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The Great Crypto Grift May Be Unwinding

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Re: The Great Crypto Grift May Be Unwinding

#201

Post by datadata »

woodruffw wrote: post #169
datadata wrote: post #133

Earlier quoted context omitted.

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…

I think I've been very precise. But if it isn't to your liking, here's another formulation: I believe that cryptocurrencies should be banned. But then again, what if what I mean by ban is a "partial ban." Opportunities for misinterpretation abound!

It is not misinterpretation, and the precision matters. For example, discourse on abortion that is favorable to abortion rights would not talk about the opposition "regulating" abortion, but only in terms of banning it. With crypto, it is clearly not politically favorable to have a complete ban, so to get an effective ban under the guise of regulation is basically hoping for authority to act in bad faith.

Re: The Great Crypto Grift May Be Unwinding

#202

Post by randomhodler84 »

arcticbull wrote: post #174
randomhodler84 wrote: post #156

Earlier quoted context omitted.

Funny. The day is yours arctic, and I feel I have no power to argue. Still, I lost a larger percentage in stonks today, so I don’t really know where we should be putting our fiat.

heh, I was overexposed to high-growth tech stocks the whole time, so I probably lost just as much over the same period of time. If somebody won, it sure wasn't me! I've also watched this space long enough to know that crypto is the T-1000 of financial schemes. I've no doubt she'll be back - probably stronger than ever - no matter what I think. This is my third crypto boom/bust cycle. I'm not dancing on graves here, s…

Thank you, yes us all to win too. A lot of folks think the games are all rigged, and maybe this and everything else is too.

I want the money to liberate folks, not control them.

Re: The Great Crypto Grift May Be Unwinding

#203

Post by tluyben2 »

honkler wrote: post #164
gwicks56 wrote: post #123

Earlier quoted context omitted.

Do you think SciHub has a reason or right to exist? Financial censorship is real and growing.

scihub exists because it is protected by russian firepower, not cryptoponzi schemes.

Is that not actually worse?

Re: The Great Crypto Grift May Be Unwinding

#204

Post by poindi1 »

WFHRenaissance wrote: post #136
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?

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 p…

Aren't those use cases mentioned for blockchain not crypto which seem the original article seem to be about

The so called rich people are trying to get more rich by investing in dog coin, cat coin and other crazy stuff instead of using the brains for greater good of humanity like CRISPR etc

Beyond issues of PoW and energy consumption, the bigger crime is the brain cycles wasted getting rich trying to find the next shitty coin and chest thumping that they are rich.

I know it can be hard for even the most equanimous individual but See crypto rich as a lottery which was earned without much hardwork. only thump your chest when it is put to use for greater good

Re: The Great Crypto Grift May Be Unwinding

#205

Post by bluehorseray »

Nav_Panel wrote: post #80
candiddevmike wrote: post #58

Earlier quoted context omitted.

Can you give some examples of cool stuff that isn't a scam? I'm genuinely curious.

One of the cool parts of crypto is that it enables new forms of social coordination that take place entirely within an online context. We haven't even scratched the surface of what could be possible with DAOs; the UIs and educational materials don't exist yet. But given how online people are in general (and they're only likely to become more online in the future), it's natural they'll want digitally-native ways to or…

To be completely honest--and I don't mean to sound mean--that doesn't seem very cool at all to me. That's a lot of words to say that with crypto you can own a token that signifies you're a part of a community. And that's the coolest thing you can think of. The iPhone is much cooler than that, I use it all day. And Steve Jobs didn't talk about it nearly as much before it started being used widely.

Re: The Great Crypto Grift May Be Unwinding

#206

Post by jimmydorry »

Nursie wrote: post #87
landa wrote: post #12

Earlier quoted context omitted.

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.

> I invite you to sell it short The market can stay irrational longer than you can stay solvent. Shorting for any decent stretch of time is not free, and you more or less have to do it on one of the many rigged casinos operating in the crypto space. It's a fool's game.

Banks and large investment firms are more than happy to create exotic instruments. With enough money at stake, you can definitely find an institution willing to take the other side of a bet against crypto (specifically BTC or ETH).

If you want proof, refer to what happened in the lead-up to the 2008 Sub-Prime Mortgage crisis (or check out the movie The Big Short if you want somewhere to begin).

Re: The Great Crypto Grift May Be Unwinding

#207

Post by latchkey »

SilasX wrote: post #165
latchkey wrote: post #134

Earlier quoted context omitted.

-removed-

Was that intended as a reply to something I said? I don’t know how that addresses my point. Edit: My comment was intended to refute the claim that he’s just pushing people toward his investments by saying he still earns money from the popularity of BTC. I don’t see what it adds to the conversation to bring up his past earnings, at least where you out the comment.

Apologies, I read that wrong.

Re: The Great Crypto Grift May Be Unwinding

#208

Post by Nursie »

WFHRenaissance wrote: post #182
alexb_ wrote: post #159

Earlier quoted context omitted.

>Crypto will succeed because the rich...corrupt...liberarians want it to Just because you want something to happen doesn't mean it will. Especially when you have to assume that we live in some fantasy world where nobody can be trusted and everything has to be done outside the influence of government (i.e. illegally) so we have to use a decentralized append-only database where nothing can be reversed because while you…

All of my stated use-cases are already in use. Society will evolve towards being trustless as the moneyed-class pursue sovereign citizenship and shop for preferential territory on a global scale. They will need a secure way to trustlessly store and exchange funds. Cryptocurrency literally exists nearly entirely for this reason. Ignore the stupid coins.

> Society will evolve towards being trustless as the moneyed-class pursue sovereign citizenship and shop for preferential territory on a global scale.

Then I believe it is up to the rest of us to put a stop to this, rather than facilitate it.

Re: The Great Crypto Grift May Be Unwinding

#209

Post by datadata »

adam_arthur wrote: post #175
datadata wrote: post #155

Earlier quoted context omitted.

> A good investment does need intrinsic value, which BTC does not have. Agree, USD is also not a good investment but it is still widespread to have some USD. > It's also not a feasible payment system. Disagree, it is used (not widely) but without issue for payments all the time. It isn't a feasible payment system for every single transaction, but that is a ridiculous goal. There is no payment system that is feasible…

People buy stocks to make money. People buy BTC to make money. Stocks have intrinsic value, BTC does not. Important difference

That's the difference between an investment and money. I've never said that bitcoin is an investment, but it is a form of money.

Re: The Great Crypto Grift May Be Unwinding

#210

Post by robocat »

mikestaszel wrote: post #57
arikr wrote: post #18

Earlier quoted context omitted.

Which Neobanks have gone bust or are likely to as a result of Luna?

https://www.alice.co/ is one.

The mock screenshot on that page still shows UST for sending money… And a large Do Kwon logo near the bottom!
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