481–490 of 532 posts
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What “totally legit” things have you been doing with crypto? Curious to know more.
Donations? Purchasing stuff? (And before you ask, NO, there were no other possible ways for me to do those donations to people in war or purchase those stuff where crypto and PayPal were the only way to pay and PayPal is blocked in my corrupted country)
I recently watched some traditional cable and was shocked by the number of crypto ads bombarding viewers. I have to imagine that this market was goosed up by retail investors trading on coinbase and binance just as the e-betting market was. The only difference between crypto and e-betting is that everyone got to be a winner on the crypto markets for a while. As users lose out, and exchanges stop ad campaigns - how lo…
This attack effectivly killed the number one and tititular usecase of Bitcoin, Peer-to-Peer Digital Cash.
99% of the industry is a fraud propt up by Blockstream's parent company Bitfinx and Tether. Only a few actual real projects (out of thousands of frauds) remain, namly XMR, BCH and maybe a few others. If you are "investing" in any other cryptocurrency or NTF you are participating in a convoluted ponzi scheme.
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I love that phrase, 'shoeshine boy moment'. I've stayed away from crypto, but my shoeshine boy moment was when we went on a road trip around Wales last summer. We happened to wander into a small shop in a small harbour town in Wales, literally about 4-6 streets in total. The guy behind the counter had some 'pay with crypto' machine and was singing the praises of crypto to all of the old ladies, moms and dads that wer…
To be fair, he was likely being paid to sing those praises.
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> I'd doubt BTC will go to zero I think there's some serious liquidity issues coming up ahead. You need a buyer at the other end to sell, and I think there's an unknown point where there are effectively no buyers. Right now there are still plenty of crypto-bugs out there that will provide some liquidity because they think things will eventually turn around, but even these people only have so much cash. There's a mome…
The problem is, when does bitcoin actually crash? I agree it is a scam and should crash in a sane rational world. But I’ve heard these exact arguments like 5 years ago. It’s the scam that just keeps going! Eventually it has to end, right? What is the thing that makes it end? Or will it just fizzle out with no real implosion? Maybe after 10 years to most people it would be just a distant memory?
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> Being happy about retail investors losing money is immoral. I hope you realize that. No, it is not immoral. Retail "investors" should know better than "invest" into things with very shaky connection to reality where it is predicted value next Wednesday can be anywhere between zero and infinity. If they loose all your money on crypto that is purely their fault for "investing" into something which has no real value a…
So someone made a mistake? And the correct moral approach is to laugh and gloat?
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So someone made a mistake? And the correct moral approach is to laugh and gloat?
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Bitcoins reason d'etre is to permit an exchange of value without involving the banks/classic financial infrastructure. It could go down to fractions of a penny and still be able to do that.
Indeed, providing something money-like without central authority (thus circumventing regulation, so far) is the only innovation of BTC.
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Energy expended to mine BTC in the past is a sunk cost and so is irrelevant to the discussion. In the future, if the price of energy required to mine a BTC is below the value of the BTC there will be an incentive to mine BTC. There is no equivalent incentive in the opposite direction. You can convert energy to BTC, you can't convert BTC to energy.
What happens if the value collapses bellow the point where it's profitable to mine it then? Wouldn't this only reinforce the collapse as miners flee the system? Then once it goes below a threshold where it would be trivial to attack it and take it over it's a free for all for the remaining market value and that would be the coup de grace...
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Do you think constantly applying downward pressure on their wages and whatever minimal savings they might acquire through inflation could have something to do with economic mobility? The Fed Chairman recently complained that workers had too much power in the market (because they were demanding higher wages) and stated openly that he was going to create policy to stop that. I really encourage you to think about what t…
No I don't think that moderate fiat monetary inflation has any negative impact on the economic mobility of poor people. Rather the opposite. Poor people don't really have enough savings in the first place for inflation to make a difference one way or another. Their "assets" are generally in the form of job skills and social capital, plus possibly a car or family home purchased on credit. None of those things are deva…
You also didn't address my specific question about fed policy when the Chairman himself said he was going to tip the balance of power away from workers. Do you believe the fed chairman doesn't understand economics?