This is one of the signs that we are near bottom in the crypto market.
When peoples talks publicly about the signs that we are near the bottom, this is a sign we are not near the bottom. x)
I wasted years of my life in crypto
31–40 of 1001 posts
Re: I wasted years of my life in crypto
#32You need to have a Twitter account to view comments
Try: https://nitter.poast.org/kenchangh/status/199485438126794764... Or https://xcancel.com/kenchangh/status/1994854381267947640
This helps with the comments, but not the actual article(?), which just gives me:
> This page is not supported. > Please visit the author’s profile on the latest version of X to view this content.
...I am using the version which their own server just served me.
Re: I wasted years of my life in crypto
#33“The gamblification of the economy” is the real story here. Crypto, prediction markets, and omnipresent instant gambling apps are poisoning more and more of our society and draining money from folks in an entirely unproductive way. These things promise a quick path to fortune but the only people making money are the fraudsters or the platform owners (often the same people). Serious regulation of these things is long overdue, and no, forcing them to advertise gambling hotlines is not sufficient.
Re: I wasted years of my life in crypto
#34I’d hesitate to say it’s wasted. Aren’t these some of the most complex, electronic, decentralized systems in human history? That skillset is going to be more and more important the more and more computers there are.
Re: I wasted years of my life in crypto
#35Okay, so if your time felt wasted, that must mean there were better uses of your 20s. But, how else would you have driven towards your goal of building a new financial system?
Indeed, working hard towards a goal is never a waste, it can often be a learning experience regardless of the end result. And that learning is extremely valuable and also takes time.
> Indeed, working hard towards a goal is never a waste, it can often be a learning experience regardless of the end result.
What if the end result is harmful to society?
Re: I wasted years of my life in crypto
#36Okay, so if your time felt wasted, that must mean there were better uses of your 20s. But, how else would you have driven towards your goal of building a new financial system?
By building a system that facilitates the economy rather than being inherently based around fraud and gambling. Crypto is not the only way to build a futuristic financial system.
Re: I wasted years of my life in crypto
#37Wasting your 20s sounds like you did nothing in your 20s. Instead you actively made the world worse by building a casino with power hungry technology.
Re: I wasted years of my life in crypto
#38I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me. The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and ho…
I guarantee you that blockchain tech can solve a real, extremely important problem, though it's only a problem for some people. If you're connected to the money printers, then it's useless to you. Just like if you worked for a company like Enron which was cooking the books, 'honest accounting' would not be a solution for you; 'honest accounting' would be a problem for a company like Enron and everyone who works for Enron.
Proof of Work is highly inefficient and inconvenient. I agree to this.
Cryptocurrency sector is mostly a scam; or at the very least, a kind of casino. I Agree to this; though my understanding is that it has been corrupted by mainstream financial interests; just like Africa is kept corrupt and poor by some of those same interests. Then the plebs basically blame African people for 'choosing this'.
I've worked for some very successful crypto founders who became corrupt. I saw the change happening. The desire to improve things turned into self-sabotage. It was unlike any other company I ever worked for; nothing made sense. Yet I know for a fact that government regulators gave their approval. I witnessed the EU commission give grants to scam projects with nothing behind it, then these same founders got funding again and again after failed projects. It was all announced publicly though it took some time to understand that the projects were scams from the beginning... But like they got money from a government entity and they didn't build anything AT ALL. Then they got more funding on their next project... Weird right?
Proof of Stake is actually highly efficient; it's basically a ledger with dynamic runtime replication ability.
Unless you fully understand the current mechanism of how money is created globally; including the Eurodollar system and how stablecoins, derivatives and other financial constructs could be used for legal counterfeiting, you should not speak about the utility of blockchain.
Re: I wasted years of my life in crypto
#39I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me. The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and ho…
I agree with the article and I hold 0 crypto right now. But I still think it's amazing that I can hold something limited, something I can exchange for real money, in my head, just based on math. Sure it is extremely inefficient database, and pretty much all the real value needs to be linked with real world banking, but it does have some really unique features that makes me sad that it (predictably) turned to just scams and speculation.
Edit: and the other feature I like is that I could just attach my code to the raw banking backend. People say that anyways everybody just uses exchanges, and that's true, but if you'd ever want to connect to banking backend, you'd get buried in paperwork. With crypto, you'd just run or connect to a node.
Re: I wasted years of my life in crypto
#40I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me. The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and ho…
> I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me.
This may not help much, but it's really a (self-)governance thing. That's why they start their article like so:
> I donated to Gary Johnson as a starry-eyed libertarian. On top of being a staunch Randian, I was into computer programming, so crypto was a natural fit for me. The cypherpunk ethos attracted me. (...) Being able to walk across the border with a billion dollars in your head is and always will be a powerful idea to me.
It is also why you keep hearing about crypto transactions being primarily used for illegal stuff. Just like with the uber-free-speech p2p platforms, it primaily benefits those who'd be otherwise hampered. Who, contrary to the usual talking points, are usually not actually so innocent or respectable.
But then we do keep sliding back, so maybe it's only a matter of time the proportions shift, and the claims of these technologies' justness stop being so false and hollow. And maybe these events and processes are further not actually uncorrelated. Trust is at an all time low and dwindling, after all.