100
100
It’s almost like you’ve had a day at the casino in Las Vegas and you’re one of the rare lucky ones who’s actually won some money, you get delayed for a while to make sure you have the right lottery number or the right chips and that you are a genuine winner, because truly winning in this game is rare in relation to the large number of losers many of whom are too embarrassed to talk about what they’ve lost gambling in crypto
cryptokitty wrote:
My understanding is that stablecoin(s) helps keep the Ponzi scheme going by printing more of it to pump the price and make up for taking fiat to spend on coin exchange fees and hide for coin employees and shooting it over to other places throughout the crypto space to cover liquidity positions, whales secretly selling for fiat and things like that. You can see this with USDT paper Twitter accounts where are the stable coin is moved around and printed multiple times per day. The stable coin supply in circulation keeps increasing. Stablecoin such as Tether originally said they have one US dollar for every stable coin but it turns out this is hardly the case. They were investigated by the Attorney General of New York and fined millions of dollars and forbidden from ever doing business in state of New York anymore
Crypto Bros will try to counter this by saying the Fed does the same thing with Fiat printing, like crypto space is allowed to be corrupt in the crypto world just like you guys are in the fiat world , but there’s is both an asset and a liability with fiat printing and this is a recognized currency as opposed to a crypto using stablecoin as casino chips.
My thinking is that what Crypto Moon bros make in unrealized gain, they keep it in stablecoin or in one of the sht coins they think will keep mooning at an exchange without any intention of converting it back to fiat to cash in anytime soon, and my so my fear is what’s going to happen is when the crypto enthusiast/moon bro who think they’ve made money go to try to cash in for fiat money, the fiat money aka US dollar won’t be there because the whales and insiders will have taken it all
Exactly.
Cryptokitty knows whats up.
cryptokitty wrote:
And because crypto”currency” does not do anything and does not have any utility and does not produce anything, the fiat money that goes into the system must be used to pay for coin exchange expenses, advertising, and liquidate positions for whales and insiders and not much else and so the only thing they can keep doing is getting more suckers to put fiat money into the system and use the monopoly play money to convince the suckers that they are making money if they just HODL
These people are Truly delusional with laser eyes & probably will go in economics textbooks as example of Ponzi scheme of epic scale
I agree 100%. These guys remind me of Amway people back in the 90s and early 2000s.
It’s actually the same thing that happened with private banks in the 1920s. It’s hilarious because we solved a lot of these issues back then but 100 years later we wanna have libertarians run a casino game again
Cryptokitty still hasn't figured out that the principal doesn't matter because we're all yield farming 🤣
In other words wrote:
Maybe...... wrote:
Why would someone buy a stable coin with Fiat ? I've never heard of a single person doing that.
If you understand stable coin then you already know the answer. Its nothing more than trading fiat for crypto and then trading crypto for stable.
In other words, you go to the casino and buy a $100 chip. Then exchange that $100 chip for five $20 chips. And then pray the casino dosent go bankrupt making your five chips worthless.
Then you would be incorrect. You don't buy (typically) a stable coin with Fiat. There are actually some valid reasons, but this analogy isn't one of them.
cryptokitty wrote:
My understanding is that stablecoin(s) helps keep the Ponzi scheme going by printing more of it to pump the price and make up for taking fiat to spend on coin exchange fees and hide for coin employees and shooting it over to other places throughout the crypto space to cover liquidity positions, whales secretly selling for fiat and things like that. You can see this with USDT paper Twitter accounts where are the stable coin is moved around and printed multiple times per day. The stable coin supply in circulation keeps increasing. Stablecoin such as Tether originally said they have one US dollar for every stable coin but it turns out this is hardly the case. They were investigated by the Attorney General of New York and fined millions of dollars and forbidden from ever doing business in state of New York anymore
Crypto Bros will try to counter this by saying the Fed does the same thing with Fiat printing, like crypto space is allowed to be corrupt in the crypto world just like you guys are in the fiat world , but there’s is both an asset and a liability with fiat printing and this is a recognized currency as opposed to a crypto using stablecoin as casino chips.
My thinking is that what Crypto Moon bros make in unrealized gain, they keep it in stablecoin or in one of the sht coins they think will keep mooning at an exchange without any intention of converting it back to fiat to cash in anytime soon, and my so my fear is what’s going to happen is when the crypto enthusiast/moon bro who think they’ve made money go to try to cash in for fiat money, the fiat money aka US dollar won’t be there because the whales and insiders will have taken it all
This is fine if you want to take a swipe at Tether, there are certainly reasonable questions there. But there are also valid stable coins that don't have that issue, and one would probably be wise to use one of those if worried about the risk. Each stable coin has it's own merits.
cryptokitty wrote:
And because crypto”currency” does not do anything and does not have any utility and does not produce anything, the fiat money that goes into the system must be used to pay for coin exchange expenses, advertising, and liquidate positions for whales and insiders and not much else and so the only thing they can keep doing is getting more suckers to put fiat money into the system and use the monopoly play money to convince the suckers that they are making money if they just HODL
These people are Truly delusional with laser eyes & probably will go in economics textbooks as example of Ponzi scheme of epic scale
Crypto does have utility. The fact you can't see that, is just your blindness. If you were to say a lot of crypto is bull, I would however agree with you. It's a bit like in the dot com boom saying websites and the web are useless and have no utility.
Can we see the audited financials please?
Maybe...... wrote:
cryptokitty wrote:
And because crypto”currency” does not do anything and does not have any utility and does not produce anything, the fiat money that goes into the system must be used to pay for coin exchange expenses, advertising, and liquidate positions for whales and insiders and not much else and so the only thing they can keep doing is getting more suckers to put fiat money into the system and use the monopoly play money to convince the suckers that they are making money if they just HODL
These people are Truly delusional with laser eyes & probably will go in economics textbooks as example of Ponzi scheme of epic scale
Crypto does have utility. The fact you can't see that, is just your blindness. If you were to say a lot of crypto is bull, I would however agree with you. It's a bit like in the dot com boom saying websites and the web are useless and have no utility.
Name one that isn't a press release by some coin creator.
"Decentralized" - false.
"Immutable" - false.
"Secure" - false.
Block chain storage is essentially a pointer to something off the Blockchain otherwise it requires too much gas to make any kind of significant storage cost effective. Therefore, it's entirely crap.
Incoming: "but it's blockchain tho."
brien evans wrote:
Maybe...... wrote:
Crypto does have utility. The fact you can't see that, is just your blindness. If you were to say a lot of crypto is bull, I would however agree with you. It's a bit like in the dot com boom saying websites and the web are useless and have no utility.
Name one that isn't a press release by some coin creator.
"Decentralized" - false.
"Immutable" - false.
"Secure" - false.
Block chain storage is essentially a pointer to something off the Blockchain otherwise it requires too much gas to make any kind of significant storage cost effective. Therefore, it's entirely crap.
Incoming: "but it's blockchain tho."
That's kinda loaded, tell me anything popular that doesn't have a press release.
Your other bits, you'd have to be more specific about a coin or chain, they are all different, and doesn't make sense, especially about storage. If you narrow it down properly, I'll have a stab at a reply though.
Maybe...... wrote:
brien evans wrote:
Name one that isn't a press release by some coin creator.
"Decentralized" - false.
"Immutable" - false.
"Secure" - false.
Block chain storage is essentially a pointer to something off the Blockchain otherwise it requires too much gas to make any kind of significant storage cost effective. Therefore, it's entirely crap.
Incoming: "but it's blockchain tho."
That's kinda loaded, tell me anything popular that doesn't have a press release.
Your other bits, you'd have to be more specific about a coin or chain, they are all different, and doesn't make sense, especially about storage. If you narrow it down properly, I'll have a stab at a reply though.
Sure. Regarding storage, here's an unbiased article I've pasted it earlier in the thread but here it is again:
https://blog.purestorage.com/perspectives/what-will-blockchain-mean-for-data-storage/"Blockchains aren’t efficient for storing large file sizes. It’s both costly and time-consuming to try to store large amounts of data on a public blockchain. Storage of data on-chain isn’t a very scalable or efficient route for anything other than core ledger data and related hashes. Costs can rack up per terabyte on the chain with each transaction, plus fees each time you want to read that data.¹ It also takes time that SLAs can’t afford, such as minutes per megabyte. This makes blockchains nearly dependent on some sort of off-chain storage."
Depending on off-chain storage essentially means that you may as well not have Blockchain. Your data is not secure. It's dependent on antiquated off-chain storage. Therefore it is also not immutable.
The problem with all crypto is they are selling a problem, making it appear a though there is a solution, but failing to deliver one. Take for example, SEA/VSEA NEXUS, formerly a BSC, now converted into an ASA token.
https://sea.earth/nexus/They sell the problem. They do not have a solution. If you scroll to the bottom of the page, you'll find this:
"Most importantly for existing SEA holders: you've supported our project up to this point, through dips and peaks, you've held the line because we promised you big things were coming. We want to reward all our SEA holders, so listen up: hold your SEA, you are the VIPs of the new ecosystem and your rewards are coming!"
Essentially, we scammed you guys for years but as long as you guys keep staking SEA out we'll reward you with another useless token in our new platform. #definitelynotaponzischeme
And if you actually look into their "technology"... Quote: "80% of the world's population owns a smartphone. 6.3 Billion approximate number of people. That's an enormous number of people walking around with a device that can connect to the internet, pinpoint their GPS location (including elevation), and supply environmental observations in thousands of data subclasses."
Doesn't that sound dreamy? Too bad it's all BS. Cell phones don't have environmental sensors built-in. How about we start there? They are straight lying to "investors" and managed to get an Algorand foundation grant for this garbage.
And finally for security, let's put aside all the thefts, lost wallets and rug pulls. You might have seen that Tinyman was exploited a few days ago to the tune of $3M USD due to an undiscovered "bug" in their smart contract. This contract was already audited and was deemed secure. So not only is the techology garbage, but you can't even have faith that auditors are doing their job or that aren't in on the exploits. Who is auditing the auditor? You have no idea if the auditors didn't discover the bug and then come back and exploit it later. You know what doesn't have that problem? Real contracts.
CRYPTO MARKET CAP 2021: $2.3 TRILLION
Companies incorporating Cryptocurrency:
"Microsoft is Embracing Blockchain With its New Ethereum-Based Framework"
"Dish Network adopts Blockchain Technology"
"Visa’s embrace of crypto is starting to pay off"
"Associated Press partners with Chainlink to put its journalistic information on a blockchain"
"DraftKings Marketplace Chooses Polygon for Mainstream NFT Adoption"
https://futurism.com/microsoft-is-embracing-blockchain-with-its-new-ethereum-based-framework
https://fortune.com/2021/07/15/visa-crypto-payments-fintech-cryptocurrency/
https://cryptopotato.com/draftkings-marketplace-chooses-polygon-for-mainstream-nft-adoption/
ccrryypptt wrote:
CRYPTO MARKET CAP 2021: $2.3 TRILLION
Companies incorporating Cryptocurrency:
"Microsoft is Embracing Blockchain With its New Ethereum-Based Framework"
"Dish Network adopts Blockchain Technology"
"Visa’s embrace of crypto is starting to pay off"
"Associated Press partners with Chainlink to put its journalistic information on a blockchain"
"DraftKings Marketplace Chooses Polygon for Mainstream NFT Adoption"
https://insidebitcoins.com/news/dish-network-adopts-blockchain-technology-through-cardano-partnershiphttps://futurism.com/microsoft-is-embracing-blockchain-with-its-new-ethereum-based-frameworkhttps://fortune.com/2021/07/15/visa-crypto-payments-fintech-cryptocurrency/https://www.theblockcrypto.com/linked/121679/associated-press-partners-with-chainlink-to-put-its-journalistic-information-on-blockchainhttps://cryptopotato.com/draftkings-marketplace-chooses-polygon-for-mainstream-nft-adoption/
"But but but.... it has no utility 😭"
here comes the fomo lol
Google Cloud partners with CryptoWire to develop Blockchain, Crypto ecosystem
Microsoft to use the Ethereum Blockchain to prevent piracy.
Walmart employed Blockchain, to create an automated system for managing invoices from and payments to its 70 third-party freight carriers.
https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-to-solve-supply-chain-challenges
More than 50% of global organizations view blockchain as a strategic priority.
32% of companies are in the development stage of their blockchain project.
84% of companies indicate that they use blockchain technology to a certain degree.
30% of executives believe China will become a blockchain leader by 2023.
Global spending on blockchain solutions is expected to reach $11.7 billion in 2022.
Global spending on blockchain solutions is estimated to have reached $2.7 billion in 2019.
There are more than 5,000 blockchain startups registered on AngelList.
The US accounts for 56% of the global blockchain investments.
.
Over 80% of the world's top 100 public companies currently use blockchain technology, according to a survey by market intelligence platform Blockdata. However, even disregarding those merely at the research stage, there are still 65 companies actively developing their blockchain solutions.
https://beincrypto.com/80-public-companies-blockchain-technology/
ccrryypptt wrote:
Google Cloud partners with CryptoWire to develop Blockchain, Crypto ecosystem
Microsoft to use the Ethereum Blockchain to prevent piracy.
Walmart employed Blockchain, to create an automated system for managing invoices from and payments to its 70 third-party freight carriers.
https://economictimes.indiatimes.com/markets/cryptocurrency/google-cloud-partners-with-cryptowire-to-develop-blockchain-crypto-ecosystem/articleshow/88731636.cmshttps://markets.businessinsider.com/news/currencies/microsoft-msft-ethereum-blockchain-fight-piracy-digital-tech-public-ledger-2021-8https://hbr.org/2022/01/how-walmart-canada-uses-blockchain-to-solve-supply-chain-challenges
And China banned it.
China vs Google, Microsoft and Walmart? China wins.
"Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China have all banned cryptocurrency. Forty-two other countries, including Algeria, Bahrain, Bangladesh, and Bolivia, have implicitly banned digital currencies by putting restrictions on the ability for banks to deal with crypto, or prohibiting cryptocurrency exchanges, according to a 2021 summary report by the Law Library of Congress published in November. "
https://fortune.com/2022/01/04/crypto-banned-china-other-countries/[b]Many posters are now hand-tied. They're used to clicking an lol emoji for their "rebuttal".