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You Can Forget About Crypto Now

theatlantic.com

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Re: You Can Forget About Crypto Now

#201

Post by fdw »

LeeroyWasHere wrote: post #7
HebericNewt wrote: post #6

I can't imagine this ageing well. It doesn't feel different. The evangelists will hurt and the whole crypto industry is set back, the cynics gloat and revel in the schadenfreude and claim for the 748th time that crypto is dead... Until 12 months later when we do it all over again. It's not the biggest, it's not the first, it won't be the last, it's nowhere near the most catastrophic. At least let the dust settle befo…

He writes for Coindesk and Decrypt, journalist are hard to take seriously when they're paid by both sides.

Isn't this what journalism should be about, though, to journal the news neutrally? I'd be more worried about a bias if someone only writes for one side of an issue, but now it's also bad if both sides can be happy with an author's work?

Re: You Can Forget About Crypto Now

#202

Post by x86x87 »

scarface74 wrote: post #128
x86x87 wrote: post #92

Earlier quoted context omitted.

The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…

> Do you know this is the majority of the internet? Are you aware that a lot of innovations (the internet included) took off and became mainstream because of porn You really think that billions were poured into the Internet infrastructure to deliver porn more efficiently?

I'll tell you what: if we didn't need to stream hidef movies, see pictures in the internet it would have not taken of like it did. Porn had a lot to do with the pace at which the progress was made.

https://www.businessinsider.com/how-porn-drives-innovation-i...

Re: You Can Forget About Crypto Now

#203

Post by GolfPopper »

haasted wrote: post #42

> “We’re so early,” goes one popular crypto mantra I'm tired of this mantra. To me, crypto is starting to look less like the early internet, and more like the file-sharing mania of the late 90s early 00s, ie Napster, Kazaa, Limewire etc. A very likely outcome is that crypto will continue to be around, like some of the file sharing services, but using them will be more and more irrelevant and frowned upon by most peop…

Comparing cryptocurrency to file-sharing seems like the exact opposite of the point you're tying to make. Microsoft and many game publishers use file-sharing for updates and content distribution. Legitimate user file-sharing (via Dropbox, etc) is ubiquitous among the computer-literate. Piracy and related activities are still flourishing and still use file-sharing.

Re: You Can Forget About Crypto Now

#204

Post by scarface74 »

x86x87 wrote: post #202
scarface74 wrote: post #128

Earlier quoted context omitted.

> Do you know this is the majority of the internet? Are you aware that a lot of innovations (the internet included) took off and became mainstream because of porn You really think that billions were poured into the Internet infrastructure to deliver porn more efficiently?

I'll tell you what: if we didn't need to stream hidef movies, see pictures in the internet it would have not taken of like it did. Porn had a lot to do with the pace at which the progress was made. https://www.businessinsider.com/how-porn-drives-innovation-i...

The only thing the article mentioned about a contribution of internet to porn is “high def streaming” but with no supporting evidence. The first thing that got most people wanting high speed internet was Napster.

Re: You Can Forget About Crypto Now

#205

Post by x86x87 »

Tao3300 wrote: post #115
x86x87 wrote: post #92

Earlier quoted context omitted.

The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…

The ship is sinking so fast I swear I heard the words bubbling by the last paragraph.

Here is a book recommendation for you: Zero to One: Notes on Startups, or How to Build the Future

Everyone and their dog hates Thiel nowadays but the ideas in the book ring true more than ever. Here is one of the questions asked in the book: “What important truth do very people agree with you on?”

Some people see the potential for crypto and believe in it. Most people think it's a scam. And it may eventually collapse and go to 0. But the point here is that for radical new things conventional ways of thinking rarely work out.

Re: You Can Forget About Crypto Now

#206

Post by moistly »

FredPret wrote: post #87
user3939382 wrote: post #64

I remember Warren Buffet explaining that his top two analysts that basically run BH struggle to beat the S&P 500. Then I read all these comments confidently predicting the movement one way or the other of this very volatile asset, whose behavior is inextricably related to the movement of the larger economy. I guess it’s a good thing to pretend you can predict since you have a 50% chance of being right.

One thing to note about Warren Buffett: He has a massive pile of money. That makes getting a great return hard - every investment opportunity has a saturation limit. You can invest a million dollars in a local McDonalds, but not a billion or a trillion. This makes finding a good job for every one of his many dollars impossible. A theoretical super-investor who can buy the entire market will eventually get average ret…

>. That makes getting a great return hard - every investment opportunity has a saturation limit. You can invest a million dollars in a local McDonalds, but not a billion or a trillion.

My theory is that there is more money sloshing around, than there are good investment opportunities. Which is why we see so much money being pissed away on highly speculative gambles. The ultra-wealthy weirdos out there, so addicted to seeing their numbers rise, would rather risk losing it all on the 20% chance that they will “win”, than put their unfathomable wealth into providing clean water to third-world villages.

Re: You Can Forget About Crypto Now

#207

Post by skinnymuch »

TacticalCoder wrote: post #147

Once again, as usual, only negative things about crypto being talked about on HN, with only negative comments and nothing positive ever. Despite dang constantly asking people to not boast. Outside of the HN bubble, I see a lot of people into crypto who are all posting: "I told you so" . As simple as: "Your keys, your coins" . We're talking about Bloomberg, Sequoia Capital and oh so many others coming up with hit piec…

It’s not zero sum. Unlike the stolen money. Both crypto can be toxic af and the troubling issues you brought up can be issues. Or to put it another way — capitalism appears to be the major issue. Focusing on the other things and not capitalism or crypto is just as much of an issue.

Re: You Can Forget About Crypto Now

#208

Post by ac29 »

HebericNewt wrote: post #6

I can't imagine this ageing well. It doesn't feel different. The evangelists will hurt and the whole crypto industry is set back, the cynics gloat and revel in the schadenfreude and claim for the 748th time that crypto is dead... Until 12 months later when we do it all over again. It's not the biggest, it's not the first, it won't be the last, it's nowhere near the most catastrophic. At least let the dust settle befo…

> It's not the biggest

What crypto blowup was larger? The dust hasnt settled on FTX yet, but it seems likely that at least $10B was lost.

Re: You Can Forget About Crypto Now

#209

Post by Apocryphon »

x86x87 wrote: post #205
Tao3300 wrote: post #115

Earlier quoted context omitted.

The ship is sinking so fast I swear I heard the words bubbling by the last paragraph.

Here is a book recommendation for you: Zero to One: Notes on Startups, or How to Build the Future Everyone and their dog hates Thiel nowadays but the ideas in the book ring true more than ever. Here is one of the questions asked in the book: “What important truth do very people agree with you on?” Some people see the potential for crypto and believe in it. Most people think it's a scam. And it may eventually collapse…

Given the current stage of history and the macroeconomy perhaps it’s high time someone wrote a sequel “One to Zero.”

Re: You Can Forget About Crypto Now

#210

Post by rufus_foreman »

thunky wrote: post #186
rufus_foreman wrote: post #175

Earlier quoted context omitted.

I put $1000 in at $100. Good thing I didn't know it was a bubble! Best return on an investment-related activity I've made so far in my life.

Did you sell it?

Yes. When it immediately went up by 10x or so shortly after I bought it, I sold enough to get my initial "investment" back. Then sold some off and on over the years.
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