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Doing Fraud on Securities Fraud

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Re: Doing Fraud on Securities Fraud

#41

Post by kbenson »

animal_spirits wrote: post #37
anon9001 wrote: post #35

Earlier quoted context omitted.

> The whole movement is really good at making you feel dumb for following safe and conservative career advice like "do something practical, save your money, and retire eventually (maybe)". Why sit through yet another technical interview when you could just buy the right stock/cryptocoin? But wait, actually, why sit through yet another technical interview when you could just buy the right stock/cryptocoin? It seems to…

> It seems to me that a lot of would-be conservative, career-driven tech workers are discovering that they can make more money flipping jpegs and meme coins than writing code for a big company. To me it feels like selling snake oil. Things like NFTs do not seem to have any real value except to those who believe it has real value. I do like your take on it that these engineers are exploring new outlets of engineering…

> Things like NFTs do not seem to have any real value except to those who believe it has real value.

So just like any other art, which is one of the things NFTs are being marketed as?

Re: Doing Fraud on Securities Fraud

#42

Post by kbenson »

Hasu wrote: post #38
nefitty wrote: post #29

Earlier quoted context omitted.

It reminds me a lot of Terror Management Theory. Sure, there are apex predators who are knowingly scamming and defrauding people, but how do I describe a coworker who is enthusiastic about the $1000 of Bitcoin he has? Even a cursory, technically-minded dig in the garden shows that there's nothing at the center. Smart contracts require oracles. NFTs are addresses that depend on an external interface to make any sense…

> Sure, there are apex predators who are knowingly scamming and defrauding people, but how do I describe a coworker who is enthusiastic about the $1000 of Bitcoin he has? The English language has plenty of words, the ones that come to mind are: rube, mark, or sucker. It's unfortunate, the cryptocurrency and blockchain space is so filled with scams and con artists that at this point, even if a very important and signi…

The only difference between a rube and competent investor in a stock is when they enter and exit the market, and this goes for every stock, nothing is good forever.

The only difference between crypto and the stock market is that crypto has less impenetrable jargon, and everyone pretty much knows and excepts that it's all fucking crazy and anything can happen, as opposed to those who've somehow convinced others that they know what the stock market is going to do.

At this point, I wouldn't be too sure about saying anything to your coworker about that $1000 of Bitcoin. I saw people make posts like yours (and agreed with them!) When it was at $100, $500, $1k, $5k, $10k, and $20k. At that point it was pretty fucking obvious nobody knows what's going on and nobody has any basis for predicting anything about it long term, so the only rubes are those that have a strong convictions about what it's going to be like a year from now.

Re: Doing Fraud on Securities Fraud

#43

Post by not2b »

beervirus wrote: post #27
StopHammoTime wrote: post #3

I feel literally like Abe Simpson "I used to be with 'it', but then they changed what 'it' was. Now what I'm with isn’t 'it' anymore and what's 'it' seems weird and scary. It’ll happen to you!" We used to buy things that had physical value, now we just buy memes.

We’re one big crash away from a return to value investing. This is fun while it lasts though.

And then it will flip back again. We had a big crash in 2008 and there seems to be a lot of evidence that the lessons have already been forgotten and the same mistakes are being made again.

Re: Doing Fraud on Securities Fraud

#44

Post by animal_spirits »

kbenson wrote: post #41
animal_spirits wrote: post #37

Earlier quoted context omitted.

> It seems to me that a lot of would-be conservative, career-driven tech workers are discovering that they can make more money flipping jpegs and meme coins than writing code for a big company. To me it feels like selling snake oil. Things like NFTs do not seem to have any real value except to those who believe it has real value. I do like your take on it that these engineers are exploring new outlets of engineering…

> Things like NFTs do not seem to have any real value except to those who believe it has real value. So just like any other art, which is one of the things NFTs are being marketed as?

Fair point!

Re: Doing Fraud on Securities Fraud

#45

Post by johanneskanybal »

rmbyrro wrote: post #33
johanneskanybal wrote: post #20

Earlier quoted context omitted.

Don't want to be grouped with some shiba fanatic but lots of misunderstandings in that paper (although always nice to hear arguments from both sides to avoid becoming a fanatic). The biggest root misunderstanding in the paper is comparing bitcoin to shares of a company instead of say usd. There's also a ton of final consumer use cases nowadays and don't really buy the negative sum game either, would be fun if he used…

Exactly. Problem is Bitcoin was meant to be a currency. But it still cannot feasibly be a currency, so in practice people see it as an investment vehicle, which it's not supposed to be

Store of value proposition has never been stronger though which is the driving force behind this speculative wave. Simply the idea has never been more sound and that's trivially easy to understand to most.
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