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The Great Crypto Grift May Be Unwinding

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Re: The Great Crypto Grift May Be Unwinding

#61

Post by Strs2FillMyDrms »

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…

I think it CAN come to an end. The backbone of crypto and the blockchain is the willingness to maintain it which has a cost. The reason why this maintenance is cost effective is because the major holders are few and at a < 1/2 of the entire base. As long as the "right" people are winning, there will be enough justification to keep the ball rolling. If there will come a day, in which the ammount of holders become so dilluted that there stops being any clear (lets say) influencers at the top, then the "cool boy's club" will be no more. This is when exchanges will no longer have any skin in the game. Massive runs and "outages" until a few weird naive dreamers are left at the helm of the sinking ship.

Re: The Great Crypto Grift May Be Unwinding

#62

Post by gfodor »

Crypto crashes every couple years and of course it has grown immensely since the last crash so the scale and scope of these kinds of “analyses” grow with it. I’d imagine in 5 years in the next big crash it will be the top news around the global for many weeks.

Re: The Great Crypto Grift May Be Unwinding

#63

Post by Animats »

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…

Crypto shills have the problem that this is now in the money-losing phase. This is when people start complaining to enforcement agencies. Then prosecutors, the SEC, and courts start doing their thing.

The SEC just doubled their "cyber" enforcement staff. They're still working down the backlog from the ICO boom of 2018-2019, at the rate of about two scams per month.

I expect the hammer to come down on a number of Metaverse schemes which collected money, promised a fancy 3D virtual world, and failed to ship. That's where an unregistered public offering becomes fraud.

Re: The Great Crypto Grift May Be Unwinding

#64

Post by randomhodler84 »

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.

No, I disagree. That’s like saying an isp can’t create information, only move it around. Metadata is value, such as on-chain data being an expression of trade volumes etc, and this itself is a second order value, beyond the utility of trustless censorship resistant payments, that in itself is worth percents of the total value transacted.

Yes, it is a protocol, but TCP/IP made many fortunes also. Even though it just moves bits around the globe.

Re: The Great Crypto Grift May Be Unwinding

#65

Post by Godel_unicode »

fictionfuture wrote: post #5
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…

Only thing that revived crypto was all the free biden-bucks they printed. Free cash needs somewhere to go.

Not for nothing, but the majority of stimulus money was dispensed using checks with "Donald J Trump" written on them.

Re: The Great Crypto Grift May Be Unwinding

#66

Post by stephen_g »

gfodor wrote: post #62

Crypto crashes every couple years and of course it has grown immensely since the last crash so the scale and scope of these kinds of “analyses” grow with it. I’d imagine in 5 years in the next big crash it will be the top news around the global for many weeks.

No, I think there is a natural limit - eventually you have enough people burned by the scams, crashes, hacks etc. who will keep away, to the point that you don't have enough new entrants to put enough money in to have continuing growth.

Unless there was an actual crypto economy, but at this point, there's not much more than speculation.

Re: The Great Crypto Grift May Be Unwinding

#67

Post by datadata »

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.

It seems rash to wish for regulation to be weaponized to the effect of banning something, rather the actual meaning of regulation to define and enforce orderly, fair, predictable functioning of something.

Re: The Great Crypto Grift May Be Unwinding

#68

Post by dpweb »

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.

Money is a creation of government, and frankly, the dollar ain’t so bad.

If my bank goes under I’m protected by the FDIC. If Coinbase goes under they have the right to use my money to pay their creditors.

Re: The Great Crypto Grift May Be Unwinding

#69

Post by jmcgough »

Godel_unicode wrote: post #54
dboat wrote: post #28

Earlier quoted context omitted.

> 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…

I'm extremely skeptical that this silent majority exists because I don't see crypto being used for anything other than hodl-ing. Do you have indicators you can point to of cryptocurrency being used as a real currency?

its only real use cases are in transferring money internationally and buying drugs off the darknet

Re: The Great Crypto Grift May Be Unwinding

#70

Post by 0xB31B1B »

animal_spirits wrote: post #47
mattnewton wrote: post #43

Earlier quoted context omitted.

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…

I'm sure any private individual can sue these founders and take them to court. But the SEC isn't going to do it.

LOL as of today the SEC can’t do it, horrible case ruling from 5th circuit of approvals basically makes SEC enforcement of rules illegal.
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