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The Great Crypto Grift May Be Unwinding

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Re: The Great Crypto Grift May Be Unwinding

#131

Post by arcticbull »

randomhodler84 wrote: post #124
arcticbull wrote: post #107

Earlier quoted context omitted.

Fundamentally sound as what ? - As a currency, it's garbage. Currencies are inflationary to incentivize spending. A deflationary currency incentives hoarding, and harms the economy by dropping velocity. All the worst periods in history have been deflationary, not inflationary. Currencies benefit from being able to respond to changes in population, to shocks, to changing demographics. And they shouldn't cost a fully-r…

Quoted post unavailable.

I did, but it's kind of the empty set. I guess, you could say it's a high-beta play on liquidity, plus an army of Herbalife type salespeople.

Re: The Great Crypto Grift May Be Unwinding

#132

Post by adastra22 »

karaterobot wrote: post #77

If crypto goes down in value to ten percent, or one percent of its current value, will people who believe in it admit it was a grift? If it goes up in value again, 2x or 10x its current value, will people who said it was a grift admit it was more than that? I would bet money (fiat or digital) that, in either case, most people on either side will just say "I haven't been proven right yet ", because it's just camps yel…

> If crypto goes down in value to ten percent, or one percent of its current value, will people who believe in it admit it was a grift?

The value proposition of decentralized cryptocurrency remains the same whether the value is $62k or $0.62.

Re: The Great Crypto Grift May Be Unwinding

#133

Post by datadata »

woodruffw wrote: post #110
datadata wrote: post #103

Earlier quoted context omitted.

If you believe those things, you should be asking for crypto to be outlawed, not disingenuously regulated for the underhanded purpos of outlawing it.

You do understand that banning something is a form of regulation, correct? I don't know how much more explicit I can be with a phrase like "regulate into the dirt."

Normally if the policy outcome you wish for is for X to be non-existent, then it would be more precise and explicit to say "we should ban X". The word regulate implies to some degree that we want X to exist, just in a way that is more constrained for better outcomes. Think about the mechanical meaning of the word regulate. To try to ban something under the guise of regulation makes it seem like you are wishing for a bad-faith effort to use regulation to make something fail rather than function.

Re: The Great Crypto Grift May Be Unwinding

#135

Post by HFguy »

WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

"you’d be an idiot to ignore the realistic and adopted use-cases"

Which are really what?

Re: The Great Crypto Grift May Be Unwinding

#136

Post by WFHRenaissance »

sk0g wrote: post #104
WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

Smart contracts, DAOs, payments, self-sovereign identity, tokenization of real world assets, a few security use-cases, operating markets for prediction and asset-trade outside the control of external authorities (libertarian wet dream stuff), insurance and legal arbitration outside of the control of external authorities (more wet dreaming, but it’s happening), supply chain / provenance of assets…

All of these could probably be done using a database, but it’s more about the trust aspect than the mechanics of storing data.

Crypto will succeed because the rich among us want it to. Crypto will succeed because the corrupt among us want it to. Crypto will succeed because the libertarians among us want it to. Crypto will succeed because it makes exit a reality.

How big of a success will it be? We’ll see.

Re: The Great Crypto Grift May Be Unwinding

#137

Post by latchkey »

sk0g wrote: post #104
WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

DeFi

Re: The Great Crypto Grift May Be Unwinding

#138

Post by latchkey »

patmcc wrote: post #111
sk0g wrote: post #104

Earlier quoted context omitted.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

Buying drugs, laundering money, ransomware, there are literally dozens. Oh, did you want legal ones?

Nah, USD is still king there.

Re: The Great Crypto Grift May Be Unwinding

#139

Post by WFHRenaissance »

minimaxir wrote: post #129
WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

> A lot of crypto is definitely bullshit, but you’d be an idiot to ignore the realistic and adopted use-cases. If crypto was self-regulating to disincentivize said bullshit, then it wouldn't be an issue. Instead, the bullshit is a feature, not a bug, and thus overshadows any legit use cases of crypto by association.

Disagree. You’re being too short-sighted.

Re: The Great Crypto Grift May Be Unwinding

#140

Post by WFHRenaissance »

HFguy wrote: post #135
WFHRenaissance wrote: post #96

The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.

"you’d be an idiot to ignore the realistic and adopted use-cases" Which are really what?

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