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Cryptocurrency is something people tell lies about in hopes of getting richer

defector.com

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Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#311

Post by useful »

rchaud wrote: post #281
useful wrote: post #240

Earlier quoted context omitted.

My point was that you need less people for a transaction to happen. The cost will go down over time.

> The cost will go down over time. And the number of transactions will increase over time, adding to the cost. So what does it net out to? It doesn't look favourable when the bloated payment behemoth can get by charging 2-5%, but crypto transfer fees end up being significantly higher, and prone to surge pricing if too many people are buying Cryptokitties at the same time.

The prices on layer 2 like lightning and polygon/matic are pretty reasonable right now. I don't think its far fetched to say that the network capacity will increase with adoption.

I only have a hobby interest in crypto, but even etherum is planning on having side chains that operate independantly.

To me, crypto's biggest risk is a lack of decentralization. The bitcoin network basically votes to adopt bitcoin changes but the etherum developers can force changes on the etherum network. Whats the point of proof of stake if most of the coins are owned by the original developers? Ala Chia. Why not just run a sql database if 51% of the network is owned by a person/entity or a few. Bitcoin is pretty decentralized in ownership unlike every other coin attempting to be a currency but pooling in bitcoin has put too much hashpower into the hands of a few.

Without wide adoption, crypto is not decentralized. There is little point if the various networks retain their oligopoly.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#312

Post by KorematsuFredt »

jcbrand wrote: post #190

This article conflates NFTs with cryptocurrency, in a way that looks to me to be intentional in order to bolster his argument that crypto is for rich people to conspicuously consume and to pump and dump on the plebs. NFTs aren't money, or currency and just because they can be created on some blockchains doesn't make them so. I also don't see a genuine effort from the author to really understand why proponents think t…

May be I am too old but completely fail to see any value in the notion of NFT. I do see value in Bitcoin. Bitcoin has basically thrown a wrench into all government controls on cross border payments. I don't know if Bitcoins will be very successful or not, but I am pretty sure the concept will last very very long.

NFTs on other hand appears to be equivalent of selling Golden gate bridge to tourists.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#313

Post by boh »

WinstonSmith84 wrote: post #273
boh wrote: post #267

Earlier quoted context omitted.

Yeah 12 years ago people actually thought they'd be using Bitcoin as it was intended: as a currency. Now most people know better than to do anything but trade it.

oh come on. - defi? - Twitter introducing tips in crypto? .. personally speaking I'm paying every day with a crypto card (which gives me a few % cashback ..). But that's ok, you seem to purposefully want to miss the train, can't help people against themselves I guess :shrug:

For the past year your train cost you <$1<$4 for every dollar you spent.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#314

Post by KorematsuFredt »

21eleven wrote: post #100
TomGullen wrote: post #84

Earlier quoted context omitted.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

The thing about NFTs is that many people who buy them "don't get NFTs". All an NFT is is a token that represents ownership, like if the title to your car or house deed was on a blockchain. NFTs have some sane use causes like designating the owner of a valuable asset or creating electronic tickets that can be resold or transferred without some centralized entity like ticketmaster. Prior to NFTs existing, would you pur…

NFTs don't sell ownership rights. NFTs are equivalent of buying photographs of a celebrity. You may own NFT that represents Taylor Swift, but she aint going on a dinner date with you.

Not to mention you are not the only one to hold it either as someone else can Taylor Swift NFT and sell it to.

It is exactly same as buying and owning cards of your favourite celebrity. They are worthless even compared to cowdung and have absolutely not practical value.

One has to be high on drugs to buy ugly gifs for thousands of dollars.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#315

Post by Jxl180 »

KorematsuFredt wrote: post #314
21eleven wrote: post #100

Earlier quoted context omitted.

The thing about NFTs is that many people who buy them "don't get NFTs". All an NFT is is a token that represents ownership, like if the title to your car or house deed was on a blockchain. NFTs have some sane use causes like designating the owner of a valuable asset or creating electronic tickets that can be resold or transferred without some centralized entity like ticketmaster. Prior to NFTs existing, would you pur…

NFTs don't sell ownership rights. NFTs are equivalent of buying photographs of a celebrity. You may own NFT that represents Taylor Swift, but she aint going on a dinner date with you. Not to mention you are not the only one to hold it either as someone else can Taylor Swift NFT and sell it to. It is exactly same as buying and owning cards of your favourite celebrity. They are worthless even compared to cowdung and ha…

The NFTs that people are making their profile pictures are drastically different from the celebrity and athlete NFTs put out by DraftKings or topshot. The NFTs in profile pics on Twitter (like crypto punks) have randomly generated features making each and every minted nft completely unique.

I feel like there are two vastly different audiences with NFTs. The casual, celebrity/athlete NFTs that are selling multiple of some persons face for fiat currency, and parole who are actively participating in minting NFTs with web3 dApps made by developers with roadmaps and a strong community.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#316

Post by Jxl180 »

rchaud wrote: post #134
TomGullen wrote: post #84

Earlier quoted context omitted.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

The only implementation of NFTs I've come across that doesn't look like a fly-by-night operation is NBA's Top Shot, where you can buy video NFTs of special moments in NBA history. At the very least, you can buy a piece of IP directly from the IP holder, and receive a package that's nicely presented. It's still totally overpriced, but I can see at least some value. It still needs to go a step further technologically.…

TopShot is nice and I made some money on it — but it only takes fiat currency and can’t be sent to my cold storage or transferred off the marketplace. Nothing about it is in the spirit of an NFT or anything decentralized.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#317

Post by esalman »

Ansil849 wrote: post #99

> Cryptocurrency is something people tell lies about in hopes of getting richer An amazingly succinct title. Absolutely true. Whenever someone hypes up cryptocurrency, it is almost always for their personal gain, directly or indirectly.

This statement is actually quite similar to what I used to hear people say at a stock technical analysis class. In speculative financial markets, one person's loss is another person's gain. So almost no one is going to give you any advice that will help you.. more likely they're helping themselves by misdirecting you.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#318

Post by shashasha2 »

imtringued wrote: post #286
WinstonSmith84 wrote: post #273

Earlier quoted context omitted.

oh come on. - defi? - Twitter introducing tips in crypto? .. personally speaking I'm paying every day with a crypto card (which gives me a few % cashback ..). But that's ok, you seem to purposefully want to miss the train, can't help people against themselves I guess :shrug:

You do know you're missing the train by spending your crypto?

Spending does not prevent stacking… The more you spend sats, the less you need Fiat…

Also velocity will get rid of volatility !

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#319

Post by lostcolony »

pornel wrote: post #195
lostcolony wrote: post #109

Earlier quoted context omitted.

Yep. It's a completely made up problem. It's maybe useful in enforcing existing IP law (i.e., I can prove that that picture is mine), but even that is questionable (proof of ownership of digital IP has already been proven satisfactorily for courts of law to rule on it). The fact there is a new way of proving ownership doesn't make the thing owned valuable.

NFTs don't actually prove ownership of anything but themselves. Owning a hash of a URL has no connection to the real world, and can't prove that the NFT was created by the author of the artwork. It makes me doubly furious that NFT is advertised as caring for artists. In fact, NFT makes it easier than ever to sell stolen artwork. NFT itself doesn't contain any copyrighted material, and selling metadata/URLs is not ill…

I'm not saying it does; I AM saying that it's an additional public record that can be used to bolster a case in the event of unclear ownership. And even that is "maybe" useful, hence my use of that phrase.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#320

Post by boh »

shashasha2 wrote: post #318
imtringued wrote: post #286

Earlier quoted context omitted.

You do know you're missing the train by spending your crypto?

Spending does not prevent stacking… The more you spend sats, the less you need Fiat… Also velocity will get rid of volatility !

And value. One of the reasons Bitcoin is so expensive is bcs most of it isn't being traded. If people actually start using it and loosen the supply, value goes down.
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