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Crypto Geniuses Who Vaporized a Trillion Dollars

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Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#21

Post by benj111 »

ProllyInfamous wrote: post #19
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.

>[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 r…

None of those are examples of a con though.

If you thought you were buying coke and got flour, that would be a con, but if not it's just illegal.

I'm not saying buy the stock, but that doesn't make it a con any more than any other thing I wouldn't buy.

Going to mars also isn't a con. It's just a reason (for you) not to buy the stock and or the cars.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#22

Post by jqpabc123 »

ProllyInfamous wrote: post #18
traveler01 wrote: post #12

Earlier quoted context omitted.

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

See "stable coins" --- particularly Tether which underpins more than half of all crypto trades.

It's "fractional reserve banking" --- only worse --- minus any accountability or guarantee of solvency.

Crypto solves all the problems of the Federal Reserve and banking --- simply by mimicing it for fun and profit. If you buy that, I've got some crypto to sell you.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#23

Post by jqpabc123 »

traveler01 wrote: post #13
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 tha…

Cryptocurrencies are the symptom

The key word is "symptom" --- not to be confused with "cure".

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#24

Post by solarkraft »

traveler01 wrote: post #13
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 tha…

> They irresponsibly stopped the entire economy,

The ... banks?

... irresponsibly?

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#25

Post by ncmncm »

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.

Tesla as a car manufacturer is not a con. But Tesla as a tradeable security is a con, massively inflated by machinations of its chief grifter. People who put their life savings into Tesla stock will lose their shirts, come the correction.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#26

Post by misiti3780 »

ncmncm wrote: post #25
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.

Tesla as a car manufacturer is not a con. But Tesla as a tradeable security is a con, massively inflated by machinations of its chief grifter. People who put their life savings into Tesla stock will lose their shirts, come the correction.

this comment will not age well ... at the currently stock price of 900 dollars.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#28

Post by ncmncm »

misiti3780 wrote: post #26
ncmncm wrote: post #25

Earlier quoted context omitted.

Tesla as a car manufacturer is not a con. But Tesla as a tradeable security is a con, massively inflated by machinations of its chief grifter. People who put their life savings into Tesla stock will lose their shirts, come the correction.

this comment will not age well ... at the currently stock price of 900 dollars.

You are correct: as soon as people get wise to Tesla's actual competitive position in the car business, share price will collapse. After that time, predictions of collapse will instead refer to past activity, and its subsequent future will be less predictable.

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#29

Post by Terr_ »

misiti3780 wrote: post #26
ncmncm wrote: post #25

Earlier quoted context omitted.

Tesla as a car manufacturer is not a con. But Tesla as a tradeable security is a con, massively inflated by machinations of its chief grifter. People who put their life savings into Tesla stock will lose their shirts, come the correction.

this comment will not age well ... at the currently stock price of 900 dollars.

"The market can remain irrational longer than you can remain solvent."

Re: Crypto Geniuses Who Vaporized a Trillion Dollars

#30

Post by LorenPechtel »

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…

Yup. Crypto is basically a pump and dump on a very large scale.
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