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Just watching all this collegial self-agreement among people who don't fully understand the subject, because what they know, they learned from writers who don't understand the subject, like the author of the laughable media piece posted here.
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They took the money and ran?
https://thecryptobasic.com/2022/02/03/youtube-streamer-ice-p...
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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.
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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.
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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?
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…
> If you know anyone into crypto you would know they talk about it non stop. Not really. There are a lot of people holding, mining, DCA'ing into projects they believe in who have no trouble at all keeping it to themselves. Your remarks about gambling are similarly projecting a portion of the community onto the rest. Those traders who treat it as a speculative asset are gambling as you say, and tend to be obsessive in…
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> 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.
While part of me agrees, part of me also thinks we have all these security laws for a reason, and allowing people to claim they don't have to follow them because of what is effective just a fancy ledger doesn't sit right. I am not a securities law expert by any means but some of the tactics used in the crypto world seemed directly contrary to the intent, if not the letter, to me. I would not be surprised if we see a…
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…
> If you know anyone into crypto you would know they talk about it non stop. Not really. There are a lot of people holding, mining, DCA'ing into projects they believe in who have no trouble at all keeping it to themselves. Your remarks about gambling are similarly projecting a portion of the community onto the rest. Those traders who treat it as a speculative asset are gambling as you say, and tend to be obsessive in…
Thankfully there's cool stuff in the ecosystem that isn't a scam, but it's not newsworthy, so it doesn't go viral.
> On Monday, the Financial Times published an interview with Sam Bankman-Fried, the founder of the FTX crypto-trading exchange, in which he said bitcoin doesn’t have a future as a means of payment because it is too complicated and environmentally costly. https://twitter.com/SBF_FTX/status/1526098754163687424