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Crypto lobbying is going ballistic

economist.com

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Re: Crypto lobbying is going ballistic

#71

Post by ElonMuskrat »

beebmam wrote: post #58
unicornmama wrote: post #49

Earlier quoted context omitted.

Even before the dot com bubble burst, we saw businesses with practical value producing applications of the Internet. Today it’s over 10 years of crypto. I have only observed one application of crypto that touches the real economy - with a relatively obscure token. Everything else, seems to be just be playing financial games inside of crypto, money laundering, side-stepping regulations, speculative meme assets and of…

The black market for pharmaceuticals are greatly touched by cryptocurrency, and that's certainly the "real economy". It's deeply harmful, but it is part of the real economy

This is a good point. Black markets are indeed part of the real economy, whether governments and people like it or not. That being said, regulation is inevitible.

Re: Crypto lobbying is going ballistic

#72

Post by snarfy »

gambiting wrote: post #53
donatj wrote: post #37

Earlier quoted context omitted.

> doing nothing of any practical value while greatly helping out with destroying our planet Serious question, where does this line of thinking end? Gaming rigs use upwards of a thousand watts, no practical value in gaming. Watching sitcoms on a television has no practical value. Phones capable of doing things other than making calls have no practical value, but we charge them all the time. Honestly I think providing…

>>Gaming rigs use upwards of a thousand watts, no practical value in gaming. Humans have been playing games literally for thousands of years - there is a value in entertainment, especially with our busy lives of 21st century. You can of course overdo it, turn it into an addiction and it can destroy your life - like many other things. Crypto trading is as valuable as trading scraps of paper with a dollar sign scribble…

It's true - crypto is bullshit. I've had a hard time shaking the realization that money is bullshit too.

Re: Crypto lobbying is going ballistic

#73

Post by michaelscott »

gambiting wrote: post #53
donatj wrote: post #37

Earlier quoted context omitted.

> doing nothing of any practical value while greatly helping out with destroying our planet Serious question, where does this line of thinking end? Gaming rigs use upwards of a thousand watts, no practical value in gaming. Watching sitcoms on a television has no practical value. Phones capable of doing things other than making calls have no practical value, but we charge them all the time. Honestly I think providing…

>>Gaming rigs use upwards of a thousand watts, no practical value in gaming. Humans have been playing games literally for thousands of years - there is a value in entertainment, especially with our busy lives of 21st century. You can of course overdo it, turn it into an addiction and it can destroy your life - like many other things. Crypto trading is as valuable as trading scraps of paper with a dollar sign scribble…

Humans have also been gambling for thousands of years (which is just playing games with the added component of money on the line), so by this logic there's value in it too. I would also be interested to see the worldwide energy consumption of all gaming devices in comparison to the worldwide energy consumption of all crypto mining, especially now that many have moved to proof of stake.

Considering the explosion in the gaming industry in recent years you may find that it outpaces crypto already, or is catching up very fast.

Re: Crypto lobbying is going ballistic

#74

Post by uh_uh »

spiorf wrote: post #45
naruvimama wrote: post #29

My biggest fear is that institutions & governments jumping into this pyramid scheme, throwing our hard earned money to make billionaires out of snake oil men. Bitcoin was fine as long as it was a small geeky fun currency with actual small transactions. It became a pyramid scheme once speculators jumped in. I am open to government or industry backed crypto or digital currency.

> government or industry backed digital currency That's your bank account and credit cards etc.. The whole point of cryptocurrency is to not to be backed or controlled by any single entity.

Your bank account and credit cards are not programmable money. They don't have smart contracts where third parties can verify the fairness of the financial instruments you are purchasing. All you have is trust in financial institutions.

Re: Crypto lobbying is going ballistic

#75

Post by throwaway52355 »

voz_ wrote: post #8
afc wrote: post #6

Earlier quoted context omitted.

Since when have you been waiting? What will you do in twenty years if it hasn't burst by then? And in forty? Continue to wait?

There's not a single problem it solves. A technical solution in search of a problem is a hilariously poor investment, esp when any distributed system will do the same work - but better. And all the "value" stuff on it like NFTs is just a giant ponzi scheme from any way you look at it.

Bitcoin solves the Cantillon effect, which is much more important for humanity than any consumer startup solving a problem only the most privileged have.

Re: Crypto lobbying is going ballistic

#76

Post by Quindecillion »

voz_ wrote: post #4

I can't wait for this bubble to burst so I never have to hear about these tulips again.

The altcoin bubble will certainly pop.

Bitcoin isn't going anywhere though, so if you include that under your definition of a "tulip", I wouldn't hold my breath if I were you.

Re: Crypto lobbying is going ballistic

#77

Post by ElonMuskrat »

john37386 wrote: post #56
unicornmama wrote: post #49

Earlier quoted context omitted.

Even before the dot com bubble burst, we saw businesses with practical value producing applications of the Internet. Today it’s over 10 years of crypto. I have only observed one application of crypto that touches the real economy - with a relatively obscure token. Everything else, seems to be just be playing financial games inside of crypto, money laundering, side-stepping regulations, speculative meme assets and of…

Ubisoft is adding NFT in its new games. Ubisoft is a real company producing real games with real players all around the world. https://www.theverge.com/2021/12/7/22822410/ubisoft-nfts-qua...

Is this just protifing on a topical craze or does this have staying power? What experience does in-game NFTs offer to players that they otherwise cannot find in traditional database backed assets?

Re: Crypto lobbying is going ballistic

#78

Post by gambiting »

john37386 wrote: post #56
unicornmama wrote: post #49

Earlier quoted context omitted.

Even before the dot com bubble burst, we saw businesses with practical value producing applications of the Internet. Today it’s over 10 years of crypto. I have only observed one application of crypto that touches the real economy - with a relatively obscure token. Everything else, seems to be just be playing financial games inside of crypto, money laundering, side-stepping regulations, speculative meme assets and of…

Ubisoft is adding NFT in its new games. Ubisoft is a real company producing real games with real players all around the world. https://www.theverge.com/2021/12/7/22822410/ubisoft-nfts-qua...

And literally every single thing they are doing could be achieved with a simple database shared across games, as they already do. The only thing NFTs achieve here is just being used for marketing.

Yes, it's a "real" use in a "real" company, but that's like trying to argue that Bitcoins are useful and totally absolutely not a scam because a few real world companies decided to accept them as payment. Like, "sure, wink wink".

Re: Crypto lobbying is going ballistic

#80

Post by throwaway52355 »

kazen44 wrote: post #40
roenxi wrote: post #33

Earlier quoted context omitted.

Bitcoin have to be worth something in the same sense that a leaf of toilet paper isn't actually free - just very cheap. We don't know what the long term fair price of a bitcoin is and it isn't at all obvious that we are in a bubble. For all the naysayers and the evangelists, at this point it is clear that cryptocurrencies have staying power and the broader market (not going to pick out bitcoin specifically) seems lik…

Are decentralised protocols really more reliable? I highly doubt it. The reason the dollar is so strong is because it is backed by a goverment which will use its power to guarantee the dollar does not collapse. The same goes for the Euro, yen, RMB etc. When hyperinflation kicks in, will a decentralised protocol step up and try to curtail it?

The dollar is strong? Against what? It and all the other fiat currencies were losing their worth for decades.
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