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"I made money selling Tupperwares, so I don't know why you think it was a scam". Cryptobros are technokarens. At leasy you can store things in tupperwares.
we're approaching the last chance where you can catch the train, don't hesitate prices now are as low as they may be ever again
Earlier quoted context omitted.
I don’t think that is true at all. There is economic value in a piece of equity in google. The price someone is willing to pay for it changes frequently. Crypto is closer to art than anything else. I get less value from a rothko than someone else may
> There is economic value in a piece of equity in google. It doesn't entitle you to profits, it doesn't entitle you to assets (except in bankruptcy), you can't eat it, and it's only worth what other people will pay you for it. Unlike a rothko, I can't hang it in my living room. Where's the value?
The value is partly in Google, the corporation. Google is effectively a bundle of legal contracts, shared knowledge and habits that together tend to spit out money.
The rest of the value is in society. Laws, practices and habits mean that sliver of ownership tends to rise if Google works well, fall if not.
If you prefer to store your savings in whatevercoins, I hope you enjoy whatever you end up with on the other side. But please don't get back to me about it, I am utterly fucking sick of hearing crypto pitches.
This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…
Proclaiming that your intellectual opponents are ignorant without pointing out where they're wrong is a pretty common response from bitcoin maximalists these days.
> Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme.
This is indeed obvious to anyone who knows what both of those things are. He very clearly explained where they got it wrong.
Earlier quoted context omitted.
> There is economic value in a piece of equity in google. It doesn't entitle you to profits, it doesn't entitle you to assets (except in bankruptcy), you can't eat it, and it's only worth what other people will pay you for it. Unlike a rothko, I can't hang it in my living room. Where's the value?
> doesn't entitle you to assets (except in bankruptcy) Of course it does. When the company is sold, you are entitled to the proceeds. M&A is the ultimate enforcer of equity value.
So in other words, your share is worth what other people will pay you for it. I already said that.
A whole-company sale is just an event where all shares are bought at once.
I need to stop using my ssh crypto then
This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…
For example, major cryptocurrencies like Bitcoin aim to replace state issued fiat currencies with privately issued currencies that have limited/fixed supply and no connection to the real economy. That's insanely stupid and detrimental. They also aim to preserve privacy when teleporting billions across continents - a dangerous and anti-social feature no society needs.
The vast majority of ICOs and DeFi projects are just a way to do regulatory arbitrage - issue unregulated or lightly regulated securities that are excelent for speculation, but have close to non-existent real world utility. The same for NFTs, completely fictional wealth creation that was powered solely by the speculative search for greater fools.
The field as a whole, despite probably hundreds of billions in real wealth dumped into it by now, produces close to zero value for society, or even negative if we consider the impact of resource burn and facilitation of money laundry. It has spiraled into a pure speculative mania that destroys the lives of many retail investors: https://twitter.com/coinfessions
This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…
I mean communism looks pretty cool on paper too, the actual idea. But we seem to have had a real hard time implementing it. Could crypto be like that?
Maybe it works poorly for traders but those of us actually using cryptoassets for privacy, inflation resistance, and censorship resistance ignore the scams and traders. Scams and traders dominate the conversation of most new technology. Same things happen in traditional markets.
Cults of personality and false promises by corporations inflate stock prices all the time. Takes a while to find the real price sometimes.
This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…
I mean communism looks pretty cool on paper too, the actual idea. But we seem to have had a real hard time implementing it. Could crypto be like that?
Cryptocurrencies current landscape is just same as the current financial system indeed. Cypherpunk ideals are long gone.