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Crypto: The Good, the Bad and the Ugly

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Re: Crypto: The Good, the Bad and the Ugly

#241

Post by ls15 »

cuteboy19 wrote: post #235
ls15 wrote: post #200

Earlier quoted context omitted.

You send it from your wallet to the exchange where you bought it, sell it for fiat and withdraw it to your bank account. The most complicated parts are complying with KYC regulation and calculating taxes, as well as not losing or leaking your private keys. If the asset has only low liquidity, then it is difficult to sell it at the sticker price and your sale may actually lower the price, but this will not happen for…

Unless of course Binance disables withdrawals because of ""technical issues""

Then you withdraw a couple of hours later?

Re: Crypto: The Good, the Bad and the Ugly

#243

Post by ramazanpolat »

Reading thru comments made me realize how narrow minded people are. You have to have embrace some principles and understanding of the life, ethics and technology before blaming the crypto world.

1- Anything can be abused, just because something is abused that doesn't mean it should be banned. Want to stop child abuse? Don't ask people to stop having children, go after abusers!

2- The fact that governments can print money whenever they want is a scam and some clever people want to be free of it. Demanding this is not a crime!

3- If you don't like it, then don't use it! It is simple as that.

4- If you don' know what decentralized means, you may start from what democracy means. And after finishing that, you should understand that when 51% of the population wants to ban the remanining 49% of people to live, it's no longor called as democracy, but fascism.

5- In order to understand crypto, you have to understand how paper money works and essentially how the world works in the first place.

Re: Crypto: The Good, the Bad and the Ugly

#244

Post by ls15 »

cuteboy19 wrote: post #238
ls15 wrote: post #135

Earlier quoted context omitted.

> NFTs were an unenforceable joke "NFT Art" is a stupid implementation of NFTs that probably mostly exists for money laundering. I always thought of NFTs as a good backend for things like concert tickets or other kinds of "club memberships". This would not really have the enforceability problem, at least not more than traditional tickets, while some new features are added.

If there is no way to enforce the NFTs, then they are useless. If someone is enforcing the NFTs then that someone could just as well store the data in some SQL table, since there is exactly 0 decentralisation in that case

There is also not really a way to enforce a physical concert ticket, but with a NFT, the owner can prove ownership and authenticity of the ticket (for example when re-selling a ticket), without relying on collaboration of the issuer of the ticket. The issuer can show that they created a fixed number of tickets and are not over-selling the event.

Re: Crypto: The Good, the Bad and the Ugly

#245

Post by denismenace »

lukeramsden wrote: post #202
mgaunard wrote: post #108

Earlier quoted context omitted.

Isn't money supposed to depreciate over time rather than appreciate?

That's the central bank narrative, whether its a good thing or not I think is still up for debate. Regardless, this can still be done with crypto (in fact, Ethereum is inflationary and not fixed cap like Bitcoin is), except that speculation and capital inflow still drastically outpace the inflation. Presumably one day an equilibrium will be reached.

Whether a certain amount of inflation is good or not, is definitely not up for debate. Nobody wants something that is a medium for value to become so valuable that you can't use it for its original purpose.

Re: Crypto: The Good, the Bad and the Ugly

#246

Post by danuker »

ramazanpolat wrote: post #243

Reading thru comments made me realize how narrow minded people are. You have to have embrace some principles and understanding of the life, ethics and technology before blaming the crypto world. 1- Anything can be abused, just because something is abused that doesn't mean it should be banned. Want to stop child abuse? Don't ask people to stop having children, go after abusers! 2- The fact that governments can print m…

> And after finishing that, you should understand that when 51% of the population wants to ban the remanining 49% of people to live, it's no longor called as democracy, but fascism.

I believe this scenario fits the definition of "democracy".

> Democracy (Greek: δημοκρατία, dēmokratiā, from dēmos 'people' and kratos 'rule'[1]) is a form of government in which the people have the authority to deliberate and decide legislation ("direct democracy"), or to choose governing officials to do so ("representative democracy").

https://en.wikipedia.org/wiki/Democracy

Re: Crypto: The Good, the Bad and the Ugly

#247

Post by danuker »

nbzso wrote: post #172

I don’t know. This hype-crypto-machine is not catching up with my “feelings” about the future of the Web. Maybe I am getting old, but aside from some communication protocol usage and some form of authenticity (which is questionable), I don’t see web3. I would go out on a limb and say that if this is web3, I don’t want to have anything to do with it. This is an outrageous waste of resources and energy with awful envir…

> driven primarily by pure greed and wishful thinking.

What's wrong about greed? Why not channel it to create a better world?

For every trade, both "greedy" sides see themselves better off, otherwise there would be no trade. This increases the quality of life for everyone.

Re: Crypto: The Good, the Bad and the Ugly

#248

Post by ramazanpolat »

danuker wrote: post #246
ramazanpolat wrote: post #243

Reading thru comments made me realize how narrow minded people are. You have to have embrace some principles and understanding of the life, ethics and technology before blaming the crypto world. 1- Anything can be abused, just because something is abused that doesn't mean it should be banned. Want to stop child abuse? Don't ask people to stop having children, go after abusers! 2- The fact that governments can print m…

> And after finishing that, you should understand that when 51% of the population wants to ban the remanining 49% of people to live, it's no longor called as democracy, but fascism. I believe this scenario fits the definition of "democracy". > Democracy (Greek: δημοκρατία, dēmokratiā, from dēmos 'people' and kratos 'rule'[1]) is a form of government in which the people have the authority to deliberate and decide legi…

I belive that democracy comes after the birth rights. So the %51 cannot cross freedom and rights of the anyone (although it is not true for most of the govts that claim practicing democracy). if the the scenario I've presented is indeed the democracy, then I would be against it already.

Re: Crypto: The Good, the Bad and the Ugly

#249

Post by wickedsight »

cuteboy19 wrote: post #236
donkeyd wrote: post #96

Earlier quoted context omitted.

> Is that really what's holding this idea back, though? I personally don't believe it is, but some people seem convinced. Also, there's a lot of money to be made for the early entrants who are promoting this idea.

So you're saying early adopters are paid off using late investors money? Is there a name for such a scheme?

Maybe 'reverse funnel system' could be appropriate.

But on a serious note, isn't this how everything works these days with inflated IPOs to reward venture capitalists?

Re: Crypto: The Good, the Bad and the Ugly

#250

Post by BeFlatXIII »

streamofdigits wrote: post #162
sjtindell wrote: post #48

Easily the best take posted here in a while. These are money games. And if you think this will be a minor sector of the economy, look at Wall Street - there is huge demand for these types of games, and that's when only people with $1+ million in net worth can really play. Now anyone can play, at the same time that traditional paths to wealth are stagnating or closing off completely.

> Now anyone can play, at the same time that traditional paths to wealth... the association of wealth with "playing" is very much a metastasis of the old system masqeurading as some sort of innovation. this is not wealth creation, this is zero sum games robbing orphans and widows. be my guest "playing" and feeling smug about it, but lets not rewritte the meaning of words actually that strongest hint that crypto as it…

Who are the orphans and widows being robbed by crypto bubbles?
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