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Crypto Geniuses Who Vaporized a Trillion Dollars

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Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#11

Post by benj111 »

ncmncm wrote: post #9

In fact no actual money vaporized. Every actual dollar exchanged for these turkeys went into a ready, yawning pocket. A very great deal of imaginary money, that had never been exchanged for more dollars than were spent mining it, evaporated. So, the winners were those who got actual dollars while the con ran. The losers were whoever handed over dollars. Of course this phenomenon is not limited to crypto. Who here rem…

Is Tesla an actual con though? Sure it's over valued. And self driving is being over sold. And many announced products appear to be vapourware. And the CEO is. Well.

But it is an actual business, bringing in actual money, and the money appears to be correctly accounted for.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#12

Post by traveler01 »

coralreef wrote: post #5
jqpabc123 wrote: post #2

crypto is a game of creating virtual fortunes out of thin air and convincing other humans with traditional forms of money that those virtual fortunes deserve to be real-world ones. The ultimate con --- selling virtual bridges made of electrons to rubes who had been convinced that their powers of observation were superior to all those others who just didn't "get it".

Even better: being able to create money out of thin air…oh wait.

Isn't that what the federal reserve is being doing for the last decades?

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#13

Post by traveler01 »

jqpabc123 wrote: post #2

crypto is a game of creating virtual fortunes out of thin air and convincing other humans with traditional forms of money that those virtual fortunes deserve to be real-world ones. The ultimate con --- selling virtual bridges made of electrons to rubes who had been convinced that their powers of observation were superior to all those others who just didn't "get it".

Cryptocurrencies are the sympton of the population distrust towards central banks and governments who are very irresponsible when controlling the money. I mean, look at the Covid-19 pandemic. They irresponsibly stopped the entire economy, printed a buttload of money out of thin air and now are "struggling" to fight the resulting inflaction. Well, they aren't struggling with anything, it's you, me, the average Joe that are suffering from inflaction. Why? Because irresponsibility.

It's pretty much enough to look into the time of birth of the Bitcoin and you can see what was the first purpose ot cryptocurrencies. If some morons lose money on get rich fast schemes, it's on them.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#14

Post by Akronymus »

benj111 wrote: post #11
ncmncm wrote: post #9

In fact no actual money vaporized. Every actual dollar exchanged for these turkeys went into a ready, yawning pocket. A very great deal of imaginary money, that had never been exchanged for more dollars than were spent mining it, evaporated. So, the winners were those who got actual dollars while the con ran. The losers were whoever handed over dollars. Of course this phenomenon is not limited to crypto. Who here rem…

Is Tesla an actual con though? Sure it's over valued. And self driving is being over sold. And many announced products appear to be vapourware. And the CEO is. Well. But it is an actual business, bringing in actual money, and the money appears to be correctly accounted for.

A con has to have some intention to be a con.

For example, many are calling star citizen a cons/scam. But IMO the intention to scam people just isn't there.

So, no, I wouldn't say tesla is a con.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#15

Post by ahartmetz »

Akronymus wrote: post #14
benj111 wrote: post #11

Earlier quoted context omitted.

Is Tesla an actual con though? Sure it's over valued. And self driving is being over sold. And many announced products appear to be vapourware. And the CEO is. Well. But it is an actual business, bringing in actual money, and the money appears to be correctly accounted for.

A con has to have some intention to be a con. For example, many are calling star citizen a cons/scam. But IMO the intention to scam people just isn't there. So, no, I wouldn't say tesla is a con.

The only con-like thing about Tesla is the so-called full self driving. Apart from that, just overvalued.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#16

Post by Akronymus »

ahartmetz wrote: post #15
Akronymus wrote: post #14

Earlier quoted context omitted.

A con has to have some intention to be a con. For example, many are calling star citizen a cons/scam. But IMO the intention to scam people just isn't there. So, no, I wouldn't say tesla is a con.

The only con-like thing about Tesla is the so-called full self driving. Apart from that, just overvalued.

Yeah, definitely not a fan of that naming either. Altough, I'd write that down more towards marketing being, well, marketing, rather than actual maliciousness.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#17

Post by jqpabc123 »

traveler01 wrote: post #12
coralreef wrote: post #5

Earlier quoted context omitted.

Even better: being able to create money out of thin air…oh wait.

Isn't that what the federal reserve is being doing for the last decades?

I know ... just let anyone act like the federal reserve for fun and profit. 12,000 cryptocurrencies and "stable coins" later (the number doubled over the last year) --- does anyone really feel like the problem has been fixed?

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#18

Post by ProllyInfamous »

traveler01 wrote: post #12
coralreef wrote: post #5

Earlier quoted context omitted.

Even better: being able to create money out of thin air…oh wait.

Isn't that what the federal reserve is being doing for the last decades?

...as well as any/all US Chartered banks/FCUs. See "Fractional Reserve Banking."

Fidelis in Numeris

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#19

Post by ProllyInfamous »

benj111 wrote: post #11
ncmncm wrote: post #9

In fact no actual money vaporized. Every actual dollar exchanged for these turkeys went into a ready, yawning pocket. A very great deal of imaginary money, that had never been exchanged for more dollars than were spent mining it, evaporated. So, the winners were those who got actual dollars while the con ran. The losers were whoever handed over dollars. Of course this phenomenon is not limited to crypto. Who here rem…

Is Tesla an actual con though? Sure it's over valued. And self driving is being over sold. And many announced products appear to be vapourware. And the CEO is. Well. But it is an actual business, bringing in actual money, and the money appears to be correctly accounted for.

>[despite its flaws, Tesla is] an actual business, bringing in actual money...

This exact same reasoning applies to drug dealers (illicit and BigPharma), sex dens, and other perverse corruptions (both sanctioned and not). I think the reasons you list as Tesla's faults are reason enough to look elsewhere (for a car or stock investment).

But, if your reasons are not enough, consider E.Musk's primary stated reason for running Tesla: to generate profits enough to get humanity to Mars. The task of doing so may very well deplete significant Earth resources... does it make sense to [further] pollute our space marble just to infect another space rock with us?

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