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The Great Crypto Grift May Be Unwinding

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Re: The Great Crypto Grift May Be Unwinding

#31

Post by arcticbull »

woodruffw wrote: post #22
andrewstuart wrote: post #2

Crypto will come back again. The reason is because it's very closely related to gambling and triggers the same obsessive thinking as gambling does - based on my observations of how I felt and thought when I did some crypto investing - I found myself constantly checking prices and devoting huge amounts of thought to it - I even wrote a crypto trading bot to analyse strategies. If you know anyone into crypto you would…

This is a great point: even above speculation, a core part of cryptocurrency's "stickiness" is that it's effectively unregulated gambling with extremely large upsides. I think that points to the best recourse we have, after the next crash: it needs to be regulated into the dirt.

Luckily for the world, regulators tend to step in right after collapses. Crypto is finally large enough to have the eye of regulators, and if a real collapse materializes this time - they may pounce.

I suspect they'll aggressively take out stablecoins. They are the only real source of liquidity in crypto. Price action follows liquidity, so hopefully, any future swings will be much much smaller.

Re: The Great Crypto Grift May Be Unwinding

#32

Post by t-3 »

Gigachad wrote: post #6
andrewstuart wrote: post #2

Crypto will come back again. The reason is because it's very closely related to gambling and triggers the same obsessive thinking as gambling does - based on my observations of how I felt and thought when I did some crypto investing - I found myself constantly checking prices and devoting huge amounts of thought to it - I even wrote a crypto trading bot to analyse strategies. If you know anyone into crypto you would…

Crypto shills have always just sat in the background out of mind for a while before they come out with their next rebrand of the same scam. NFTs and Web3 have had their moment and likely collected a fortune, now they have to come up with the next branding. For some reason the general public doesn't learn. The most amusing part is how the general public instinctively reacted to NFTs as thinking they were a scam, but t…

> For some reason the general public doesn't learn.

The type of person who tries their hand at cryptocurrency speculation isn't much interested in learning or responsible investment. They are trying to get rich, thinking they will get ahead of the rest of the FOMO idiots. Most don't have the financial resources to consider low-return "safe" investments in mutual funds or the stock market, but they can buy a few *coins for a little bit of nothing and hope it goes up. The crypto-libertarians who see it as a solution to perceived problems with fiat currencies and/or government economic power doesn't seem to have much overlap with the "get rich quick" group.

Re: The Great Crypto Grift May Be Unwinding

#33

Post by JumpCrisscross »

sebmellen wrote: post #20
0xB31B1B wrote: post #13

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

How are the founders of these apps not in prison? I remember getting hundreds of “replace your savings account” ads that abruptly ended with the Luna collapse.

> How are the founders of these apps not in prison?

These are private losses. We have lots of problems. It’s ludicrous to prioritise public resources for prosecuting those while led others into a bonfire.

Put a tax in place and yes, I would fully support public enforcement.

Re: The Great Crypto Grift May Be Unwinding

#34

Post by cycrutchfield »

DANK_YACHT wrote: post #11
formerkrogemp wrote: post #4

Quoted post unavailable.

BTC is down 53% from ATH. NFLX is down almost 75%. PTON is down over 91%. You'd actually be better off investing in BTC than in many tech darlings. I don't own any crypto, but I don't think it's fair to single out crypto in the middle of a broad tech downturn.

If you're going to cherry-pick stocks why don't we compare Luna then?

Re: The Great Crypto Grift May Be Unwinding

#35

Post by 10x-dev »

etaioinshrdlu wrote: post #23

Crypto cannot create wealth, only move it around. If too many people become crypto-rich and try to spend it on real-world assets, the assets will just inflate in price. What can happen is that crypto could replace other forms of money. Governments will likely fight this tooth and nail however, because crypto is currently an anti-government technology.

Crypto lets governments track every citizen's purchase ever made, forever. KYC ensures that a wallet is tied to a person. I am surprised governments haven't yet jumped on this fully (without proof of work, just a government run digital currency and a blockchain).

Re: The Great Crypto Grift May Be Unwinding

#36

Post by cycrutchfield »

quickthrower2 wrote: post #30
1270018080 wrote: post #21

Earlier quoted context omitted.

It doesn't have any value at all, but the market can stay irrational longer than I can stay solvent.

Also the counterparty risk of shorting bitcoin

Also prices are manipulated like crazy to liquidate big bets like that

Re: The Great Crypto Grift May Be Unwinding

#37

Post by mechanical_bear »

woodruffw wrote: post #22
andrewstuart wrote: post #2

Crypto will come back again. The reason is because it's very closely related to gambling and triggers the same obsessive thinking as gambling does - based on my observations of how I felt and thought when I did some crypto investing - I found myself constantly checking prices and devoting huge amounts of thought to it - I even wrote a crypto trading bot to analyse strategies. If you know anyone into crypto you would…

This is a great point: even above speculation, a core part of cryptocurrency's "stickiness" is that it's effectively unregulated gambling with extremely large upsides. I think that points to the best recourse we have, after the next crash: it needs to be regulated into the dirt.

Regulate a useful technology into the dirt because you have incorrect assumptions, and are generally ignorant about it?

Re: The Great Crypto Grift May Be Unwinding

#38

Post by over_bridge »

landa wrote: post #12
formerkrogemp wrote: post #4

Quoted post unavailable.

If you really believe it doesn't have "any value at all" then I invite you to sell it short. That's a free $30,000. The nice thing about markets is that you can express your opinion, and that market opinions without corresponding positions can be ignored.

There's a difference between having a price and having value. I could order a truck load of glitter and dump it on my lawn. It has no value to anyone but it still cost me money to obtain it.

It's questionable that Bitcoin has any value but there is enough money sunk into that ecosystem and propping it up that it's unlikely to ever fall away completely. There are billionaires' egos at stake here!

Re: The Great Crypto Grift May Be Unwinding

#39

Post by nl »

sebmellen wrote: post #20
0xB31B1B wrote: post #13

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

How are the founders of these apps not in prison? I remember getting hundreds of “replace your savings account” ads that abruptly ended with the Luna collapse.

Because it happened last week...

Re: The Great Crypto Grift May Be Unwinding

#40

Post by [deleted] »

andrewstuart wrote: post #2

Crypto will come back again. The reason is because it's very closely related to gambling and triggers the same obsessive thinking as gambling does - based on my observations of how I felt and thought when I did some crypto investing - I found myself constantly checking prices and devoting huge amounts of thought to it - I even wrote a crypto trading bot to analyse strategies. If you know anyone into crypto you would…

[deleted]
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