> Now if only there were mainstream news articles about all the things that go right in crypto. Legitimate question. What things have gone right in Crypto? I'm excluding individuals getting rich as that can happen due to gambling, etc.
One example: Ukraine's military has been using bitcoin to pay their suppliers. The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be. When searching I mostly found results on crypto news sites (naturally), but here are some mainstream sources: https://time.com/6155209/ukraine-crypto/ https://apnews.com/article/russia-ukraine-cryptocurrency-tec…
> The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be.
The traditional banking infrastructure works just fine in Ukraine. You can send money in and out.
People with crypto coins needs other people to be willing to buy them at higher price just slightly later. They keep exploiting fomo for their own gain. I don't think this is moral and a bit of karma is always welcomed.
Same with most company shares
You are wrong. No value can be added to crypto except through fiat deposit. Publicly traded companies create value by their activity. For example, if I own a share of AT&T, the value of that share goes up if AT&T runs a successful marketing campaign to get new users to sign up.
I am confused: The only logical reason to borrow BTC is if you think it will go down. If Three Arrow really thought BTC was headed to 2.5m a coin, then they could never sell/spend the coins they borrowed, as the price of buying back to repay the loan would be too high. So logically they must have been shorting BTC. And if they were shorting BTC, they should have made ~30% profit in the last few months right? So what…
You can borrow btc then use that btc to take 5x leveraged positions on btc.
If number go up, you make billions. If number go down 20% you default on loan. Absolute scumbag behaviour of course.
$10k can’t even buy a car. I don’t know where you are in this crazy world but where I but $10k isn’t life changing, it’s more like a month of fancy dinners. I guess I’m a real dumbass. :-)
he said the *returns* can be life-changing, not the investment. some people 100xed on crypto
most who were active during 2018-19 before the current run 1000xed. Many lost 80% of that but are still wildly in profit.
Most of the good traders I know managed to cash out 30-90x. All within two years.
One example: Ukraine's military has been using bitcoin to pay their suppliers. The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be. When searching I mostly found results on crypto news sites (naturally), but here are some mainstream sources: https://time.com/6155209/ukraine-crypto/ https://apnews.com/article/russia-ukraine-cryptocurrency-tec…
There's no real problems with donating fiat to Ukraine, you can send money to them no problem. https://u24.gov.ua/ As far as I can tell the reason they bought a bunch of stuff with crypto is because crypto fans gave them a bunch of crypto, not because they need to route around actual problems with the banking system. Of course Ukraine would make noises about how much they like crypto, because anything that encourages…
> Chobanian says vendors are stepping up to accept crypto in exchange for supplies and crypto is proving to be more efficient than traditional payment methods.
> “It's really difficult to [send money] using traditional methods. First of all, it takes a lot of time. Secondly, it's a lot of bureaucracy and so on. Here, we are really fast. So we receive money and we spend it almost immediately,” Chobanian said.
Could you expand a bit? It sort of sounds like you're describing a small town or a social circle / social scene where everyone got involved in some particular altcoin or something and invested a ton of their personal savings into it while encouraging others to do so as well, is that essentially it? Crazy if so.
That’s essentially it, a small town where everyone knew each other and all hung out in the same bars. I didn’t pay attention to which one it was, I do remember hearing crazy interest, like >40%. I think you also got a cut from new entrants as well, so it reeked of pyramid + ponzi.
I'm fascinated that some kind of place like this existed. I've only lived in large cities and the picture I've gotten of small towns from trips and media hasn't prepared me for the idea of a whole community that collectively buys into a get rich quick scheme.
One example: Ukraine's military has been using bitcoin to pay their suppliers. The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be. When searching I mostly found results on crypto news sites (naturally), but here are some mainstream sources: https://time.com/6155209/ukraine-crypto/ https://apnews.com/article/russia-ukraine-cryptocurrency-tec…
There's no real problems with donating fiat to Ukraine, you can send money to them no problem. https://u24.gov.ua/ As far as I can tell the reason they bought a bunch of stuff with crypto is because crypto fans gave them a bunch of crypto, not because they need to route around actual problems with the banking system. Of course Ukraine would make noises about how much they like crypto, because anything that encourages…
Ironically, getting money into/out of Russia is probably a better use case for crypto[1]. But most crypto backers don't mention that since it makes them look like the villain.
he said the *returns* can be life-changing, not the investment. some people 100xed on crypto
Some even did better than that ;-) My life is completely unchanged. I still work everyday.
I work everyday too. But not having debt and enough cash cushion to do nothing for years gives you a sense of freedom and confidence that can help you make life changing decisions.
I always have mixed feelings when someone is warned about the riskiness / foolishness / stupidity of a course of action, and then suffers for it. On the one hand, there's a certain satisfaction or Schadenfreude in the sense of vindication. And it's pleasant to feel like my own wisdom or self-control has been validated. OTOH, I know that everyone has limited wisdom / self-control / intelligence, including me. So it se…
A fool and their money are soon parted. The real problem is that swindlers have made a huge amount of money and can use that money to corrupt politicians so it affects the rest of us. It’s not just the extra tax of having to care for the newly impoverished. My former local community went all in on a bitcoin scam, they made commissions on new entrants so I never heard the end of it. I only talked about it when asked b…
> The real problem is that swindlers have made a huge amount of money and can use that money to corrupt politicians so it affects the rest of us.
Exactly this. Can you imagine what regulatory capture by the NFT crowd would look like?
One example: Ukraine's military has been using bitcoin to pay their suppliers. The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be. When searching I mostly found results on crypto news sites (naturally), but here are some mainstream sources: https://time.com/6155209/ukraine-crypto/ https://apnews.com/article/russia-ukraine-cryptocurrency-tec…
There's no real problems with donating fiat to Ukraine, you can send money to them no problem. https://u24.gov.ua/ As far as I can tell the reason they bought a bunch of stuff with crypto is because crypto fans gave them a bunch of crypto, not because they need to route around actual problems with the banking system. Of course Ukraine would make noises about how much they like crypto, because anything that encourages…
Sure, there's no problem donating now 5 months into the war. But what about when the war just started? How would someone from the U.S. be able to donate money and be confident where it was going? It's not like the Ukrainian govt had a well-known paypal address.