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Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

theguardian.com

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Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#91

Post by jkepler »

ben_w wrote: post #71
copymoro wrote: post #29

Earlier quoted context omitted.

[flagged]

A Ponzi scheme pays profits to earlier investors with funds from more recent investors. The US economy has problems, but I don't see how that's supposed to be one of them. I don't think it's even (in 2023) a good model for BTC, although the adverts I saw for it when I first heard about it around the $250 price absolutely were that, and there are plenty of clone-coins that still do today.

> A Ponzi scheme pays profits to earlier investors with funds from more recent investors.

You just described how Social Security in the USA is funded. Its billed as government-run social insurance, but funded as a ponzi.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#92

Post by andersentobias »

I do not own any crypto myself. The grown-up opinion is of course to view all crypto ""investments"" with extreme skepticism, which is an absolutely sane and correct position.

With that said, I like the idea of cryptocurrencies simply because they are punk as f*ck, and I'd like whatever leadership in charge to know that they do not have absolute power to run anyone else's life.

Apart from magic internet money, I cannot figure out any other way in which to "make myself heard".

With every indirection the gov't adds through decision taken by ombudsman/committee, the more power asymmetry is added which just fuels my sense of a system driven by amoral technocrats.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#93

Post by TrainedMonkey »

tric wrote: post #57
DeepYogurt wrote: post #45

Earlier quoted context omitted.

It's entirely possible for nvidia to be sour and also correct. Crypto currencies have done nothing for society but to introduce scam and money laundering vectors.

His claim... "it collapsed, because it doesn’t bring anything useful for society" ...is incorrect. The total crypto market cap collapsed because of interest rate hikes. Nvidia's stock dropped 68%. Is that because it didn't bring anything useful for society? No. It was trading at a premium because of low rates.

> The total crypto market cap collapsed because of interest rate hikes.

Let's take a deeper cut, why does something collapse when interest rates rise?

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#94

Post by birracerveza »

AviationAtom wrote: post #58
simonw wrote: post #10

Earlier quoted context omitted.

"Users of cryptocurrencies obviously find them useful, or hope they will be in future" Do they hope they'll be useful in the future because they think they're great technology that everyone should benefit from... or do they want them to be useful because they bought in early and want to get rich?

Anyone that's bought in during the past few years isn't early. Those that held pre-2017 are the ones that got in early. The rest could probably make better returns speculating in the US markets.

5 years ago, somewhere on the internet:

>Anyone that's bought in during the past few years isn't early.

>Those that held pre-2012 are the ones that got in early.

>The rest could probably make better returns speculating in the US markets.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#95

Post by tptacek »

andersentobias wrote: post #92

I do not own any crypto myself. The grown-up opinion is of course to view all crypto ""investments"" with extreme skepticism, which is an absolutely sane and correct position. With that said, I like the idea of cryptocurrencies simply because they are punk as f*ck, and I'd like whatever leadership in charge to know that they do not have absolute power to run anyone else's life. Apart from magic internet money, I cann…

It is possible that there is no idea in the history of mankind less punk rock than cryptocurrency.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#96

Post by pessimizer »

mepian wrote: post #6

Hilarious, I don't remember them saying this BEFORE their crypto profits evaporated.

Accusing someone of not energetically attacking their main income source, whether they thought it was shit at the time or not, is not an own.

Maybe I think I suck at painting, so take it up as a joke to bother a friend of mine. I get lucky and start selling paintings by the busload for thousands of dollars each, although I put no more effort into any of them than the first. In fact, since the first took me over an hour to do, I move exclusively to monochromatic drip paintings. When, a decade and tens of millions of dollars later, after my prices crash, I announce publicly that the art market is stupid... is it shrewd not to believe me?

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#98

Post by anonymouskimmer »

tric wrote: post #57
DeepYogurt wrote: post #45

Earlier quoted context omitted.

It's entirely possible for nvidia to be sour and also correct. Crypto currencies have done nothing for society but to introduce scam and money laundering vectors.

His claim... "it collapsed, because it doesn’t bring anything useful for society" ...is incorrect. The total crypto market cap collapsed because of interest rate hikes. Nvidia's stock dropped 68%. Is that because it didn't bring anything useful for society? No. It was trading at a premium because of low rates.

> The total crypto market cap collapsed because of interest rate hikes.

It's constantly been peaking and collapsing since 2013, when there were no US interest rate increases. The 2017 peak happened in the middle of a US interest rate increase cycle. The 2021 peak happened 6 months before the most recent US interest rate increase cycle. I'm sure interest rates were varying in other countries on different schedules, but blaming a crypto market collapse on interest rate hikes doesn't seem to square with the data.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#99

Post by Retr0id »

andersentobias wrote: post #92

I do not own any crypto myself. The grown-up opinion is of course to view all crypto ""investments"" with extreme skepticism, which is an absolutely sane and correct position. With that said, I like the idea of cryptocurrencies simply because they are punk as f*ck, and I'd like whatever leadership in charge to know that they do not have absolute power to run anyone else's life. Apart from magic internet money, I cann…

Why not divert that interest into the world of secure private and/or anonymous chat and networking protocols?

The flow of information and ideas is more valuable than currency, and there is increasing pressure to legislate it out of existence.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#100

Post by partiallypro »

flandish wrote: post #3

Reminder: when a corporation says “useful” they mean “profitable.” I’m not on the crypto bandwagon, I just want folks to take anything a corp says with a grain of salt.

Does your comment also cover not trusting exchanges that back stable coins with pure fraud or pump and dump coins before listing them on their exchanges... Or does this only cover companies and individuals that think crypto has yet to find a good Avenue in society?
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