to police or FBI but they can't do squat. I've already seen plenty of instances where this happens and the gambler goes to police and FBI, is contemplating suicide and needs counseling because they somehow gave access to their wallet hash to someone else online or it was hacked. It's way more common than you think.
https://finance.yahoo.com/news/crypto-scammers-steal-almost-8-bn-from-investors-in-2021-124210326.htmlThe adoption thing is the lie the insiders are pushing to get suckers to HODL while they and the whales secretly dump their coins.
There's even a crypto cult that's come up with ways to keep people getting scammed/the victims from selling.
-Lambo/Mooning
-HODL
-FOMO
-FUD
-HFBP
-BTD/BTFD
-Rekt (i.e. ultimately most people)
-Shill (e.g. Matt Damon)
NOTE: It's likely in future US central banks will have a centralized digital currency utilizing fintech, but that has nothing to do with crypto or blockchain.
Liquidity is also a big issue. If everyone has to sell crypto immediately there won't be enough fiat when people have to cash in. Exchanges can and do reject gains from being paid out and meanwhile the price falls and the bagholder is stuck and can't get their fiat money out. Also, if crypto is so useful, why would they ever want fiat out?
Tether which is a stablecoin is total fraud. It's the tip of the iceberg with the fraud going on in crypto. They print more of it to prop up the price. Props to New York Attorney General for prohibiting them from doing business in New York
https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegalSteve The Addict OFFICIAL -----^^^^^ wrote:
The doubters have and will always exist.
Doubters include:
Warren Buffett
Charlie Munger
Peter Schiff
Paul Krugman
Bill Gates
Steve The Addict OFFICIAL -----^^^^^ wrote:
But the reality is that bitcoin has exceeded most peoples expectations already amd made a lot of people permanently rich.
I admit it's traded at stupid prices for far too long. But tulips and beanie babies traded at ridiculous prices way out of line with fundamental value for quite some time too.
It seems to be a few whales, scammers, and crooks (as well as influencers paid by a developer before developer abandons project for the rug pull and is nowhere to be found) selling the Lambo dream fantasy to Gen Z youth?
It’s a new world because there’s now a platform for poor people to buy digital lottery tickets?
BTC maximalist wrote:
History is rife with embarrassing quotes from techno-pessimists. You can dismiss current implementations but to ignore the fundamental prospects is pure boomerism.
blah blah blah.
It will definitely change the world just like those tulips changed the world economy forever.
Sh||tcoin Gambler wrote:
yargl wrote:
It's not an asset it's a medium. And since all payment providers will utilize Blockchain exclusively within the next 5 years, being down 2% on the day is meaningless.
Why would central banks use blockchain (which has been out for a long time and yet no one uses except to provide the shtcoin gambling platform) and not their own centralized digital currencies?
It's not a matter of "why would they" but "why do they". They use blockchain because it's trustless, distributed, cheap, and fast. It's the reason our entire credit and banking system is getting replaced by blockchain and why having holdings now is important for those who arent blind to that.
Sh||tcoin Gambler wrote:
“The crash of crypto is bound to happen for the same reason that all Ponzi schemes eventually crumble: There is not an infinite supply of new people willing to pay ever-increasing prices for the stuff that you currently own. The more interesting question is not whether many small-time investors will lose a lot of money on their crypto investments, but what will happen when they do?
Here is what will happen when hundreds of thousands of younger investors are smashed by the crypto crash: They will be radicalized. This will not be experienced as simply a decline in prices, because crypto represents much more than a simple investment to its most fervent adherents — it represents a way out of the American trap. It represents the existence of opportunity, the possibility of economic mobility, the validation of the idea that you, a regular, hard working person without connections, can go from the bottom to the top, thanks to nothing but your own savvy choices. When that myth is shattered, disillusionment with the American system will follow. Unfortunately, given the realities of the moment, these newly disillusioned and radicalized and angry and broke people are far more likely to turn to fascism than to socialism.
Crypto, a portfolio of inherently worthless online tokens, is already sustained almost entirely by myth. Its value proposition is so inscrutable that when it melts down, almost any narrative could be crafted to plausibly explain it. It was the Fed! The government! The leftists who hate entrepreneurialism! It was the dark and devious forces of the shadowy deep state! Anything will do. It will enforce the priors of those who placed their faith in crypto as a good substitute for the American dream — a crowd of Barstool Sports readers and tech libertarians and the types of people who used to buy silver bars from Alex Jones before they turned to Bitcoin. The crypto-evangelist population skews heavily towards a sort of New Age libertarian, anti-government right wing-ism, and when they see their financial dreams evaporate, they will likely set their sights for revenge on the things they already despise. The broad effect will lead to a large number of newly angry, bitter, disillusioned, hopeless people who are too steeped in the culture wars to turn towards working class solidarity, and instead turn towards hate.
So, if you want to amuse yourself during these end times, think about how much the timing of the crypto crash might end up affecting the basic existence of American democracy itself. If the crash strikes, say, six months before the 2024 presidential elections, it could be sufficient fuel to propel Donald Trump or one of his acolytes back into the White House and to further poison the national dialogue with rage and a spirit of vengeance. A fun thing to speculate on.”
https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism
Oh boy, you sound like a traditional investor pissed that they missed getting in early. Surely many of the crypto-coins are trash and will crash to zero at some point, but those that begin to show utility and become widely adopted forms of payment are not going away. Right now I can buy almost anything I want on any platform with the crypto holding I have. Within another year a select handful will become widely utilized for everyday transactions across the globe. Yes, small time crypto speculation is certainly BS gambling, but it is not hard now to recognize the the viable options for the near to mid term; long term, who knows. I think your overzealous anti-crypto stance has its points, but may also be based in the fact that it is not what you are familiar with so you are hoping it totally fails. Unless the internet dies, crypto is only going to explode in global usage from here on out.
I’m hoping everything crashes so I can load up. If shiba adds 2-3 zeroes I’ll sell my car and load up. Then next year’s up cycle I’ll buy a house with the earnings.
Sh||tcoin Gambler wrote:
“The crash of crypto is bound to happen for the same reason that all Ponzi schemes eventually crumble: There is not an infinite supply of new people willing to pay ever-increasing prices for the stuff that you currently own. The more interesting question is not whether many small-time investors will lose a lot of money on their crypto investments, but what will happen when they do?
Here is what will happen when hundreds of thousands of younger investors are smashed by the crypto crash: They will be radicalized. This will not be experienced as simply a decline in prices, because crypto represents much more than a simple investment to its most fervent adherents — it represents a way out of the American trap. It represents the existence of opportunity, the possibility of economic mobility, the validation of the idea that you, a regular, hard working person without connections, can go from the bottom to the top, thanks to nothing but your own savvy choices. When that myth is shattered, disillusionment with the American system will follow. Unfortunately, given the realities of the moment, these newly disillusioned and radicalized and angry and broke people are far more likely to turn to fascism than to socialism.
Crypto, a portfolio of inherently worthless online tokens, is already sustained almost entirely by myth. Its value proposition is so inscrutable that when it melts down, almost any narrative could be crafted to plausibly explain it. It was the Fed! The government! The leftists who hate entrepreneurialism! It was the dark and devious forces of the shadowy deep state! Anything will do. It will enforce the priors of those who placed their faith in crypto as a good substitute for the American dream — a crowd of Barstool Sports readers and tech libertarians and the types of people who used to buy silver bars from Alex Jones before they turned to Bitcoin. The crypto-evangelist population skews heavily towards a sort of New Age libertarian, anti-government right wing-ism, and when they see their financial dreams evaporate, they will likely set their sights for revenge on the things they already despise. The broad effect will lead to a large number of newly angry, bitter, disillusioned, hopeless people who are too steeped in the culture wars to turn towards working class solidarity, and instead turn towards hate.
So, if you want to amuse yourself during these end times, think about how much the timing of the crypto crash might end up affecting the basic existence of American democracy itself. If the crash strikes, say, six months before the 2024 presidential elections, it could be sufficient fuel to propel Donald Trump or one of his acolytes back into the White House and to further poison the national dialogue with rage and a spirit of vengeance. A fun thing to speculate on.”
https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism
lol this is what fomo looks like
The median investment in shtcoins such as Bitcoin is so low that even if they went up most gamblers would still be very poor
“ To the overwhelming majority of us in the software engineering profession who live closest to the metal, we see blockchain as a technology that barely works and whose use cases (if any) are vanishingly small and niche. Blockchains are a solution in search of a problem, but in the meantime we’re expected to pre-invest in “tokens” while the decades roll by with seemingly no progress on the fundamental question of “For what?”. It all looks like a form of reverse-innovation where discovery precedes purpose. Perhaps it is our field’s version of string theory, theoretically-plausible castles in the sky which are built on unfalsifiable claims and are only loosely tethered to reality. But what really triggers our engineer “baloney detection” alarm, is that it’s a set of incoherent ideas attached to so many get rich quick schemes.”
https://www.stephendiehl.com/blog/disconnect.html
“ If there is any innovation in crypto assets it’s not in software engineering, but in financial engineering. We’ve created a new financial product like an option contract on a startup potentially building something real, but in case they don’t you can always exercise it early by simply dumping the stock on the public to cash out completely untethered to the company’s success. You don’t need to file a S-1 or have a coherent prospectus about attracting customers or business or revenue. Hell, the company doesn’t even have to have a business model at all, and in fact the best performing crypto assets are the ones that literally don’t do anything at all. They just need to tell a good story.
What’s even more appetizing about the crypto-token-as-equity-proxy scheme is that instead of having to wait a decade for an initial public offering to dump your shares on the public, the shares can be made immediately liquid whenever you want, and you can dump the smoldering carcass of a “company” on the public markets directly without Wall Street getting their cut. Oh, and it’s also like the 1920s again and you can insider trade, wash trade, and pump and dump and there’s basically no enforcement. And in the rare case where there is enforcement the AG is probably only going to want the scalp of the entrepreneur who ran the scheme, not their investors.
In a way, good for them for figuring out this lucrative loophole in our system. But at the same time shame on them for exploiting this loophole because of its horrible externalities. At the most broad macro level, offering these unregistered securities on highly manipulated markets, on rails that you control, with no regulation or consumer protection means that your average fool from the public is getting taken to the absolute cleaners when buying these things. It’s basically a license to print free money, and I imagine a lot of LPs in large funds are ecstatic about this. It’s basically the perfect portfolio diversification for ESG, by buying this flavour of crypto fund you basically get pure unfiltered vice exposure through anti-ESG burn-the-earth fleece-the-rubes skirt-the-law crypto offerings.”
Does anyone understand why Tether and Bitfinex are sending $230M Tether USDT ($230M equivalent supposedly) back and forth?
https://twitter.com/silvermanjacob/status/1478783389427593218?s=21
A single Whale 🐳 just moved a boatload of Bitcoin a few hours ago
https://twitter.com/whale_alert/status/1478820191429611520?s=21
Crypto whales mining Bitcoin while generating revenue through market manipulation. The ultimate cash cow. Have fun making money you small investors!
The USDT Tether printer hasn’t gone to work in 3 to 4 days to increase supply, so this could be why.
The sad thing is that the little guy making bets in shtcoins because he wants to emulate Elon Musk and/or somehow sees it succeeding in a libertarian fantasyland is going to get burned badly and conclude everything associated with the American dream is corrupt