Bitcoin is taking a dump with all the other shtcoins

Where you at?

“Good ideas, carried to wretched excess, become bad ideas,” Munger said. “Nobody’s gonna say I got some s*** 💩 that I want to sell you. They say – it’s blockchain!” - Charlie Munger

bunch of lunatic

Another criminal scam from the usual suspects

Same grift

Yes, Bankman-Fried has given money to both parties. The fact that he pledged billions to the Democratic party has nothing with him being "tied" to it. SBF is from a relatively wealthy Jewish background. Wealthy Jews in the United States tend to be liberal and support Democrats. The fact that SBF pledged large sums of money to the Democrats should not be surprising or set off alarms. There's nothing to see here as much as the right wingnuts would like there to be.

SBF also pleged $5 billion to Elon Musk for his Twitter bid. What became of that, I am not sure. The other bitcoin shyster, CZ of Binance, did support Musk with $500 million.

On another note, Musk is so leveraged in the Twitter deal and I really hope that his smug ass crashes and burns.

most of crypto “investor” young male libertarian (usually Republican leaning since government and big banks bad even though the protections banks have are there for a reason pre-1929). democratic party have a lot of delusional pseudo-tech support for the space (many blindly accept that because it’s tech it must be new and shiny and do something better than real money and that the reason they don’t understand it is they aren’t economics or computer people), just blindly trust that because it’s gone up in trading price and that others boast about it going up and driving lambos that it must be the future.

rocket 🚀 ship and 💩 🪙 laser eyes some moron[insert name here].eth
During 2020-2021 it was common to create your own shtcoin from a template, promote 💩 shtcoin on a Discord, vaporware project and bots on social media to promote, tell everyone they can be early investor before it pumps and dumps, and run with everyone’s money

have fun getting poor in shtcoins & have fun staying wealthy by avoiding all shtcoin including bitcoin, eth and all the more mainstream shtcoins

MLB umpires need to get the shtcoin 💩 FTX logo taken off their uniforms

& LA Lakers and Miami Heat and others need new stadium name

also SoFi arena will probably need new name

One guy called it a cancer and like “financial asbestos.” I like the comparison

This shows that in all likelihood no one into shtcoins in this thread made any money and most likely lost money

There are stupid dems too. NYTimes promoted the stuff last year mostly to dem leaning folks and especially boomers who don’t understand what it is as new tech

mollywhite.net

The (Edited) Latecomer's Guide to Crypto

@molly0xfff

A group of cryptocurrency researchers and critics annotate the irresponsible cryptocurrency puff piece that was originally published in the New York Times.

Open link

202-0m

I’ll agree with you that a lot of the shltcoiners are libertarian but you may want to check your facts on democrats not being economic or computer science people.

Economists are Democrats/liberals by a margin of 2.5-3 to 1 over those identifying as Republicans/conservatives.

In the IT field they are more liberal by an even greater margin though they probably have a good dose of libertarian leanings sprinkled in there - ie, liberal in social issues but more moderate on economic issues. Really more similar to a Clinton Democrat (Bill, not Hillary).

Point is that, some dems who arent economics and computer sci people accepted it as the new thing. while most shtcoin promoters and “investors” mostly young libertarian, some democratic mayors and even democratic governor (eg Jared Polis) supported these projects and blindly accepted them as some inevitable adoption and big future we will have no choice but to accept in our daily lives because they will soon become mainstream as revolutionary tech so we should be paying attention to them. I didn’t know of any respected economists thinking highly of crypto (many critical at alll were harassed with the HFSP and boomer “old man doesn’t get it” labels, a quick glance at comments underneath them would show ~95%+ of the comments would be negative this way and in support of crypto and that this boomer intellectual doesn’t get it). Tech bros with venture capital support and Musk loved shtcoins and Musk fan boys tend to lean libertarian so it worked, including creating Doge as joke & the IT field still has/had a lot of crypto support, including libertarian and idiots working for crypto and “web3” start up companies. Just because someone works “in tech” doesn’t mean they are democrat, doesn’t mean they understand why crypto can’t work in financial system, doesn’t mean they understand there isn’t any utility behind crypto. Plenty of libertarian anti banks anti govt regulation types and foolish dems in IT field.

Any search on researching what crypto is via YouTube or twitter a year ago and your YouTube browser feed and twitter feed would be bombarded with pump and dump videos about the next coin, rocket ships and laser eyes as recommended youtube channels to watch and twitter feeds to follow etc. Now at least you can see the YouTube videos pumping shtcoins are a year old (uploaded a year ago) and no longer have 500k views and not many comments at all this year on them.

Companies like sofi and Robinhood and public.com and crypto.com marketed to financially desperate to download apps and gamble paycheck and stimulus money by making trades in the shtcoins. Even Venmo still has a shtcoin section within the app. Some Dem politician and Dem rapper Jay Z and Dem athlete Steph Curry other celeb supported crypto sht as way to lift up people in need & You‘d see ads for shtcoins even on CNN and MSNBC (and we probably still do for all I know)

“In the aftermath of the collapse of FTX, authorities should resist the urge to create a parallel legal and regulatory framework for the crypto industry. It is far better to do nothing, and just let crypto burn. Actively intervening would convey undeserved legitimacy upon a system that does little to support real economic activity. It also would provide an official seal of approval to a system that currently poses no threat to financial stability and would lead to calls for public bailouts when crypto inevitably erupts again.
Finance is all about trust. The loss of trust from surging failures already is bringing about crypto’s demise. The market capitalisation of the myriad “coins” is down by about 75 per cent from its November 2021 peak.
It is hard to imagine trust in crypto recovering from the scale and scope of FTX’s failures. Until very recently, FTX was a leading exchange and was widely touted as a guiding light in an industry rife with charlatans. However, FTX intentionally chose to locate in a jurisdiction beyond the legal and regulatory purview of those nations with the largest financial systems. Moreover, reports now reveal that FTX lacked transparency, misused customer funds, engaged in related-party dealings, had weak corporate governance, and accepted phantom collateral, along with other unsafe practices. Put simply, the crypto system as it currently exists is unsustainable. Absent clear and easily enforceable property rights, relying solely on private investors to monitor and discipline the behaviour of opaque intermediaries has never been safe and effective. There is no prospect for a technological solution to these age-old problems. So, the big question is whether authorities ought to create a new regulatory and supervisory framework that protects property rights and enforces the principles of safety and soundness. Concerned about further losses from the collapse of crypto, many people are calling for new rules to protect consumers. Ironically, however, attempts to create a separate structure for regulating and supervising crypto will just make the financial system less, not more, safe.”

ft.com

Let crypto burn

Stephen Cecchetti

Just say no to legitimacy-inferring regulation

Open link

Is This the End Game for Crypto?
Nov. 17, 2022, 7:00 p.m. ET

“Recent events have made clear the need to regulate crypto, an industry that grew from nothing to a $3 trillion market capitalizationa year ago, although most of that has now evaporated. But it also seems likely that the industry couldn’t survive regulation.
The story so far: Crypto reached its peak of public prominence last year, when Matt Damon’s “Fortune favors the brave” commercial — sponsored by the Singapore-based exchange Crypto.com — first aired. At the time Bitcoin, the most famous cryptocurrency, was selling for more than $60,000.
Bitcoin is now trading below $17,000. So people who bought after watching the Damon ad have lost more than 70 percent of their investment. In fact, since most people who bought Bitcoin did so when its price was high, most investors in the currency — around three-quarters of them, according to a new analysis by the Bank for International Settlements — have lost money so far.
Still, asset prices plunge all the time. People who bought stock in Meta, the company formerly known as Facebook, at its peak last year have lost around as much as investors in Bitcoin have.
So falling prices needn’t mean that cryptocurrencies are doomed. Crypto boosters surely won’t give up. According to a report from The Washington Post, many of those who subscribed to Twitter Blue Verified, Elon Musk’s disastrous (and now paused) attempt to extract money from Twitter users, were accounts promoting right-wing politics, pornography — and cryptocurrency speculation.
More telling than prices has been the collapse of crypto institutions. Most recently, FTX, one of the biggest crypto exchanges, filed for bankruptcy — and it appears that the people running it simply made off with billions of depositors’ money, probably using the funds in a failed effort to prop up Alameda Research, its sister firm.
The question we should ask is why institutions like FTX or Terra, the so-called stablecoin issuer that collapsed in May, were created in the first place.

After all, the 2008 white paper that started the cryptocurrency movement, published under the pseudonym Satoshi Nakamoto, was titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” That is, the whole idea was that electronic tokens whose validity was established with techniques borrowed from cryptography would make it possible for people to bypass financial institutions. If you wanted to transfer funds to someone else, you could simply send them a number — a key — with no need to trust Citigroup or Santander to record the transaction.
It has never been clear exactly why anyone other than criminals would want to do this. Although crypto advocates often talk about the 2008 financial crisis as a motivation for their work, that crisis never impaired the payments system — the ability of individuals to transfer funds via banks. Still, the idea of a monetary system that wouldn’t require trust in financial institutions was interesting, and arguably worth trying.
After 14 years, however, cryptocurrencies have made almost no inroads into the traditional role of money. They’re too awkward to use for ordinary transactions. Their values are too unstable. In fact, relatively few investors can even be bothered to hold their crypto keys themselves — too much risk of losing them by, say, putting them on a hard drive that ends up in a landfill.
Instead, cryptocurrencies are largely purchased through exchanges like Coinbase and, yes, FTX, which take your money and hold crypto tokens in your name.
These exchanges are — wait for it — financial institutions, whose ability to attract investors depends on — wait for it again — those investors’ trust. In other words, the crypto ecosystem has basically evolved into exactly what it was supposed to replace: a system of financial intermediaries whose ability to operate depends on their perceived trustworthiness.
In which case, what is the point? Why should an industry that at best has simply reinvented conventional banking have any fundamental value?
Furthermore, trust in conventional financial institutions rests in part on validation by Uncle Sam: The government supervises banks, regulates the risks they can take and guarantees many deposits, while crypto operates largely without oversight. So investors must rely on the honesty and competence of entrepreneurs; when they offer exceptionally good deals, investors must believe not just in their competence but in their genius.
How has that been working out?
As boosters love to remind us, previous predictions of crypto’s imminent demise have proved wrong. Indeed, the fact that Bitcoin and its rivals aren’t really usable as money needn’t mean that they become worthless — you can, after all, say the same thing about gold.
But if the government finally moves in to regulate crypto firms, which would, among other things, prevent them from promising impossible-to-deliver returns, it’s hard to see what advantage these firms would have over ordinary banks. Even if the value of Bitcoin doesn’t go to zero (which it still might), there’s a strong case that the crypto industry, which loomed so large just a few months ago, is headed for oblivion.” - https://www.nytimes.com/2022/11/17/opinion/crypto-banks-regulation-ftx.html

Fun fact, you don't need the coins to use the technology!

what do you mean bro? How are these coins of any use or the technology of any use?