Bitcoin is taking a dump with all the other shtcoins

Buttcoin wrote:

yargl wrote:

It's been 13 years of probability and utility, with worldwide adoption, by that definition any company started in the last 13 years is also a Ponzi scheme 🤣

It’s been 13 years and it’s become a gambling platform to take advantage of poor people with a nice Ponzi casino game going for it

https://youtu.be/0dJNqc6qsEA

Fakecoins have been around much longer than 13 years. Most crypto "investors" probably do not remember the dot com bust, or better yet, the Whoopie Goldberg coin. She was way ahead of the current crypto cult fanboys.

"Flooz.com was a dot-com venture, now defunct, based in New York City that went online in February 1999. It was promoted by comic actress Whoopi Goldberg in a series of television advertisements.[1] Started by iVillage co-founder Robert Levitan, the company attempted to establish a currency unique to Internet merchants

The company announced its closure on August 26, 2001, perceived as an early indicator of the growing dot-com bubble bust.[3] Upon the company's closing, all unused flooz credits became worthless and nonrefundable. Over its short history, flooz.com reportedly exhausted from $35 million to $50 million in venture capital"

Out of the currently registered 16 849 cryptocurrencies on Coinmarketcap I'd wager that 16 845 are a combination of scams, memes, jokes, and honest but futile horse dung. A couple are legitimately backed 'stablecoins', which leaves 1-2 projects that may have some actual utility in the future.

Clearing up a few common misconceptions:

- No, you are not early.

- No, you are not in control. The rich and powerful will, by definition, own the majority of crypto the same way they own the majority of everything else. You're an NPC in their world of unregulated exchange manipulation.

- No, cryptocurrencies will not replace traditional banks/finance.

- No, non-inflationary and de-facto deflationary (through lost access) cryptocurrencies will never replace cash.

- No, your favorite cryptocurrency that struggles with congestion, low-throughput, slow confirmation times, high transaction fees, excessive node requirements, centralized voting allocation, and many other things will not magically rid itself of those when DisneyLandPatch GGAT-31336.5 gets released in Q2 2023. Then no later than Q4 2023. Then summer 2024 at the latest. Then you lost interest and sold.

- No, the partnership with Trademark Zimbabwe at pre-PoC stage is not huge news and adoption. Neither is the government of St. Vincent and the Grenadines' decision to purchase 0.25 BTC.

- No, crypto A, B, C, .... Z will not prosper together in harmony because they serve different use-cases. Someone will come up with one general platform/solution that actually works, and that will replace the useless horse manure that exists today.

- And no, your ultra-libertarian bordering on anarchist pov is futile and useless. You have to cooperate with the powers that be.

Things that matter:

- True decentralization.

- Security and resistance to all viable attack vectors.

- Extremely low energy/electricity consumption.

- Extremely fast confirmation times. Blockchain is a useless, serialized data structure. It's too slow as a base layer.

- Low node requirements.

- Lead developer organization that cooperates with lawmakers/governments/standardization organizations.

- Support for transactions of 0 value. When a text entry to the ledger is possible and immutable in the same way a value transaction is, you enable thousands of new use cases for the network.

- Support for layer 2 solutions such as smart contracts.

Many talk about the 'crypto trilemma' which says that out of speed, security and decentralization, you can only choose two, but it's actually a quadrilemma because if you include the chronological order of events. So, disregard the chronology on layer 1 to get all three of speed, security and decentralization. Handle arising conflicts efficiently instead.

This is explained really well. Negative sum game and just gotta bring in new people

The big boys speak:

"The Federal Reserve released a long-awaited review of the potential for creating a central bank digital currency Thursday"

"Many in the industry have called for the creation of a U.S. CBDC, saying it could take the place of dollar-linked stablecoins and help connect fiat and crypto transactions. China has created its own CBDC, the digital yuan or e-CNY, and some observers suggest the U.S. needs its own to stay competitive and maintain the dollar's dominant role in the world financial system."

https://www.protocol.com/bulletins/federal-reserve-cbdc

The panic has set in......

https://www.coinbase.com/price/bitcoin

In other words wrote:

The panic has set in......

https://www.coinbase.com/price/bitcoin

LOL these ain't stocks. -3% doesnt even move the needle.

BTC maximalist wrote:

In other words wrote:

The panic has set in......

https://www.coinbase.com/price/bitcoin

LOL these ain't stocks. -3% doesnt even move the needle.

Are you going to buy the dip?

Or would you suggest others do?

Shtcoins get decimated

Maybe usa adopts its own CBDC it looks like

(Nothing to do with crypto or blockchain)

Crypto shtcoin fans go home devastated and REKT!!!!!

In other words wrote:

BTC maximalist wrote:

LOL these ain't stocks. -3% doesnt even move the needle.

Are you going to buy the dip?

Or would you suggest others do?

I just buy every 2 weeks. I did load into a few liquidity pools in the past few weeks (stables + major players) due to much lower prices for the partial wETC/wBTC exposure.

Agree on most points. Except that there will be true monopoly player at some point. There surely will be technology that enables some form of trilemma (quad... if we must) resolution but on what planet does that require a monopoly solution. There will be absolutely be different implementations that serve different uses, just like in every market ever.

I warned you they were worthless shtcoins and that you were going to get REKT if you played at all in this space. Unregulated and full of scams and unethical bs left and right

https://twitter.com/nntaleb/status/1484371396511682563?s=21

Sh||tcoin Gambler wrote:

I warned you they were worthless shtcoins and that you were going to get REKT if you played at all in this space. Unregulated and full of scams and unethical bs left and right

https://twitter.com/nntaleb/status/1484371396511682563?s=21

It's going down like all stocks atm. This has been discussed before, crypto will be the first to be sold on an economic downturn as it's the least critical and most easily accessible "funds", that's what it's there for.

I said earlier in the thread, I'd moved all mine out into a spread of stable coins temporarily. Most sensible people will have done that, and just buy back in later. Same with normal stocks, I also wouldn't have any money in stocks atm.

Nothing to see here and entirely expected.

Maybe...... wrote:

Sh||tcoin Gambler wrote:

I warned you they were worthless shtcoins and that you were going to get REKT if you played at all in this space. Unregulated and full of scams and unethical bs left and right

https://twitter.com/nntaleb/status/1484371396511682563?s=21

It's going down like all stocks atm. This has been discussed before, crypto will be the first to be sold on an economic downturn as it's the least critical and most easily accessible "funds", that's what it's there for.

I said earlier in the thread, I'd moved all mine out into a spread of stable coins temporarily. Most sensible people will have done that, and just buy back in later. Same with normal stocks, I also wouldn't have any money in stocks atm.

Nothing to see here and entirely expected.

up 5X in past 48 months and people act like we are LOSING money? Value investors cant even take their own advice?

I wonder if the ultimate end to crypto is that we don’t get to actually see it go to zero gradually but instead some shtcoin exchanges just go under and start refusing things. So even when the top shtcoin continues to show the price in stablecoin it trades at (it’s as though Bitcoin’s ticker price is in permanent marker showing close to a 40k trading price no matter what is going on in the news, &even right after, for example, stablecoins being busted by law enforcement & shown to be worth close to zero), gamblers try to transact to see if any fiat is there and the exchange they were using just goes nope sorry we are closed for good lol!

So we may just not get to cheer on the ending. It may be more of an implosion than a decline. It could be Bitcoin still showing a high price tag but bag holders refused at the now closed exchanges, so no way to do anything with the thing they think they own, nothing to convert it to, and all kinds of lawsuits following!!! Fun stuff!!!

BTC maximalist wrote:

Maybe...... wrote:

It's going down like all stocks atm. This has been discussed before, crypto will be the first to be sold on an economic downturn as it's the least critical and most easily accessible "funds", that's what it's there for.

I said earlier in the thread, I'd moved all mine out into a spread of stable coins temporarily. Most sensible people will have done that, and just buy back in later. Same with normal stocks, I also wouldn't have any money in stocks atm.

Nothing to see here and entirely expected.

up 5X in past 48 months and people act like we are LOSING money? Value investors cant even take their own advice?

Guess you're one of the ones left that invested at $1.

The ones that invested at $63k already jumped out of their windows.

This is crazy because I just had a dream last night that the exchanges pulled some Robinhood-esque sh!t and didn't let me covert my BTC to the evil USD and I had to baghodl it to the bottom.

Then I woke up and realized I didn't own any BTC and everything is perfectly fine.

El Salvador “please save us from shtcoin!”

https://futurism.com/el-salvador-bitcoin-economy

If it's on an exchange, just withdraw it to somewhere else to convert.

If it's not on an exchange, just send it to a place that will convert it.

The chances of a large exchange failing to a point you can't withdraw your own coins, are pretty remote. Not impossible, but pretty darned remote. You don't need to convert a coin to USD on one specific exchange.